Market activity on Tuesday remained range bound with formation of back-to-back doji star on daily candlestick chart while India VIX continues to plunge on back of sustained activity of put writing in the system. A lower reading in India VIX below 12 should be seen as major signs of optimism as with institutions aligning their portfolio towards risk on trade. The weakening dollar to Fed rate cut expectations is likely to benefit Nifty Bank significantly in the coming days with an immediate target expected at 51,000 while sectors like IT and Pharma is likely to remain under pressure.
Nifty Futures Chart
Stocks to watch
Positive Read through
- HCL Tech – 49 pct stake divestment by arm in JV completed, receives USD 172.5 mn.
- Ultratech – To commission 2 new greenfield units of 5.4 MTPA in Chhattisgarh & Tamil Nadu.
- Hind zinc – Highest-ever quarterly refined metal pdn in Q4, up by 1 pct YoY at 273 KT.
- Nalco – Reports a record year in FY24, aluminum sales at 4.7 lakh tonnes.
- MOIL – Posts Production best ever in FY24, production up by 35 pct YoY.
- Ramco Cements – Commissions line II at Odisha’s grinding unit.
- Sunteck Realty – Leases building in Mumbai, to generate Rs. 20 bn sales over 29 years.
- Zee Ent – MD & CEO Punit Goenka to implement a voluntary 20 pct pay cut.
- Anupam Rasayan – Signs Lol with Japanese multinational worth approx Rs. 7.43 bn.
- PNC Infra – Arm PNC Raebareli highways to get Rs. 1.17 bn settlement from NHAI.
- Biocon – Transfers India’s branded formulations business to Eris Lifesciences for Rs. 12.42 bn.
- J&K Bank – Bank in pact with New India Assurance Co for servicing & soliciting insurance products.
- IREDA – Records its highest-ever annual loan sanctions and disbursements in FY24.
- Sona BLW – Gets approval for 2nd hub wheel motor for electric two-wheelers under PLI scheme.
- Bharti Airtel – Bharti Hexacom garners Rs 1,923.7 crore from anchor investors ahead of IPO.
- GE T&D India – Gets letter from General Electric Company to split GEC into GE Aerospace & GE Vernova.
Negative Read Through
- JSW Energy – To raise up to Rs. 50 bn via QIP at an issue price of 485/share, as per report.
- Bharat Forge – March North America orders Slip for 4th straight month, declined by 33 pct MoM.
- Shriram Properties – Arm gets tax penalty order of Rs. 4.46 bn for AY2018-19.
- Dhanlaxmi Bank – Q4 CASA declined by 1.8 pct QoQ & increased by 2.8 pct YoY, deposits down by QoQ.
- Shriram Prop – Gets penalty order worth Rs 4.47 bn for AY19 from Chennai tax authority.
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