Markets witnessed sharp decline on Wednesday with formation of bearish engulfing line pattern after Sensex opened higher and engulfed last three days of trading activity. The closing fell short below crucial support of 70,400 in Sensex which turns out to be upthrust line. A close below 70,400 would open gates for deeper downside with lower range seen 65,000-65,500. The rising India VIX above 14 had already been warning that a reversal in market would be swift enough to activate larger degree decline. The selling in Midcap and Small Cap segment turned deeper with prices engulfing last 11 trading session activity and this may trigger further unwinding in the coming days.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Zee Ent – Sony willing to discuss extension of deal deadline.
- Cochin Shipyard – Bags contract worth Rs 4.88 bn from Defence Ministry.
- DLF – Sells properties worth Rs 14 bn in Gurugram, Panchkula.
- Flair Writing – EBITDA increased by 2.90 pct, sales up by 4.20 pct QoQ.
- Mazagon Dock – Bags Defence Ministry contract worth Rs 16.14 bn for patrol vessels.
- Astrazeneca – To launch breast cancer drug Enhertu in January 2024 in India.
- Tarsons PDTS – Acquires 2 German medical & lab disposables distributors for EURO 10-15 mn.
- Titagarh Rail – Announces rejig & realignment of top management.
- Embassy Reit – Blackstone sells entire stake via block, hDFC MF, ICICI Prudential MF buyer.
- Nippon Amc – Indusind sells entire 2.86 pct equity via block, SBI MF, ICICI Prudential MF buyers.
- Manali Petrochemical – Company has resumed its operations at the Chennai plant.
- Raymond – Incorporated wholly owned subsidiary Ten X Realty East with the objective of undertaking real estate business.
- India Pest – Received technical equivalence certification from the European Union.
Negative Read through
- Allcargo – November LCL volume declined by 0.35 pct, Sets 2 January as record date for bonus issue.
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