Markets cooled from day’s high yesterday to close with marginal gains after failure to sustain above 72,000 in Sensex while Nifty Bank swung from positive to negative terrain. The weekly channel resistance of 72,600 may be indicating that markets have be overstretched in the short term and due for a correction of at least 7-8% in the near term. Important support in Sensex is seen at 71,000 below which, we may see strength deterioration of broader markets. On the global front, NYSE Composite may be also poised for negating a short-term breakout which is expected to trigger volatility in the global markets.
Sensex 30 and NYSE Composite (US)
Stocks to watch
Positive Read through
- ONGC – Incorporates wholly-owned subsidiary OVL Overseas at gift city.
- PFC – Gets RBI’s nod to set up a finance company in gift city, Gujarat.
- Lupin – Launches Bromfenac Ophthalmic Solution, has exclusive first-to-file.
- Polycab – No communication from tax dept, deny tax evasion report.
- SpiceJet – To seek shrhidr nod for fund raise, reports say Carlyle looks to up stake.
- JB Chem – Target to improve productivity & CMDO business sales of > USD 100 mn by FY27.
- Bajaj Auto – Company launched second electric scooter as part of its EV overdrive.
- M&M – Announced the acquisition of stake of sustainable energy infra trust by the company and its arm Mahindra Susten.
- Tata Power – Signs MoU worth Rs. 700 bn renewable projects with Tamil Nadu government.
- Pondy Oxides – Signs MoU with Tamil Nadu Govt for Battery Chemicals.
Negative Read through
- Vedanta – Moody’s downgrades Vedanta Resources Corp family rating.
- Zee Ent – Stock exits F&O ban list, was volatile on Tuesday.
- Delta Corp – Q3 sales fall by 15 pct, makes no provision for GST dues.
- KIOCL – Temporarily suspends Mangalore-based pellet plant Operations.
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