Markets for the week recouped entire earlier week losses to regain control above 25,200 on expectation of a 50-bps rate cut in the US Fed policy. This surge in Nifty was witnessed at a time when JPY saw further sharp appreciation on expectations of a weak dollar. From a trading perspective, there is a formation of rising wedge setup in Nifty 50 Index and this would mean prices are unlikely to sustain beyond 25,575 while reversal is seen on a close below 25,250.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Adani Power – Long-term power supply agreement with MSEDCL for 1,496 MW thermal power.
- Adani Green – Long-term power supply agreement with MSEDCL for 5 GW solar power.
- Zydus – Exclusive supply & licensing agreement with Viwit Pharma for 2 MRI injectable agents.
- Laurus Labs – USFDA issues form 483 with zero observations for API manufacturing unit at Hyderabad.
- Titan – Plans to launch 10 international watch brands through Helios.
- Zaggle – Agreement with Founderlink Tech to offer business loans to Zaggle corporate customers.
- Lumax Auto – To acquire 60 pct stake in Greenfuel Energy Solutions for Rs. 1.33 bn.
- GMR Airports – August passenger traffic grew 9 pct, aircraft movements up 8 pct YoY.
- Spandana – Board approves sale of stressed loan portfolio worth Rs. 3.04 bn.
- Dixon Tech – Arm signs MoU with Asus to manufacture notebooks.
- CDSL – Board nod for 5-year extension of MD & CEO.
- Spicejet – SEBI exempts promoter spice health from open offer requirements.
- Samvardhana – To invest USD 15 mn for 11 pct stake in REE Automotive.
- RPG Life – Signs binding agreement for sale of land worth ~Rs. 1.45 bn.
- Lumax Auto – Arm bags repeat order worth Rs. 5.16 bn.
- Zomato – Now delivers food to train coaches at over 100 stations.
Negative Read Through
- Adani Wilmar, Marico, Patanjali – India raised basic import duty on edible oils by 20 pct.
- Vedanta – John Slaven, CEO aluminium business resigned with effect from 30 Sept, 2024.
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