Markets surged on the back of gains from HDFC group stocks as Nifty 50 regain its control above 18,800 with FII suddenly turning net buyers to the tune of Rs 6000 crores (Spot + Future). The next rally in Nifty towards 19,700 is likely to be concentrated from top market cap stocks within Sensex. The price data of the top 9 stocks in Sensex shows rectangle consolidation which began from 1st week of May is likely to terminate with gains of 5% from the current levels. As the HDFC merger date comes closer, we expect a major upswing in the market with the Nifty target seen around 19,200 by the current week.
Sensex top-9 stocks chart
Stocks to watch
Positive Read through
- Bajaj Auto unveils the first set of motorcycles in partnership with Triumph, India launch on July 5.
- Vedanta looks to deepen tech push with USD 4 bn display factory in India.
- Orchid Pharma raises Rs 400 crore via QIP- MIT, Societe Generale among those allotted shares.
- HDFC Ltd – 42 shares of HDFC Bank to be given for every 25 shares of HDFC Ltd.
- HDFC Life- HDFC Ltd buys 1.5 cr shares at Rs 667.1.
- HBL Power Systems bags order from Ashoka Buildcon worth Rs 135 cr.
- Ramco Cements has commissioned a Line III clinker manufacturing facility at its Ramamasamy Raja Nagar plant.
- Hindustan Aeronautics- Stock split of one equity share of FV of Rs 10 each into two equity shares of Rs 5 each, final dividend of Rs 15 per equity share for fiscal 2022–23.
- PNC Infratech Signs agreement for INR8.19b project with Road Transport Ministry
- Titagarh Rail Systems Gets LoA of Rs 8.57b order from the Gujrat Metro Rail Corp. of 72 Standard Gauge Cars for Surat Metro Rail Phase-I Project I
- BPCL To Shut Parts of Kochi, Mumbai Refineries for Maintenance from Sept. 21-Oct. 21
- TCNS Clothing: CCI approves Aditya Birla Fashion and Retail’s acquisition of TCNS Clothing.
- Zydus Wellness: Promoter family bought 2.6 Shares of the company
- Infosys: Company has signed an MoU with Skillsoft to revamp education and learning for students.
Negative Read Through
- G R Infraprojects Says investigating pillar cave in at Kishanganj project
- Gland Pharma: USFDA issues one 483 observation for its Hyderabad’s Pashamylaram facility.
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