Markets reacted lower after RBI maintained the status quo in monetary policy which was on the expected lines. However, the markets were expecting a dovish stance in RBI commentary which was missing. The major drag for the market came from financials which cooled off 1% from the day’s high. At the current juncture, Nifty remains in a critical juncture for a launch of the major rally as the spread of the Nifty 50-Nifty 500 Index has formed a small pennant setup near the support leg of the bullish Flag. The main reason for the lack of sustainable up move has been due to laggardness of Giant Cap stocks, which are likely to gather steam in the coming days.
Nifty 50 Daily & Spread with Nifty 500 Index
Stocks to watch
Positive Read through
- Tata Power- Renewable Energy arm gets LoA to set up 966 MW RTC hybrid renewable power project.
- IRB Infra- May revenue is up 20% at Rs 411.1 cr Vs Rs 343.5 cr YoY.
- Aether Industries Signs License Agreement with Saudi Aramco Technologies C to Commercialize Sustainable Converge Polyols Technology
- NHPC Arm gets a Pump Hydro Storage site in Punasa by the Madhya Pradesh government with an estimated storage capacity of 525 MW X 6 hours.
- Biocon- Bengaluru API manufacturing facility receives a GMP compliance certificate from the Competent Authority of Germany.
- Dr. Reddys gets the US FDA nod for Cyclophosphamide.
- Snowman Logistics- Gateway Distriparks acquired additional 14 lakh shares in the logistics company.
- Hindustan Aeronautics on June 27 to consider a proposal for the sub-division of equity shares.
- CCL products ink an asset purchase pact with Lofbergs Group for the acquisition of various brands registered in the UK.
- Zydus Life gets final approval from USFDA for Esomeprazole Magnesium for delayed-release oral suspension.
- Tanla Platforms- Board has approved the acquisition of a 100% stake in Valuefirst Middle East FZC and Vakuefirst Digital Media.
- SpiceJet- an Indian budget airline partnered with FTAI Aviation on a CFM56 revitalization program.
- Hero MotoCorp and Harley Davidson could consider the local assembly of Harley motorcycles in India
- Titagarh Rail Board to consider raising funds via QIP/Rights Issue on June 10
Negative Read through
- Kotak Mahindra Bank- stake sale by CPPIB at 0-5 pct discount
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