Nifty futures have been trading 161 points or 1.07 per cent down at 14,910 on Singaporean Exchange, indicating a adverse opening for BSE Sensex and Nifty 50 on Friday. In the earlier session, headline indices ended more than one per cent reduce on the back of increasing US bond yields. In the absence of any fresh domestic trigger, markets will continue to take cues from worldwide peers for additional path. Currently, Nifty valuations stand at 20x FY22 EPS, which according to an analyst, are not low-cost. “On Friday, 15050/50750 and 14950/50400 levels will be decisive for the market. The Nifty / Sensex could fall to 14850/50100 or 14750/49800 on a decisive dismissal of 14950/50400. On the upside, the 15250/51300 level would be a big hurdle for the index,” stated Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Stocks in concentrate today:
Wipro: Wipro Limited announced that it has signed an agreement to obtain Capco, a worldwide management and technologies consultancy offering digital, consulting and technologies services to monetary institutions in the Americas, Europe and the Asia Pacific.
Reliance Power: Reliance Power has defaulted on repayments to Axis Bank, Yes Bank and Lakshmi Vilas Bank (LVB) due on January 31, 2020. As per regulatory disclosures, the enterprise has defaulted on repaying Rs 78 lakh to Axis Bank, Rs 1.09 crore to Yes Bank and Rs 1.25 crore to LVB.
Airtel, Vodafone-Idea: Moody’s Investors Service stated that spectrum renewals held in auction will increase telcos’ industry position. Bharti Airtel’s renewal of its expiring spectrum, along with the obtain of added bandwidth, would strengthen its network coverage. While spectrum purchases by Vodafone Idea will not have any influence on the credit top quality of Vodafone.
SBI, ICICI Bank, HDFC: State Bank of India, Housing Development Finance Corporation and ICICI Bank will have to offload equity worth Rs 1.21 lakh crore if the central bank goes ahead with its reported strategy to make banks cap their stakes in insurance coverage arms at 20 per cent, PTI cited a report as saying.
Indiabulls Housing Finance: Indiabulls Housing Finance has raised $150 million (Rs 1,091 crore) by issuing foreign currency convertible bonds. The securities issuance committee has authorized the allotment of secured Foreign Currency Convertible Bonds (FCCBs) of USD 150 million, convertible into equity share of Rs 2 every single, Indiabulls Housing Finance stated in a regulatory filing.