Markets rallied on low volumes to regain its control above the key support of 18130 as we approach the monthly closing. The gains were mainly on the back of a rally in Nifty Bank but the broader market lacked strength at higher levels. One key reason for the recovery in the market was on the back of minor weakness in JPY where USDJPY rebounded from 131 to 134 however after yesterday’s closing Dow Jones Index in JPY terms is a mere 1% above the key breakdown levels.
Today would be a crucial day to watch as any close below 18130 should be seen as signs of major cracks in Indian markets. The current rebound is a mere pullback after a breakdown in MSCI India Net USD which is unlikely to extend beyond a few more days.
MSCI India Net USD Index
Stocks to watch
Positive Read through
- Inox Green says CRISIL upgrades long-term rating to BBB+ from BBB.
- Poonawalla Fincorp Promoter bought 43 lakh shares from the open market.
- Craftsman Automation enters a definitive agreement with DR Axion India.
- Eicher Motors to buy 10.3 pct stake in European EV firm Stark Future Euro 903 a sh.
- Cipla to invest Euro 15 mn in Ethris initiating a strategic collaboration.
- Godrej Properties acquires a 9-acre land in Gurugram, with revenue potential at Rs 2500 cr.
- SBI Cards, Punjab & Sind Bank- Bank partners to issue co-branded credit cards.
- City Union Bank- opens 19 branches, total branch network rises to 753.
- Supreme Petro- production capacity of EPS at Manali increased to 33,000 TPA.
- Satin Credit- receives 2nd tranche of Rs 25 cr from Florintree Ven.
Negative Read through
- DLF- gets notice from Noida Authority demanding payment of Rs 234 cr.
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