Markets activity remained subdued with Nifty posting marginal gains to close above 25,400 ahead of the key US Fed Monetary policy meeting. The short-term data suggests prices are oscillating at upthrust zone of rising wedge and is prone to a larger reversal on close below 25,250. Globally, markets have discounted 50 bps rate cut in today’s Fed policy and we expect markets to sell off if further rates cuts scenario are ruled out.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Mankind Ph – Board meet on Sept 20 to consider fund raise via NCDs, other securities.
- ONGC, Oil India – Windfall tax on crude petroleum cut to nil from Rs. 1,850/tonne.
- Reliance Power – Settles Rs. 38.72 bn guarantee liability for Vidarbha Ind.
- RattanIndia Ent – Revolt motors launched e-bike Revolt RV1, introductory price at Rs. 84,990.
- Torrent Power – Gets LoI from Maharashtra Discom for 1,500 MW pumped hydro storage projects.
- Inox Wind – Gets Lol from IGREL Renewables for 550 MW wind capacity projects.
- Reliance Infra – To settle dues worth Rs. 3.85 bn with Edelweiss ARC.
- Vakrangee – Partners with Star Health to offer health insurance products.
- Suraj Estate – LIC MF-Flexicap fund buy 0.28 mn shares via block deals at Rs. 758.9/sh.
- SKF India – Parent company, AB SKF to separate global automotive business.
- NTPC – Government approves NPCIL-NTPC JV to take up nuclear power generation.
- Infosys – partners with Metro Bank to accelerate digital information.
- Hindalco – Evaluating solar module production plans for next 5 years.
- Tata Power – Company’s solar cell unit in Tamil Nadu to be fully functional by October, as per reports.
Negative Read through
- VST Ind – Radhakrishna Damani sold 0.1 mn shares via block deals at Rs. 439.19/share.
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