News Shots

Tata Consumer is all set to enter Nifty 50 from March 31. It will be replacing GAIL in the index.

Coal India has scheduled a meeting of the Board of Directors on March 5 to consider declaring interim dividend.

The USFDA has denied SPARC’s appeal in relation to the Phase 3 trial of cancer drug Taclantis.  Has sought new phase 3 trials.

UPL has said the fire in its Gujarat plant might have happened due to fire/explosion in the solvent but did not rule out foul play. It was supposedly closed from February 5 for its planned boiler inspection.

Isgec Heavy Engineering has secured an order for two gas fired boilers from a public sector refinery in India under competitive bidding.

Promoters Gautam Adani and Rajesh Adani have revoked pledge of crores worth of shares of Adani Enterprises, Adani Transmission and Adani Ports on February 22.

Sanofi India has approved a final dividend of Rs 125/share and also a special dividend of Rs 240/share. Revenue down 3% at Rs 720 crore. Net profit up 26% at Rs 126 crore.

Tata Power will issue Non-Convertible Debentures worth Rs 900 crore on private placement basis to raise funds. Also, SBI Cards will issue NCDs worth Rs 550 crore.

Cochin Shipyard is getting ready to build big dredging vessels with technology support from IHC Holland. The company also received a Rs 10,000 crore order from the Indian Navy yesterday.

NTPC has completed an agreement to buy GAIL’s 25.51% shareholding in Ratnagiri Gas(RGPPL, also known as Dabhol project) and to exit from Konkan LNG.

United Spirits has started a strategic review of popular brands and hope to complete it by December this year. They are looking into making their portfolio of products more ‘premium’.

Drugmaker Aurobindo Pharma has signed a pact to acquire 26% stake each in two Hyderabad-based solar power generating companies.

Reliance Industries has announced the details of spinning-off its oil business into an independent unit. Saudi Aramco is rumoured to be a partner in the deal. Mukesh Ambani also said that he plans to produce batteries for the upcoming Electric Vehicle revolution.

What to expect today?

NIFTY tried to fall yesterday morning but bounced back sharply and consolidated to close in green. You can read all about yesterday’s movements here.

Bank Nifty was slightly bearish and broke the previous day’s low, especially with HDFC Bank and Kotak Bank’s sharp fall. 35,000 acted as a good support yesterday.

India VIX has cooled down, and options premium are coming down. Day after tomorrow is the monthly expiry.

Dow Jones closed flat yesterday. NASDAQ has also settled flat after a gap-down opening. European markets saw a huge fall in the beginning but recovered the majority of the losses by closing, just like on Monday.

Asian markets are mixed with Japan’s Nikkei in the red. SGX NIFTY is trading higher at 14,784, indicating a gap-up opening in the Indian Market. Will wait to see if this gap is sustained by Nifty. Might be a day like yesterday where markets will fall after gap-up then move back up.

Maximum put option contracts continue to be strong at 14,000. But interestingly as we discussed on TSMS, 14,500 and 14,700 are seeing large numbers of put option interest. From this data, Nifty might consolidate around 14,700 for Thursday expiry.

Interestingly Foreign institutional investors (FIIs) net sold shares worth Rs 1,569 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 216 crore in the Indian equity market. Net selling by institutions in the last 7 days. Market ended in green even with net selling from institutions

Monday’s low at 14,630 continues to be the level to watch out for on the lower side. 14,500 will be the next support. On the upper side, 14,850 will be a good level, along with 15,000 acting as very strong resistance.

Highest call OI buildup is at 15,000 followed by 14,900. Highest put OI buildup at 14,000 followed by 14,500.

NIFTY will be volatile today, with even institutions being confused whether to buy or sell. But expecting net consolidation in the market today. DII buying usually happens nowadays to prevent a big correction, so maybe they did save markets yesterday.

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