outlook

NIFTY:

RELIANCE leads trust in the India story, FACEBOOK invests Rs. 45,000 crores in RELIANCE JIO

Today morning started with the news that FACEBOOK is investing Rs. 45,000 crores in RELIANCE JIO. This is of course a resounding trust in RELIANCE JIO. But, it is also a vote of confidence in the India story. Markets responded to this news by starting to move up and finally closed at 9187, a good 205 points above yesterday’s close, almost 2.30%. The leader, of course, was RELIANCE. While the FACEBOOK investment is welcome and cheerful for the markets, there are other lingering worries in the economy, not just in India, but also worldwide.

BANKS did not participate in this rally, which was led by non-banking stocks- RELIANCE, HDFC,TCS, HINDUNILVR. All said and done, a remarkable day.

A trading range is visible inside 8900-9400 in the NIFTY. A breakout from this range should be tradable. Take trade in the direction of brekout.

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News Updates

  • Kotak Mahindra Bank on Wednesday said it has got its board approval to raise equity capital through a private placement, follow-on public offering (FPO), or a qualified institutions placement (QIP). The lender will issue 6.5 crore equity shares of Rs 5 each, which amounts to around Rs 7,500 crore at the current market price of the bank’s share. The proposed capital raise plan is subject to shareholders’ and all other relevant regulatory approvals.

  • Facebook and Jio will look to drive synergies and areas of collaboration but the mega deal does not mean that the two sides will not compete in the market. The construct of this collaboration is not meant to be exclusive said Ajit Mohan, vice-president and managing director of Facebook India. To a query on whether Facebook could also look at other partnerships on the retail side with companies, say, Amazon or Flipkart, Mohan said, “The platforms remain open it is non-exclusive and it is not meant to keep anyone away.”

  • The International Motorcycle Manufacturers Association (IMMA) on Wednesday said it has appointed Bajaj Auto Executive Director (ED) Rakesh Sharma as its president. Sharma had been previously holding office as vice-president in IMMA, elected in May 2019.

  • Tata Steel Ltd.’s domestic and international sales volumes tumbled in the fourth quarter as lockdowns to contain the Covid-19 pandemic froze business activity. Source: Economic Times, Moneycontrol  ,Business Today, Business Standard, Bloomberg Quint

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