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1 July 2021, Pre Market Report: Reliance is up, will banks support to take up the markets today?

Good Morning Everyone, As we enter the first day of July, we see that Indian markets have been consolidating from their all-time high for the past few days. Let us get prepared for the day with the pre-market report. But before that, if you have not read what happened in the market yesterday, you can read it, by clicking here.

Global Markets:

The Dow & S&P500 in the US markets again closed at record highs for the 5th straight day, while Nasdaq was slightly down. But overall it was positive sentiments across. There is no reason why Indian markets are still seeing some selling, this could only mean profit booking at higher levels.

Asian markets again opened low today after China’s factory activity expanded at a softer pace in June, as the resurgence of COVID-19 cases in the export province of Guangdong and supply chain woes drove output growth to the lowest in 15 months, a private survey showed on Thursday.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 51.3 last month from May’s 52, marking the 14th month of expansion, but it came below analyst expectations for an only slight slowdown to 51.8.

Nikkei 225 shed 0.39% while the Topix index fell 0.32%.

Indian Markets:

The fall in the Indian market started with the Reliance AGM last week which saw some major profit booking in Reliance and brought it below Rs. 2100, but it seems like it has taken support at Rs. 2100 with the news of setting up a petrochemical project in AbuDhabi with ADNOC.

But then the Banks were down yesterday and the same can be seen with HDFC & HDFC bank, however, I still maintain a "BUY" on HDFC & HDFC bank as it is a great opportunity to accumulate these stocks for a great price.

Today being the weekly expiry, we need to see if markets lift up with positive sentiments from Reliance with support from banks.

Foreign institutional investors (FIIs) net sold shares worth Rs 1,646.66 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,520.18 crore in the Indian equity market on June 30, which is why I said there is profit booking by the FIIs. But the positive news here is, even when our markets are not at their all-time high, DIIs have been buying constantly, which means that this is a temporary bearishness in the market and we can expect some bulls soon. Let us use this as an opportunity to accumulate good shares. That's it, for now, team, let's discuss more on our Discord group. If you are not on Discord yet, send a WhatsApp msg by clicking here.

Stock Specific news:

Reliance Industries | Spirent Communications has collaborated with Jio Platforms, a subsidiary of Reliance Industries, for testing a cloud-based 5G standalone core network for real-world workloads and traffic conditions.

Vodafone Idea | The company’s consolidated net loss widened to Rs 7,022.8 crore in Q4FY21 from Rs 4,532.1 crore, while revenue fell 11.8 percent to Rs 9,607.6 crore from Rs 10,894.1 crore, QoQ.

Tata Steel | The process to merge Tata Steel BSL with Tata Steel has been advanced, the company’s Chairman N Chandrasekaran said while addressing shareholders at the 114th Annual General Meeting (AGM). (Image: Reuters)

Cadila Healthcare | Zydus Cadila has applied for Emergency Use Authorization (EUA) to the office of Drug Controller General of India (DCGI) for ZyCoV-D - its Plasmid DNA Vaccine against COVID-19.

SpiceJet | The company’s net loss in Q4FY21 narrowed to Rs 235.3 crore from Rs 807 crore, YoY. It announced raising up to Rs 2,500 crore to ensure long-term growth and sustainable operations.

Jet Airways (India) | Jalan Kalrock Consortium will make a total cash infusion of Rs 1,375 crore in the airline under the approved resolution plan.

Adani Green Energy | Fair trade regulator Competition Commission of India (CCI) has approved the acquisition of the entire shareholding in SB Energy by Adani Green Energy.

Coffee Day Enterprises | The company posted a consolidated net loss of Rs 272.09 crore in Q4FY21 as against a profit of Rs 554.80 crore, YoY. Revenue dropped 69 percent to Rs 165.16 crore from Rs 533.55 crore, YoY.

CSB Bank | The lender has cut its marginal cost of funds-based lending rate (MCLR) by 0.10 percent across tenors with effect from July 1.

Dish TV India | The company reported a consolidated loss at Rs 1,415.23 crore in Q4FY21 against a loss of Rs 1,456.25 crore in Q4FY20, revenue fell to Rs 751.75 crore from Rs 869.06 crore, YoY.

Omaxe | The company reported a consolidated net profit of Rs 1.11 crore in Q4FY21 as against a net loss of Rs 126.26 crore, YoY. Total income fell to Rs 191.87 crore from Rs 355.38 crore, YoY.

Agro Tech Foods | The company purchased land in Kothur (Telangana), which is adjacent to its existing plant and amounts to approximately 25 percent of the current land area of the existing plant. The land will be utilized for continued expansions of the company’s manufacturing operations.

Liberty Shoes | The company’s Q4FY21 profit jumped to Rs 6.97 crore from Rs 1.17 crore, while revenue fell to Rs 162.42 crore from Rs 199.84 crore, YoY.

Jain Irrigation Systems | The company reported consolidated profit at Rs 49.09 crore in Q4FY21 against a loss of Rs 324.16 crore in Q4FY20. Revenue rose to Rs 1,793.8 crore from Rs 1,505.39 crore, YoY.

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