Markets succumbed to selling pressure on Thursday as key indices opened lower amidst US court indicting Adani in serious criminal charges and issuing an arrest warrant which led most of Adani Group stocks to open sharply circuit. The impact for Nifty 50 was more measured as the decline was restricted to 23,300 while Bank Nifty managed to defend floor of 50,000 mark. With Adani Stocks holding more than 5% weightage in Nifty 100, it would create serious trouble for EPFO investment which generally allocates to NIFTY100 ETF on systematic basis. For Nifty 50, there are wider cracks seen in markets which may force the correction leg to extend towards 20,000 from earlier 22,000. The range breakdown beyond 3000 points and 50 period RSI support penetration clearly indicates that bottom is still away. Overall view suggests cautiousness and a sell on every rise is adviced.
Nifty 50 Chart
Stocks to watch
Positive Read through
- ACC, NLC, JSW Energy – Among 5 companies that have bagged mines in the 10th round of the coal mine auction.
- Tata Power – MoU with ADB to explore financing options for energy infra projects of USD 4.25 bn.
- Mphasis – Entered into a multi-year technology partnership with MoneyGram Haas F1 team.
- Afcons Infra – lowest bidder for a project worth Rs.12.74 bn by the Uttarakhand Project Development Corporation.
- Man Ind – To sell, divest, or monetize assets of arm Merino Shelters, with Rs. 2.03 bn sales within 3 months.
- SJVN – MoU with the Rajasthan government for the development of a 5 GW pumped storage project and a 2 GW solar project.
- Crompton Greaves Consume – Company launched the Regera 6L water heater.
- Kotyark Ind – Company has been allocated tender for supply of 48,381 kl biodiesel to OMCs worth Rs 5.64 billion.
- Popular Ve – Opened new Bharat Benz 3S facility in Chhatrapati Sambhaji Nagar
- Insurance Cos – GST Council meeting in December likely to discuss rate cut on insurance premiums.
- Ashok Leyland – Sets up a light commercial vehicle dealership in West Bengal.
- Insurance Cos – GST Council meeting in December likely to discuss rate cut on insurance premiums.
Negative Read through
- Infosys – Gets tax penalty, demand worth USD 3.3 mn for Q3FY24.
- Apollo Micro – Select investors back out from preferential offer.
- Protean Egov – NSE investments to sell 20.31 pct via OFS, floor price Rs. 1,550/share.
- Adani Energy – Kenya cancels the USD 700 mn deal signed with a unit of the Adani Group to construct power transmission lines.
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