Nifty traded in a broad 1% band yesterday but remained highly volatility on account of its weekly expiry session clubbed with a high VIX environment. Overall, we reiterate the view shared yesterday that the breather rally is likely to extend higher with optimistic target seen towards 24,000 in Nifty and Nifty Bank towards 54,000. RBI policy outcome is expected today. Markets have priced in a status quo in terms of policy expectations for today, all eyes on inflation and GDP forecast.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Wipro – Bags a 5-year USD 500 mn contract from a US comm service provider.
- RVNL – Gets letter of award for a project worth Rs. 4.95 bn from NTPC.
- Hero Moto – To acquire additional 2.2 pct stake in Ather Energy for Rs. 1.24 bn.
- Bajaj Fin, Bajaj Finserv – Bajaj housing Finance board approves IPO, fresh issue Rs. 40 bn.
- IRB Infra – May toll sales jumped by 30 pct YoY at Rs. 5.36 bn.
- Rites – Bags Rs. 396 mn loco hiring order from Tata Steel.
- Muthoot Micro – Co-lending agreement with SBI tο empower women entrepreneurs.
- Welspun Ent – Settles dispute with IOC, to receive Rs. 237 mn.
- Dixon – Term sheet with HKC Corp to form a JV to manufacture & sell pdts.
- Mastek – Company introduces icxPro platform with Nvidia AI.
- Indoco Remedies – Gets tentative US FDA nod for generic of Invokamet.
- Orchid Pharma – Receives DCGI approval to market a new antibiotic drug combination.
- Ashoka – Executes EPC agreement worth euros 18.50 mn with Serneke International Group AB.
Negative Read through
- ICICI Bank – SEBI issues admin warning on outreach for ICICI Securities delisting.
- PB Fin – Tencent cloud sells 0.73 pct equity at an average price of Rs. 1,259.71/share via block.
- Paytm – UPI market share falls for a 4th straight month in May, at 8.1 pct vs 13 pct in Jan.
- NCC – Smallcap World Fund sells 0.5 pct equity at an average price of Rs. 308.13/share via block.
- ZF Commercial – Promoters looking to sell 4-5 pct stake worth Rs 15 bn.
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