Markets managed to extend gains around 1% for the week on the back of Fed minutes pointing out to rate cut in September, which helped Nifty to cross 24,800. However, although the implied volatility has dropped below 13.5, the realized volatility of average 30 days has been trading above 13.5 and has been rising. This behaviour indicates markets are in complacent mode and a move below 24665 is likely to trigger sharp downswing in the coming days.
Nifty 50 Chart
Stocks to watch
Positive Read through
- IT stocks – Time has come for policy to adjust rates: Powell, $ index at 13-month low.
- JSW Energy – Arm gets LoA for 250 MW wind power project from Adani Electricity.
- Lemon Tree – Signs licence agreement for 175- room property in Surat, Gujarat.
- PTC Ind – Acquires hot rolling mill to boost manufacturing of titanium alloy for aerospace & defence.
- Akum – Posted positive EBITDA vs EBITDA loss, sales rose 5.1 pct YoY.
- BEL – To be included in Nifty 50 effective September 30.
- Trent – To be included in Nifty 50 effective September 30.
- Ashoka – Emerges as lowest bidder for project worth Rs. 4.78 bn from MMRDA.
- ONGC – Starts production from 5th oil well in kg- dwn-98/2 cluster-2 asset.
- Nykaa – Harinderpal Singh Banga sold 1.4 pct stake via block, GS, Kotak MF among buyers.
- Max Estates – Gets NOIDA nod for Delhi one project.
- Ambuja – Promoter sold 2.84 pct stake via block, GQG, NPS trusts among buyers.
- Uno Minda – JV begins operation at raj plant, annual capacity at 3.84 lk units/month.
- Alembic Pharma – Gets US FDA approval for betamethasone valerate foam.
- IDFC – Gets income tax refund of Rs. 2.02 bn for AY23-24.
- KEC Intl – Bags orders worth Rs. 10.79 bn in T&D & cables businesses.
Negative Read through
- Divi’s Labs – To be excluded from Nifty 50 effective September 30.
- DRL – US FDA issues form 483 with 3 observations for manufacturing unit at Srikakulam.
- Tata Tech – Alpha TC Holdings sold 2.4 pct stake via block at Rs. 1,013.9/sh.
- LTIMindtree – To be excluded from Nifty 50 effective September 30.
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