Markets for the week managed to end with gains of less than 1% after positive US data provided hints of lower risk of recession. On weekly chart, Nifty continued to form a diamond top setup with reversal expected below 24367. The major risk for Indian markets comes from weakness of rupee against yen, Euro and GBP as this move may force global investor to liquidate equity holdings for offsetting losses in carry trade in bonds.
Nifty50 Chart
Stocks to watch
Positive Read through
- ONGC, OIL – Windfall tax on crude cut to Rs. 2,100/tonne from Rs. 4,600/tonne.
- Escorts Kubota – Looks to invest Rs. 4 bn to set up green field facility in Uttar Pradesh.
- Rail Cos – Cabinet approves Metro Rail projects with Rs. 320 bn.
- SBI & PNB – Karnataka puts circular prohibiting dealing with banks on hold for 2 weeks.
- GMR Airports – July passenger traffic up 7.7 pct & international passenger traffic grew 9 pct YoY.
- Electronics Mart – Promoters sell 7.8 pct via block deals, SBI MF one of the buyers.
- Ambuja Cement – Completes acquisition of Penna Cement industries.
- Shiva Cement, JSL – JSW Cement files for Rs. 40 bn IPO.
- ΚPI Green – Raises Rs. 10 bn via QIP, issue price at Rs. 935/share.
- Techno Electric – Partners Indigrid for developing 2 greenfield interstate transmission projects.
- Caplin Point – Brazilian regulator issues no observation for manufacturing facility in Tamil Nadu.
- DCX Systems – Got order of Rs. 1.07 bn from domestic and overseas customers.
- Genus Power – Signs Letter of awards worth of Rs. 29.26 bn.
- Tejas Networks – Arm receives Rs 960 mn order for satellite equipment from NewSpace India (CPSE).
- ACE – Awarded with order for supply of 285 special forklifts & 6 rough terrain cranes with 30 tonne lifting capacity from ministry of defense.
- Bata – MD & CEO says consumption to revive in coming quarters, e-commerce to drive growth.
Negative Read through
- Maruti – Q2 profit will see 1 time impact of Rs. 8.50 bn on provision increase.
Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
