Markets on Tuesday crossed two important landmarks – on one side Nifty 50 Equal weighted Index closed above 200- Day Exponential moving average and on the other side, the ratio of BSE Financial Index to MCX Copper closed above 1000- the day simple moving average.
These along with the Nifty crossing above the 16355 is an indication of a sharp rally in days to come. More funds would be diverted from broader markets to the Nifty 50 basket while financial stocks would trigger further short covering to contribute more gains to the Nifty 50 Index.
Above 17355, the immediate target for Nifty is seen at 17000 as no major hindrances are seen.
Dow rallied over 700 points, and S&P 500 and Nasdaq added 2.8% and 3.3%, as investors welcomed a slew of upbeat earnings reports while reassessing the outlook for tightening monetary policy.
Nifty 50 Index & India VIX
Stocks to watch
Positive Read Through
- Grasim to invest Rs 2,000 cr in B2B online platform for selling building materials.
- Anil Agarwal-led Vedanta has announced a dividend of 19.50 per share leading to an outgo of 7,250 cr.
- Reliance Jio saw the addition of more than 31 lakh wireless subscribers in May 2022.
- Sterlite Technologies bags orders worth Rs 250 crore for building an Indian telecom operator optical network.
- Bharti Airtel added 10.27 lakh subscribers in May, taking its mobile user tally to 36.21 cr.
- Tube Investments, TI Clean Mobility to acquire 65% in IPL Tech Electric for Rs 246 cr
- L&T Finance Holdings Q1 net up 47% to Rs 262 cr on better interest margins
- ICICI Lombard Gross Domestic Premium at Rs 5,370 cr vs Rs 4,188 cr YoY, PAT at Rs 349 cr vs Rs 194 cr YoY
- Wipro Completed 6 acquisitions in last few qtrs, focusing on large deal: Chairman Premji said at AGM
- Vodafone Idea To consider shares or warrant issue to founder entity on July 22.
- Parag Milk Approves raising Rs 1.13b via preferential issue of 12m shares at Rs 93.75 each and preferential issue of 2m convertible warrant
Negative Read Through
- HDFC Life Q1 net up 21% to Rs 365 cr on VNB surge, lower mortality reserves.
- Ambuja Cements Q1 net profit falls 14% to Rs 752 crore, sales up 15%
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