Bears further tightened their grip on the market on May 30, the expiry day for May derivative contracts, indicating considerable caution ahead of the exit polls on June 4. The Nifty 50 continued its lower highs-lower lows formation for three days in a row and recorded the biggest single-day fall in the last three weeks. The index broke the 20-day SMA (Simple Moving Average or the mid of the Bollinger Band) as well as the 50 percent Fibonacci retracement on an intraday basis but managed to defend both levels at the close. If the index manages to take a U turn from these levels, then the possible immediate resistance is seen at 22,700-22,800 zone, but if it fails to defend in the coming session, then the next support to watch out for would be 22,300 levels, experts said. Read here
Today
Cinema Lovers Day
TBI Corn IPO to open
Double TDS rate to apply if PAN not linked with Aadhaar
Prajwal Revanna, accused in sexual assault case, to land in Bengaluru
Swati Maliwal assault case: Delhi HC to hear Bibhav Kumar's plea challenging his arrest on May 31
Prajal Revanna to appear before SIT in sex tapes case
NEET UG answer key 2024: suggestions submission last day
Tomorrow
World Milk Day
Lok Sabha elections 2024 Phase 7: Last day of voting
Lok Sabha Elections: INDIA Bloc Leaders To Meet to Assess Lok Sabha Poll Performance
New driving license rules coming into effect
India’s power demand hit a record of 250 gigawatts (GW) on May 30 as temperatures soared to record- level across the country, the Union power ministry said. The country’s power demand stood at 246.06 GW on the previous day, while the all India non-solar demand touched an all-time high of 234.3 GW on May 29. The power ministry said in a press release that this reflects the combined impact of weather-related loads and growing industrial and residential power consumption in these areas. Read more here
Singapore investment major Temasek and Motilal Oswal Private Equity (MOPE)-backed diagnostics chain Molbio Diagnostics has kickstarted work to launch an initial public offer in FY25 and raise around Rs 2,200 crore to Rs 2,400 crore, three persons in the know told Moneycontrol. "The advisors' syndicate was finalized recently and includes Kotak Mahindra Capital, Motilal Oswal Financial Services, Jefferies and IIFL Capital. The firm is targeting a valuation of Rs 22,000 crore to Rs 24,000 crore," said one of the persons mentioned above. A second person told Moneycontrol that the proposed listing, the first of its kind in India in the niche molecular diagnostics segment, would facilitate a partial exit window for the existing investors, with the promoter group also likely to dilute part stake. Read here
Soon, health insurance companies will have to take a call on cashless authorisation requests for policyholders’ treatment within an hour, with the Insurance Regulatory and Development Authority of India (IRDAI) releasing a master circular offering clarity on operational matters. The IRDAI has also asked insurance companies to approve the final cashless authorisation at discharge within three hours of receiving the bills. In the case of the policyholder’s death during treatment, the insurers will now be required to allow the release of mortal remains from the hospital immediately. Insurers have time till July 31 to put the required infrastructure in place to facilitate these changes. Insurance companies are required to implement the orders of the insurance ombudsman’s within 30 days. Read here
Chennai-based space tech startup Agnikul Cosmos, which made history with the successful launch of its maiden test launch vehicle, inspires the Indian Space Research Organisation (ISRO) to pledge support for private players in the ecosystem, the body's chairman S Somanath said on May 30. "It motivates ISRO to support the Space startups and non-governmental entities for innovation and atmanirbharata to create a vibrant space ecosystem in the country," Somanath added. Non-governmental entities are the name designated for private players in the space ecosystem," he added. Read more here
Investors often find themselves in a fix when choosing between actively managed large-cap funds and passive index funds. While the actively managed funds seem more attractive with promises of higher Alpha through skilled stock selection and market timing the reality often falls short. A better alternative could be an equal-weight index fund. Here’s why.
