DIIs buy huge while the banks support Nifty. Time for a reversal?

Good Morning Everyone, Yesterday the Nifty opened with a gap up at 18229 and went on to hit the day high at 18241 and then went on to a big fall to 17968 but recovered and closed at 18125 with a positive bias. DIIs have bought large while the FIIs continued selling, but probably we can look at it as a positive sign.

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On the daily chart too, the Nifty has formed a positively biased hammer pattern. Let us see how it moves today.

Sector Watch:

The banks continue to celebrate as we could see the private banks shooting up after the great results from ICICI bank, followed by PSU banks rally that continued from last week, and also the financial sector held up the Nifty today. Realty, auto sector & IT saw huge selling pressure and was down by more than 1 % in the day.

Top Gainers:

ICICI Bank was up 11.52% followed by Axis Bank which was up 3.47% in the day, followed by ONGC and TechM among others.

Top Losers:

BPCL, Bajaj finserv, SBI Life, Bajaj-Auto, Tata motors continued to see selling pressure, which we cope can take some rest today.

Global Markets:

The S&P 500 rose and surpassed the peak it set on Thursday. The Dow Jones Industrial Average and Nasdaq also rose. Stocks broadly have been pushing higher recently as companies turn in much stronger profit reports for the summer than analysts expected.

The S&P 500 rose 21.58 points, or 0.5%, to 4,566.48.

The Dow Jones Industrial Average rose 64.13 points, or 0.2%, to 35,741.15.

The Nasdaq rose 136.51 points, or 0.9%, to 15,226.71.

The Russell 2000 index of smaller companies rose 21.37 points, or 0.9%, to 2,312.64.

For the year:

The S&P 500 is up 810.41 points, or 21.6%.

The Dow is up 5,134.67 points, or 16.8%.

The Nasdaq is up 2,338.42 points, or 18.1%.

The Russell 2000 is up 337.79 points, or 17.1%.

MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.25 percent higher. Japan's Nikkei index rose almost 2 percent. Chinese blue chips were also trading higher. And South Korea’s Kospi advanced half a percent. Elsewhere, Australian shares rose over 0.21 percent.

Indian Market:

Trends on the SGX Nifty indicate a gap up opening today, however, it is very important to sustain above 18000 today for Nifty to start reversing from the lower level now. I will keep a keen watch on the results of Axis Bank and Kotak Bank today!

The Indian economy is likely to register a 9.5 percent growth this fiscal over 7.3 percent contraction last year, as the ongoing recovery is faster and more credible than earlier foreseen, according to UBS Securities report.

It will gather more momentum in the second half of the current fiscal, but will slow down to 7.7 percent next financial year, it added.

Finance Minister Nirmala Sitharaman on Monday reviewed the progress of capital expenditure by the civil aviation ministry and the telecom department and asked them to expedite projects.

Results today

Axis Bank, Kotak Mahindra Bank, Bajaj Finance, ABB India, Cipla, Ambuja Cements, Asahi Songwon Colors, Best Agrolife, Birlasoft, Canara Bank, Central Bank of India, Century Enka, Cera Sanitaryware, Coromandel Engineering, Gati, Greaves Cotton, Greenlam Industries, Hikal, IRB Infrastructure Developers, Jindal Stainless, Dr Lal PathLabs, Mahindra Lifespace Developers, Meghmani Finechem, Mahanagar Gas, Meghmani Organics, Mangalore Refinery & Petrochemicals, Nippon Life India Asset Management, Persistent Systems, PI Industries, Sharda Cropchem, Shiva Cement, Surya Roshni, Symphony, Torrent Pharmaceuticals, Triveni Turbine, Wabco India, and Zensar Technologies.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2,459.10 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,390.23 crore in the Indian equity market on October 25

Stock Specific News:

Tech Mahindra | The technology company's revenue for the September quarter missed Street's expectation. Its subsidiaries acquired two companies for Rs 885 crore.

HDFC Bank | Competition Commission of India approved HDFC Bank’s acquisition of 4.99 percent shareholding in HDFC ERGO General Insurance Company.

Eicher Motors | The company's shareholders have approved a proposal to re-appoint Siddhartha Lal as Eicher Motors' managing director for a period of five years with effect from May 1 this year. The members also cleared the proposal to increase Lal's remuneration.

CEAT | The company's net profit for Q2 came in slightly below expectations while revenue topped estimate.

Bharti Airtel | The company will opt for a moratorium of up to four years on the spectrum and adjusted gross revenue dues, under the deferred payment option in the telecom relief package.

Tata Motors | The company's arm Jaguar Land Rover is being forced to resort to a production cut in the current quarter as well due to a continued shortage of semiconductors across the world, a report said.

National Stock Exchange | NSE is in advanced talks with Singapore Exchange for a revenue-sharing agreement on trades in Nifty derivatives contracts, as per a report.

Orient Cement | The company has reported sharply higher profit at Rs 56.88 crore in Q2FY22 against Rs 34.82 crore in Q2FY21 with revenue rising to Rs 613.12 crore from Rs 477.5 crore on-year.

HDFC Asset Management Company | The company reported a profit of Rs 344.38 crore in Q2FY22 as compared to Rs 338.06 crore in Q2FY21. Its revenue rose to Rs 542.33 crore from Rs 456.25 crore on-year.


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