Markets cooled off from the day’s high on Tuesday to close in marginal negative terrain while the Bank Nifty suffered deeper cuts of around 1%. With Nifty comfortably holding above 24,000, the upside potential towards 24,700 still remains intact and a sharp fall in JPYINR may act as a catalyst for the current rally to continue further. We expect positive momentum to accelerate above 24,237 towards 24,700 in the next few days with major gains expected from FMCG and Banking.
Nifty 50 Chart
Stocks to watch
Positive Read through
- HDFC Bank – Foreign shareholding dips below 55 pct, MSCI weight increase likely.
- Persistent Sys – US Arm to acquire 100 pct stake in Starfish Associates for USD 20.7 mn.
- RVNL – Declared lowest bidder for a project worth Rs. 1.33 bn from Central Railway.
- Yes Bank – Q1 deposits jumped 20.76 pct, advances rose 14.8 pct YoY.
- Moil – Q1 sales surged by 14.5 pct, production grew 7.8 pct YoY.
- Avenue Super – Q1 standalone sales grew 18.3 pct YoY, adds 6 stores.
- IEX – Total June electricity volume up 24.7 pct, DAM volume increased 18.2 pct YoY.
- V-Mart – Q1 Total sales increased 16 pct, same-store-sales growth up 12 pct YoY.
- KEC Intl – Bags new orders worth Rs. 10.17 bn in T&D & Renewables businesses.
- NLC India – Q1 lignite production jumped 22.1 pct, coal production grew 35.3 pct YoY.
- Primo Chem – Secures long-term coal linkages via 10-year fuel supply agreement with Northern Coalfields.
- Moschip – In pact with C-DAC and Socionext for making high performance computing processor AUM.
- Puravankara – Acquires 7-acre land parcel in Bengaluru, with potential GDV of Rs. 9 bn.
Negative Read through
- M&M Fin – Asset quality deteriorates, Q1FY25 disbursement down 16.6 pct QoQ.
- Hind Zinc – Q1 mined metal production declined 12 pct, refined zinc production fell by 4 pct QoQ.
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