We Expect the market to open on a positive note on account of the global market rally in the last two trading sessions. Market expected to be range-bound today ahead of important events – US Fed policy meeting (11.30 pm) and mega LIC IPO commence from today.
SGX Nifty is up marginally against the previous day’s close. We expect the market to pick up steam post 10th of May and trigger a blowout rally of 17% despite USDINR hitting the 79 mark in the near term.
Shares in Asia-Pacific rose in Wednesday morning trade, with investors looking ahead to the U.S. Federal Reserve’s interest rate decision expected later stateside. The Fed is likely to hike rates by a half-point and it could get more aggressive.
Oil rose 2% to $106/bbl as industry data pointed to a drop in U.S. stockpiles and traders monitored possible European Union curbs on Russian crude. OPEC meeting will be held tomorrow.
Results – ABB India, Adani Green, Adani Total, Aptech, Bombay During, Deepak Nitrite, Kotak Bank, and Tata Consumers.
Nifty 50 Index
Stocks to watch
Positive Read Through
- Reliance is planning to build a mega land bank in its bid to set up renewable energy parks and projects
- Raymond – The Good Glamm group in advance talk to buy customer care business that has Park Avenue and Kama Sutra brands.
- Man Industries win orders from IOC worth Rs806cr.
- Route Mobile unit to acquire DLT platform Teledgers worth Rs130cr.
- NTPC Ltd has invited EOI to produce torrefied biomass pellets from Indian startups.
- TVS Motor announced the launch of its TVS NTORQ 125 XT
- Sterlite Technologies board approved a fundraising proposal worth Rs1000cr
- Zydus Cadila receives final approval from USFDA for Bortezomib for Injection
- Coal India’s April sales at 57.5mn tons (up 6.3% YoY) and production at 53.5mn (up 28% YoY)
- Easy Trip Planners announced that it will apply for a full-fledged Money Changer License from RBI.
- NMDC April iron ore sales at 3.12mn tons up (up 1% YoY) and production at 3.15mn tons (up 1% YoY)
- Titan announced better than expected Ebitda while the margin was in line with expectation.
Negative Read Through
- MOIL makes a 10% cut in prices of Ferro grades of manganese ore and Chemical grades
- DB Realty – CBI carried out searches on the premises of its subsidiary Neelkamal Realtors and its MD on April 30.
- Hero Motor announced lower than expected Q4 results. The company reported Q4 revenue declined 15% to Rs 7,421
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