Markets scaled to new highs on Thursday with Nifty closing above 21,750 with major contribution from Bank Nifty and Metal Index. The India VIX scaled to 9-month high of 16.47 and though reverted back in negative, it signifies added risk in system. From the current levels, further upside room could be capped to 1.1% for Nifty index as Gold prices has also triggered major breakout. On the downside, last two days low is placed at 71,473 in Sensex and should be seen as a trend reversal for the current up move.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Indusind Bank – ICICI Pru AMC & ICICI Pru get RBI nod to acquire 9.95 pct stake in bank.
- RBL Bank – ICICI Pru amc & ICICI Pru get RBI nod to acquire 9.95 pct stake in bank.
- Federal Bank – ICICI Pru AMC & ICICI Pru get RBI nod to acquire 9.95 pct stake in bank.
- IDFC First Bank – ICICI Pru AMC & ICICI Pru get RBI nod to acquire 9.95 pct stake In bank.
- Railtel – Bags work order worth Rs. 1.20 bn from South Central Railway.
- PnB – Board approve fund raise of up to Rs. 75 bn in FY25 via equity.
- India Shelter – Q2 net income up 47.80 pct, cost-to-income at 40.59 pct vs 46.72 pct YoY.
- Satin Credit – Enters into a co-lending agreement with Karnataka Bank.
- Swan Energy – Rs. 40 bn fund raise via Pref issue cancelled as timeline has been extended.
- Waaree – Collaborates with Australia’s 5B Industries Pty Ltd for solar products.
- Tata Cons/Tata Coffee – Scheme of arrangement between Tata Coffee, and Tata Consumer Products to be effective January 1, 2024.
- Aarti Ind – Enters 9 year contract with a company for supply of a niche agrochemical intermediate.
- Lemon Tree – Signed a franchise agreement for an upcoming hotel in Mussoorie, Uttarakhand.
- Marine Electricals – Gets order worth Rs 318 mn from Defence Ministry.
Negative Read through
- BoB – Raises interest rates by up to 125 bps on retail term deposits for various tenors.
- ICICI Lombard – Gets confirmed tax demand and penalty notice of RS. 19.02 bn.
- Medplus – Drug Control admin suspends drug licence of 3 stores of arm for up to 7 days.
- Aarti Drugs – Gets SEBI warning for non-disclosure of Sarigam Plant closure in April 2022.
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