Today, stocks such as Bharti Airtel, Reliance Industries, Vodafone idea, SBI, ZEEL, Srei Infra Finance, Cadila Healthcare others will remain in focus
Nifty futures were trading 28.50 points or 0.16 per cent down at 17,790.50 on Singaporean Exchange, hinting at a tepid start for BSE Sensex and Nifty 50. Investors will keenly watch the Reserve Bank of India’s three-day policy meeting, which is set to begin later today. Moreover, stock-specific news, updates on Covid-19 vaccination, and foreign fund flow will guide investor sentiment on Wednesday. Analysts say that the markets have successfully 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, said.
Stocks to watch
Bharti Airtel: Reliance Mutual Fund acquired 20 lakh shares of telecom giant Bharti Airtel at an average price of Rs 204.95 per share through bulk deals on the NSE.
Airtel, Vodafone Idea: In what can be seen as a continuation of reforms and burying legacy issues, the government on Tuesday indicated that it is likely 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 biggest beneficiaries would be Bharti Airtel and Vodafone Idea. The matter does not affect 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 again on Thursday, 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 This happened after the central bank came down heavily on both the companies over governance issues and superseded the boards of directors.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 major Aramco and governor of Saudi sovereign wealth fund, on the board of Reliance Industries (RIL), is a perfect addition to the board. In another development, Morgan Stanley said that RIL is planning to transform its energy business with an over-arching strategy to offer decarbonisation solutions globally at a competitive price in a market potentially worth USD 5 trillion by 2030.
State Bank of India: SBI has moved a plea in the National Company Law Tribunal (NCLT) seeking to initiate insolvency proceedings against Sanjay Singal and Aarti Singal, the erstwhile promoters of Bhushan Power and Steel (BPSL).
Cadila Healthcare: Cadila Healthcare said it has received permission from the Indian drug regulator for conducting phase III trials for its two-dose COVID-19 vaccine ZyCoV-D.