News Shots

IndiaMART has launched its QIP issue on Wednesday in order to raise funds. The floor price has been set at Rs 9,065.61/share, which is a 6% premium to Wednesday’s closing price. 

Phillips Carbon Black has commissioned two specialty black lines at Palej, for production of a wide range of specialty black products.

Future Enterprise has defaulted on payment of interest of Rs 12.72 crore due on listed NCDs issued by the company.

VA Tech Wabag has achieved financial closure for its Hybrid Annuity Model project received from Kolkata Metropolitan Development Authority. The company approved further investment in wholly-owned subsidiary, Ganga STP Project.

Promoter Chittilappilly Thomas Kochuouseph sold 40 lakh equity shares in V-Guard Industries at Rs 225.01/share.

GAIL’s buyback offer will open on February 25 and close on March 10.

Dish TV has approved raising funds of up to Rs 1,000 crore.

Bharti Airtel will acquire 20% in Bharti Telemedia from private equity firm Warburg Pincus’ subsidiary.

NALCO will open its share buyback worth Rs 749.1 crore on February 25 and close on March 10.

Indian life insurance companies are set to increase premiums for their term plans after several reinsurers increased rates for underwriting portfolios. These companies have been seeing higher than expected claim rates due to COVID-19. HDFC Life, ICICI Prudential Life and SBI Life in focus.

Restrictions have been placed on housing finance companies by RBI. They must stop lending if they are not in a position to repay fixed deposit holders. Won’t be an issue for strong companies.

The IPO of Nureca Limited was subscribed 39.93 times at close on Wednesday.

RailTel Corporation IPO subscribed 6.64 times on day 2.

PLI scheme for telecom gear has been unveiled by the government worth Rs 12,195-crore. Companies including HFCL, Tejas Networks, ITI, D-Link India to benefit.

What to expect today?

NIFTY fell sharply after noon yesterday. Much of the fall was contributed by HDFC, HDFC Bank and Kotak Bank. Reliance supported Nifty again. You can read all about yesterday’s movements here.

Bank Nifty closed in the red. But once again PSU Banks index was very bullish after the privatisation rumours. Bank Nifty closed nearly 0.5% down even as SBI went up 2.6%. Majorly due to Kotak Bank and HDFC Bank.

US markets closed mixed for the day, but gained near market close. Asian markets are once again mixed for the day.

US Treasury bond yields have been cooling off after hitting a 1-year high. This is positive for Indian market also, if sustained. Gold price fall also has slowed down.

SGX NIFTY is trading slightly higher at 15,251, indicating a gap-up opening in the Indian Market. Nearly 50 points above yesterday’s close.

NIFTY will hopefully once again take support at 15,240, then at 15,200. Yesterday’s low level can also be watched out for below that. Looking up, NIFTY continues to have immediate resistance at 15,300 and 15,380. 

Foreign institutional investors (FIIs) net bought shares worth Rs 1,008 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 1,283 crore in the Indian equity market. Net selling by the institutions in the cash market once again.

The fall in HDFC Twins may see a reversal today if we see increased participation from FIIs. The global markets remaining mixed is showing a bit of negative bias.

Reliance almost tested 2,100 levels yesterday, and can be watched out for today. Being the weekly expiry day, Reliance and HDFC twins may act crazy today.

Expecting Nifty to trade very volatile for the day and close near 15,200 at expiry. Wait for a good direction from the index before taking positions.

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