Markets witnessed divergent trend on Wednesday with Nifty ending lower while Bank Nifty managed to post gains of more than 2% with Bank Nifty surpassing 51,000 mark. We expect selling pressure in midcap to continue further while Bank Nifty could be heading towards 54,000 in days to come. The ideal strategy at the current juncture would be to accumulate large cap private banks where still there is meaningful upside of more than 10% from current levels.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Reliance – Reliance Jio adds 2.687 mn users in April vs 2.14 mn users MoM.
- Indian Oil – Signs JV agreement with GPS Renewables for sustainable energy solutions.
- Brigade Ent – Agreement worth Rs. 1.5 bn to develop 3rd tower of WTC at Infopark Kochi.
- Sapphire – Board approves stock split into 5 shares for every 1 share held.
- Gokaldas – To invest up to Rs. 3.50 bn in BRFL Textiles via OCD subscription.
- Mas Financial – To raise up to Rs. 5 bn via QIP, indicative price at Rs. 286.25/share.
- Awfis Space – Q4 EBITDA jumped 35 pct, sales grew 44 pct YoY.
- Tanfac – Framework agreement with a Japanese specialty chemical company worth USD 81 mn.
- GMR Power – In agreement with Bosch Global Software for smart metering project.
- Godrej Industries – CCI approves Godrej Industries proposed group re-alignment.
- Blue Dart – Commences drone deliveries in collaboration with Skye Air.
- Escorts Kubota – Plans investment of up to Rs. 45 bn for new Rajasthan unit.
- Lemon Tree – Company signs a new property in Morbi, Gujarat.
- Aurionpro – Company says long term sales growth rate goal of 25 pct-30 pct per annum.
Negative Read through
- Bharti Airtel – Airtel adds 0.75 mn users in April vs 1.75 mn users MoM.
- Sun Pharma – US FDA issues a warning letter for Dadra Unit.
- PNB Housing – Asia Opportunities, General Atlantic to sell 4.2 pct stake via block.
- KEI Ind – Operations partially affected at Rakholi and Chinchpada plants due to strikes.
- Som Distilleries – Madhya Pradesh government suspends license of Som Distilleries in child labour case.
- PNC Infra – Company’s MD, Director appeared before the CBI.
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