Markets managed to post gains on Tuesday with Nifty rallying by 0.5 while gains in Sensex was restricted to less than 0.3%. The Sensex is approaching its intermediate peak of 66,592 and should act as a trigger for confirmation of trend. At present for trend reversal, Sensex needs to close above 66,592 to come out with formation of lower tops and lower bottom. The sudden rise in India VIX above 12% mark, also hints of cautiousness and indicates adequate buying of protection as markets attempts higher levels. The sudden outperformance in developed currencies namely GBPINR, EURINR, JPYINR suggests major unwinding in Indian bonds in offshore markets and may soon see a major trend reversal in Indian markets on close below 19,750 in Nifty 50 Index.
Sensex 30 Chart
Stocks to watch
Positive Read through
- BHEL – To explore maximisation of Jaitapur nuclear power plant with Electricité De France.
- Siemens – Posted Q4 results above estimates, margin increased by 100 bps yoy.
- Manappuram – Reiterates guidance for 20 pct loan growth & 20 pct ROE in FY24.
- Aster Dm- To sell Gulf business to Fajr Cap & promoters for USD 1.01 bn.
- Zomato – Alipay to sell 296 mn shares (3.4 pct stake) at Rs. 111.28 via block.
- PCBL – Acquires Aquapharm Chemicals for Rs. 38 bn.
- Tata Power – Gets Loa for Dvpt of 200 MW firm & dispatchable renewable energy project.
- Havells – Launches consumer durables brand ‘Lloyd’ in the West Asia market.
- Union bank – RBI’s revised norms to impact by 45 bps, loan growth to remain healthy.
- Canara Bank – Gets RBI nod to divest 70 pct stake in unlisted arm Canbank Factors.
- Tata Motors – Launched registered vehicle scrapping facility in Punjab.
- Wipro – Launched a Continuous Compliance Solution built on Amazon Security Lake.
- VBL – Incorporates a subsidiary company in Mozambique i.e. VBL Mozambique, SA.
- Jubilant Food – Set to acquire 51.16 pct of DP Eurasia for EURO 73.36 mn.
- Adani Total Gas- Company launches green hydrogen blending pilot project at Ahmedabad.
Negative Read through
- Yatharth Hosp – Gets order from Commissionerate of Sagar Sambhag, MP to take over Ramraja hospital Premises.
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