Markets witnessed trading in a narrow band on expiry day with Nifty extending monthly gains by 1% while financials turned laggard. The narrow trading band in the past few weeks may convert into a larger upside once Nifty futures cross above 22,280 with a potential target of 23,400 in the near term. The recent movement in Bitcoin is back above USD 60,000 which hints global markets are flushed with liquidity after the US Fed has announced that interest rates have peaked out and central banks are evaluating a number of rate cuts in the coming year. For Nifty, weakness in Japanese Yen is seen as a major positive trigger for an upside momentum to be maintained.
Nifty Futures Chart
Stocks to watch
Positive Read through
- L&T – Commissions indigenous hydrogen electrolyser at Hazira, Gujarat plant.
- ICICI Lombard – Becomes a subsidiary of ICICI Bank.
- CG Power/Tube Invst – Cabinet nod to set up semicon unit with Rs 76 bn investment.
- Tips – Warner Music expands the agreement; the deal gives access to tips music’s catalogue globally.
- Moil – Hikes prices of Ferro grades w/manganese content below mn-44 pct by 5 pct.
- CMS Info – CEO Rajiv Kaul increases stake to 6.2 pct from 2.62 pct earlier.
- Suven Pharma – Board approves merger of Cohance Life with the company.
- IEX – Government amends late payment surcharge rules.
- Oberoi Realty – Gets NCLT nod for scheme of amalgamation of 3 subsidiaries.
- Bank of India – Receives Rs. 11.26 bn as income tax refund for AY20-21.
- Chalet – Executes deed of admission of partners for Rs. 3.15 bn hotel acquisition.
- NTPC – Unit 800 MW of Telangana STPP, Stage-I commences commercial operation.
- Bharti Airtel – Chairman said that the company is looking at an ARPU of Rs 300 by the end of FY25.
- Rallis India – The Company appoints Gyanendra Shukla as MD & CEO for 5 years.
- Kesoram Ind – Signs facility agreement to avail financial assistance worth Rs. 18.50 bn from Tata Capital.
Negative Read through
- Vedanta – SC rejects plea to reopen Sterlite Copper smelting unit at Tuticorin.
- Aurobindo Pharma – US FDA issues 7 observations for Eugia SEZ facility.
- Biocon – US FDA issues 4 observations for Biologics campus site 1 unit.
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