Markets triggered a relief rally on expectations that Mr. Modi will swear as PM on 8th June with Nifty surging 3% while Nifty Bank gaining by 5%. With India VIX declining sharply by 30%, we expect the breather rally to extend higher with optimistic target seen towards 24,000 in Nifty and Nifty Bank towards 54,000. Going forward, we expect wide divergence to occur whereby midcap and small cap could lag and Nifty could scale to fresh highs. One can lighten their positions and shift to large caps in the upcoming rally.
Nifty50 Chart
Stocks to watch
Positive Read through
- BHEL – Bags 2 orders from 2 units of Adani Power worth Rs. 70+ bn.
- HAL – ISRO chairman inaugurates company’s facilities to support LVM3 program.
- Century Text – Arm to form JV for housing development project in Gurugram; Sales potential Rs. 50 bn.
- RVNL – Gets LoA for a project worth Rs. 3.91 bn from Eastern Railway.
- IEX – May monthly volume jumped 29 pct, DAM prices lower by >20 pct vs bilateral contracts.
- NBCC – Gets multiple work orders worth Rs. 4.91 bn.
- Torrent Pharma – In non-excl patent license agreement with Takeda Ph for gastro drug in India.
- Uno Minda – Partners with Suzhou Inovance for e-4w product portfolio in India.
- CG Power – See a pick-up in private capex cycle, have deployed Rs. 30 bn on EVs’.
- ΚPI Green – Arm bags orders of 26.15 MW solar power projects.
- Concord Bio – Ireland regulator issues EUGMP certificate for unit II, Dholka.
- Titagarh Rail Systems – Inaugurates new engineering centre in Bangalore.
- Indian Oil – Signs 50:50 JV pact with Sun Mobility for battery swapping business in India.
- Intellect Design – Intellect Global Consumer Banking launches Emach.Ai digital engagement platform.
- Unichem Labs – Axsome Thera settles Sunosi patent litigation with Unichem Labs.
Negative Read through
- Trident – Massive fire accident at Dhaula facility of the company, operation disrupted.
- Sparc – Chetan Rajpara, CFO has resigned from his position.
- VLS Finance – Company Unit Informed Receipt of Approval of Surrender of Registration as Merchant Banker from SEBI.
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