Markets witnessed the last hour of selling to erase opening gains of 1% forcing Nifty to settle around 19400 with the breadth of the market turning in favour of declines. The sudden reversal can be attributed to a sharp decline in USDJPY which has slipped below 138 and may trigger major carry trade unwinding in Indian Markets. Brent crude prices which remained stable around USD 75 have managed to cross above USD 81 a bbl and have re-entered the breakout territory with an upside projection seen at USD 100 a bbl in the short term. Crucial support for Nifty is seen at 19385 below which, we expect a sharp reaction towards 19100.
Nifty Chart
Stocks to watch
Positive Read Through
- Ahluwalia Contracts awarded a project worth of Rs. 199.58 Crores for Civil Structural work in Orrisa
- Samvardhana Motherson: Completes acquisition of 51% in premium car upholstery maker Saddles International’
- Deep Industries: Enters a Joint Venture arrangement with Euro Gas Systems to supply oil field equipment to the oil & gas industry
- SPARC: USFDA issues complete response letter for PDP-716 New Drug Application at API manufacturing facility
- Glenmark Life: Nirma, KKR, and Blackstone are in a race to acquire a controlling stake in Glenmark Life Sciences
- RVNL: Gets Letter Of Award for a NHAI Official project worth Rs 808.5 cr
- Metal Stocks: Metal prices jumped sharply on the back of weakness in the Dollar index
- ONGC: Agreements signed to connect ONGC’s natural gas fields with North East Gas Grid
- TTK Healthcare: Co has revised the floor price for delisting to Rs 1,201.30 per equity share against the earlier price of Rs 1,051.31
- JBM Auto: Company and its subsidiaries have won orders for nearly 5000 electric buses
- Granules India arm gets USFDA ANDA nod for Acetaminophen & Ibuprofen tablets used for temporary relief of minor aches & pains
Negative Read Through
- Century Textiles: US-based private research university Vanderbilt University has offloaded 6.5 lakh equity shares
- Patanjali Foods: To not exercise the green-shoe option in its Offer for Sale. (Neutral)
- CSB Bank: Omers sold 20.89 lakh shares at an average price of Rs 295.02 per share
- Tata Metallics- Revenue down 30 pct, EBIDTA declines 62.3 pct QoQ
- SPARC- USFDA issues complete response letter for under-development drug PDP-716
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