Markets witnessed sharp swings on Wednesday with Nifty trading lower in first half of session while rebounding in later half and closed with decent gains. Nifty Futures has seen closing above 22,600 which is likely to trigger major short covering in the coming days with potential target of 23,500. The Nifty Bank too witnessed major gains on the back of India’s inclusion in Bloomberg EM bond indices, which comes five months after JP morgan had announced that it would include India in EM Debt.
Nifty Futures Chart
Stocks To Watch
Positive Read through
- Τata Motors – Moody’s affirms Ba3 ratings, outlook remains positive.
- Infosys – Extends partnership with ATP till 2026, to Drive AI-first Innovations in Professional Tennis.
- IRB Infra – Feb combined toll collection of company & IRB Infra trust up by 31 pct YoY at Rs. 4.62 bn.
- HAL – LCA IOC contract value revised to Rs. 50.78 bn from Rs. 27.01 bn.
- Asian Paints – Arm signs agreement with Gujarat Chem Port to UP VAM & VAE manufacturing unit.
- JSW Energy – HP High Court ruling sets aside Rs. 1.99 bn water cess levied on subsidiary.
- Vedanta – To file review petition in SC with respect to closure of copper smelter plant at Thoothukudi.
- Prestige Estates – Launches residential project in Bengaluru, sales potential Rs. 8 bn.
- GPT Infra – Bags order worth Rs. 1.35 bn from North Central Railway, Agra.
- Jupiter Wagons – Bags order worth Rs. 9.57 bn from Railway Ministry.
- KPI Green – Bags order for 9.40 MW Solar Power Plant under captive power producer segment.
- SEAMEC – Company to sell vessel SEAMEC Nidhi to Joyo Shipping for USD 10.5 mn.
- KeynesTech – Company signs Technology Provision Agreement with ISO.
- UPL – Signs pact with Masarrah Investment for manufacturing complex in Saudi Arabia.
Negative Read through
- M&M – Promoter group to sell 9.3 mn shares via block, price range at 0-3 pct discount to CMP.
- NLC India – Govt to sell up to 7 pct via OFS, floor price 6 pct discount to CMP.
- CGDS – LGL cuts CNG price, PNGRB says, government to ensure CGDS pass on benefits to consumers.
- IGL – Company reduces CNG prices in Delhi by Rs 2.5/kg to Rs 74.09/kg.
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