Markets carried momentum further higher on Tuesday with gains mainly coming from non-financial and Nifty Alpha Low Volatility index stocks rising more than 1%. Since March 2023, The Nifty Alpha Low Volatility Index has gained nearly 13% outperforming Nifty & Sensex with wide margin and still has further room of 13% in the coming days. With Nifty Futures taking out the major hurdle of 18750, we expect short covering to force market further higher towards 19285 in days to come. The giant cap stocks have seen major laggard movement in the past few months which has supressed upward movement in Sensex and Nifty. However, at the current juncture, the spread in Nifty 50- Nifty 500 Index suggest that the giant cap stocks may fuel rally for next 4-5 trading sessions which may have significant positive impact in Nifty 50 while broader markets may underperform.
Nifty 50 Daily & Spread with Nifty 500 Index
Stocks to watch
Positive Read through
- Lemon Tree Hotels in focus after signing deal for 60-room property in Andhra.
- Zydus Lifesciences receives USFDA approval for hypertension drug
- Tech Mahindra- LIC has raised its stake in Co to 8.88 pct from 6.87 pct since Nov.
- Hero MotoCorp to expand its electric two-wheeler range while upgrading its existing sales infrastructure
- Nelco in a strategic investment in Piscis Networks which offers satellite communications services to enterprises
- Tata Elxsi In pact with ISRO to enable upcoming Gaganyaan Mission. Tata Elxsi To deliver crew module recovery models for space mission.
- Allcargo to sell its one of the logistic park at Rs 625 cr.
- Mazagon- Thyssenkrupp, Mazagon intend to build submarines in India.
- Tata Communications aspires to expand its data revenue from Rs 14,000 cr in FY23 to Rs 28,000 cr in FY27.
- HatsunAgro- to consider sale of its windmill division on July 5
- Aether Inds- Executes letter of intent with USD based global oil field services co
- IRB Infra promoter acquired 5 lakh shares on June 5
- Zydus Wellness promoter acquired 61k shares on June 6
Negative Read through
- Greaves Cotton- India Ratings places Co on Rating watch with negative implications
- Usha Martin promoter sold 5 lk shares on June 6
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