Markets cleared hurdle of intermediate top on Wednesday by breaching resistance of 66,592 in Sensex led by gains in Bank Nifty which shot up 1.4% on expectation of a positive outcome in favour of the incumbent in the state elections. The surge in market has occurred on the back of India VIX crossing above 12.5 mark which has activated major breakout after trading sideways since May 2023. The Rupee in the past few days has seen major weakness against JPYRINR, EURINR and GBPINR which also questions sustainability of FII flows in near future. A move below 19,950 in Nifty 50 could lead to vulnerability given a steady rise in India VIX. On the upside, immediate resistance is seen at 67,532 in Sensex which turns out to be the last breakdown gap from beginning of downtrend.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Dreamfolks – Partners Grey Wall, one of Russia’s leading lounge operators.
- Nykaa/Metro – Announce tie-up with US Sneaker retail chain Footlocker
- PCBL – Signs JV agreement with Australian company Kinaltek with USD 44 mn infusion.
- Jupiter Wagons – Launches QIP, to raise up to Rs 5 bn at Rs 315/share issue price.
- Karur Vysya – SBai Mf gets RBI nod to acquire up to 9.99 pct stake, opens 4 branches.
- Ultratech – Acquires 0.54 MTPA cement grinding assets of Burnpur Cem for Rs 1698 mn.
- JSW Infra – Subsidiary Masad Infra Services enters into a concessional agreement with Karnataka Maritime Board, Government of Karnataka.
Negative Read through
- Thomas Cook – Promoter to sell up to 8.5 pcr stake via OFS, floor price at Rs. 125/share.
- Thomas Cook – Promoter to sell up to 8.5 pcr stake via OFS, floor price at Rs. 125/share.
- RR Kabel – Income tax department conducting search operations at some offices of company.
- Ram Ratna Wires – I-t department is conducting search operations at some offices of company.
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