Markets witnessed narrow trading activity on Tuesday with Nifty 50 closing above the key hurdle of 18580 but broader markets remained on the weak side with midcap and small-cap indices closing in the negative terrain. The lower India VIX reading and Nifty 50 closing above 18580 could see further buying in the next few days from non-Financial to force a further 6% up move in the coming days. The potential target for Nifty 50 is seen at 19867 with stop loss for long positions placed at 18100.
Asia stocks were choppy as investors were cautious after disappointing China data. The market will remain cautious ahead of Fed Chair Jerome Powell’s speech later today. Friday’s release of the November jobs report in the US is crucial.
Nifty 50 index
Stocks to watch
Positive Read through
- Adani Group wins the Dharavi redevelopment project with a Rs 5,069-crore bid.
- Gland Pharma to acquire 100 pct of Cenexi Group for 120 million Euros.
- Biocon- Biocon Biologics completes USD 3 bn acquisition of biosimilar business of Viatris.
- Zydus Life- Medium term strategy for India is to maintain double-digit growth.
- Guj Flour, Inox Wind, Inox Green- Inox GFL Group reduces debt across wind business.
- Britannia has entered into a joint venture agreement with Bel SA of France to develop, manufacture and sell cheese products in India.
- IDFC: Company says it got SEBI nod for change in control of IDFC Mutual Fund.
- Inox Wind: Inox GFL Group ‘initiates strategic action’ to deleverage its Wind Business.
- KIMS: The company acquires an additional stake of 7.79% in subsidiary Arunodaya Hospitals
- Cipla: Company has launched Leuprolide Acetate Injection Depot 22.5 mg, used in the treatment of prostate cancer.
Negative Read through
- Lupin- Mandideep API unit observations say the crucial process for manufacturing is not followed.
- GR Infra- National Capital Region Trans Corp annuals Rs 592 cr Rajiv Chowk (Delhi) contract.
- Indigo, Spicejet- Air India and Vistara announce the merger to be completed by March 2024.
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