Markets witnessed a sharp decline on expiry day on the back of intense FII selling with Nifty declining convincingly below 50 DMA after losses of close to 1%. The selling was also visible in the broad-based index due to which the spread of the Nifty 50- Nifty 500 index did not break important support. Today being the monthly close, if Sensex closes below 65,850, it will reconfirm the bearish trend in the market with an immediate downside potential of 10-12%.
Nifty 50 chart
Stocks to watch
Positive Read Through
- Sun Pharma – Sets to purchase 25 pct stake in Mexico arm for USD 161 mn.
- Glenmark Pharma – Crisil keeps long-term rating bank facilities on ‘rating watch with positive implications.
- Chola Fin – Fundraising via QIP & CCDS announces.
- Saregama – For Rs. 1740 mn company to acquire 51.8 pct stake in Pocket Aces.
- Emami – Forays into the juice category, purchase 26 pct in Axiom Ayurveda.
- HOEC – Via blocks HDFC sells 2.46 mn shares of Rs. 380 mn via block deals.
- Quick Heal – Via block Sequoia Capital sells 1.78 mn shares, Carnelian Asset a buyer.
- NLC India – In Odisha company to set up a 3×800 MW coal-based thermal power project.
- TVS Supply Chain – To Lingotto Opportunity, company to sell 4.5 pct stake in TVSLIP for Rs. 513 mn.
- Pidilite Industries: Subsidiary acquired up to a 20% stake in toymaker Imagimake Play Solutions for Rs 20 crore.
Negative Read Through
- Mcx – Sebi advises keeping the proposed go-live of the new tech platform in abeyance
- IT companies – Q4 Accenture sales growth at the lower end of guidance, FY24 guidance below estimates.
- Navin Fluorine – MD Radhesh Welling resigns with effect from Dec 15, 2023.
- Happiest Minds – Via blocks promoter Ashok Soota sells 1 pct stake worth Rs. 1150 mn via blocks.
- Piramal Pharma – Form 483 issued by US FDA with 2 observations for Bethlehem Unit.
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