Markets extended gains on Tuesday despite initial lower opening with Nifty Bank rebounding sharply and closing with gain over 1%. Nifty has managed to post closing at all-time high with breakout evident after trading sideways movement for more than a month. An immediate upside for Nifty is seen towards 23,200 while 21,900 is expected to act as a major support. Much would also depend on U.S Fed minutes which would be announced today evening and any dovish commentary promulgating more than two rate cuts would provide necessary cheer for emerging markets.
Nifty Chart
Stocks to watch
Positive Read through
- Wipro – Collaborates with Intel Foundry for advanced chip design & development.
- Hindalco – Novelis files for an IPO in the US, valuation is seen around USD 15 bn.
- Jindal Stainless – ELM Park Fund sold 1.13 mn shares at Rs. 640/sh, JSL Overseas Holding buyers.
- ABB India – Reported Q4 earnings better than estimates, order inflow up by 35 pct YoY.
- Adani Energy – Fitch affirms rating at BBB-, outlook stable.
- Whirlpool – Promoter sells 24 pct stake via block, SBI MF, ICICI Pru MF buyers.
- Tourism Fin – Investor Aditya Kumar Halwasiya buys a 13 pct stake via block.
- Union Bank – As per the report, the company has launched Rs. 30 bn QIP, indicative price of Rs. 135.65/sh.
- GOCL Corp – Promoter Hinduja Capital, Mauritius to reduce stake by about 1 pct.
- GR Infra – Concession agreement worth Rs. 2 bn from Shri Mata Vaishno Devi Shrine board.
- Jindal Saw – Eriska Invst Fund sells 2.35 mn shares via block, Nippon MF, Samco MF buyers.
- Thermax has signed a license and technical assistance agreement with South Korea-based Flowtech Co.
- Ashok Leyland: The Company to set up a Greenfield plant focused on clean mobility in Uttar Pradesh.
- DLF: signs pact with Axis Trustee Services, IREO for acquisition of 28.49 acres of land parcels in Haryana.
- Zaggle: Company in pact with Bennett, Coleman & Co for expense management platform.
- Bajaj Hindusthan: The Company collaborates with everenviro to produce compressed biogas in UP.
Negative Read through
- Zee Ent – Not involved in any negotiations, clarifies on the report of Sony Merger revival.
- Devyani – Yum Restaurant may sell 4.4 pct via block, floor price Rs. 153.50/share.
- Swan Energy – The Company has launched Rs 40 bn QIP, indicative price Rs. 670/sh.
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