Markets managed to post gains despite a surge in USDINR above 82.5 with Nifty scaling to new all-time high breaching the last two days of doji stars. The USDINR is expected to play a critical move in the coming days as weekly closing above 82.60 should open gates for up move towards 88, which is likely to derail momentum in equity markets. The crucial support for Nifty is seen at 19200 below which selling is expected to intensify while 19600 in Nifty future may act as a significant hurdle. The key area where the ideal market could top out is when India’s VIX hits levels around 9.5.
Nifty 50 Index & USDINR
Stocks to watch
Positive Read through
- Indian Hotels signed 11 hotels in the first quarter and opened five new hotels across destinations
- Infosys- Co North American-based unit opened a new subsidiary in Canada.
- JK Cement- Company acquires 20 pct stake of Acro Paints for Rs 60.24 cr.
- Tata Comm: Rekha Jhunjhunwala increases stake in Tata Communications.
- Maruti Suzuki: Company begins export of Fronx compact SUV.
- Dabur- Q1 console business including recently acquired Badshah Masala growth seen at 10 pct.
- Dr Reddy has entered the child nutrition segment with the launch of immune booster gummies.
- Subros- Govt approves draft notification to mandate AC systems in truck cabins
- Eris Lifesciences: HDFC Mutual Fund bought 13.5 lakh equity shares
- Tata Motors: Tata Tiago crosses the 5 lakh sales milestone in India
- IOC & Praj Industries: To form a joint venture for building Biofuels production capacities in India
- Reliance Industries: NCLT Mumbai approves scheme of arrangement for Reliance Strategic Investments
- Suzlon Energy: After a recent rights issue, the board is to consider fundraising today.
Negative Read through
- Zee Ent- NCLT adjourns the Zee-Sony merger matter till July 10.
- Tata Steel: Q1 India production volume up 1.8 pct at 5.01 mt Vs 4.92 mt (YoY)
- Cipla: Company recalls six batches of Albuterol Sulfate Aerosol, 90 MCG
- Sobha- Q1 volumes flat at 1.39 msf, pre-sales rise 28 pct YoY
- Sanghi Inds- India Ratings downgrades credit rating to default grade
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