Markets regained momentum on Monday after the initial gap down opening with gains led by FMCG and Auto sector to help Nifty regain above 23,500 levels. Major short covering was seen in Bank Nifty futures as discount in futures was transformed into premium ahead of the F&O expiry in the week. Bank Nifty holds maximum potential to surpass 55,000 in the near term and help Nifty to meet its ultimate target of 247,00. In the past few days, the Japanese yen has seen sharp depreciation against emerging market currencies, which could be a key trigger for a rally in financials in Indian markets.
Nifty Bank ETF Chart
Stocks to watch
Positive Read through
- RBL Bank – To consider fund Raise via QIP on June 27.
- AU SFB – To consider fund raise in June 27 board meet.
- Amara Raja – Signs tech licensing pact with Slovakian company GIB for LI battery.
- Muthoot Cap – To initiate registration process as a corporate agent with IRDAI.
- Craftsman – MoU to acquire part or whole of sunbeam lightweighting business in tranches.
- Chemplast – Board approves fund raise of up to Rs. 10 bn via issue of equity shares, other means.
- Borosil – Launches QIP to raise up to Rs. 1.50 bn, indicative price at Rs. 316- 320/share.
- KIMS – Board Meeting to be held on 28 June to consider and approve the stock split.
- IndiGo – Company doubles frequency between Jeddah and Mumbai.
- Ambuja Cements – Secures 24 bids for fresh limestone mines, with an estimated total resource of 587 mn tonne.
- Himalaya Food – Dollar Tree Chain of Stores USA has approved relaunch of Frozen Appetizers under Himalaya owned brand Chef Ernesto.
- Sun Pharma – Says combined entity is better positioned to compete in increasingly competitive generics industry.
Negative Read through
- Happiest Minds – Ashok Soota to sell 6 pct via block, floor price at 10 pct discount to CMP.
- Bandhan Bank RBI appoints retired RBI CGM as an additional director to oversee the management transition.
- Allcargo Gati – To raise up to Rs. 2 bn via QIP, indicative price 10 pct discount to CMP.
- Shalby – Terminates franchise agreement with an Udaipur hospital over a breach of conditions.
- RR Kabel – Promoter entity sells 0.5 pct stake via block at Rs. 1,734.58/share.
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