Markets on Wednesday witnessed divergent trend with Nifty Bank ending lower while recovery in the IT sector helped Nifty to surpass 19,800 levels. The Sensex has been struggling to cross its intermediate high and Nifty Bank has been consistently trading below 50 DMA which does not augur well for strength of markets. For Sensex, trend reversal is seen on close below 65,356 i.e. 1% below the current prices. Meanwhile, crude oil prices fell further with Brent at USD 81 a bbl as OPEC delayed pivotal meeting on production cuts from Nov 25-26 to Nov 30.
Sensex 30 Chart
Stocks to watch
Positive Read through
- TVS Motor – Enters Vietnam market, launches a range of two- wheelers.
- Power Grid – Investment panel approves 2 projects of Ra. 1,426 mn & Rs. 2,244 mn.
- NMDC – Price hike across Pdts in Chhattisgarh & Karnataka effective today.
- Shalby – To construct a 175 bed hospital in Santacruz, Mumbai.
- Welspun – Arm gets Odisha government nod to set up manufacturing unit, to invest Rs. 4,794 mn.
- Honasa Cons – Q2 margin at 8.1 pct vs 6.4 pct, EBITDA up by 53.5 pct YoY.
- Genesys – Partners Survey of India for 3d digital twin mapping programme in India.
- CE Info – Board meet on November 27 to consider fund raise.
- Infosys inks partnership with TK Elevator to help build AI-first strategy.
- Aurobindo Pharma subsidiary receives USFDA approval for Ryzeneuta.
Negative Read through
- Cipla – Pithampur unit warning letter, data integrity issue highlighted.
- Indigo – Receives Rs. 7,400 mn & Rs. 9,270 mm tax demand order.
- Walchandnagar – Labour Union strike announced w.e.f nov 22 At Walchandnagar, Pune.
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