Markets managed to put up gains on back of contribution from IT sector with Nifty ending near 24,700 thus closing the breakaway gap. At present juncture, risk for Indian markets emerge from strengthening of GBPINR and EURINR after reaching all time high and have entered in breakout zone appearing during 2013 thus posing sudden upside risk of 10-15% in short span of time. In emerging markets, crisis have often activated from currency risk, which later spread to equity markets. For Nifty, the breakdown indicates below 24,300 and an appearance of diamond top setup still suggest markets remains vulnerable for a 20% volatility in near term.
Nifty 50 Chart
Stocks to watch
Positive Read through
- L&T – Bombay HC quashes & sets aside GST show cause notice of Rs. 22.37 bn.
- DRL – Signs non-binding agreement with US based Kainomyx for development of anti- malarial drug.
- Tata Power – S&P global upgrades rating to BBB- from BB+, outlook positive.
- PNB Hsg – General Atlantic Singapore Fund FII may sell 5.1 pct equity.
- Sansera Engg – Board approves fund raise of up to Rs 12 bn via QIP or other means.
- RMC Switch – Gets Raj Renewable Energy Corp nod to set up 50 MW RE energy park.
- Ola Electric – S1 X 3kwh & 4kwh scooters get PLI certification.
- Genus Power – Gets 3 letter of awards worth Rs. 36.09 bn.
- UBL – Heineken Silver & Original to be available in Karnataka from this month.
- Petronet LNG – Signs MoU with Sri Lanka’s LTL Holdings for supply of LNG for 5 yrs.
- Granules India – Secures USFDA approval for generic Glycopyrrolate oral solution.
- Tata Steel – upgraded to BBB from BBB-, outlook changed to watch positive from stable.
- PI Industries – U.K. Companies Court approves acquisition of Plant Health Care for POUND 32.8 mn.
- Updater Services – Acquired additional 22.3 pct stake in Denave India.
- Hindustan Zinc – Weight of Hindustan Zinc in FTSE All-World Index has increased to 7 pct from 5.49 pct.
Negative Read through
- Voda Idea – Loses 0.86 mn users vs loss of 0.92 mn users MoM.
- NHPC – Landslide at Teesta-V power station affected some parts of TRT structure.
- HG Infra – Promoters sell 2.75 pct stake via block deals, AB Sun Life MF, Tata MF buyers.
- Cyient Dlm – Cyient board approves 14.5 pct stake sale, floor price Rs 748.65/sh.
- Prataap – Rajesh Kumar Mehta sells 0.62 pct of total 2.85 pct stake at Rs 865.4/sh via block.
- BGR Energy – Gets intimation of termination of contract from JUSNL.
- Ge T&D India – Promoters to evaluate possibility of a minority stake sale.
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