Actionable: Buy Reliance Industries, ABB.
Insight Online News
From Advisory Desk : Vikash Sahay
29th March 2023 : Market Outlook: Relatively quiet day in the US markets yesterday, with stocks and bonds slightly lower in price following the release of upbeat consumer confidence data. Indian markets could open flat despite positive Asian peers and US futures. Yesterday, FII’s became net buyers, purchasing over Rs.1,500cr after several weeks of continuous selling, while the Indian benchmark indices ended the choppy session marginally lower. Today being monthly expiry as well as indices re-balancing, we expect higher volatility with Nifty’s range to be 16800/16850- 17070/17171and Banknifty’s range to be 39000/39250-39750/40000.
Actionable: Buy Reliance Industries, ABB.
Global market:
DOW: – 37
SGX NIFTY: + 20 (prev.close 16990)
NIFTY 50 : 16951
Sensex : 57613
Institution:
FII: + 1531 Cr
DII: – 156 Cr
NSE:
Advances: 991 / Declines: 2560
Currency:
Dollar: $ 82.19
Dollar Index: 102.50
Commodity:
Gold: $ 1985 per ounce
Crude: $ 78.65 per barrel
Bonds:
10 year US bond rate: 3.57
10 year Indian Bond rate: 7.32
Derivative:
PCR: 1.01
VIX: 15.10
Updates:
Indices Rebalancing Expected –
Nifty ETF – Kotak Mahindra Bank (+$18 million), HDFC (+$17 million), Axis Bank (+$14 million), HDFC Bank (+$14 million), and ICICI Bank (+$13 million) are anticipated to experience a surge in their weight, while RIL (-$42 million), Infosys (-$39 million), M&M (-$24 million), Bharti Airtel (-$11 million), and Cipla (-$4 million) are expected to witness a decline in their weight.
BankNifty – HDFC Bank, ICICI Bank, and Kotak Mahindra Bank are likely to experience outflows of $31 million, $26 million, and $7 million, correspondingly. Conversely, SBI, IndusInd Bank, and Axis Bank are poised to experience a rise in their weightage within the index, which could lead to potential inflows.
Vedanta – The company has announced the approval of the fifth interim dividend of Rs.20.5 per share for the current fiscal, which will result in a total outgo of Rs.7,621 crore, and the record date for the dividend is set on April 7; however, CFO of the company, Ajay Goel, has tendered his resignation effective April 9.
GR Infraprojects – The East Coast Railway has granted the company a letter of acceptance for a project valued at Rs.587.59 crore, which involves the construction of a tunnel between Adenigarh-Purunakatak and other associated works for the Khurda-Bolangir new rail line project.
Jindal Stainless – Company will purchase a 49% stake in the Indonesia-based nickel pig iron company, New Yaking Pte. Ltd. for $157 million (Rs.1,289.8 crore).
Britannia Industries – On April 4, the board of the company will meet to evaluate and authorize an interim dividend for the ongoing fiscal year.
Adani Group – Adani Group denied The Ken’s report alleging non-payment of $2.15 billion share-backed debt by confirming that the group has already repaid the entire amount and all corresponding shares pledged for the financing have been released.
Aster DM Healthcare – Company’s founder Azad Moopen’s family has acquired a 4% stake from a private equity investor for Rs.460 crore, boosting their ownership to 41.88%, and in turn, valuing the company at USD 1.4 billion.
Securities in Ban: NIL.
Derivative View: Monthly Maximum Call OI is at 17000 then 17100 strike while Maximum Put OI is at 17000 then 16800 strike. Option data suggests an immediate trading range in between 16800 to 17200 zones.
