Targeted actions: Wipro, Reliance Power, Bharti Airtel, Vodafone Idea, SBI, ICICI Bank, HDFC

Nifty futures traded 161 points or 1.07 percent lower to 14,910 on the Singapore Stock Exchange, indicating a negative open for BSE Sensex and Nifty 50 on Friday. During the previous session, the flagship indices ended lower by more than one percent on the rise in US bond yields. In the absence of any new domestic trigger, markets will continue to draw inspiration from their global counterparts to go further. Currently, Nifty’s valuations sit at 20x EPS FY22, which an analyst says is not cheap. “On Friday, the 15050/50750 and 14950/50400 levels will be decisive for the market. The Nifty / Sensex could drop to 14850/50100 or 14750/49800 on a decisive 14950/50400 layoff. On the upside, the 15250/51300 level would be a big hurdle for the index, ”said Shrikant Chouhan, executive vice president, technical equity research at Kotak Securities.

Stocks in brief today:

Wipro: Wipro Limited announced that it has signed an agreement to acquire Capco, a global management and technology consulting firm providing digital, advisory and technology services to financial institutions in the Americas, Europe and the Asia-Pacific region.

Power of trust: Reliance Power defaulted on repayments to Axis Bank, Yes Bank and Lakshmi Vilas Bank (LVB) due January 31, 2020. In accordance with regulatory disclosures, the company defaulted to repay Rs 78 lakh to Axis Bank, Rs 1, 09 crore at Yes Bank and Rs 1.25 crore at LVB.

Airtel, Vodafone-Idea: Moody’s Investors Service said the spectrum renewals held at auction will strengthen the position of telecommunications operators in the market. Bharti Airtel’s renewal of its expiring spectrum, as well as the purchase of additional bandwidth, would strengthen its network coverage. While purchases of spectrum by Vodafone Idea will have no impact on Vodafone’s credit standing.

SBI, ICICI Bank, HDFC: The State Bank of India, Housing Development Finance Corporation and ICICI Bank will have to offload equity worth Rs 1.21 lakh crore if the central bank continues its announced plan to force banks to cap at 20 % their holdings in the branches of insurance as saying.

Indiabulls Housing Finance: Indiabulls Housing Finance has raised 150 million dollars (1,091 crore rupees) by issuing bonds convertible into foreign currency. The securities issuance committee has approved the allocation of Convertible Foreign Currency Covered Bonds (FCCBs) of $ 150 million, convertible into shares of Rs 2 each, Indiabulls Housing Finance said in a regulatory filing.