Markets on Wednesday managed to post modest gains on the back of gains from Reliance Industries while Nifty Bank witnessed closing below 20 DMA for the third consecutive trading session. The outlook for markets remains cautious as long Sensex trades below 72,600 which turns out to be a channel resistance. In case prices managed to surpass 72,600, we can expect further gains of 2-2.5% but at the current juncture the possibilities remain very likely due lower relative strength in Nifty Bank. On the downside, we expect reversal to be confirmed on a close below 71,000 in Sensex terms.
Results Today – TCS, Infosys, HDFC AMC
Sensex 30 Chart
Stocks to watch
Positive Read through
- Tata Motors, Olectra – Governmentt is planning Rs. 300 bn e-bus fund.
- Bank of India – Q3 advances up by 4.2%, deposits rises by 6.7% QoQ.
- Steel Strips – DGTR recos add on aluminium alloy wheel imports from China.
- Safari Ind – To consider fund raise vis Preferential issue on January 15.
- Kalyani Steels – To acquire assets of Kamineni Steel for Rs. 4500 mn.
- Phoenix Mills – Highest-ever quarterly consumption, retail consumption up by 24 pct YoY.
- Cesc – UP Electricity regulator approves PPA for 95 MW power procurement.
- Lupin – Launched product in U.S. market, used as aid to smoking cessation treatment
- Ease My Trip – Company venturing into insurance sector with the launch of its subsidiary.
- Maruti Suzuki – Company plans to produce 1 mn units annually at new plant.
- Sernco Gold – Achieved 9 pct volume growth in gold and 27 pct in diamond jewelry.
- NBCC – Bags contract worth Rs 2.18 bn from NIFT campus at Varanasi, Uttar Pradesh.
- Welspun Ent – Pledges Rs 400 bn investment to set up green hydrogen, green ammonia ecosystem.
- KIMS – Acquired an additional 5.04 pct equity stake in Sarvejana Healthcare Private Limited.
Negative Read through
- Polycab – I-T department releases details of December search operations, Alleges tax evasion.
- NIACL – Received of SCN cum demand notice from DG of GST for Tax of Rs 23.79 bn.
- Axis Cades – QIP Floor Price Rs 696.7 per share, i.e. discount of 9.9 pct to CMP.
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