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Gap up opening continues! Time to rally?

Good Morning Everyone, Yesterday the Nifty opened with a big gap up and it sustained through a volatile day and finally closed near 17500 crossing the major resistance at 17300-17400 zone as shown in the image below.

Today, I am expecting the market to again open with a gap down, but today is the monthly expiry, and that too the last of this financial year. So we can see huge volatility to continue and suggest taking trades with caution.

The good news is that for the first time after several months, we could see the FIIs and DIIs buying for more than 1000 cr in a day. IF this continues, we can see more highs in the Nifty.

Global Markets:

U.S. stocks fell on Wednesday, with the Dow and S&P 500 snapping four-session winning streaks, on waning signs of progress for peace talks between Ukraine and Russia against a backdrop of a hawkish Federal Reserve curbing economic growth.

The Dow Jones Industrial Average fell 65.38 points, or 0.19%, to 35,228.81, the S&P 500 lost 29.15 points, or 0.63%, to 4,602.45 and the Nasdaq Composite dropped 177.36 points, or 1.21%, to 14,442.28.

Shares in Asia-Pacific were mixed in Thursday morning trade as oil prices fell sharply. In the broader Asia-Pacific markets, mainland Chinese stocks declined in morning trade as the Shanghai composite shed 0.26% while the Shenzhen component slipped 0.652%. The Nikkei 225 in Japan was near flat while the Topix index sat little changed. South Korea’s Kospi climbed 0.48%.

Indian Market:

Trends on SGX Nifty indicate a positive opening for Nifty in India above 17500, which is a good sign. However, We might see some consolidation and I am not expecting a big upward movement today.

FII and DII data

Foreign institutional investors (FIIs) have net purchased shares worth Rs 1,357.47 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 1,216 crore on March 30.

Stock Specific News:

Nazara Technologies | Subsidiary Nazara Pte Ltd (Nazara Singapore) will invest $2.5 million in BITKRAFT Funds. Out of which $0.875 million will invest upfront while the balance investment amount of $1.625 million will be deployed over a period of three years.

Tata Steel | Tata Steel transferred its entire stake in Tata Steel Special Economic Zone Limited to Tata Steel Utilities and Infrastructure Services for consideration other than cash. The company has executed an asset transfer agreement for the acquisition of itemised assets from Stork Ferro and Mineral Industries Private Limited to produce ferroalloys.

ONGC | The two-day offer for sale issue will close on March 31. The Government of India has decided to exercise the oversubscription option to the extent of additional 9.4 crore equity shares, in addition to 9.4 crore equity shares of the company. Accordingly, the total offer size for sale will be up to 18.8 crore shares or 1.5 percent of the total paid-up equity.

Axis Bank | The bank has acquired Citibank's India consumer business from Citibank N.A. and the NBFC consumer business from Citicorp Finance (India), as going concerns, without values being assigned to individual assets and liabilities to either business. The bank has executed business transfer agreements with Citibank N.A. and Citicorp Finance (India) on March 30. The cost of acquisition is Rs 12,325 crore.

Max Healthcare | The block deal will happen today. Kayak Investment will sell $500 m worth of shares through a block deal in Max Healthcare.

Mangalam Cement | Promoter Vidula Consultancy Services acquired 2.26 lakh equity shares in the company through open market transactions. With this, its shareholding in the company stands at 9.92 percent, up from 9.1 percent earlier.

Godrej Properties | The real estate developer has acquired a nine-acre land parcel in the residential micro-market of Pimpri-Chinchwad in Pune. The development will primarily be for a group housing project.

Quess Corp | The board has approved the transfer of digital business undertaking of the company comprising Qjobs, Worq, and Dash as a going concern on a slump sale basis to the company's subsidiary Billion Careers, for Rs 5.04 crore. The company has signed the First Addendum Agreement with Stellarslog Technovation (Taskmo), Naveen Ramachandra and Prashant Janadri (Founders), under which it will make an additional investment of Rs 3.84 crore. The board also approved the re-designation of Executive Chairman Ajit Isaac to Non-Executive Chairman (Non-Executive Director) with effect from April 2022.

SpiceJet | A Delhi court has dismissed the anticipatory bail plea filed by SpiceJet promoter Ajay Singh in relation to a fraud case, a report said. A written order from the court to this effect is awaited still and is expected to be passed on March 31.

Telecom Stocks | Bharti Airtel has added 7.14 Lakh users in January as compared to 4.75 Lakh users on a month-on-month basis. Meanwhile, Vodafone Idea lost 3.89 Lakh users in January as compared to 16 Lakh users on-month. Reliance Industries Reliance Jio also lost 93.2 Lakh users in January as against 129 lakh users on-month.

Bajaj Finserv and Bajaj Finance | Shares of Bajaj Finserv ended 3.52 percent higher and was the top gainer on Nifty50. Bajaj Finance shares settled at Rs 7224.75, 2.67 percent higher.

Tata Consumer Products and Tata Coffee | Tata Consumer Products Ltd (TCPL) announced the merger of all businesses of Tata Coffee Ltd with itself as part of a reorganization plan in line with its strategic priority of unlocking synergies and efficiencies. With this, shares of TCPL ended up 2.81 percent at Rs 764.10 and Tata Coffee gained 8.87 percent at Rs 213.65.

Raymond | Shares of the company closed 10.64 percent higher and were the best performers on Nifty500.

Maruti Suzuki India and Tata Motors | Shares of the former closed 2.2 percent higher and the latter ended 0.28 percent higher. This was after the government made six bags mandatory for economic models as well.

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