Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

The coming session would be crucial where 10,630-10,700 would be the support and if this gets breached, then we could some extension of profit booking towards 10,500. On the flipside, 10,850-11,000 continues to be the resistance zone.In the first half yesterday, there were many stocks which continued to provide good trading opportunities. Such opportunities may now not be easy to spot and thus traders are advised to be vigilant on the index movement today and avoid aggressive positions. However, having said that, we would also like to mention that as of now there are no signs of a trend reversal and next 2-3 sessions would be important to determine the near term trend.

ICICI Bank board approves raising Rs 15,000 crore; shares gain

ICICI Bank, India’s second-largest private sector lender, said that its board has approved raising of funds up to Rs 15,000 crore in one or more tranches. The capital will be raised through a variety of routes such as private placement of shares or preferential issue or qualified institutions placement (QIP) or follow-on public offering (FPO), or a combination thereof, the bank said in a regulatory filing on Wednesday post market hours. The stock reacted positively to the development, gaining almost 2 percent in the early trade on Thursday. Recently, Indian financial institutions have been on a capital raising spree amid growing uncertainty about the impact of COVID-19 pandemic on their books. A slew of banks, non-bank lenders and others have either raised capital or at least announced plans to raise capital since the outbreak of the virus.

Equity mutual funds inflow falls 95% in June on profit-booking

Inflow into equity mutual funds slumped 95 percent to a little over Rs 240 crore in June as investors pulled out from large-cap and multi-cap funds due to profit booking. This is the third consecutive monthly decline in inflow in equity mutual funds, data by the Association of Mutual Funds in India (Amfi) showed on Wednesday. Overall, the mutual fund industry witnessed a net inflow of Rs 7,265 crore across all segments last month, much lower than Rs 70,813 crore in May, primarily due to outflow from liquid funds. More here

Tilden Park, LIC get RBI’s nod to invest 9.9% in Yes Bank

Tilden Park, LIC have received RBI’s approval to invest 9.9 percent in private lender Yes Bank, banking sources informed CNBCTV-18. CNBCTV-18 earlier reported that bank is in talks with Tilden Park for further public offer (FPO). On Wednesday, State Bank of India (SBI) said it’s board approved a maximum investment of up to Rs 1,760 crore in Yes bank’s FPO. As per two senior officials directly involved in the matter, SBI’s additional investment in YES Bank’s FPO is to comply with the latter’s reconstruction scheme terms with respect to the lead investor’s stake. SBI had initially invested Rs 6,050 crore in the bank to acquire over 48 percent stake in March this year.

Cipla launches generic version of remdesivir in India

Pharma major Cipla on Wednesday said it has launched its generic version of antiviral drug remdesivir at a price which is among the lowest globally and is looking to supply over 80,000 vials within the first month. The company, however, did not disclose the price of the medicine. Cipla had earlier said the drug will be priced at less than Rs 5,000 per 100 mg vial in line with its overall philosophy of driving access and affordability.

TCS Q1FY21 Earnings: Here’s what to expect

The Q1 earnings season kicks off today with IT giant Tata Consultancy Services (TCS) set to report its numbers later in the day. Most of the IT stocks have had a good run and are back to their pre-COVID levels. Both TCS, as well as Infosys, have recovered 50 percent from their 52-week lows. However, it is going to be a weak quarter for the firm as the revenue is expected to decline. Revenues, according to CNBC-TV18’s poll, could be down about 5.7 percent. In constant currency terms, the revenues could see a decline of 5 percent on a quarter-on-quarter (QoQ) basis which will be worse than what was seen in Q4. Watch video here

Yes Bank’s FPO offer opens on July 15 & closes on July 17. Anchor investor bidding date is July 14

Opening Bell: Sensex up over 100 points, Nifty above 10,750

Indian indices opened higher on Wednesday following gains in global peers, with IT stocks and financials leading the gains. At 9:18 am, the Sensex was up 182 points at 36,511 while the Nifty rose 54 points to 10,760. Index heavyweights ICICI Bank, Infosys, TCS, RIL, and Bajaj Finance contributed the most to the gains. Broader markets also rose with Nifty Midcap and Nifty Smallcap up 0.5-1 percent at opening.

Market Watch: Nischal Maheshwari, CEO, Institutional Equities & Advisory Centrum Broking

On TCS & IT sector

We continue to be positive on IT. Going forward, I believe it would be business as usual. We expect 6 percent lower numbers for TCS for this quarter. Everybody wants to be in the defensive sector and what better than IT where you have got low valuations and high quality companies with strong cashflows. So we are positive on the whole 

sector.

On AMCs

We continue to be positive there. Within the BFSI sector, this is one of the sectors which is much more stable where the assets are not going down dramatically and in the last two months market has gone up almost 20 percent, their assets have also gone up. I think this is a good place to be though valuations are a bit aggressive.

Sebi cancels registration of a stock broker for fraudulent trading

Capital market regulator Sebi on Wednesday cancelled the registration of a stock broker for indulging in fraudulent trading activities in the scrip of Maharashtra Polybutenes Ltd. In its order, Securities and Exchange Board of India (Sebi) said it was cancelling the certificate of registration granted to the noticee namely Vishal Vijay Shah as a stock broker. It was alleged that Shah had entered into circular and synchronised trades with 115 front entities in the scrip of Maharashtra Polybutenes which led to the creation of false or misleading appearance of trading in an otherwise illiquid scrip.

First up, here is quick catchup of what happened in the markets on Wednesday

Indian benchmark indices, Sensex and Nifty snapped five-day gaining streak to end Wednesday’s volatile session lower amid cautiousness over a surge in coronavirus infection cases. The Sensex ended 345.51 points or 0.94 percent lower at 36,329.01 while the Nifty lost 93.90 points or 0.87 percent to settle at 10,705.75. Losses in IT and auto stocks offset gains in metals and private-sector lenders. Index heavyweights such as RIL, Infosys, TCS, ICICI Bank dragged Nifty near day’s low while gains in HDFC Bank, HUL and ITC supported the index to end above 10,700 level.

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