Markets for the month of July posted a smart recovery with Nifty gaining 9% while Bank Nifty settled higher more than 12% despite USDINR testing the 80 mark. The main trigger for recovery in Indian markets has been on the back of FII resisting aggressive cash-based selling and on the other side turning net buyers in Index futures.
The Nifty 50 Equal Weighted Index has activated a major breakout on a weekly closing basis, and this is likely to fuel a further up move of 13% in large-cap stocks in the Nifty 50 Index.
With FII having a high preference for large-cap stocks, the next leg of the rally would be concentrated in the Nifty 50 basket, and this can be reconfirmed from the breakout in the spread of the Nifty 50 & Nifty 500 Index. For the week, Nifty should be eyeing a new all-time high as a major short covering is expected after Nifty crosses the 17250 mark.
Nifty- 50 Eq Wt Index & Spread of Nifty50-Nifty 500 Index.
Stocks to watch
Positive Read through
- NTPC Ltd to raise up to Rs. 12000 crore
- Talbros Automotive Components Ltd receives new multi-year orders worth Rs. 400+ crores
- Welspun Enterprises Ltd receives completion certification for the HAM project
- ONGC awards contract to Jindal Drilling and Industries Ltd
- Relaxo opens its store in Orissa
- Dr. Reddy’s Laboratories enters into a licensing agreement with Slayback Pharma
- Shilpa Medicare’s Unit III, Advanced Analytical Characterization Laboratory clears US FDA Remote Record Review
- Prestige Estates Projects acquires 10% stake in Prestige Sterling Infra projects Pvt Ltd
- Ujjivan to enter gold loan segment soon; to offer auto loans to customers and take its loan book to around Rs 25500 cr
- Glenmark Pharma arm gets final USFDA nod for birth control capsules
- Sundram Fasteners consolidated a net profit of Rs 138 cr up 14.5%
- Sun Pharma reported a 43% rise in consol net profit at Rs 2061 cr, revenue rose to Rs 10762 cr
- Ashok Leyland Q1 profit at Rs 68 cr Q1 on strong volumes vs year-ago loss
Negative Read through
- IOC- Margins at 0.6% vs expected of 3.7%, Market segment loss impact margins
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