Insight Online News
From Advisory Desk : Vikash Sahay
4th May 2023; Market Outlook – US Fed raised interest rates by 25 bps as expected, along with their hint of a possible pause, but with data-dependency and no rate cuts expected this year, led to a lower close on Wall Street. European Central Bank is set to announce its decision on interest rates today, and there is an expectation of 25 basis rate hike. US futures are trading flat, while Asian markets showing a mixed trend, and the SGX Nifty is indicating a negative opening. Falling crude oil prices, a rebound in FII’s buying, and strong domestic economic indicators continue to support our positive view on the Indian market. Today being the weekly expiry, we expect Nifty’s range to be 17971/18018 – 18181/18250 and Banknifty’s range to be 42750/43000 – 43500/43750.
Actionable: Buy Apollo Tyres, Lemon Tree, Mahindra CIE.
DOW: – 270
SGX NIFTY: – 60 (prev.close 18160)
NIFTY 50 : 18089
SENSEX : 61193
FII: + 1338 Cr
DII: – 584 Cr
Advances: 1647 / Declines: 1858
Dollar: $ 81.82
Dollar Index: 101.10
Gold: $ 2052 per ounce
Crude: $ 73.05 per barrel
10 year US bond rate: 3.33
10 year Indian Bond rate: 7.01
Today’s Result Announcement – Adani Enterprises, Blue Star, Bombay Dyeing, Ceat, Dabur, HDFC, Hero MotoCorp, IDFC, J&K Bank, Mindspace Business Parks, Punjab Chemicals, Sundaram Fasteners, Tata Power, TVS Motor, Mindspace Business Park REIT and United Breweries
Above estimates: Cholamandalam investments, Godrej properties, Tata chemicals, MRF, ABB India, Sona BLW, Vishnu chemicals
Inline estimates: Titan, Havells
Below estimates: Petronet LNG, Jyothy labs
Reliance Industries – Shareholders and both secured and unsecured creditors have approved the demerger of the Financial Services business, and according to reports, the demerged entity may be listed by October 2023.
SJVN – Company has obtained 200 MW Grid Connected Solar Power Project in Khavda Solar Park through e-reverse auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) with project cost approx. of Rs.1200 crore.
GR Infraprojects – Company has emerged as the lowest bidder for road transport tender worth Rs 737 crore.
Securities in ban: Manappuram Finance.
Derivative View: On option front, Weekly maximum Call OI is at 18200 then 18100 strike while Maximum Put OI is at 18000 then 17900 strike. Option data suggests an immediate trading range in between 17900 to 18300 zones.