Markets gained momentum on Thursday with Nifty closing above the critical hurdle of 16123 and Bank Nifty surging by almost 2%. The journey from 16123 to 17500 may turn out to be fast in the near term with Bank Nifty expected to reach 38000.
The major punch for the market is expected from the short-covering of FII in the derivatives market and hence large financial stocks are likely to remain in the limelight in the near term. The overall upside for the Nifty is seen at 23% in the coming days.
Asia-Pacific markets opened higher on Friday as investors looked ahead to the release of U.S. jobs data for June. Fed officials Waller and Bullard back another big interest rate increase in July.
U.S 10-year Treasury yield jumps back above 3%, key recession warning still in place. Meanwhile, Oil jumps as tight supply outweigh recession fears.
S&P Dollex 30 (Sensex in USD terms)
Stocks to watch
Positive Read Through
- M&M – British int. Investment to invest up to 1,925 Cr. in passenger EV business.
- Tata Power- Company confident in delivering financial & ESG commitments
- Tata Motors- JLR Q1 sales flat QoQ, company expects sales to improve.
- Alkem Labs- No data integrity issues in Indore unit, US FDA issues 1 observation.
- Dr. Reddy’s- US FDA issues 2 observations for FTO 11, Srikakulam Unit.
- Coforge- Strategic alliance with Newgen to accelerate digital products for organizations.
- Vedanta- To acquire Athena Chattisgarh Power for Rs. 565 Cr.
- SH Kelkar- Company expects to maintain margins despite the volatile RM environment.
- Shriram City, Shriram Transport- Sriram shareholders & creditors approve merger.
- Petronet touches 3000 LNG ship handling at Dahej terminal, to up capacity
- PFC inked a loan pact for JPY 30 billion with Japan Bank for International Cooperation
- BHEL commissions 100-MW floating solar photovoltaic plant in Telangana
Negative Read Through
- Oberoi Realty – Edible oil prices may be cut by Rs. 8/10 per liter
- ONGC/ OIL- Windfall gain tax may not be relaxed in the first review on July 15.
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