Markets attempted a rebound on Monday on the back of upbeat global markets but failed to extend beyond 19,350 which was followed by marginal gains to end around 19,300. The rise in India’s VIX above 12% exhibits caution as the next leg of decline could have severe repercussions. The spread of Nifty 50- Nifty 500 index which is a mere difference in values of the index suggests aggressive shorting is taking place in high market cap stocks to create a synthetic hedge in the broader markets. The next decline trigger may come from US markets after USDJPY reaches crucial resistance and most of the time extended decline in US markets has been triggered from a sharp decline in USDJPY.
Nifty 50 Chart
Stocks To Watch
Positive Read Through
- Piramal Ent – Targets 15 pct Aum CAGR over FY23-28, return on asset of 3.3- 3.5 pct by FY28.
- Zomato – Internet Fund III Pte (Tiger Global) sells an entire 1.4 pct stake at Rs 91/sh.
- Star Health – Mio Iv Star sells 0.58 pct out of 2.69 pct stake at Rs. 610.2 per share.
- SJVN – From Assam government arm of Sjvn gets letter of acceptance for 3 solar power projects of 320 MW capacity.
- NBCC – From Indian Medical Association gets a work order of Rs 663 mn.
- Gokaldas Exports – Enters into an agreement to acquire Atraco Group for $55 mn.
- Indiabulls Real – With effect from August 28 appoints Atul Chandra as COO of company.
- HCL Tech – Signs preferred professional services agreement with cloud software group.
- Sun Pharma – high-single-digit consolidated topline growth for FY24 expected by the company.
- Blue Dart: The company receives UNFCCC certification for its climate neutrality efforts.
- Schaeffler India: Company to acquire KRSV Innovative Auto Solutions for Rs 142.4 crore.
- Engineers India: The company teams up with Australia’s Sunrise CSP group for energy projects.
Negative Read Through
- RCF, NFL – Reports say lack of investor interest puts Rcf & NFL OFS on the back burner.
- Apl Apollo – Sources say, the promoter may sell up to 0.85 pct equity via block deals.
- PG Electro- Launches Qip to raise Rs 5,000 mn, floor price set at Rs 1,641.09/share.
- Bayer Crop – Duraiswami Narain resigns as VC, MD & CEO w.e.f. October 31.
- APL Apollo: Promoter likely to sell stake up to Rs 400 Crores – Network Sources (Neutral).
- Adani Group Stocks: The Supreme Court is scheduled to hear the Adani-Hindenburg matter today. (Neutral).
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