Actionable: Buy Axis Bank, Siemens, Tata Motors.

Insight Online News

From VCap Money Advisory Desk : Vikash Sahay

22nd March 2023 Market Outlook: Wall Street soared on Tuesday amid easing concerns over liquidity in the banking sector and anticipation for a 25 basis-point policy rate hike by the Federal Reserve at the end of its two-day meeting tonight. The US Treasury Secretary’s statement regarding potential support for smaller banks has further contributed to the positive sentiment. Asian markets have started on a positive note, with SGX Nifty indicating a slightly positive opening. Over the past few sessions, Nifty has been trading in a narrow range of around 16800 – 17170 zone, and we expect further short covering above the 17170 level, as a significant number of shorts remain in the market.

Actionable: Buy Axis Bank, Siemens, Tata Motors.

Global market:

DOW:  + 316
SGX NIFTY:   – 5   (prev. close 17144)
NIFTY 50 : 17107
Sensex : 58074
FII:                –  1455    Cr
DII:               + 1946    Cr

Advances:  1978  / Declines:  1550

Dollar: $ 82.66
Dollar Index: 103.24
Gold: $ 1947  per ounce
Crude: $ 74.90  per barrel
10 year US bond rate: 3.58
10 year Indian Bond rate: 7.35

PCR: 0.92
VIX:  15.08


Tata Motors – Company announced a hike in prices for commercial vehicles by upto 5% from 1st April, 2023, largely to comply with stringent BS6 phase II emission norms.
Mahindra and Mahindra – As per reports M&M is in advanced talks with global investors to raise $1-1.3 billion by selling shares in its electric vehicles (EV) unit.
Indian Oil Corporation – The Paradip petrochemical complex project, estimated to cost Rs.61,077 crore, has received in-principle approval from the IOC board to proceed with pre-project activities for its establishment in Paradip, Odisha.
Zydus Lifesciences – Subsidiary Zydus Pharmaceuticals (USA) has received final approval for Tofacitinib Tablets 5mg and 10 mg from USFDA. Tofacitinib Tablets, 5 mg and 10 mg had annual sales of USD 900 mn in the United States (IQVIA MAT Dec. 2022).
Hindustan Zinc/ Vedanta – Hindustan Zinc has approved a fourth interim dividend of Rs.26 per equity share or 1,300% for FY 2022-23, leading to a total payout of Rs.10,985.83 crore. The record date for the dividend has been set as March 29, 2023. Vedanta, as a shareholder, is expected to receive approximately Rs.7,132 crore from this interim dividend.
Tata Power – Subsidiary Tata Power Renewable Energy Ltd has secured a letter of award for setting up a 200 MW solar PV project for Maharashtra State Electricity Distribution Company Ltd in Solapur, Maharashtra.
Sonata Software – Company bags project worth $160 m (Approx ₹1,322.8 Cr) from a US-based consumer retail co. will manage end-to-end it modernisation & transformation for the client.
Securities in Ban: BIOCON, IBULHSGFIN.
Derivative View: Weekly Maximum Call OI is at 17800 then 17200 strike while Maximum Put OI is at 17000 then 16900 strike. Option data suggests an immediate trading range in between 16800 to 17300 zones.

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