Markets ended higher but cooled off from higher levels to close with gains of 0.9% in Nifty while gains were contributed by mainly technology and metal sector.
The upside momentum for the market has already begun after Friday closing above 15683 and in the near term, prices are expected to surge higher despite the wall of worries.
The initial motion may be a a slower pace due to lack of volumes but momentum is likely to pick up as Nifty clears the psychological hurdle of 16000.
Expects the market to open on a flat note on Global cues. US markets ended marginally red after a rally of 7% last week and most of the Asian markets open on a flat to negative.
Brent Crude surged 3% to $116/bbl as threats to global output risked tightening the market further before OPEC+ meets this week to discuss supply and fall in US Inventory. The prospect of additional supply from two of OPEC’s key producers also looks limited.
Events – GST Council meeting from today, Tata Steel AGM
S&P Dollex 30
Stocks to watch
Positive Read Through
- TTK Prestige acquires a 40 pct stake in Ultrafresh Modular Solutions.
- SnP affirms BBB- rating on ICICI Bank on improved asset quality.
- Reliance, PremjiInvest, CP Group, and Swiggy look to bid for Metro India unit
- Bank of Baroda to raise Rs 5,000 crore via long-term infra bonds.
- NMDC’s steel plant sale may fetch an enterprise valuation of up to $4 bn.
- Vedanta turns to LIC for Rs 5,000 cr as offshore borrowing gets costlier.
- TVS to bet on electric vehicles; to come up with 5-25-kW products.
- Moodys upgrades Tata Steel’s outlook to ‘positive’ from ‘stable’
- Hikal gets Court Orders Green Agency to Allow Key Factory
Negative Read through
- Aurobindo Pharma Gets SEBI Warning Letter on Limited Disclosure
- Bajaj Auto approved a share buyback plan of as much as Rs2500cr at Rs4,600 each from the open market.
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