Markets managed to rebound from support zone of 70,400 in Sensex and was followed with closing above 70,800 on the back of stability in global markets. The rise in Gold, Euro and Japanese Yen are currently trading at an inflection point and a further upmove in this asset class is likely to trigger major outflow from Indian markets. At present, recent high of 71,913 poses immediate hurdle for Sensex and we expect selling pressure to prevail on close below 70,400. The crucial trigger to watch would be EURINR which has closed above 91.5 and has activated a breakout for an upside target of 96 which may trigger selling pressure in banking stocks.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Siemens – Management to mull demerger of energy business, see pick-up in private capex.
- GMR Airports – NIIF to invest Rs 6750 mn in Bhogapuram, Andhra Pradesh airport.
- Lupin – Launches an ayurvedic liquid laxative, softovac liquifibre.
- LIC- Government grants 10 years from listing to achieve 25 pct MPS norm.
- Allcargo Logistics – International supply chain business to be demerged, swap ratio announced.
- Brigade Ent – Signs lease agreement with Sidvin core-tech for office space.
- Railtel – Bags Rs 668 mn order from NF railway construction.
- WPIL – Bags order worth Rs 4.25 bn from west Bengal Government.
- Ami Organics – Chovatia family sold 12.50 pct stake via block, BOFA, MS Asia buyers.
- MOIL – Announced production by December 20, crossed 16 lakh tons in CY23.
- Brigade: – Entered into a lease agreement with Sidvin Core-Tech India Private Ltd.
- Infosys – Signs 5-year collaboration with LKQ Europe.
- Mining stocks – Mines Ministry to hold pre-bid conference for 1st tranche of rare minerals to auction.
- Tata Motors DVR – BSE & NSE approve cancellation of entire ‘A’ ordinary shares & allot ordinary shares of Tata Motors.
Negative Read through
- SBI Card – Total spends declined by 11.28 pct cards market share at 19.01 pct vs 19.08 pct MoM.
- Medplus – Gets Drug Control Authority order for drug license suspension for 5 days.
- Coforge – Received an income tax demand notice of around Rs 1.22 bn.
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