The Indian equity indices extended losses for the second consecutive session on yesterday on wide-spread selling, as Israel and Iran tensions escalated with Nifty breaching support of 22,300. With a dent below 22,300, we expect selling pressure to force Nifty towards 22,050 but a larger trend till 23,500 remains intact. We would suggest buy on dip at around 22,100.
US stocks closed in the red on Monday, extending the losses from the previous week. The Nasdaq 100 Hit 7-week Low. US stocks drop as traders weigh risks of wider war in Middle East. Stocks in Asia fell, tracking Wall Street shares lower, while the region’s currencies weakened against the dollar as China’s economic data further weighed on sentiment. Oil gained as Israel vowed to respond to an unprecedented attack by Iran, keeping tensions elevated in the Middle East. Brent climbed toward $91 a barrel after a modest drop on Monday.
Nifty Chart
Stocks to watch
Positive Read Through
- Cipla – To acquire cosmetics & personal care business of Indian company Ivia Beaute for Rs. 2.40 bn.
- Guj Gas – Signs non-binding MoU with Indian Oil for accessibility of energy solutions.
- Jio Fin – To form 50:50 JV with Blackrock for Wealth management & brokerage business in India.
- Indigo – March market share at 60.5 pct vs 60.1 pct MoM.
- Allcargo Terminals – March CFS volume rose by 1 pct YoY, 8 pct MoM.
- TRIL – GETCO withdraws ‘stop deal’, co eligible to supply to GETCO Now.
- GTPL Hathway – Posted profit vs loss, margin at 14 pct vs 14.7 pct YoY.
- Happy Forge – Receives Rs 5 bn order from Tier-1 OEM manufacturer.
- Vedanta – Company secures Rs. 39 bn loan from India’s Power Finance.
- Ramkrishna Forgings – Receives Rs 2.70 bn order from BHEL.
- TCS – Company opens new delivery center in Londrina, Brazil.
- Titan – Apple in talks with Titan’s arm to assemble and manufacture iPhone components.
- VST Ind – Radhakishna Damani acquires 1.5 pct stake worth Rs 862 mn.
- Eureka Forbes – North Star Opportunities Fund bought 1 mn shares at Rs 468.02.
Negative Read Through
- ONGC, OIL – Windfall tax on crude hiked to Rs. 9600/Tonne from Rs. 6800/Tonne.
- LTIMindtree – Pankaj Chugh, Gregory Dietrich, executive VP-global sales resign.
- SPARC -Will look to license Vodobatinib for CML in the near term.
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