Markets activity remained range bound as Nifty struggled to cross above 19500 due to weakness in Banks. The outlook for market remains cautious with major trend reversal support seen at 19200 while resistance is seen in the range of 19500-19600. We expect market to see base buildup around 19200 (will remain rangebound) before we see sustainable up move in the near term.
Sensex Chart
Stocks to watch
Positive Read through
- Sanghvi Movers gets work orders worth Rs 150 cr from Independent Power Producers.
- APL Apollo has been granted Incentives of Rs. 500 Crores by State Investment Promotion Board Govt of Chhattisgarh.
- Car Trade has entered into a share purchase agreement with Sobek Auto for acquisition of 100 pct stake for Rs 537 Crores.
- LIC-Total Premium Collected Up 21 pct at Rs 24,971 Cr Vs Rs 20,644 Cr YoY.
- HDFC Life- June Life Insurance premium grew by 28.2 pct.
- Max Fin- June Life Insurance premium grew by 45.4 pct.
- Mazdock Dock- Defence Procurement Board has given initial approval to the proposal to acquire three scorpene submaries
- Nazara Tech- Board approved funds raising up to Rs 750 crore via issuance of equity shares
- McLeod Russel: Board approves agreement with Carbon Resources to monetise identified assets.
- SBI: Bank to offload 2 percent stake in NSDL IPO via OFS (Neutral)
- Tatva Chinta- To consider Fund Raising Via Pref Shares, NCDs, Warrants, etc
- Tata Communication- acquire remaining stake in Oasis Smart Sim Europe SAS for Rs 99.3 cr
- Sanghvi Movers bags order worth Rs 150 cr from independent power producers
Negative Read Through
- Vedanta: Foxconn says it will not move forward on the joint venture with Vedanta
- Divis Lab: US District court invalidated Novartis’ combination patent for heart failure drug Sacubitril + Valsartan.
- Chemical cos- Global agro and specialty chemical cos guide for a weak June qtr
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