Markets failed to extend gains beyond 19,800 after lack of momentum from Bank Nifty and Nifty ended with marginal negative closing. So far, Nifty has managed to retrace 50% of recent downtrend and hence remains vulnerable to major downtrend below 50 DMA which is placed at 19,606. The Bank Nifty has been so far weakest as it is continuously trading below 50 DMA and is currently poised for 5-7% downfall in the next 2-3 trading session. The key trigger for extended downtrend in Indian markets can be felt on USDJPY on a move below 148.50.
Result Today – HDFC Life
Nifty 50 in JPY and Sensex 30 chart
Stocks to watch
Positive Read through
- Sun pharma – CEQUA phase-4 trials shows improvement in dry eye disease patients.
- Tata Motors – CJ Darcl Logistics signs accord with company.
- Lupin – Company gets tentative US FDA nod for Narcolepsy drug Generic Xywav Oral solution.
- Mphasis – Acquires Sonnick Partners for USD 132 mn in cash.
- Ircon – Company granted ‘Navratna’ status by government.
- Indigo – Market share rises for 3rd straight month at 63.40 pct.
- GMR Airports – September total passenger traffic grew by 23 pct YoY.
- Angel One – Gross client acquisition rises by 59.80 pct , sales up by 29.80 pct (QoQ).
- Anand Rathi Wealth – Aum increased by 10pct QoQ, Raises FY24 Aum & sales guidance.
Negative Read through
- Adani Group – Adani coal shipment show inflated import prices, according to FT.
- Infosys – FY24 cc rev growth guidance cut to 2.5 pct, Q2 above estimates.
- Dr Reddy’s – US FDA issues 9 observations for manufacturing facility in Bachupally, Hyderabad.
- HCL Tech – Lowers FY24 rev growth guidance to 4-5 pct YoY, Q2 in-line with est.
- Kesoram – Q2 margin came at 7.30 pct vs 6.10 pct, Rayon & Chem business EBIT loss widens YoY.
- Panacea Bio – US FDA issues form 483 with 9 observations for Baddi unit.
- Paytm – Paytm Payments bank fined Rs. 53 mn by RBI on regulatory compliance issues.
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