Markets remained under pressure due to a sharp surge in the Japanese Yen with Nifty surrendering below key support of 18130 as trading volumes contracted further. With Dow Jones in JPY terms closing below the key support line, the risk of a larger sell-off is not ruled out in the coming days and this comes at a time when Brent Crude is about to trigger a major breakout above USD 86 a bbl. We expect selling pressure to aggravate further with immediate breakdown levels seen at 59952 in Sensex.
Earnings Today- JSW Steel, HDFC Life, LTI Mindtree, JSW Energy, Bandhan Bank, Petronet LNG, Coforge, IEX, Reliance, Union Bank, RBL Bank.
MSCI India Net USD & Dow Jones in JPY terms
Stocks to watch
Positive Read through
- HUL- Changes royalty arrangement with Parent. Royalty to increase from 2.65 pct of sales to 3.45 pct in a staggered manner over 3 years.
- Maharashtra govt approves MnM proposal to set up Rs 10k-cr EV plant in Pune.
- Alembic Pharmaceuticals gets USFDA nod to the market generic cancer drug.
- RailTel to launch IPTV services over RailWire from 26 January.
- BHEL bags Rs 300 cr order for renovation of steam turbines at Ukai Power Station.
- Lupin gets tentative US FDA nod for Dolutegravir; Emtricitabine; Tenofovir Alafenamide.
- Jubilant FoodWorks- Plan 3,000 Domino’s stores, 250 stores for Domino’s India, in 12-18 months.
- TCS: Canadian business jet mfg, Bombardier selected TCS as its strategic IT partner, to accelerate its digital transformation & innovation.
- Surya Roshni: Company receives a Rs 147 cr order from GAIL.
- Sun Pharma: To buy Concert Pharmaceuticals for $8/share + Milestones.
- KPI Green: The company commissions a 25 MW solar power project for Greenlab Diamonds, Surat.
- JSW Energy arm bags two battery energy storage system projects from SECI.
Negative Read through
- Hind Zinc- Vedanta to sell intl zinc assets to Hind Zinc for $2,981 m. Hind Zinc To Pay 2% Of Turnover For Brand & Strategic Mgmt Svcs To Vedanta.
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