Markets remained under pressure on Thursday on the back of weak global cues with the Nifty settling lower by more than 1% while broader markets and Bank Nifty outperformed by a wide margin.
Thursday’s closing was well above the September series VWAP of 17524 which is a positive sign for markets and with sharp fall in Brent crude prices below USD 94 a bbl may provide a necessary booster for the Nifty to move towards new all-time highs in the coming days.
The prevalence of monthly breakout in Nifty Bees ETF and NIFTY 100 index is likely to trigger follow-up buying in the near-term with major short covering expected above 17600 in Nifty futures.
Nifty 100 Monthly chart & Sensex Daily
Stocks to watch
Positive Read through
- BEL: Company signs MoU with Smiths Detection to manufacture high-energy scanning systems.
- Tech Mahindra: Company and Tada Cognitive partner for supply chain solution.
- UPL: Co appoints Mike Frank as CEO of UPL’s Global Crop Protection business that manages all CP assets outside of India.
- Hindustan Zinc: DIPAM issues RFP for Engagement of Legal Advisor for stake sale in Hindustan Zinc.
- Adani Enterprises: Adani Enterprises will replace Shree Cement in the Nifty50 index with effect from September 30.
- Infosys: Completes Acquisition of Life Sciences Consulting and Technology Leader, BASE life science.
- Dodla Dairy: Ashoka India Equity Investment Trust Plc acquired 5,10,300 equity shares.
- LIC intends to increase the market share of the non-PAR business.
- JSW Steel arm Inversiones Eurosh Limitada to sell 70% stake held in Chile-based Santa Fe Mining to Diego Calvo SpA.
- Eicher Motors: Total sales at 70,112 units vs Nomura estimate Of 70,000 units.
- TVS Motor: Total sales at 3.33 lakh units Vs Nomura estimate of 3.26 lakh units.
- Suven Pharma: To Consider Declaration of Interim Dividend.
- GMR Infra: To Consider fundraising of up to Rs 6000 Crores in one or more tranches vis QIP/ FCCBs.
- Hero Motocorp: Sold 462,608 Units of Motorcycles & Scooters in August.
- Auro Pharma: Subsidiary CuraTeQ Biologics To Invest Up To Rs 300 Cr In Capacity Expansion.
Negative Read through
- NMDC: August production down 19% at 2.48 mt Vs 3.06 mt (YoY).
- Route Mobile: Promoter Sunita Sandip Gupta has offloaded 6.75 lakh shares in the company.
- Mahindra Logistics: First Sentier Investors ICVC Stewart Investors Asia Pacific Sustainability Fund sold 3,68,238 shares.
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