Markets ended lower on Monday after an initial attempt to sustain above 18000 levels in Nifty met with failure led by weakness in Banking stocks. The continuous selling from FII of more than Rs 23000 crores in cash plus the F&O segment is sending nervous signals for the market and a close below 59952 in Sensex could trigger basket selling for a broader market.
At the current juncture, with Gold and Base metals gaining strength and WTI holding above Breakout levels of USD 79 a bbl, it may pose a serious threat to the Indian market with the risk of stagflation. The gains in JPY and EUR against the rupee may further dampen the sentiment of FIIs as they dump overseas equity-linked assets like ADR, GDR and ETFs traded abroad.
Nifty 50 Index & Ratio of Metals to Nifty 50
Stocks to watch
Positive Read through
- Union Bank of India to raise Rs 3500 crore through QIP next week.
- ONGC, OIL, RIL- India has cut its windfall tax on crude oil and exports of ATF and diesel.
- Retail Stocks in focus- Spencer Retail To enter value format to target smaller towns.
- Steel Stocks in focus- UK not to impose 4 pct CVD on some Indian steel products. Also, Steel mills mulling another price hike.
- Adani Enterprises filed an offer letter with stock exchanges for a proposed Rs 20,000 crore FPO.
- Fertilizer Stocks- Centre signs agreement to import potash from Russia.
- Wheels India- begins exports of flow-forming wheels to the US market.
- Sula Vineyard’s bulk deal by Quant MF Buys.
- Siemens signed a contract with the Railways Ministry for a Rs 26,000 cr locomotive project.
- Bajaj Finance to raise Rs 510 cr via 5-year bonds.
- M&M launches C-segment Electric SUV, XUV400’ starting at Rs 15.99 lakh.
- Ashoka Buildcon- announces Nov 19, 2022, as the commercial operations date for the HAM project.
Negative Read through
- V-mart Retail-Fire at Kanpur store.
- Nazara Tech, Delta Corp- Govt may discuss e-gaming rules with cos today.
- Adani Power- Long stop date for DB Power acquisition was further extended till Fed 15, 2023.
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