Markets inched higher on Monday on the back of strength emerging from Bank Nifty with Nifty 50 ending convincingly above the key resistance of 17235 while broader markets underperformed. The spread of the Nifty 50- Nifty 500 index moved higher to close at 2407 but fell short of 2420.
The breakout in the Nifty 50- Nifty 500 spread has taken more than a year for consolidation and a move past 2420 should force the Nifty 50 Index towards 19500. For today’s trading session, watch out for two weeks high of 17428 above which, we may see Nifty 50 testing 18000 immediately.
Key Results today- Parj, KPIT Tech, Tata Comm, L&T Tech
Nifty 50- Nifty 500 Spread
Stocks to watch
Positive Read Through
- Adani Gas/Gujarat Gas: Gujarat govt cuts VAT on CNG, PNG price by 10%
- SJVN: SJVN Green Energy signs pact for 1000 MW floating solar projects in Assam
- Oberoi Realty: The company maintained confidence in strong residential sentiments
- KSB: Company gets approval for bid submitted under e-Auction for sale of technology
- Maha Seamless: PAT up 94.3% at Rs 176.6 cr Vs Rs 90.9 cr, Revenue at Rs 1,411 cr Vs Rs 951 cr YoY
- Adani Transmission saw a 13% jump in the number of electricity units sold during Q2
- Lloyds Metal: Along with Results Board To Consider NSE Listing.
- CONCOR: July-September total cargo volumes up 17% (YoY) at 1.14 m TEUs
- Electronics Mart India: Nippon India Mutual Fund bought 24 lakh equity at an average price of Rs 89.42 per share
- NTPC inked a pact with Mitsubishi Heavy Industries and its arm Mitsubishi Power India to demonstrate the feasibility of hydrogen
- PEL: Piramal Pharma is to get listed on the exchanges on Wednesday, Oct 19th
- ZEEL: Reports say OFI Global Fund to sell shares up to Rs 1,396 cr of Zee Ent via block deal at Rs 250/Sh to Rs 263.7/Sh
Negative Read Through
- Can Fin Home- NIM flat at 3.6%, operating profit up 0.8% QoQ
- Tata Coffee- Weak numbers, margin at 11.4% vs 18.6%
- Samvardhana Motherson: Reports say Sojitz Corp will sell 1.9% of the company, floor price at Rs 64.36/Sh
- Spandana Sphoorty – AUM down 23.4% YoY, avg ticket size down 17% YoY
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