Markets inched further higher on Thursday to cross above 19,700 on the back of a sharp surge in Bank Nifty while key concerns like rising USDINR and Brent Crude prices continue. The broader market index namely the Dollex 100 index which is basically the BSE 100 Index in USD terms has formed a bearish pennant where Wave C within Wave 2 is coming to an end and a negative closing of 0.65% or 125 points in Nifty 50 should be sufficient to confirm a major trend reversal. The crucial breakout for USDINR is seen at 83.46, above which we may see a quick short covering towards 88.
Nifty 50- Nifty 500 spread
Stocks to watch
Positive Read Through
- Bajaj Finserv – Gross direct premium underwritten increases 64 pct year on year.
- LTIMindtree – Adspark & smart svc operations for retail media launched.
- Tata Steel – With Avaada signed an agreement for the Odisha green hydrogen project.
- Ashok Leyland – Switch mobility introduces electric LCVs with a range of 120 km range connectivity.
- ICICI Lombard – August premium increased by 16 pct YoY, and its FY24 market share has rises 57 bps.
- NTPC/Torrent power – Tender for a 4,000 MW gas-fired power plant will be floated.
- Kirloskar Ferrous – Commercial operations of ‘mini blast furnace-l’ in Karnataka resume.
- TV18 – Viacom18 secured ISL media rights for the next two seasons.
- Motherson Wiring – Opens wiring harness facility in the UAE.
- Star Health – August premium rises by 19 pct YoY & FY24 market share up 29 basis points.
- Mazagaon Dock – MSRA W/US government represented by NAVSUP Fleet logistic Yokosuka.
- Tejas Network – Rs. 750 mn of order received from TCS for radio access network Equip.
Negative Read through
- JB Chemical – CFO Lakshay Kataria resigned effective from 30 November 2023.
- New India Assurance – August premium declined by 3 pct YoY, Market share declined by 50 bps.
- Campus Active – COO Piyush Singh resigns effective 2 December 2023.
- Nureca – CFO Nishant Garg resigns effective 6 December 2023.
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