Nifty will likely see a 180 point opening
Indian stock markets are expected to open positively this week, thanks to bullish global indices. As Covid cases stabilize in large states such as Maharashtra, analysts hope things will get under control quickly.
SGX Nifty comes out at 14,517 points, a gap of nearly 180 points for Nifty futures, which closed Friday at 14,338 points. Asia-Pacific stocks such as Japan, Korea, China, Australia and Taiwan rose 0.3% to 1% at the start of trade on Monday. US markets also closed on Friday on strong gains.
What’s in a name? A lot for the stock market, if it is “Oxygen” in the days of Covid!
According to Binod Modi, chief strategy officer at Reliance Securities, domestic stocks look modestly good at the moment. A persistent increase in Covid-19 cases across the country and tighter economic restrictions have clearly dented investor sentiment over the past two weeks. In addition, a sharp increase in the number of deaths over the past week appears to be a major cause of concern for state and central governments, which may eventually lead to broader economic restrictions in the coming days and may further undermine economic dynamics, he said.
In an effort to stimulate the economy, the Ministry of Finance has relaxed spending guidelines to allow ministries and departments to undertake capital spending in the amount of ₹ 44,000 crore budgeted for 2021 -2022.
“In our opinion, the government will continue to manage this disaster by maintaining a fair balance between lives and livelihoods,” Modi said and added, “the market is expected to remain volatile until we see a reversal in the markets. cases of Covid-19 ”.
Movers and Shakers: stocks that will see action this week
Although full lockdowns have been avoided, there have been a number of closures at some of the major factories and factories. Although the fundamentals support a robust economy, it is too early to assess the potential damage, which is why even the markets have not reacted sharply so far, said Joseph Thomas, head of research at Emkay. Wealth Management.
“But the likelihood that the resurgence of the pandemic will impact growth and therefore earnings is quite high for the first two quarters of this year. These factors will also continue to dominate the market in the coming weeks, ”he added.
Technically, the Index again closed the week on a negative note at 14,333 with a loss of nearly 2% on a weekly basis and formed a Doji candle for the third week in a row, hinting at uncertainty over the markets. “The index has created a good base near the 14,250-14,200 area; maintaining above said level structure will be positive, any close below said levels may drag the index to much lower levels and on the upper side the hard hurdle is 14,450-14,500; cool area above 14,500 area, ”said Rohit Singre, senior technical analyst at LKP Securities
Stocks to watch
The board of directors of Srei Infrastructure Finance Limited and its wholly-owned subsidiary Srei Equipment Finance Limited met on Friday. SEFL announced that it had further received an expression of interest for the capital injection from Cerberus Global Investments BV SEFL also received expressions of interest for a capital injection of approximately $ 250 million from the company US-based multi-strategy investment company Arena Investors LP and Singapore-based global financial services firm Makara Capital Partners.
Zuari Agro Chemicals announced that the NPK B plant has been closed since April 24 due to the unavailability of raw materials.
Rajratan Global Wire: The Board of Directors of Rajratan Global Wire has approved a proposal to assess the possibilities of setting up new Tire Bead Wire manufacturing facilities in South India.
Ramkrishna Forgings began commercial production of 7,000 tonnes of press from its V plant, Saraikala, Jamshedpur, from April 22, increasing production capacity by 17,000 tonnes per year.
Hathway Cable & Datacom, which recently canceled an arrangement involving Den Networks and others, is launching a sale offer by its promoter group companies Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings. The promoters will sell up to 20,544 crore of shares, representing 11.61% of the company’s shares, through a sell offer, the company said in an exchange filing. The floor price for the sale is set at ₹ 21.50 per share.
Federal-Mogul Goetze: The sale offer by IEH FMGI Holdings LLC, its promoter, will be open for subscription today for non-retail investors, Tuesday for retail investors. The promoters plan to sell 49.84 lakh shares and have set the floor price at ₹ 250.
Shalby: The offer to sell from one of its promoters, Shah Family Trust, opens today. He offered to sell up to 58.1 lakh equity shares of the company (representing 5.38% of the total paid-up equity) via a sell offer on April 26 and April 27. The floor price of the offer was set at ₹ 111 to share.
Modern India: The buyout offer to its shareholders begins today and will end on April 30. Shree Rani Sati Investment & Finance Private Limited, Sarat Leasing & Finance Private Limited and F. Pudumjee Investment Company Private Limited plan to acquire 93,85,688 equity shares, representing 25 percent of the company’s equity at a floor price of 45 , ₹ 90 per share.
Results calendar: Alok Industries, Automotive Stampings & Assemblies, Benares Hotels, Castrol India, Delta Corp, HDFC Life Insurance, Kedia Construction, National Standard (India), Roselabs Finance, Schaeffler India, Snowman Logistics, Suraj, Tata Teleservices and Welcure Drugs & Pharmaceuticals will release its quarterly results on April 26.