Markets witnessed selling pressure on Wednesday with Sensex violating key support of 71,483 on back of selling in technology stocks while financials managed to recoup losses in the last hour of trade. The outlook after Sensex close below 71,483 has turned cautious and we expect upper band of channel to act as a resistance in the near term. On the downside, prices may approach to re-test 50 DMA which is placed around 5% lower and this may recalibrate market positions from overbought to neutral zone.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Bajaj Fin – Best YoY Aum growth in 16 quarters, up by 34.70 pct, new loans up 25.77 pct.
- Vedanta – Vedanta Resources gets bondholders’ nod to restructure 4 series of bonds.
- Dr Reddy’s – Acquires Menolabs supplements portfolio from Amyris.
- IEX – Total December volumes increased by 14.90 pct YoY, market share gains.
- Chambal Fert – Board meet on January 8 to consider share buyback Rs. 13.85 bn via QIP at Rs. 576/sh.
- Defence Cos – 45 pct of Defence Min orders in 2024 may go to private sector, as per report.
- Torrent Power – Signs four MoUs with Gujarat Government worth Rs. 473 bn.
- Dhampur Sugar – Board approves buyback of up to 1 mn shares at Rs 300/share.
- Ujjivan SFB – Loan growth remains healthy; asset quality & CASA ratio improve QoQ.
- PFC: Signs MoU with Gujarat government for projects worth Rs 250 bn.
- Reliance: Reliance Jio added 3.16 mn subscribers in October.
- ONGC – Company wins seven blocks in latest bid round.
- Jio Fin – JV of the company has filed papers to launch MF businesses in India.
- Surya Roshni – Gets Order Worth Rs 720 mn From Odisha Urban Infrastructure Development Fund.
Negative Read through
- Indusind – YoY deposit growth lowest in 6 quarters , rises by 13.36 pct CASA ratio lowest in 27 Quarters.
- Sail – Divestment of Salem Steel has been called off by the centre.
- LIC – Gets Rs. 6675 mn GST, penalty demand from Tamil Nadu, Uttarakhand & Gujarat.
- Bharat Forge – North America class 8 truck orders down by 7 pct YoY, lowest in last 4 months.
- LtiMindtree – Gets GST demand, penalty order worth Rs. 2060 mn.
- Walchandnagar – Labour union strike impacts revenue by around Rs 300 mn.
- BGR Energy – Sbi & Central bank of India classify exposure as NPAs.
- Religare – Burman Family Issue A Statement On Rashmi Saluja ESOPs Matter.
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