Route One Investment plans to raise stake in Indusind Bank up to 9.9 per cent

Headlines Today:

• AIDA plans for further $1bn in JIO Platforms.
• WHO says airborne transmission of Covid-19 cases can't be ruled out.
• Brazil President Jair Bolsonaro tests positive for Covid-19.
• Mike Pompeo hints US might ban Chinese Social Media apps.
• 41 states seeing rise in Covid-19 cases in US with overall cases crossed 3mn.
• Tesla trades above $1425 and ends at $1389.86.
• Lockdown issued in Melbourne
• Florida hospitals run out of ICU beds
• Biotech billionaire Dr Patrick Soon Shiong to set up Medical Center in Windber-Pennsylvania
• Novavax gets $1.6bn for Covid-19 vaccine from US Government.
• Results Season to Kick-Start for Q1 Nifty has Key Support placed at 10517 and Resistance at 11020

International Key Triggers: Nifty opened above 10723.85 and kept trading in higher with peak at 10811.4 and day low of 10595.1 to end at 10763.65. SGX Nifty as of 08:30am is trading at around 10800. Yesterday Europe and America closed in red with the jump of Covid-19 cases with DJIA, FTSE, losing 1.5% while Brazil and Spain lost >1% at close. Key World indices Futures are trading marginally in green DJIA Futures currently around that 25850 while Nikkei225 at 22550 and Hang-Seng at 26100.

Tesla has crossed $1400/share during trades to get a whopping 232% jump since 1st Jan'20 and at close ended at $1389.86. US stocks halt on growing Covid-19 cases even the upbeat performances of Tech dropped yesterday. AIDA (Abu Dhabi Investment Authority) plans to revise its stake by another $1bn in Reliance JIO Platforms post regulatory approvals, this is over and above the $750Mn already pumped inside. US and S.Korea officials to discuss N.Korea strategy since N.Korea had rejected talks. 

Domestic News: Route One Investment plans to raise stake in Indusind Bank up to 9.9%. The June quarter corporate earnings, which start coming in later this week, will provide a better picture of the damage caused by the pandemic-induced lockdown. The data of Index of Industrial Production (IIP), which is scheduled to be released on July 10 will be on focus.

Government facing a Budget deficit of almost 7% of GDP and may go for some sort of monetization, unlike other countries India won't be buying Bonds directly from the primary market due to India's Fiscal Responsibility and Budget Management Act. GSK Pharma and Medicago announces developing Covid-19 vaccine Covlp. Titan has re-opened 83% of its outlets. YesBank to raise funds via FPO to raise up to 15000Cr, capital adequacy stood at 8.5% as of 31st March'20.

FII Net Buy of Rs 829.9Cr and DII sold Rs 784.47Cr in Equity. Top gainers Ujjivan, GHCL, MahScooter, Rain and Bosch. Top losers IGL, FRetail, Omaxe, Renuka and IDBI.Fresh 52 week High CDSL, BharatGas, Escorts, TastyByte, HAL, VaibhavGbl, TataConsum, Syngene, NavinFluor, Alkylamine, TCS, ITI, ABFashion, BDL and Reliance. 52wk low had hit in Omaxe. LindeInd, GHCL, Brigade, MahScooter, NBCC, AartiInd, IndHotel, LuxInd, Bosch and TVToday saw 5x volumes.

From Nifty500 158 Stocks ended in Red with Himatseide losing 6.03% and 342 in Green with GEPower, IRB, KalpataruPower, AegisChem, DeepakNitrate and MandM gaining over 7%. All key indices were in green at close and Realty, Auto and Metals gaining over 2% while Pharma losing close to 0.6% at closing.

VIX closed lower by 2.21% at 25.2 while Top FnO gainers were BHEL, MandM, BajFinance, SRF and Hindalco. Top Losers were ITC, IDEA, Lupin, TorntPharm and Marico. 10800CE and 1100CE witnessed more action while 10500PE and 10700PE also witnessed action IDFCFirst, UPL and Petronet saw action in August Series. 

Nifty Watch for the day: We again reiterate that Too Much Of News Flowing around, Traders to exercise caution Nifty is likely to open positive around 10810-10820 and expected to continue swings. Nifty range for the day is between 10518- 11020 while we may see some wild movements in the markets around 12ish and last 30mins.

IT, Banks with select NBFCs to trade in make BankNifty trade in the broader range of 22124 – 22774. Nifty key Resistances at 10852, 10924, 10984 and 11021 Supports are at 10683, 10612, 10552 and 10518. Key Stocks to watch are AsianPaint,AxisBank, BajFinance, BandhanBank,  Eicher, Escorts, HeroMotoCo, IndusInd, Infy, MandMFin, Nestle and Ujjivan. For more share market tips, ideas, updates and stock recommendations follow our BullsEyeCue App, Twitter, FB, Telegram and Website.