Markets reacted sharply from highs on Wednesday to end in the negative terrain ahead of Fed minutes with Nifty ending closer to 22,000 levels. The Fed minutes admitted that current rates remain significantly higher but failed to provide a clear-cut stance in a number of rate cuts in 2024. The market is expected to consider these comments positively and is expected to surge 5-6% in the coming days. From a trading perspective, more long positions can be added above 22,200 for a potential target of 23,200.
Nifty Chart
Stocks to watch
Positive Read through
- LTIMindtree – MOU with Eurolife FFH to set up gen AI & digital hubs in Europe & India.
- Grasim – To launch Birla Opus Paints business today.
- NBCC – Gets in-principle nod from Greater Noida authority for 5 projects worth Rs. 10 bn.
- Brigade – Signs JDA with PVP Ventures for the project in Chennai, revenue potential Rs. 20 bn.
- Grauer & Weil – To consider the issue of bonus shares on February 26, 2024.
- Home First – IRDAI grants composite license for Soliciting Life, General & Health Insurance.
- Eureka Forbes – Promoter to sell up to 12 pct stake via block, floor price Rs. 494.75/sh.
- Apollo Micro/MTAR – Cabinet nod for 100 pct FDI in the space sector with new policy.
- KRBL – Government extends export duty imposition of 20 pct on parboiled rice without an end date.
- Sula – Maha government notifies extension of wine industrial promotion scheme for 8 yrs.
- Devyani Intl – Yum restaurants sell 4.4 pct stake via block, Singapore government, SG buyers.
- SRF- Files writ petition before Rajasthan HC, seeks relief from GST demand.
- Manali Petro – Company’s U.K.-based unit to expand foam control ops in India.
- JB Chemicals – Eyes USD 100 mn revenue from contract manufacturing in 3-5 years.
- HFCL – Approves strategic expansion into Europe.
Negative Read through
- Zee Entertainment: The SEBI will question the top management of Zee, as per the report.
- Adani Wilmar – The Company said that on ‘tough operating conditions’ and tropical oils margin.
- South Indian Bank – The Board approves fundraising of up to Rs. 11.51 bn via Right Issue.
- Sugat Stocks – Cabinet hikes sugarcane FRP to Rs. 340/Quintal from Rs. 315/Quintal.
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