Markets ended lower after a failed attempt to surpass 17,156 in Nifty, mainly on the back of selling in financial stocks. The sharp drop in USDINR led the Dollex 30 index i.e. Sensex in USD terms to end on a flat note, thus implying overall strength in the market. With India VIX on the verge of triggering a major breakdown below 14.30, we expect Indian markets to gain momentum on the cross above 17,156 for an immediate target of 18,500 in the short term.
S&P Dollex 30 ie Sensex in USD
Stocks to watch
Positive Read through
- Lupin receives tentative approval from US FDA for obeticholic acid tablets.
- Bharat Electronics- Ministry of Defence signs 2 contracts worth Rs 3,800 crore.
- Rail Vikas Nigam JV bags LOA for the project worth Rs 252 crore in Gujarat.
- IDFC- IDFC shareholding in IDFC First Bank increases to 39.99 pct.
- Tata Steel- Tata Steel Advanced Materials becomes a direct wholly owned subsidiary of Tata Steel.
- Indiabulls Housing Finance- Indiabulls Housing Finance raises Rs 91.64 crore via non-convertible debentures.
- Vedanta: Board will meet on March 28 to consider and approve the 5th interim dividend.
- PNB Housing Finance- the board will meet on March 28 to consider fundraising through the rights issue of shares.
- Maruti Suzuki will be hiking prices in April 2023 owing to increased cost pressure which will be passed on through the price increase.
- Emami: The board will meet today to consider the buyback of shares.
Negative Read through
- Anand Rathi Wealth- Promoter entity offloads 0.79 pct shares in Anand Rathi Wealth.
- Campus Activewear- TPG Global plans to exit the company by selling its 7.6% stake through block deals today.
- Metro Brands to demerge its wholly-owned company FILA, as part of its strategy for optimum growth and development of FILA’s businesses.
- AMC Cos- proposal of debt fund taxation changes in Finance Bill 2023.
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