Markets rebounded from the support of 200-DMA outperforming most of its global peers to close near the key resistance of 57634 in Sensex. The key breakout levels to watch in the coming days would be 17235 above which, Nifty would be positioned to hit 18800 in a quick span of time.
There is a breakout in Axis Bank in USD terms for a 30% upside, which may trigger major buying in Bank Nifty and help it to cross the 43000 mark. Overall, we expect any lower opening to see follow-up buying and bias remains positive for the Nifty 50 Index.
Key Results today- Mindtree, Infosys
Nifty 50 Index & Axis Bank in USD terms
Stocks to watch
Positive Read through
- Adani Ports Gets Letter of Award to Develop Deep-Sea Port at Tajpur, West Bengal.
- HCL Technologies 2Q net income +7.1% YoY to Rs 34.9b, beats est. 34.15b; revenue +20% to 246.9b.
- Godfrey Phillips To sell some chewing ops trademarks and assets for Rs 800m.
- ITC Incorporates the unit ITC Infotech Do Brasil LTDA in Brazil.
- Tata Power To make Tata Motors’ 7mw solar project at Pantnagar.
- Vedanta Says Shareholders Approve Shifting Its Cash From Reserves.
- Coal India, BHEL, IOCL, GAIL in Pact on Coal Gasification.
- Adani Green- Indian Energy firms join hands to develop a carbon market.
- Nalco, Vedanta, Hindalco- Reports say the US considering a ban on Russian Aluminum.
- Veranda Learning- Acquires JK Shah Education for Rs 338 cr.
- OMCs in focus- Cabinet approves Rs 22,000 cr 1-time grant for losses in domestic LPG.
- NTPC- Signs MoU with Siemens for Hydrogen Co-firing in Faridabad Unit.
Negative Read through
- Adani Wilmar Sees 2Q Revenue Growing at Low Single Digit.
- Power Grid- Life Insurance Corp Says its stake in Power Grid Corp. is down to 3.3% from 5.3% in May.
- Wipro 2Q net income -9.2% YoY to Rs 26.6b, misses est. 28.45b; revenue +15% to 225.4b; sees 3Q revenue USD 2.81b-USD 2.85b.
- SAIL- Govt scraps strategic sale of co’s Bhadravati steel plant.
- Sugar Cos- Reports say Govt yet to decide on sugar export policy for next season.
- Panacea Bio- Serum Institute sells a 2.2% stake on Oct 11 and now holds 7.63%.
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