Closing bell:
Even though the Asian markets put up slow growth today, the benchmark indices here moved in the positive direction. They stayed in the same zone for the entire session.
Nifty closed around 9,098.00, up 31.45 points or 0.35 per cent. The BSE Sensex advanced 30,932.90, up 114.29 points or 0.37 per cent. Hindalco, ITC were the top gainers for the day, meanwhile, Bajaj Finance and NTPC were top laggards.
Company announcement:
Kalpataru Power Transmission Limited (KPTL) will raise funds by issuing secured/unsecured redeemable non-convertible debentures (NCDs) upto ₹300 crore in one or more tranches.
Further, the KPTL board has proposed to buy back shares worth up to ₹200 crore at a price not exceeding ₹275 per share.
Update: The sale of GMR Energy’s entire stake in GMR Kamalanga Energy Ltd to JSW Energy has been put on hold on account of outbreak of Covid-19, according to a regulatory filing.
In February, JSW Energy had signed a share purchase agreement to acquire 100 per cent of GMR Kamalanga Energy, which owns and operates a 1,050 MW (3x350 MW) thermal power plant in Odisha, for ₹5,321 crore (subject to working capital and other adjustments).
Nifty call:
Nifty 50 May Futures (9,108)
The Sensex and Nifty started the session on positive note and continued to trade in the positive zone despite weak Asian markets. The Nikkei 225 has declined by 0.2 per cent to 20,552 and Hang Seng index has slumped 0.6 per cent to 24,249 in today's session. Both the Sensex and Nifty have gained 0.7 per cent each.
Strategy: The contract is range-bound, tread with caution
Supports: 9080 and 9,060
Resistances: 9,135 and 9,150
Just in:
Bookings also to resume at ticket counters of stations in next 2-3 days; we are conducting studies, developing protocol, said Railway Minister Piyush Goyal. Will announce resumption of more trains; it is time to take India towards normalcy, he said.
On May 20, 279 Shramik trains were run taking 5 lakh migrant labourers, students and trapped tourists to their homes, he said. -PTI
Updates: Power utility company CESC on Thursday said it has raised Rs 300 crore through issuance of non-convertible debentures (NCDs).
“3,000 Non-Convertible Debentures of face value of Rs 10 lakh each aggregating to Rs 300 crore have been allotted today, on a private placement basis, to ICICI Bank Ltd,” according to a regulatory filing. -PTI
Update: Shares of JK Lakshmi Cement on Thursday jumped nearly 11 per cent after the company reported over two-fold jump in consolidated net profit for the fourth quarter ended on March 2020.
The stock advanced 10.75 per cent to Rs 220.80 on BSE, and surged 9.17 per cent to Rs 217.80 on NSE.
Stock update: Aviation stocks rallied up to 10 per cent in opening trade after the government announced that domestic passenger flight services will resume from May 25 in a calibrated manner.
InterGlobe Aviation shares zoomed 9.88 per cent to ₹1,002 on the BSE.
SpiceJet also jumped 4.88 per cent to ₹42.95 -- its upper circuit limit.
MSME Updates: Finance Minister Niramla Sitharaman is hopeful that the government guarantee on additional working capital loan to Micro, Small and Medium Enterprises (MSME) will facilitate enhanced lending by banks. She has also asked industry to re-skill workers to equip them for the post-Covid regime.
“Full and partial guarantees provided by the government through a special purpose vehicle would address bank hesitation,” she said during her engagement with members of CII. Read more here.
Company news:
Cipla Ltd said it has received final approval from the US health regulator for Dihydroergotamine Mesylate nasal spray, indicated for the treatment of migraine headaches.
Rupee call:
The rupee (INR) has begun the session at 75.68 versus its previous close of 75.79 against the dollar (USD). On Wednesday, the Indian currency depreciated by 0.2 per cent, ending the session 75.79. There was a negative impact on rupee yesterday as the Foreign Portfolio Investments (FPI) dumped domestic assets. The net outflow of FPIs stood at ₹1,466 crore (equity and debt combined).
News analysis: The fiscal outgo for the Union Government towards the ₹20.97-lakh crore Aatmanirbhar Bharat Abhiyaan package, announced last week by the Finance Minister, will be about ₹3-lakh crore over two fiscals ― ₹1.8-lakh crore in fiscal 2021 and ₹1.17-lakh crore in fiscal 2022, according to an analysis by Brickwork Ratings (BWR).
The credit rating agency observed that banks and other financial institutions will have to do the heavy lifting under the package.
Reliance Industries rights shares trade at 40% premium
At ₹53,125 crore, India’s biggest equity offering by Reliance Industries Ltd, in the form of a rights issue, opened on May 20. The rights entitlements (RE) for the issue closed at a 40 per cent premium.
The counter closed the day at ₹212 against the previous close of ₹151.
The difference between the closing price on Wednesday and rights issue price stood at ₹180.3. On Wednesday, RIL shares closed at ₹1,437.30. The rights issue price is ₹1,257.
Aviation stock updates:
Post the last night's announcement regarding the commencement of the domestic flying from May 25 made rounds, the stocks of the aviation industry saw a surge in the opening session.
InterGlobe Aviation Ltd--
Spicejet Ltd--
Opening bell:
The benchmark indices opened in the positive territory. The BSE Sensex rose 140.92 points to 30,959.53 in opening session; NSE Nifty advanced 41.45 points to 9,108.
Today's stock pick: Granules India
Accompanied by above average volume, the stock of Granules India jumped 4 per cent on Wednesday. During the rally, it decisively broke a key resistance at ₹167 and exceeded the 21-DMA.
9.05 am
Day trading guide:
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹858 • HDFC Bank
S1 | S2 | R1 | R2 | COMMENT |
845 | 830 | 875 | 890 | Initiate fresh long positions with a stiff stop-loss if the stock reverses higher from ₹845 levels |
₹670 • Infosys
S1 | S2 | R1 | R2 | COMMENT |
660 | 650 | 680 | 690 | Make use of intra-day declines to buy the stock of Infosys while maintaining a fixed stop-loss at ₹660 levels |
₹175 • ITC
S1 | S2 | R1 | R2 | COMMENT |
173 | 170 | 179 | 182 | The stock is witnessing buying interest at lower levels. Buy in declines with a fixed stop-loss at ₹173 levels |
₹78 • ONGC
S1 | S2 | R1 | R2 | COMMENT |
75 | 72 | 80 | 83 | Consider initiating fresh long positions with a stiff stop-loss only if the stock of ONGC moves beyond ₹80 levels |
₹1434 • Reliance Ind.
S1 | S2 | R1 | R2 | COMMENT |
1420 | 1405 | 1450 | 1465 | Fresh long positions can be initiated with a tight stop-loss only if the sock of RIL rallies above ₹1,450 levels |
₹153 • SBI
S1 | S2 | R1 | R2 | COMMENT |
147 | 142 | 158 | 164 | Consider initiating fresh long positions with a fixed stop-loss only if the stock of SBI moves beyond ₹158 levels |
₹1952 • TCS
S1 | S2 | R1 | R2 | COMMENT |
1930 | 1910 | 1970 | 1990 | Initiate fresh long positions with a stiff stop-loss if the stock rebounds up from ₹1,930 levels |
9066 • Nifty 50 Futures
S1 | S2 | R1 | R2 | COMMENT |
9000 | 8900 | 9125 | 9200 | Consider initiating fresh long positions with a tight stop-loss if the contract reverses higher from 9,000 levels |
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.