Nifty futures have been trading 28.50 points or .16 per cent down at 17,790.50 on Singaporean Exchange, hinting at a tepid get started for BSE Sensex and Nifty 50. Investors will keenly watch the Reserve Bank of India’s 3-day policy meeting, which is set to start later today. Moreover, stock-certain news, updates on Covid-19 vaccination, and foreign fund flow will guide investor sentiment on Wednesday. Analysts say that the markets have effectively closed above the 17700 level which was acting as a resistance for 2-3 trading sessions. “We should now aim higher for 18050 and then 18200. Good support for the markets has been created around the 17400 level. As long as that does not break, the Nifty is bullish and dips can be utilized to accumulate long positions,” Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments, stated.
Stocks to watch
Bharti Airtel: Reliance Mutual Fund acquired 20 lakh shares of telecom giant Bharti Airtel at an typical cost of Rs 204.95 per share by way of bulk offers on the NSE.
Airtel, Vodafone Idea: In what can be seen as a continuation of reforms and burying legacy troubles, the government on Tuesday indicated that it is probably to withdraw the case relating to one time spectrum charges (OTSC) amounting to Rs 40,000 crore against the telecom operators. If it does so, the most significant beneficiaries would be Bharti Airtel and Vodafone Idea. The matter does not impact Reliance Jio as the case predates its arrival.
Zee Entertainment Enterprises: The National Company Law Tribunal (NCLT) on Tuesday directed Zee Entertainment Enterprises (ZEEL) to file a reply by October 7 to the petition moved by its foreign investors. The tribunal’s Mumbai bench will hear the case once again on Thursday, soon after ZEEL files its reply.
Srei Infrastructure Finance: The Reserve Bank of India-appointed administrator has taken charge of Srei Infrastructure Finance and its wholly-owned subsidiary Srei Equipment Finance. This occurred soon after the central bank came down heavily on each the organizations more than governance troubles and superseded the boards of directors.
Reliance Industries Ltd: Indian proxy advisory firm Institutional Investor Advisory Services (IiAS) believes the appointment of Yasir Al-Rumayyan, chairman of Saudi oil important Aramco and governor of Saudi sovereign wealth fund, on the board of Reliance Industries (RIL), is a excellent addition to the board. In a different development, Morgan Stanley stated that RIL is organizing to transform its power enterprise with an more than-arching approach to supply decarbonisation options globally at a competitive cost in a marketplace potentially worth USD 5 trillion by 2030.
State Bank of India: SBI has moved a plea in the National Company Law Tribunal (NCLT) searching for to initiate insolvency proceedings against Sanjay Singal and Aarti Singal, the erstwhile promoters of Bhushan Power and Steel (BPSL).
Cadila Healthcare: Cadila Healthcare stated it has received permission from the Indian drug regulator for conducting phase III trials for its two-dose COVID-19 vaccine ZyCoV-D.