Benchmark indices scaled new high with Nifty up by 0.8 pct solely led by gain in Bank Nifty which gained 1.7 pct. Private banks outperformed PSU banks as value buying emerged with ICICI Bank entering the USD 100 bn m-cap club. We expect the outperformance in Bank Nifty to continue further with an expected target of 55,000. 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 monthly expiry is scheduled in today’s session, while the Nifty 50 along with all listed stock derivative expiry is scheduled for tomorrow. Volatility is expected to persist.
Nifty Bank ETF Chart
Stocks to watch
Positive Read through
- Coforge – Gets CCI nod to acquire a majority stake in Cigniti Technologies.
- Bank of Mah – Bank likely to raise up to Rs. 50 bn via QIP.
- Central Bank – Bank likely to raise up to Rs. 20 bn via QIP.
- Mazagon – Department of Public Enterprises approves grant of ‘Navratna’ status to the company.
- Textile Cos – Mulling extension of Rs. 100 bn PLI scheme for the garment sector.
- VPRPL – Gets Rs 2.73 bn order from Uttar Pradesh Jal Nigam.
- TRENT – Westside collaborates with designer duo Saaksha & Kinni for the Honey I’m Home 2.0 collection.
- Vodafone Idea – Vodafone Group to inject up to Rs. 30 bn into the company post Indus stake sales.
- Zee Ent – NCLT allows withdrawal of the implementation application of composite scheme of arrangement with Sony.
- Adani Ports – S&P Revises Adani Ports Outlook to Positive; Affirms ‘BBB-‘ RTGS.
- Time Tech – Received an additional order of Composite Cylinders for total value of Rs. 550 mn.
Negative Read through
- M&M Fin – Vivek Karve resigns as CFO of the company with effect from October 31, 2024.
- SBI Card – Average May spends down 0.64 pct, total cards market share at 18.51 pct vs. 19.53 pct YoY.
- CE Info – Promoter to sell 0.9 pct stake via block, floor price at 5 pct disc to CMP.
- Sanghi Ind – Ambuja Cements & Ravi Sanghi to sell up to 3.52 pct stake via OFS.
- Borosil – Raises Rs. 1.50 bn via QIP, issue price of Rs. 318/share at 8 pct disc to CMP.
- JSW Energy – HP Government moves SC against HC order favouring company in Cess case.
- Glenmark Pharma – Recalls potassium chloride extended-release capsules on failed dissolution.
- RattanIndia Enterprises – Vijay Nehra resigns as COO of RattanIndia Enterprises effective June 24.
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