Market witnessed modest gains led by banking sector with broader markets rallying in the last hour of trade as the Nifty comfortably cemented its position above 23,500. The triangle breakout in Bank Nifty still opens further scope of upside by another 7% with target seen beyond 54,000. For Nifty, the upmove could be staggered with target range seen between 24,500-24,700.
Nifty 50 Chart
Stocks to watch
Positive Read through
- IT – Accenture narrows FY24 sales growth guidance to 1.5- 2.5 pct, Q3 CC sales up 1.4 pct.
- Britannia – All permanent workers of Taratala, Kolkata unit accept VRS.
- Cipla – Non-exclusive patent licence agreement with Takeda for gastro drug Vonoprazan.
- Jindal Stainless – To supply stainless steel for 100 freight wagons for Mozambique.
- Time Techno – Final government nod to manufacture TYPE-IV composite cylinders for hydrogen.
- Ge Power – Gets Lol for contract worth Rs. 2.43 bn from NTPC GE power services.
- Shoppers Stop – Commences operations from 3 new stores in Haryana, Gujarat.
Negative Read through
- Aster DM – Olympus cap to sell up to 10.1 pct stake via block, floor price Rs. 331/share.
- GIC HSG Fin – Malware attack affected some of the end users’ systems in the company.
- Welspun Spe – Gujarat Pollution Control Board directs company to cease Bharuch Unit operation.
- JM Fin – SEBI directs company to not act as lead manager for debt issues till march 2025.
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