Markets gave away almost 2 weeks of gains in the last week after Nifty declined over 2.5% led by Bank Nifty which saw a fall of more than 3.5% despite the US Fed maintaining key rates unchanged. The BSE Sensex posted a closing below 50-DMA on Friday which provides a leading signal of extension of selling in the days while technical triggers from US markets are more worrying after the S&P 500 Equal Weighted Index confirmed long-term triangle breakdown. Immediate support for Nifty is seen at 19380 below which we should see Nifty declining towards 18000.
Sensex 30
Stocks to watch
Positive Read through
- Bajaj FIN – On 5th October, the company is to Consider fund raise via preferential issue.
- Strides – Gets US FDA approval for cardiac drug Icosapent Ethyl Capsules.
- Apollo Tyres – Manufacturing facility in Limda, Gujarat resumes operations.
- Sequent – For Vizag unit US FDA Issues 1 procedural observation.
- Blue Star – Via QIP company Raises Rs10,000 mn, ADIA, Norges Bank, SBI Allotted Shares.
- IRCON – Executes agreement with Sri Lanka rail under Rs. 1,220 mn Indian line of credit.
- Shree Renuka – For Rs. 2,355 mn company acquires Anamika Sugar, approves Rs. 2,850 mn fund raise.
- Vijaya Diagnostic – Appoints Sura Suprita Reddy as MD & CEO of the company for 5 years.
- SJVN – Company to monetize partial earnings of NJHPS via securitisation of future RoE.
- Deep Ind – Gets letter of award for order of Rs.1080 mn from ONGC.
- Karnataka Bank – Board approves Rs. 15,000 mn fund raise of which Rs. 8,000 mn is via preferential basis.
Negative Read through
- Delta Corp – DG GST intelligence issues notice to pay tax liability of Rs. 168,220 mn.
- Grasim – At Century Rayon plant, Tanker rupture incident result in 2 fatalities.
- LIC: Company gets order demanding Rs 2,905 mn GST with interest & penalty from BGST & CGST
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