Markets ended with marginal losses after 7 days of consecutive gains led by profit booking in Banking stocks while USDINR continued to trade above breakout zone of 83.30 levels. The Sensex has been trading from touch away distance from rising resistance line while Nifty 50 has already tested the same. At present scenario, major risk for Indian markets comes from appreciating Japanese Yen where JPYINR has surged above 125 DMA of 58 levels. If JPYINR continues to surge higher, Indian markets may experience major trend reversal due to carry trade unwinding. The crucial support for Sensex in the next few days would be 68,411 and should act as a stoploss of new long positions prevailing at current levels.
Sensex 30 Chart
Stocks to watch
Positive Read through
- UPL – Incorporated a step-down subsidiary, Advanta Seeds Zambia.
- IRB Infra – November toll collection rises 27 pct YoY to Rs 4,370 mn.
- IRCON – Company’s non-retail portion of the OFS subscribed 4.63 times of the base size.
- Shriram Finance – Signed an agreement with SIDBI for co-lending to MSMEs.
- Tube Investment – MOSL Mutual Fund bought 10 lakh shares at Rs 3,348.09 per share.
- Container Corporation – Company and NTPC Vidyut Vyapar have signed a MoU.
- Olectra Greentech – Gets LoA worth Rs 628 mn from Vasai Virar City Municipal Corporation.
- IIFL Sec – SAT overrides SEBI ban against onboarding new clients, reduces penalty.
- Zomato – Avg growth to sell 1.1 pct stake via block, floor price at Rs. 120.5/ share.
- Jindal Saw – Board meet on 14th December to consider fund raise via QIP.
- Bharat Forge – Kalyani Strategic Systems, proposed to acquire a majority stake in Zorya Mashproekt India.
Negative Read through
- Ethos – Promoter Mahen Distribution sold 2.05 mn shares on Dec. 6.
- Titagrah Rail – Launches QIP to raise up to Rs. 7 bn, floor price at Rs. 976/share.
- Five Star – Matrix, TPG Asia, Peak XV to sell 6 pct stake via block, issue price at Rs. 730/share.
- TVS Electronics – Received an order from the office of the Commissioner of Customs to pay Rs 355 mn.
- Sugar Stocks – Government ask mills to not use sugarcane juice for ethanol output.
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