Markets rallied to new all-time high with Nifty clocking gains of more than 400 points on expectation of a 50-bps rate cut in next week Fed’s policy. Yesterday positive impact was also driven by ECB cutting rate by 25 bps which led to arrest of gains in EURINR. At the present juncture, the Nifty has formed setup of rising wedge and this would mean Nifty is likely to remain under pressure on close below 25350 with larger breakdown expected below 24900.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Tata Power – MoU with TAMO to set up 200 fast charging stations in 5 metros for e-CVs.
- Power Grid – Declared successful bidder to establish inter-state transmission system in Gujarat.
- Puravankara – Bags re-development rights for 2,000 sqm plot at Breach Candy, Mumbai.
- Nazara Tech – To invest Rs. 9.82 bn in Moonshine Tech (Pokerbaazi) via cash & share swap.
- HG Infra – Bags order worth Rs. 7.16 bn from Central Railway.
- Intellect Design – Launches Emach.AI for Sri Lanka’s finance sector.
- Muthoot, Manappuram – Gold price hits an all-time high of USD 2,563/OZ.
- BPCL – JVs for green hydrogen, compressed bio gas, to increase Cochin pipeline capacity.
- BLS Intl – To acquire UAE citizenship venture for USD 31 mn.
- HPL Electric – Bags work orders worth Rs. 1.43 bn for the supply of smart meters.
- Ajooni Biotech – Secures BIS certification for mineral mixture product.
- Zee Entertainment – NCLT approves company’s settlement pact with Sony India.
- Panacea Biotec – Secures USD 20 mn loan from DFC for vaccine capacity expansion.
Negative Read Through
- Honasa – Peak XV, Sequoia Cap sellers, MS Asia, ICICI Pru buyers in Yesterday’s block deal.
- PNB housing – Asia Opportunity V seller Singapore Government among buyers in Yesterday’s block deal.
- Patanjali – Promoter to sell 3.1 pct equity via block deals, floor price Rs. 1815/share.
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