DSIJ Mindshare

It is important for the index to sustain above the 10,770 mark, but any weakness below this important support may push Nifty towards its 100-day moving average which is placed at 10,704. Stocks in news: Godrej Industries, HIL, Tata Power, Trident, Yes Bank and ABB India.

The cautious cues from Asian peers and the SGX Nifty in early action is indicating a subdued opening for the Indian markets. Markets may see a seesaw around the breakeven line in the early part of the trading session and then turn volatile as the day progresses. At the time of writing, SGX Nifty is trading 33 points lower at 10,770 mark. The market participants will be looking forward to the release of wholesale price index (WPI) inflation data for January due today. Also, drawing investors’ attention in today’s trading would be the earnings of Voltas, UBL, KSCL, ONGC, Page Industries, IFCI, Ashok Leyland and Jet Airways. 

The penalty-laden IDBI Bank has sought further capital infusion of Rs. 10,000 crore from its new promoter, LIC. This is in addition to the Rs. 21,000 crore it received from LIC when it raised its stake in the company to 51 per cent from 8 per cent in August 2018.

The API pharma company reported revenue growth of 40 per cent YoY. The stock steadily moved northward on Wednesday and in the afternoon session zoomed 20 per cent to close at its upper circuit limit.