Markets cooled from day’s high to end on a flat note after broader markets corrected sharply with Midcap and Smallcap Index declining over 3% and India VIX surging above the 11.5 mark. Brent crude too has crossed USD 92 a bbl mark and should be positioned to test USD 107 a bbl in the coming week after the recent breakout. The Nifty 500 Index has confirmed major reversal with formation of bearish engulfing pattern on daily candlestick and is likely to active next round of selling in the broader markets. The rise in India VIX should be seen as a lead signal of major decline for Indian markets and a move past 14 may eventually force Nifty below 19,000 levels in a quick span of time.
Nifty 500 Chart
Stocks to watch
Positive Read through
- NTPC – company completed the trial operations of Unit-1 (800 MW) of the Telangana Super Thermal Power Project.
- L&T Fin – CNBC-TV18 newsbreak, Bain Capital sells 2.82 pct Stake, BNP Paribas buyer.
- Dixon – Arm Dixon Infotech incorporated for laptops, desktops, LoT device maintenance, & Manufacturing.
- Kec Intl – Bags Orders Totaling Rs. 10,120 mn in various businesses.
- Phoenix Mills – Orcus Logistics and Industrial Parks incorporated as wholly owned subsidiary.
- GE Power – Rs. 250 mn purchase order received from Vedanta.
- Greenply – Due to the ongoing protests, West Africa subsidiary operations have been disrupted.
- Texmaco Rail – Board will meet on September 15 to discuss fund raising.
- Jay Bharat Maruti – Board will meet on September 16 to discuss fundraising.
- Rites – Company and Caminho De Ferro De Moçâmedes of Angola sign a memorandum of understanding.
Negative Read Through
- UPL – SEBI ask company to be careful in respect of non-compliance.
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