Markets traded lower yesterday with market breadth remaining weak throughout the trading session. For a trading perspective, a decline in India VIX could be a important trigger for a sharp upswing in Nifty towards a target of 23,500. In the past few days, Nifty Futures has seen a smart cementing of its positions above 22,200 and is likely to trigger next leg of short covering in the coming days.
Globally, Asian equity markets are trading higher as investors avoid placing fresh bets before the release of U.S. CPI print for February. Brent crude was trading 0.17% higher at $82.35 a barrel.
Nifty Futures Chart
Stocks to watch
Positive Read through
- AB Capital – Board approves amalgamation of arm AB Fin with itself to comply with RBI norms.
- Aurobindo – Arm APL Health formulation manufacturing unit in AP gets WHO GMP nod.
- HIL – To acquire pipes & fittings company Crestia Polytech for Rs 2.65 bn.
- RVNL – Lowest bidder for projects worth Rs. 3.39 bn & Rs. 474 mn.
- United Breweries – Launches ‘Queenfisher premium lager beer’ in the Goa market.
- Hospitals – Health min yet to start consultations on SC order to fix treatment costs.
- ICICI Lombard – Gross Direct Premium up 38.6 pct, April-February market share up 35 bps.
- Pitti Eng – Signs definitive agreement to acquire Bagadia Chaitra Industries at Rs. 1.25 bn.
- Wipro – Company expands partnership with Nutanix to launch new Nutanix business unit.
- Suven Pharma – Company has announced a proposed merger with Cohance Life Sciences.
- JWL – Gets order worth Rs 9.57 bn from the Ministry of Railways.
- Vardhman Poly – Board meeting on March 28 to consider and approve sub-division/ split of shares.
Negative Read through
- ITC – British American Tobacco looking to sell 4 pct stake, deal likely to be launched soon, as per report.
- Tyre cos – CVD on pneumatic radial tyres extended till July 23,2024, reports suggest price cut.
- Spicejet – Report, say Arun Kashyap, COO, & Shilpa Bhatia, CCO resign.
- Kfin Tech – As per report, Kotak Bank to sell 2 pct stake via block deals.
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