Markets witnessed heavy selling on Thursday led by Bank Nifty which saw breach of short-term support of 50 DMA after 1.6% decline and also followed with closing below the support line extended from low of 16 March 2023. The large-cap stocks have shown signs of wider cracks due to intense FII selling and we expect selling to aggravate further if the current week closing occurs below 19730. In fact, broader indices like the Nifty 500 are also on the verge of confirming the bearish engulfing line on the weekly chart and this would mean that from next week we may witness broad-based selling as we head towards F&O expiry.
Nifty Bank Index Chart
Stocks to watch
Positive Read Through
- Banks – JP Morgan will include Indian bonds in its Emerging Markets Debt Index beginning in June 2024.
- JSW Steel – For USD 24 mn company to sell US plant and mineral rights to West Virginia properties.
- Glenmark Pharma – The company to sell a majority stake in Glenmark Life, will aid in debt reduction.
- Sunteck Realty – Partners with IFC to create a Joint Platform with Rs. 7,500 Mn investment
- Idea forge – From Defense Ministry bags order of Rs. 580 mn
- RVNL – For Rs. 12,710 mn highway project JV signs MoU with NHAI.
- NBCC – For Bhilai steel plant township, Company bags order from SAIL for Rs. 1,000 mn.
- IndiGo: Company and British Airways announce new codeshare partnership
- Infosys: Company to offer its Finacle Digital Banking Suite to Nigeria’s Guaranty Trust Bank
- Mahindra Lifespace: The Company launches phase 3 of Mahindra Happinest Tathawade, In Pune.
- Vedanta: The Company approves raising funds via NCDs on a private placement basis.
Negative Read Through
- Wipro – CFO Jatin Pravinchandra Dalal resigns, and Aparna Iyer to take over.
- Glenmark Life – At Rs. 615 per share promoter Glenmark Pharma divest 75 pct stake to Nirma.
- ICICI Lombard – MD and CEO Bhargav Dashupta resigns
- ICICI Securities – Administrative warning issued by SEBI with respect to merchant banking activities.
- Oil India: LIC has decreased its shareholding in OIL India from 11.73% to 9.69%.
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