Last 20 mins of yesterday, has confirmed the downward trend of today. ITC is the biggest villain for the 10,000 today. The decision of Govt to have a re-look at the cess in GST rates for cigarettes has put ITC in a spot. That means around 15% fall in volumes due to increase in cess of cigarettes and that would mean that ITC will be battered very badly today. We might see the fall below 300 today itself. ITC has a 7.5% weightage on NIFTY and that might account to a 40 point fall in NIFTY. So there is a chance of NIFTY going towards 9850 today. The journey towards 10,000 punctured for the time being.
ACC and Jubilant have delivered a good Q1 and that is a huge sigh of relief, especially for Jubilant. Today CRISIL, HT media, Network 18 and Ultratech cement are going to come up with their Q1. The last 1 hour of yesterday’s trade changed the trend and Put call ratio came down from 1.65 at 2.30 to 1.53 by the end of the day. This itself is high and today we might see some calls being shorted especially 10,000 call which is around 30 rupees.
Fuel prices in important cities
Petrol went up by 4-5 paise today while diesel by 5-6 paise.