Markets ended with marginal gains, but Sensex failed to close above the crucial resistance of 67619 ahead of ECB meet yesterday. The India VIX retreated from 12 to 11.5on expectation of Chinese stimulus while Brent Crude has now crossed above USD 94 a bbl and should be positioned to test USD 107 a bbl by the next week on basis of long-term breakout.
The formation of bearish engulfing Pattern on Tuesday in broader market index namely Nifty 500Index may still act as a major hindrance for sustenance of rally and a move below 19,800 in Nifty 50 should be a signal for reversal in market.
Sensex 30 Chart
Stocks to watch
Positive Read Through
- Infosys – Bags 15-year order of usd 1.5 bn from a Global company.
- ONGC – Crude price reaches 10-month high, brent exceeds USD 94/bbl.
- Bharat Forge – Company to build armored vehicles for paramount’s customers.
- Strides – HIV drug Dolutegravir tablets receive probable US FDA approval.
- Patel Engg – JV is the lowest bidder for Rs 2,500 mn project, company’s share of Rs 1,000 mn.
- Sequent Scientific – Board approves thane Api facility sale.
- GMM Pfaudler – Company to pay for USD 7 mn for mixing equipment company MixPro acquisition.
- Gufic Bio – Omadacycline Tosylate, a drug used to treat infections, receives patent.
- Siyaram Silk – Increases share repurchase price to Rs. 720 from Rs.650/share.
- Lemon Tree – Has signed a license agreement for two new properties in Gujarat and Nepal.
- Religare Ent – IRDAI approves MIC acquisition under certain conditions.
- PI Industries – The company formed a strategic relationship with Koppert .
- Indian Hotels – Co signed agreement for a Taj Hotel in Frankfurt, Germany under an operating lease arrangement.
Negative Read Through
- Alkem – Company confirm about survey by Income Tax department in office.
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