Markets remained ranged bound on Wednesday with the Nifty opening lower but recovered during later half of the trading session to close above 17600. The breadth of the market remained highly positive despite the Nifty facing resistance at 17650 in yesterday’s trade.
The dull trading activity in the Nifty 50 index is seen as a sign of accumulation and we expect the Nifty to see a sharp jump above 17800 in the coming days due to the prevalence of the ‘Bullish Piecing line’ on the previous weekly setup. The sharp decline in Brent crude prices below USD 89 a bbl should provide the necessary booster dose for Indian equities.
Asian indices traded mixed following the U.S market rally overnight in the best day since Aug. 10. Investors will also be closely watching Federal Reserve Chair Jerome Powell’s speech Thursday as markets brace for another 75 basis-point hike later this month.
Nifty 100 Monthly chart & Sensex Daily
Stocks to watch
Positive Read through
- Wipro: Launches Newest Innovation and Co-Creation Space Focused on ServiceNow @nowStudio in Brazil.
- Schneider: Board approved enhancing the production capacity of vacuum interrupters and vacuum circuit breakers.
- Dr. Reddy: Launches Lenalidomide Capsules in the U.S. With this volume-limited launch.
- Zydus Lifesciences: Zydus has achieved positive proof-of-concept in its Phase 2 clinical study of NLRP3 inhibitor, ZYIL1.
- IRCTC: Emerged as a bidder in the e-auction held on 6th Sept 22 for the sale of Commercial Built-up space in New Delhi.
- C.E. Infosystem: Completed Acquisition of 3% stake in Nawgati Tech Pvt Ltd.
- Crude downstream stocks: Crude continues to remain under selling pressure and fell by 35% From the High Of $140/bbl Hit In July.
- Insurance cos- Industry APE grew 12% YoY, supported by Group business, Non-PAR; ULIP continues to decline for the third consecutive month.
- Sugar companies: Centre is likely to increase Rs 2-3/litre for ethanol derived from different sugarcane-based raw materials.
- ABFRL: Pantaloons: Remodelling of stores in progress, to make it younger and affordable.
Negative Read through
- ZEEL: NCLT directs the company to conduct a shareholder meeting on the 14th Oct to consider the Sony Pictures deal (Neutral).
- Indigo: Gangwal family to sell up to 2.8% stake via block deals, MS, GS & JP Morgan are the brokers to the deal. (Neutral)
- Wockhardt: NEOMILE CORPORATE ADVISORY net sold 5.4lk shares at 273.
- CG Power: Standard Chartered Bank (Singapore) sold 1,38,45,000 equity shares in the company.
- Crude upstream stocks: Crude continues to remain under selling pressure and fell by 35% From the High Of $140/bbl Hit In July.
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