Markets remained under pressure on Wednesday after the occurrence of the breakaway gap in Nifty where it opened and sustained below key support of 20,032. The decline was mainly led by selling in Bank Nifty while broader markets remained resilient ahead of the Fed meeting outcome. The Fed kept rates unchanged but commentary turned hawkish signalling scope for another 25-bps rate hike in the next policy. With the U.S. 2-year bond yield already trading above the 5.2 pct mark, we expect more liquidity tightening for global markets and the Nifty remains prone to major decline below 19730. Today we expect selling pressure to accelerate further with the immediate target seen at the recent low of 19,223.
Nifty Chart
Stocks To Watch
Positive Read through
- Infosys – Nvidia partnership extends for generative Al.
- Biocon – European Commission approves YESAFILI, Aflibercept Biosimilar.
- Zydus – Clindamycin Phosphate Gel receives US FDA approval.
- MCS – Plans to launch a new trading platform before the end of this month.
- Exide – Invests Rs. 1,250 mn in arm Exide Energy Solutions equity share capital.
- Strides – On September 25, we will consider a proposal to combine the CDMO interests of the group.
- Sheela Foam – According to sources QIP May raise up to Rs. 12 bn, Issue Price Rs. 1,078-1,168/Sh.
- Sheela Foam – According to sources QIP May raise up to Rs. 12 bn, Issue Price Rs. 1,078-1,168/Sh.
- Shree Renuka – The Board of directors will meet on September 23 to approve investments and raise funds.
- West Coast Paper – Nclt approves resolution plan for Uniply Decor acquisition.
- DCB Bank – HDFC AMC receives RBI approval to purchase up to 9.5 pct stake in the bank.
Negative Read Through
- Cipla – For InvaGen Facility US FDA issued form 483 with 5 observations.
- Apollo Tyres – Bias and OTR tyre production at the Limda, Gujarat Manufacturing unit has stopped.
- SJNV – At a floor price of Rs. 69 per share government is to sell up to pct stake.
- Fino Payments – Receives client complaints for misappropriation of funds.
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