Markets made one more attempt to cross 17,205 on Wednesday but the last hour of selling forced Nifty to settle below 17,000. Currently, the broader markets have seen a good amount of strength, but large stocks are unable to post-recovery. The Nifty 50 Equal weighted Index also indicates the completion of a falling wedge setup and suggests that broader markets are poised for a major recovery. We expect a major turnaround above 17,205 in the Nifty 50 spot and hence should be watched carefully. On the downside, 16,800 levels look crucial.
On the global front, Dow closed 280 points lower, as fresh turmoil at Credit Suisse. Indexes pared those losses after regulators announced that the Swiss National Bank would provide additional liquidity to Credit Suisse if necessary.
Nifty 50 Eq Wt Index
Stocks to watch
Positive Read through
- Vedanta repays $100 million to Standard Chartered Bank via encumbrance.
- KEC Intl bags orders worth Rs 1,028 cr across various business verticals like transmission and cables.
- KPI Green Energy received commissioning certificates for the capacity of a 31 MWdc solar power project.
- SVB fall, Nazara Tech says Rs 60 cr successfully shifted to other accounts.
- Eki Energy Services won an order from Kochi Metro to enhance the environmental aspect of the metro project.
- Hero Electric is to roll out 1 million vehicles per year for the next 2-3 years.
- PNC Infratech bags highway project for Rs 1,260 cr from NHAI, construction of the six-lane greenfield Varanasi-Ranchi-Kolkata.
- Sonata Software was selected as the Top SI partner for Bayer’s newly launched agri-food cloud solution.
- Jubilant FoodWorks plans to open 250 Popeyes stores across tier 1 and 2 cities.
- Railtel wins an order from CDAC for the supply, installation, testing, and commissioning of IT infrastructure for Rs 287.5 cr.
- Cyient, iBASEt open CoE to drive digital innovation in aerospace and heavy equipment industries.
- Zydus Wellness: Promoter Zydus Family Trust bought 10,907 shares on March 14.
Negative Read through
- RBI declines Bajaj Fin’s request to enter the Philippines market for lending activities.
- ONGC, OIL- Crude extends losses, Brent below USD 74 a bbl.
- Patanjali- Exchanges freeze promoter shares on MPS non-compliance.
- Hero Motocorp- Honda launches 100cc variant of Shine at Rs 64,900 ex-showroom Mumbai.
- Samvardhana Motherson- Holder Sumitomo Wiring Systems offers 23cr mn shares. Deal size at USD 195m and Floor price of Rs 69.90 a sh.
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