Markets on Tuesday formed an inside bar with prices oscillating in narrow range and ending with losses of 0.5%. The broader markets witnessed better performance as midcap and small cap segment managed to end in the green while Nifty Bank ended below 47,000. At present, the major trigger for upside is expected from the banking sector which has seen significant underperformance since October 2021. A breakout above 47,100 is expected to trigger significant upside beyond 15% which may help Nifty to scale beyond 23,500 in the near term. Today’s crucial level to watch would be 47,100 in Nifty Bank.
Nifty Bank
Stocks To Watch
Positive Read Through
- Cipla – Gets regulatory approval to merge Cipla Tech Llc into Cipla USA Inc.
- Sanofi India – Cipla signs partnership with co for supply of CNS product range in India.
- Shyam Metallics – JV W/NREPL get for composite license for Surajagad-1 iron ore block.
- IIFL Finance – Board approves appointment of Arun Kumar Purwar as Chairman.
- Adani Power – CCI approves proposed acquisition of Lanco Amarkantak Power.
- Piramal Ent – Invests Rs. 20 bn in arm PCHFL.
- Prataap Snacks – Commences commercial production at new J&K unit.
- Infibeam Avenues – UAE-based step-down arm to raise USD 25 mn via pre-IPO round.
- Prism Johnson – To consider fund raise via NCDS on March 29, 2024.
- Technocraft Ind – Arm to commence production in a phased manner.
- Power Grid – Commissions augmentation of transformation capacity in southern region project.
- Krsihna Defence – Company won order for supply of special steel product worth Rs. 109 mn.
- Apollo Pipes – Acquires 53.57 pct share capital & voting rights in Kisan Mouldings for Rs. 1.18 bn.
- DCM/Chemplast: DGTR initiates anti-dumping investigation on PVC suspension resins.
- AstraZeneca – Gets permission to import for sale & distribution of Trastuzumab Deruxtecan Lyophilized powder.
Negative Read Through
- Angel One – Launches QIP to raise up to Rs 15 bn, floor price at Rs. 2,555/share.
- Aster DM – Olympus Capital Asia Investments to sell up to 9.8 pct equity via block deal.
- CDSL – Standard Chartered Bank to sell entire 7.18 pct stake via block deal.
- Uflex – UK arm’s erstwhile director is found to have committed fraud.
- Kalyani Forge: A new lawsuit has been brought against industrialist Baba Kalyani.
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