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NIFTY analysis with experts, Q2 result of Reliance Capital, Indian markets advance and move above 10,700…. Market updates for 28/11/18

PurpleTrades - stock market courses > News > NIFTY analysis with experts, Q2 result of Reliance Capital, Indian markets advance and move above 10,700…. Market updates for 28/11/18

Reliance Capital Q2 result review; Net profit at Rs 280 crores-

Reliance capital posted their Q2 results yesterday night. They posted a healthy net profit despite the liquidity crisis that has gripped the capital and finance sectors. Let us review the key highlights of their report-

  • Reliance capital reported a consolidated net profit of Rs 280 crore for the quarter ended September 30.
  • It had posted a net loss of Rs 163 crore during the corresponding quarter of the previous fiscal.
  • Total income of the company rose to Rs 5,330 crore in the second quarter of 2018-19 from Rs 4,841 crore in the year-ago period, Reliance Capital said in a regulatory filing.
  • The earnings per share for the quarter stood at Rs 12.30.
  • The Anil Ambani-owned company has promoters’ shareholding at 52 percent, while foreign investors have 20.1 percent stake.
  • Domestic institutions and financial institutions (banks, mutual funds) have shareholding of 8.4 percent, while the remaining 19.5 percent is held by public and others.
  • Reliance Capital has interests in asset management and mutual funds, pension funds, life, health and general insurance, commercial and home finance, stock broking, wealth management services and distribution of financial products, among others.


Let us take a look at their performance and estimated performance-

Source- MoneyControl, Purple Trades Research Department   



Indian Indices move ahead as Nifty closes above 10,700-

Chart source- ChartInk

Indian markets had a bullish day today as both the Indices SENSEX and NIFTY moved forward. Nifty had a major GAP-UP opening after which it started to climb upwards slowly before reaching today’s high at 10,757.70 during the later stages of the day and then slowly consolidating as well as falling throughout the lunch session of the market. Our experts at PURPLE TRADES  predicted the fact that if Nifty crosses above the 10,700 mark then we can expect an up move which is what happened today. You can read yesterday’s report to find out more. At the end of the day we can call it a positive close for the market, making it third consecutive session of gains. The Nifty ended above 10,700-mark. A surge in IT names along with rally in select index heavyweights boosted the market. Stability in crude oil prices, which resulted in the rupee recovery, increase in FIIs buying and hope of trade talks meeting between US & China boosted market sentiment. Likely status quo by RBI in its December policy after stable retail inflation, and PSU banks recapitalisation also aided the rally. Among sectors, IT and energy were the top gainers, while auto, consumption, infra, and metals ended in the red. The Nifty Midcap index, too, closed with cuts of a percent. At the close of market hours, the Sensex closed up 203.81 points or 0.57% at 35716.95, while the Nifty shut down higher by 36.20 points or 0.34% at 10721.80. The market breadth was negative as 996 shares have, against a decline of 1,576 shares, while 157 shares were unchanged. TCS and Infosys were the top gainers, while Yes Bank, Bharti Airtel, and BPCL lost the most. Shares of Mphasis gained 5 percent as company will buy back equity shares worth of Rs 988.27 crore. Share price of pharma major Lupin rose 2 percent even as its CFO resigned. Share price of Inox Wind rose nearly 3 percent as company signed an exclusive agreement with AMSC to launch the 3 MW wind turbine which is especially suitable for low wind regimes in India. Shares of RBL Bank shed nearly 5.5 percent after Kotak Institutional Equities has downgraded the stock to sell from add rating. AXISCADES Engineering Technologies shares gained 6 percent Wednesday after company subsidiary wins two contracts. Majesco shares gained a percent after its US subsidiary acquired Ireland-based company that provides cloud software services. Yes Bank shares dropped 12 percent after Moody’s Investors Service downgraded lender’s foreign currency issuer ratings with negative outlook. Capacit’e Infraprojects shares gained 2 percent after the company won order worth Rs 335 crore from BSNL. Orient Electric shares gained 2 percent after signing strategic partnership with Italy-based company.


Let’s take a look at the key reasons for the up move in the Indian markets-

  • After Morgan Stanley, HSBC also raised India rating to neutral from underweight as investor holdings are very low. “Valuations are more reasonable and we see continued strong earnings growth in 2019,” the research house said.
  • Oil prices stabilised around $61 a barrel after sharp fall in last seven consecutive weeks. Crude oil forms major part of India’s import bill as the country imports around 85 percent of oil requirement, so any fall and rise in prices always have direct impact on fiscal deficit.
  • Asian stocks were mostly higher after a cautious start as investors wait for an important meeting between the world’s two largest economies later this week. Japan’s Nikkei, Hong Kong’s Hang Seng and China’s Shanghai Composite gained over a percent each, following positive close on Wall Street overnight.
  • The futures & options contracts for November will expire on Thursday and traders will roll over their positions to next month, which will be closely watched by the Street. The derivatives data at current levels reflects that there is a lot of outstanding short positions in the Nifty and we can expect another round of short covering probably towards expiry.
  • The Nifty50 went near its 200-Day Moving Average, which is placed around 10,774 levels, after crossing 10,650 levels in previous session.



Let’s take a look at the performance of major Indices-

European stocks were higher as investors looked to read into talks between US and China to address trade war concerns. Stoxx 600 edged up around 0.25 percent. Asia markets were higher after a cautious start as traders eyed cues from US-China meetings. The Shanghai composite rose 1.05 percent to 2,601.73 while the Shenzhen composite advanced 1.399 percent to 1,355.38.

Source- MoneyControl, Purple Trades Research Department   




Key Points for Traders to watch out for while trading Nifty tomorrow-

  • 10,700 is a short term support for Nifty.
  • If Nifty breaks 10,700 then it has the potential to go down.
  • 10,750 is a short term resistance for Nifty.
  • If Nifty breaks 10,750 then it has the potential to go up.



Top sectors that moved the market today-                            Data source- Moneycontrol



Top Gainers for today-                                                                                        Data source- Moneycontrol



Top losers for today-                                                               Data source- Moneycontrol


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