Markets posted smart gains on Wednesday where Nifty and Sensex rallied by nearly a percent while Midcap Indices ended in the red. After yesterday’s gains, Nifty has cemented its position above 50 & 200 DMA, thus providing more comfort to the bulls. With Nifty 50 surpassing the 17500 level, we expect short covering to force Nifty towards 18652 in the next few days.
RBI keeps repo rates unchanged at 6.5 pct amid rising global risks at its policy outcome today. Governor says the decision to pause the rate is for this meeting only. MPC voted 5:6 majority to remain focussed on the withdrawal of accommodation to ensure inflation aligns with the target while focusing on growth. FY24 GDP forecast upped to 6.5 pct vs 6.4 pct. FY24 inflation forecast at 5.2 pct.
Nifty 50 Index
Stocks to watch
Positive Read through
- Nykaa expects over 30% growth in FY23 revenue on better conversion rates.
- DMart Q4 Update: Revenue rises 20% YoY to Rs 10,337 cr; store count at 324.
- Paytm reports a 27% YoY jump in monthly transacting users; loan disbursements surge 206%.
- RailTel gets the order of Rs 38 cr for lease line connectivity at the immigration centre.
- Edelweiss Financial to raise Rs 400 crore via NCDs.
- Hindalco recalibrates capex to $4.5 bn from $7.9 bn and cites challenges.
- Thomas Cook to set up forex outlets at Manohar International Airport.
- Larsen & Toubro bags multiple contracts worth over Rs 7,000 cr in the Middle East.
- Royal Orchid Secures new license agreement for company’s Brindavan Garden Palace and Spa in Mysore.
Negative Read through
- Tata Steel’s output grows 3% to 7.77 MT in Q4; sales fall 3.43% to 7.59 MT.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or any of its communication cannot be held responsible for it.
