Markets succumbed to selling pressure on Monday on back of tensions in middle east due to Israel-Hamas war with Nifty declining towards 19500 but broader markets like Midcap and Small cap index witness deeper cuts. The outlook for markets remains cautious at the current juncture and all eyes would be on movement in Brent crude prices which is showing signs of major bottom at 84. For Nifty, as long it trades below the weekly support line, we expect high possibilities of it breaching 19,430 in the coming days.
Nifty 50 chart
Stocks to watch
Positive Read through
- Maruti – With SMG, Plans to end contract manufacturing agreement, have shared capex plans.
- Glenmark Life – Interim dividend of Rs. 22.50 per share approved by the board.
- Mazagon Dock – For multi-purpose hybrid power vessels, Lol with an European Client.
- IDFC First Bank – For Rs. 1,980 mn company to sell office at Naman Chambers, Mumbai To NSDL.
- Dilip Buildcon – For Rs. 3,970 mn project in pact with Water Resources Zone, Udaipur.
- Genus Power – For smart prepaid meters company won orders of Rs. 31,150 mn.
- GR Infra – With NHPC, Dibang Power JV executes agreement of Rs. 36,371 mn.
- Phoenix Mills – Total consumption rises by 20 pct, retail collections increased by 23 pct YoY.
- Tata Steel – Fitch upgrades Tata Steel rating to ‘BBB-‘; outlook stable.
Negative Read through
- DR. Reddy/Sun Pharma – Defendants in Mayo clinic complaint with respect to monopoly in Revlimid sales.
- Concor – Total volume rises in Q2 by 7.59 pct, domestic volume rises by 26.1 pct YoY.
- Dhampur Bio – Till further decisions holds greenfield distillery installation at Meerganj unit.
- Aarti Drugs – DGTR terminates add investigation into Metronidazole imports from China.
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