News Shots

Morgan Stanley has increased India’s weightage in its MSCI Emerging Market Index. This means an extra 15,000 cr investment into India. This is why we saw stocks like Asian Paints, Nestle, Bajaj Finance, L&T etc go up by more than 5% yesterday.

Future Retail to seek liquidation if Reliance deal fails. Future won’t legally challenge SIAC ruling on RIL deal.

Hero Motocorp to sell and service Harley Davidson motorcycles in India.

Traders’ body CAIT (Confederation of All India Traders) raised objections over Aditya Birla Fashion and Retail‘s plans to raise Rs 1,500 crore by issuing 7.8 per cent stake to Walmart-owned Flipkart Group, alleging that the proposed deal violates the government’s FDI policy.

In the midst of completing its merger process with Clix group, private sector Lakshmi Vilas Bank has broadened the search base for its new MD and CEO and is likely to send an updated list of candidates to RBI in about a month-and-half.

Cochin Shipyard has inked a pact with Italy’s Fincantieri for cooperation in areas like shipbuilding and ship repair. Fincantieri is one of the world’s largest shipbuilding groups and a leader in diversification and innovation with over 230 years of history and more than 7,000 vessels built, operating 18 shipyards in four continents.

Bharat Petroleum Corporation Ltd (BPCL) launched a fully synthetic lubricant variant targeted at high-end motorcycles.

Tata Motors consolidated net loss widened to Rs 307 crore in the September quarter due to the pandemic. But as we see, sales are picking up. Also, the result has beaten street estimates.

Bharti Airtel reported its highest-ever quarterly consolidated revenue on the back of a rise in data usage and higher realisations, helping it narrow losses in the July-September period. Consolidated revenue rose 22 per cent to Rs 25,785 crore in the September quarter while net loss narrowed to Rs 763 crore.

ICICI Prudential Life reported a marginal rise in net profit at Rs 303 crore for September quarter of the current fiscal year. The life insurer had posted a net profit of Rs 302 crore during the similar period a year ago.

Some Major Q2 Results Announcements Today:

  • Axis Bank
  • Larsen & Toubro
  • Titan Company
  • Dr Reddy’s Labs
  • Hero MotoCorp
  • Marico
  • PI Industries
  • ICICI Securities

What to expect today?

Yesterday, NIFTY pulled back and closed just under 11,900 thanks to Morgan Stanley rejig that took many NIFTY50 stocks up. Also, Kotak Bank went up 12% after posting splendid Q2 results. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty, was taken up by Kotak Mahindra Bank in the morning. Later, all banks started doing good and closed just below 24,800.

12,030 is a strong resistance for NIFTY. The resistance at 11,800 was broken yesterday. So, NIFTY has again come into the consolidating range of 11,800-12,030.

Global markets are still dealing with the problems they have. COVID fear in Europe is increasing. The presidential election volatility has started to kick in, in America. It is almost certain now that the stimulus will be announced only after the elections.

US Markets have closed in the red. Only NASDAQ is up. Europe is down 1%. Asian markets are down today. SGX NIFTY is trading at 11,854, which is 33.5 points lower, indicating a flat to gap down opening in the Indian Market. 

NIFTY is likely to trade between 11,780 and 11,920. There is support at 11,820 and 11,780 and resistance at 11,850 and 11,900.

Highest Call Open Interest at 12,000, followed by 12,500. Highest Put Open Interest at 11,000, followed by 11,500. 

Foreign institutional investors (FIIs) net bought shares worth Rs 3,514.89 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,570.8 crore.

The global cues are still negative. Yesterday’s uptrend in our market was mostly due to the specific Morgan Stanley reason. Good results still coming in is something good for our markets. Today’s movement will decide the short term future course of NIFTY. So, take some time to understand the trend today and then only enter into trades. All the best for the day!