Markets reversed Wednesday’s losses with gains coming from Reality and Financial stocks helping Nifty close higher by more than 0.5% with strength emerging from broader markets. The gains were seen across emerging markets on expectation of dovish outlook in Fed minutes. However, considering overbought positions of Indian markets, we may experience major slide once Sensex closes below 71,350. The channel resistance occurring at 72,500 may pose as a major hurdle for markets in the near term and a relief to emerge only in case such resistance is taken out with strong conviction. The key trigger to watch would be US Payrolls and its impact on NYSE Composite which is trading at a crucial support and has an ability to trigger a sharp decline.
Sensex 30 Chart
Stocks to watch
Positive Read through
- NTPC – CERC paper retains ROE of 15.5 pct for thermal regulated projects.
- NHPC – ROE for existing projects to be 16.5 pct & new at 17 pct.
- Rbl Bank – Q3 deposits up by 13.50 pct, advances rise 19.80 pct YoY.
- L&t Fin – Retail disbursals up by 24.90 pct, retail Aum rises by 31.14 pct YoY.
- Grasim – Board approves rights issue worth Rs. 39.99 bn; issue price at Rs. 1,812/sh.
- Lupin – Gets tentative US FDA approval for Dapagliflozin & Saxagliptin tablets.
- Sobha – Posts highest ever quarterly sales, sales value up by 37 pct YoY.
- Kalyan – Q3 consolidated sales up over 33 pct, India operations sales up approx 40 pct YoY.
- Utkarsh SFB – Q3 CASA up by 11.60 pct, deposits rises by 17.60 pct YoY.
- Nlc India – NLC TPS 2 expansion benchmark brought down to 50 pct from 80 pct.
- Jupiter Wagons – Gets Rs 4.73 bn order from Defence Ministry.
- Bajaj Auto – Company announced launch of its new Chetak variants.
- REC – Signs MoU with Bank of Baroda to fund power, infrastructure and logistics projects.
- Realty Stocks – Housing sales up 33 pct to 4.11 lakh units, new supply at record 5.17 lakh last year in top 8 cities.
- Power Finance Corp – Raises FY24 market borrowing plan to Rs 1.05 trillion from Rs 800 bn.
- Waree Renewable – To consider split of equity shares on January 20, 2024.
Negative Read through
- Power Grid – CERC paper reduces trans projects ROE tο 15 pct.
- LtiMindtree – Mukund Rao, senior VP- Global sales, resigns with effect from January 4, 2024.
- Macrotech – Q3 collections declined by 3 pct, net debt at Rs. 67.50 bn vs Rs. 80.40 bn YoY.
- J&K Bank – CASA ratio declines to 50.60 pct vs 53.70 pct, Deposits up by 9 pct YoY.
- Coforge – Ajay kalra, CFO resigns due to personal reasons, with effect from January 4, 2024.
- Coffee Day Ent – Total default rises to Rs 4.34 bn in December quarter.
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