Markets for the week rallied further to post gains of nearly 2% with Nifty 50 outperforming the broader indices on back of a 50-bps rate cut from the U.S. Fed. The markets are seeing wide divergence with broader markets underperforming the key indices. The data setup in broader indices like Nifty100 Equal weighted Index suggest that the prices are still trading in the taper zone of rising wedge thus is prone to a sharp reversal. In Nifty terms, the crucial support is seen at 25,576 below which we may confirm an upthrust zone reversal. On the upside, the range may to escalate to 26,100 but is prone to a sharp reversal.
Nifty 100 Chart
Stocks to watch
Positive Read through
- HDFC Bank – Board approves plan of HDB Fin IPO via Rs. 25 bn OFS.
- Tata Power – Central Electricity Authority approves 1,000 MW pumped storage project in Maharashtra.
- JSW Energy – Central Electricity Authority approves 1,500 MW pumped storage project in Maharashtra.
- Aster DM – Signs 30-year lease to set up woman & child hospital in Hyderabad.
- BHEL – Gets notification of award of Rs. 61 bn from NTPC for 800 MW thermal power project.
- Tata Steel – Commissions blast furnace at Kalinganagar, capacity to expand to 8 MTPA.
- Mankind Ph – Board approves fund raise of ~Rs. 100 bn via NCDs & CPs on private placement basis.
- Adani Total – Secures maiden global debt financing of USD 375 mn for network infra development.
- Dixon Tech – US & India to set up a multi- chip military fabrication plant in UP.
- Glenmark Ph – US FDA issues zero observations for Aurangabad facility.
- ONGC – Signs non-associated gas deal in Azeri-Chirag-Deepwater Gunashli (ACG), Azerbaijan.
- Ramco Cements – Increases cement grinding capacity to 24.04 MTPA, investment Rs. 580 mn.
- Inox Wind – Signs consortium agreement with a group of banks led by ICIC Bank for Rs. 22 bn facilities.
- Dr Reddy’s – US FDA issues zero observations for company’s R&D unit in Hyderabad.
- Voda Idea – Concludes USD 3.6 bn supply deal for network upgradation with vendors.
- HFCL – Partners with GA-ASI to develop & supply critical sub- systems for advanced UAS.
Negative Read through
- Dreamfolks – Company currently addressing a temporary disruption in their services.
- Aarti Drugs – US FDA issues form 48 with 7 observations for API manufacturing unit at Tarapur, Maharashtra.
- Fusion Micro – May have to make higher ECL provisioning of Rs. 5 – 5.5 bn in Q2FY25 Vs. Rs. 3.48 bn in Q1FY25.
- Biocon – US FDA issues 3 observations for API facility in Bengaluru.
- Signature Global – Gaurav Malik resigns as CFO with effect from 20 September, 2024.
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