Market activity on Monday remained muted with Sensex closing below the important support of 67,619 on the back of USIDNR hitting an all-time high above 83.2325. The occurrence of a rising wedge on the weekly chart poses a threat of a major reversal and a weekly close below 20,032 in Nifty should provide the necessary confirmation of a reversal. The key event which may spur volatility in global markets is U.S. Fed monetary policy outcome where a rate pause is expected but any hawkish commentary could trigger a sharp downturn in the emerging markets.
Nifty Chart
Stocks to watch
Positive Read Through
- Reliance – At Rs. 599 Jio Launches JioAirFiber Services In 8 Cities.
- Zydus Life – US FDA approves formulation manufacturing facility in SEZ 2, Ahmedabad.
- Biocon – Group CEO Peter Bains has been appointed, effective 18 September.
- Tata Motors – To increase cv prices by up to 3 pct beginning October 1, 2023.
- Bharat Dynamics – Rs. 2,910 mn contract signed with the Indian Air Force for surface-to-air missiles.
- NBCC – Rs. 1,500 mn order bagged from Khadi & Village Industries Commission.
- Blue Star – QIP launched to raise Up To Rs.10,000 mn; at a Floor Price of 784.55/Share.
- GMR Airports – Passenger traffic increased by 27 pct in August, while aircraft movement increased by 16 pct YoY.
- Ashoka Buildcon – From Maha Electricity Distribution Co Bags Rs. 6,460 mn project.
- BL Kashyap – From Delhi International Airport company got an Order of Rs. 1,670 mn.
- Amber Ent – With Nexxbase company forms JV to Manufacture and design wearables.
- LTIMindtree – The Company launched testing as a service for Oracle SaaS.
Negative Read through
- HDFC Bank – Mixed call from brokerage post analyst meet, Merger impact on NIM likely.
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