Nifty, Sensex ended in black on Tuesday. Nifty is gaining momentum and attempting to make new highs. India VIX at a multi-month low of 10.82 is also supporting the market. On the global front, investors await US Consumer confidence data for the month of June and New Home Sales numbers for the month of May. This would provide some direction to the global markets, according to share market analysts.
The recent buoyancy in banking is encouraging ahead of the monthly expiry however the sustainability of the move would be critical, said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd. HDFC, Vedanta, HDFC Bank, ICICI Prudential among stocks to watch on Wednesday.
The merger of Housing Development Finance Corporation (HDFC) and HDFC Bank will be effective from July 1, said HDFC chairman Deepak Parekh on Tuesday.
HDFC-HDFC Bank merger will be effective from July 1. HDFC’s vice-Chairman and CEO Keki Mistry said the delisting of the company’s stock will be effective from July 13.
Days after semiconductor fabrication plant applications were reopened by the government, sources at the Ministry of Electronics and Information Technology confirmed to Business Today that the Vedanta-Foxconn joint venture has resubmitted an application for a silicon fabrication plant.
Amara Raja Infra Pvt Ltd (ARIPL), part of the $1.75 billion Amara Raja Group, has secured a new solar project worth $130 million in Bangladesh. The venture serves as ARIPL's entry into the international solar market.
ICICI Prudential Life received a show cause cum demand notice from the Directorate General of GST Intelligence for not paying tax of Rs 492.06 crore pertaining to the period July 2017 to July 2022. “The matter largely relates to an industry-wide issue of input tax credit and the Company believes that it has availed eligible input GST credit in compliance with the provisions of the Central Goods and Service Tax Act, 2017 and other applicable laws,” it said in a regulatory filing.
IDFC First Bank informed exchanges about the allotment of Rs 1,500 crore tier-2 bonds and said that privately placed bonds are issued as unsecured, subordinated, rated, listed, non-convertible, fully paid-up, taxable, redeemable Basel III compliant tier-2 Bonds (in nature of debentures) at a face value of Rs 1 crore each and were raised through private placement on the NSE E-bidding platform.
“The Nifty has taken support of 20-day EMA at 18,650 levels and showed upside bounce from the higher bottom. The said moving average has been offering support for the Nifty in the past and resulted in a sustainable upside bounce from the supports. Hence, one may expect further upmove and Nifty to retest the crucial overhead resistance of 18900 levels in the short term. Immediate support is at 18,650 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty witnessed a strong bullish move as the bulls took control and surpassed the hurdle of 44,000. This breakout occurred following the announcement of the merger date of HDFC twins. The surge in buying pressure forced the writers of 44,000 call options to cover their positions. If the index manages to sustain above the 44,000 level, it is likely to continue its upward momentum towards the 44,500 level,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
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