Market activity on Monday remained muted with Bank Nifty ending in negative terrain while Nifty 50 managed to recover in the last hour of trade to end with small doji star on candlestick. As markets have entered into major resistance zone, a surge in India VIX can be an alarming signal of a larger market decline. In the short term, crucial support is seen at 24,170 below which, we may see a phase of hyper volatility in the broader markets. On the upside, there would be a major challenge for Nifty to cross 24,500 in the near term and any swing in USDJPY below 160 mark may aggravate situation in the global markets.
Sensex Chart
Stocks to watch
Positive Read through
- Nestle – Shareholders approve unchanged royalty payment of 4.5 pct to parent company.
- Godrej cons – Flattish sales growth & double-digit EBITDA growth in Q1FY25.
- MGL – Hikes CNG price by 1.50/Kg & PNG by 1/SCM.
- Utkarsh SFB – RBI approves Govind Singh’s reappointment as MD & CEO for 3 years.
- Swan Energy – Blackrock Global Funds buys 1.8 mn shares via block deals at Rs. 668.27/sh.
- Inox Wind – Bags 200 MW order for its latest wind turbine generators.
- Pitti Engg – Launches Rs. 3.60 bn QIP, floor price at 1,054.25/sh.
- L&T – L&T Semiconductor to acquire Siliconch Systems for Rs. 1.83 bn.
- KPI Green Energy – Signs 50 MW hybrid power purchase deal with Gujarat Urja Vikas Nigam.
- Bajaj Finserv – BALIC June new business premium seen at 10.8 bn vs 7.68 bn MoM.
- Lupin – Gets tentative U.S. FDA approval for ANDA of Empagliflozin.
- Torrent Power – In pact with ARSS teeks and Torrent Urja 14 for setting up 50 MWp solar projects in Tamil Nadu.
- Ajmera – Sales jumped 36 pct YoY to Rs 3.06 bn in Q1FY25 due to recently launched projects.
- HDFC Life – Premium up 8.0 pct; total APE up 25.5 pct & retail APE up 32.6 pct.
- SBI Life – Premium up 22.0 pct; total APE up 16.6 pct & retail APE up 18.3 pct.
- ICICI Pru – Premium up 14.0 pct; total APE up 12.7 pct & retail APE up 27.8 pct.
Negative Read through
- Concor – Domestic volume growth at 15 pct & EXIM growth at 3.3 pct in Q1FY25.
- Jupiter Wagons – Company launches Rs. 8 bn, indicative price at Rs. 655/sh.
- Polyplex Corp – Production at manufacturing plant at Uttarakhand unit suspended due to rains.
- Urja Global – Search operations underway at company’s corporate office.
- Bharat Road – Arm Orissa Steel gets letter from MCA regarding an inspection.
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