Market activity remained range bound on Tuesday with Sensex ending with marginal gains after Reliance Industries led recovery in afternoon trading session to help Sensex close above 71,400. A small doji star was seen on daily candlestick marking signs of indecisiveness at higher levels but candle still remain inconclusive to set a larger reversal. The upper resistance of Sensex is seen in range of 72,500-73,000 but trend reversal may be confirmed only after close below 70,400. The higher reading of India VIX closer to 14 mark indicates that the correction amplitude for market could be significant post Sensex closing below 70,400.
Nifty Bank Chart
Stocks to watch
Positive Read through
- IT Stocks – Accenture Q1 results in-line with guidance, maintains FY24 sales growth guidance.
- BPCL – To set up Polypropylene unit project at Kochi refinery for Rs.50.44 bn.
- UPL – Board meet on December 22 to consider fund raise.
- LTI Mindtree – collaborates with Microsoft to deliver AI powered employee engagement applications.
- Dalmia Bharat – Operations resume at at both Kohlapur & Ninaidevi units.
- Astral – Book is launched, according to reports, promoter likely to sell 2 pct stake via block.
- Varun Bev – Acquires the beverage company, South Africa for Rs 13.2 bn.
- Tech Mah – Mohit Joshi assumes office as MD & CEO, CP Gurnani retires.
- Glenmark Life – Nirma gets CCI nod to acquire majority shareholding of company.
- RVNL – JV lowest bidder for Railway station projects in Kerala worth Rs 1.24 bn.
- Petronet LNG – 15-yr binding agreement to supply propylene, hydrogen to Deepak Nitrite.
- Aurobindo Pharma – Gets U.S. FDA tentative approval for Baricitinib tablet.
- JK Tyre – Company opens QIP for raising up to Rs 5 bn.
- NTPC – Group touches 300 BU power generation mark in FY24.
- Container Corp – Signed MoU with DB Schenker India to collaborate on EXIM and domestic business.
Negative Read through
- HCL Tech – Ransomware incident in one of company’s project, no impact on overall network.
- Abbott India – MD Vivek Kamath resigns with effect from March 18, 2024.
- NBFCs – RBI bars lenders from AIFs with client exposure.
- Embassy REIT – According to reports Blackstone to sell 23.5 pct stake via block, floor price at Rs. 310/sh.
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