Actionable: Buy Axis Bank, Maruti Suzuki.

Insight Online News

From Advisory Desk : Vikash Sahay

19th September 2022
 
Market Outlook: Last week, US markets suffered biggest weekly losses in recent times after hotter-than expected inflation raised concerns of aggressive FED policy. SGX Nifty is indicating a flat opening despite weak Asian markets and largely inline US futures. On Friday, indian markets has witnessed a high volatile session and closed sharply lower due to weak global cues. We expect markets to trade in sideways ahead of various central banks meeting in this week including Fed meeting outcome on 21st. However, stock specific action will continue. Q2 advance tax collections up 23% YoY, which indicates a good corporate performance.

Actionable: Buy Axis Bank, Maruti Suzuki.

Global market:
DOW:   -139
SGX NIFTY:   +30   (prev. close 17563)

NIFTY 50 : 17530
Sensex : 58840
 
Institution:
FII:                 –   3260  Cr
DII:                –    37   Cr

NSE:
Advances:  / Declines: 2614

Currency:
Dollar: $ 79.74
Dollar Index: 109.69
 
Commodity:
Gold: $1680  per ounce
Crude: $92.30  per barrel
 
Bonds:
10 year US bond rate: 3.45
10 year Indian Bond rate: 7.27

Derivative:
PCR: 0.52
VIX:  19.82
 
Updates:
 
RIL,ONGC, Oil India – India revises windfall tax 5th revision since it was imposed. Government decreases windfall tax on crude oil production to Rs.10,500/tonne from Rs.13,300/tonne. Diesel decreased to Rs.10/litre from Rs.13.5/litre  ATF decreased to Rs.5/litre from Rs.9/litre.
 
Ambuja Cement – Adani Group would infuse Rs.20,000 crore into Ambuja Cements through a preferential allotment of shares at Rs.418.87 per share.

HDFC Life – The company has received approval from National Company Law Tribunal for merger of Exide Life Insurance Company with itself.
 
Adani Power – The company has not received in principle approval from the exchanges for delisting and hence it is withdrawing offer for delisting on account of delay and commercial viability.
 
Granules India – The company has decided to open its share buyback offer on September 27 and the offer will close on October 11. The company will buy back shares worth up to Rs.250 crore and the buyback price has been fixed at Rs.400 per share.
 
Amara Raja – Company expects its turnover to touch Rs.3,000 crore by 2025. The $1.3-billion group will be investing around Rs.7,000 crore on lithium-ion, while continuing its focus on traditional lead acid batteries.
 
Securities in Ban: Indiabulls Housing Finance, India Cement, PVR, RBL Bank.
 
Derivative View: Max Put OI is at 17500 and 17000 and max Call OI is at 18000 and 18500. Option data suggests an immediate trading range in between 17300 to 17800.

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