Market activity remained range bound on Thursday with Sensex higher mainly on back of gains from Reliance Industries as broader markets struggled to sustain at higher levels. With food inflation in the U.S. coming at record high levels, the Fed policy coming in the month end would be crucial in providing details about intensity of possible rate cuts. In Sensex terms, as long it holds above 71,000, we expect market to trade with positive bias while Bank Nifty remains negatively bias as long it trades below 48000.
Results Today – HCL Tech, Wipro, HDFC Life
Sensex 30 Chart
Stocks to watch
Positive Read through
- TCS – Earnings largely higher, CC growth higher than estimate at 1 pct QoQ.
- Infosys – Q3 in-line, FY24 revenue guidance narrowed to 1.5-2 pct, ADR up by 4 pct.
- Tata Power – MoU to develop 10,000 MW renewable energy project in Gujarat.
- Concor – Total Q3 volumes up by 6.05 pct, exim volumes up by 8.2 pct YoY.
- Allcargo Terminals – December CFS volumes up by 9 pct YoY & up by 13 pct MoM
- Nykaa – Lexdale intl may sell 26.2 mn shares worth Rs. 4.9 bn via blocks.
- HG Infra – Lowest bidder for a project worth Rs. 7.16 bn by Central Railway.
- Bajel Projs – Gets letter of intent for project worth Rs. 4.88 bn.
- Bhansali Engg – Gets environmental nod from rajastan government for capacity expansion.
- TARC – Launches residential projects in New Delhi, sales potential at Rs. 40 bn.
- Sundram Fasteners – Signs MoU with Tamil Nadu Government for investment of Rs. 14.11 bn.
- Oil upstream stocks – Oil jumps as US and UK launch airstrikes on Houthis in Yemen.
- Tata Metaliks – The NCLT, Mumbai sanctioned the merger of Tata Metaliks with Tata Steel.
- GHCL Textiles- Signed a MoU with Tamil Nadu Government to invest Rs 5.35 bn.
- KPI Green – Received an order for 2 MW solar power plant from Sanwariya Processors.
Negative Read through
- Polycab – No I-T communication received, Smallcap fund sells 0.85 mn shares via block.
- LIC – Gets another Income tax demand notice of Rs. 35,290 mn.
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