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8 July 2021, Pre Market Report: Will Nifty finally break the barrier of 15900?

Good Morning Everyone,

As discussed in the Post-market report yesterday, today is the weekly expiry, we can expect some volatility in the market. If you have not read it, you can read it by clicking here. Hints of the same are already seen as trends on SGX nifty indicate a negative start of the index with a gap-down at around 15830-15840.

Global Markets:

US Dow Future slipped 0.1%. Both S&P 500, Nasdaq post record closing highs after Fed minutes. Ten-year U.S. Treasury yields fell to a 5-month low at 1.27% after falling for seven trading days as inflation expectations continued to ease.

Asian stocks open steady, following gains for U.S. shares & Treasuries as the Federal Reserve minutes showed policymakers still awaiting more evidence of a robust economic recovery to set a timeline for trimming bond purchases.

Indian Market:

Trends on SGX nifty hints at a muted start for the Nifty at about 40 points below yesterday's close. But as I always say, a muted start for the day can avoid profit booking and hence at times help support moving up the ladder. But then of course our biggest resistance being 15900, Let us wait excitedly for Nifty to race past that.

The Reserve Bank of India (RBI) on July 7 imposed monetary penalties on 14 banks including Bandhan Bank, Bank of Baroda, and State Bank of India (SBI) for various rule violations, the central bank said in a press release.

The violations include non-compliance with certain provisions of directions issued by RBI on ‘Lending to Non-Banking Financial Companies (NBFCs)’ ‘Bank Finance to Non-Banking Financial Companies (NBFCs)’ and ‘Loans and Advances – Statutory and Other Restrictions’, the RBI said.

Results Today:

Tata Consultancy Services, Gammon Infrastructure Projects, and Shyam Metalics and Energy will release quarterly earnings on July 8.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 532.94 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 231.80 crore in the Indian equity market on July 7

Stock Specific News:

Tata Consultancy Services | The company will announce its earnings for the first quarter of fiscal 2022 today. It is expected to post a dollar revenue growth of 3.6 percent and constant currency revenue growth of 3.3 percent during Q1FY22.

PNB Housing Finance | Promoter Punjab National Bank has asked the company to consider restructuring the proposed Rs 4,000 crore capital infusion deal led by the US-based Carlyle group.

Bajaj Healthcare | The company has received a license from the Defence Research and Development Organisation (DRDO) to manufacture and market “2-Deoxy-D-Glucose” (2-DG) as approved medication for the treatment of COVID-19 patients.

Zee Entertainment Enterprises |The company has received government approval to sell its Digital Publishing Business Division to Rapidcube Technologies.

Hindustan Oil Exploration | HDFC sold a 2.46 percent equity stake in the company for Rs 37.2 crore, reducing shareholding to 8.75 percent from 11.21 percent earlier.

REC Ltd | The company has raised $400 million (around Rs 2,986 crore) by issuing bonds to finance the power sector. The bonds have been issued under the company’s $7 billion Global Medium Term Note Programme.

Piramal Enterprises | The company’s board on July 12 will consider and approve the issue of Non-Convertible Debentures worth Rs 200 crore on a private placement basis.

KPR Mill | The company’s board will consider a stock split on July 27.

Railtel Corporation of India | The company has received work order worth Rs 23.43 crore from Sagar Cable Network.

Zuari Global | The company has acquired 13.19 percent shares of Forte Furniture Products India from the Indian Furniture Products (IFPL), a subsidiary of the company.

Angel Broking | ICICI Prudential Asset Management Company sold a 0.09 percent equity stake in the company via open market sale on July 5, reducing shareholding to 3.03 percent from 3.11 percent earlier.

Garware Hi-Tech Films | CARE has upgraded its rating and outlook regarding the bank facilities of the company, to A+/Stable, from A/Positive.

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