Markets for the week ended on a flat note with Nifty cementing its position above 23,500 while Bank Nifty witnessed major outperformance by gaining more than 3%. The major cause for outperformance can be attributed to sharp decline in JPYINR and based on current momentum, we expect Bank Nifty to surge higher towards 55,000. As India VIX is comfortably placed around 13 mark, any decline in markets to be used to add positions in large private banks which still have an upside of 10% in the coming days.
Nifty Bank ETF Chart
Stocks to watch
Positive Read through
- Sun Pharma – Company announces outcome of phase-1 obesity trial of GI0034 (Utreglutide).
- IGL – Hikes CNG price by Rs. 1/kg with effective from June 22.
- Lupin – Receives EIR from the US FDA for its somerset manufacturing facility.
- Prestige Estate – Board approves fund raise of up to Rs. 50 bn via QIP.
- Garden Reach – Bags order worth USD 54 mn from a German company for multi- purpose vessels.
- Chemical Cos – DGTR recommends extension of anti-subsidy duty on a Chinese chemical for five more years to guard domestic players.
- Welspun Specialty – Lowest bidder for an order worth Rs. 1.17 bn from BHEL.
- MCX – Shortlists name of candidates for the post of MD & CEO.
- JSW Energy – JSW Neo Energy gets LoA for 300 MW wind-solar hybrid capacity from SECI.
- Inox Green – To consider fund raise in June 26 board meet.
- Power Cos – Centre approves new transmission schemes worth Rs 135.95 bn to evacuate 4.5 GW RE power each from Rajasthan and Karnataka.
- E Commerce stocks – Relief for e-commerce companies as decided to reduce TDS deduction to 0.5 pct against 1.0 pct.
- Hindustan Zinc – Becomes the preferred supplier of zinc to U.S.-based AEsir Technologies.
- Tata Power – Ratings upgraded from ‘CARE AA/Positive’ to ‘CARE AA+/Stable’.
- Kirloskar Pneumatic – Signs MoU to acquire majority stake in Systems and Components India.
Negative Read through
- Cipla – US FDA issues form 483 with 6 observations for company’s Goa unit.
- STL – Pre-trial mediation unsuccessful in US-based Prysmian Cables & Systems case.
- Biocon – US FDA issues 4 observations for API unit (site 5) at Visakhapatnam, ap.
- Fertiliser Cos – GST Council refers proposal to exempt 5 pct GST on Ind to Gom.
- Cartrade – Warburg Pincus, Temasek Holdings to sell up to 13 pct stake via block.
- Ujjivan SFB – FY25 loan growth guidance reduced to 20 pct, RoE target reduced tο 20 pct.
- Astra Zeneca – Unsuccessfully completes exploration phase for search of buyer to act as a Contract Manufacturing Organisation.
- Tata Steel – About Company’s 1,500 workers to go on indefinite strike, union says, as per reports.
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