Markets rallied on the expiry day on the back of 3% gains in Nifty IT which managed to pull Nifty 50 towards 18513 levels, but the closing was below the same. The sharp fall in India’s VIX below 13.5% has led to significant put writing around 18000 strikes which should ideally act as a catalyst for the Nifty 50 journey towards 19867. Hence for a breakout to be activated for its upward journey towards 19867 it is better that Nifty 50 clears the hurdle of 18513 on a closing basis with 0.4% i.e above 18580.
A surprise dovish tone by the US Federal Reserve, where it said that the central bank is seeing progress in its fight against high inflation and is looking to slow the pace of rate hikes, cheered market bulls yesterday. The optimism was further boosted by falling crude prices and the declining dollar index. Crude oil prices dropped over talks of a possible price cap on Russian oil and a rise in US product stockpiles.
Nifty 50 Index
Stocks to watch
Positive Read Through
- Adani Enterprises’ board will meet today over a possible follow-on public offering to finance the group expansion in green and digital businesses.
- Axis Bank positive mgmt comments, brokerages turn positive.
- IEX Board met today to consider the buyback of shares.
- PNB gets govt nod to sell its 15.25 pct stake in UTI AMC for Rs 1330 cr.
- Man Infra to launch residential project in Dahisar, Mumbai, potential revenue from said project seen at Rs 850 cr.
- Laurus Labs- share subscription agreement to buy 26 pct stake in Ethan Energy India
- PVR- opens 12 screen Superplex in Thiruvananthapuram, Kerala
- PB Fintech- WF Asian smaller companies fund buys 68 lakh shares
- Fino Payments- Capri Global buys shares for 2nd straight day, buys 6 lakh shares
Negative Read Through
- Lupin- USFDA issues 8 observations for drug product and API facility at Mandideep.
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