Markets extended gains for the third straight week and rallied nearly 1.5% closing above the psychological barrier of 26,000 mainly on back of inflows from FTSE ALL Cap World Index rebalancing. The Nifty 50 ETF has been trading at taper end of the rising wedge and we expect major reversal to occur on close below 25,880 in Nifty spot. Most of Long only Funds and Hedge Funds take positions via ETF as their core portfolio and then later add on the specific stock or other indices to adjust and alpha and beta accordingly. The current political scenario is likely to turn volatile post Haryana election on 8th Oct as sounds has emerged within RSS to create another power centre in BJP which would constraint any unanimous decision by PMO. The overall view remain cautious as risk of change in leadership in centre is also taking buzz.
Nifty50 Chart
Stocks to watch
Positive Read through
- BEL – Registers JV with AIA, Israel for repair & maintenance of medium range surface air missiles.
- Adani Ent – Arm’s JV unit April Moon Retail buys 74 pct stake in Cococart ventures for Rs. 2 bn.
- Piramal Ph – US FDA issues establishment inspection report for manufacturing facility in Ahmedabad.
- Reliance Infra – Calcutta HC upholds Rs. 7.80 bn arbitration award against Damodar Valley Corp.
- Asian Energy – Bags order worth Rs. 820 mn contract from Oil India for 2D Seismic data in Rajasthan Basin.
- Indusind Bank – Board proposes 3 year term for Sumant Kathpalia as CEO, subject to RBI nod.
- Reliance Ind – Gets I&B Ministry nod for transfer of non-news business to Star India.
- Railtel – Bags order worth Rs. 1.34 bn from Adani Connex for advanced smart metering infra.
- Kaynes Tech – To acquire 100 pct stake in Iskraemeco India for Rs. 430 mn.
- Craftsman – Invests Rs. 1.26 bn in German Holdco to complete earlier intimated SPAs & for growth.
- Hind Rectifiers – Bags order worth of Rs. 980 mn from Indian Railways.
- Zydus Life – Gets US FDA nod for Enzalutamide capsules.
- Alembic Ph – US FDA issues establishment inspection report for oral solid facility (F-I).
- Mangalore Chem – Resumes production at ammonia & urea plants of the company.
Negative Read through
- Eicher – Royal Enfield to replace defective reflectors on bikes manufactured from Nov 2022- March 2023 for free.
- Biocon – US FDA issues 4 observations for API facility in Bengaluru.
- Lupin – US FDA issues 3 observations each for Pithampur unit 1 API & finished product manufacturing unit.
- Angel One, 5Paisa – NSE & BSE update transaction charges to comply with Sebi Circular.
- Jindal Stainless – Divestment in Jindal Coke & stake acquisition in Iberjindal incomplete, options being assessed.
- Zomato – Akriti Chopra resigns as Co-Founder & Chief People Officer of the company w.e.f. Sep 27.
- Jubilant Ph – US FDA classifies Canada unit as official action indication.
- Streling & Wilson – Promoters sells 7.14 pct stake via blocks, MS Asia, Societe Generale Buyers.
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