Markets opened with gap up 1 pct on Wednesday on back of positive cues from the U.S. markets to post closing above 65,637 in Sensex during last hour of trade on back of gains from Nifty IT Index. Bank Nifty witnessed higher opening above 50 DMA but closed well below it. With emergence of pennant formation around crucial resistance zone and Bank Nifty almost closing towards day’s lows, it is necessary that both these crucial indices manage to post closing above 50 DMA for sustainable upside momentum. Else we may see large scale unwinding in markets below upthrust line of 65,600 in Sensex.
Sensex 30 Chart
Stocks to watch
Positive Read through
- TCS – Sets November 25 as record date for Rs. 170,000 mn share buyback.
- ONGC – Management expects oil prodn from KG basin to start in Nov 2023, gas from May/June 2024.
- Dabur – Company & Dermoviva dismissed as defendants in Federal cases in the US.
- Vedanta – Dispatches first consignment of green aluminium.
- Suzlon – 3-3.15 MW wind turbine series gets RLMM listing from renewable energy min.
- VST Tillers – Unveils 3 new tractors at Agritechnica 2023, including an electric tractor.
- Paytm – Partners travel tech company Amadeus for AI integration in travel experience.
- Gland Pharma – Received approval from the US health regulator to market a generic product.
- Tata Motors- Tata Technologies IPO opens for subscription on November 22.
- One 97 Comm- announced a partnership with Amadeus to redefine travel experience with AI.
- VST Tillers- Unveils 3 brand new tractors, including its indigenously developed electric tractor, at the Agritechnica 2023 in Germany.
- Cipla has completed the sale of a 51.18 pct stake in Uganda-based Cipla Quality Chemical Industries.
- Ramkrishna Forgings announced that it has raised Rs 1,000 crore through QIP.
Negative Read through
- Bajaj Finance – RBI bars sanctions and disbursals under 2 digital loan products.
- Rategain – Launches QIP of Size Rs 6 bn. Indicative issue price of Rs 643/share is at discount of 9.68 pct to last closing price.
- USL – India-UK trade negotiations delayed, Government sources said.
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