Actionable: Buy BDL, Petronet LNG, NTPC, Indian Hotels.
Insight Online News
From Advisory Desk : Vikash Sahay
17th March 2023 : Market Outlook: The US markets closed with a significant surge following the news of bailout being extended to First Republic Bank, thereby, restoring investor confidence in the financial system. ECB raised key interest rates by 50 bps amidst banking crisis, clearing the way for FED to deliver 25 bps in the next week meeting. Asian markets including SGX Nifty is indicating a positive start. Yesterday, FII’s activity in cash segment reduced significantly while short exposure in index futures has reached record highs of 89%. Technically, market is in oversold zone and looks set for small bull back. PSU Defence stocks will be in limelight after Defence ministry approved capital acquisition of military hardware worth ₹70,000 Cr.
Actionable: Buy BDL, Petronet LNG, NTPC, Indian Hotels.
Global market:
DOW: + 371
SGX NIFTY: + 100 (prev. close 17022)
NIFTY 50 : 16985
Sensex : 57634
Institution:
FII: – 282 Cr
DII: + 2051 Cr
NSE:
Advances: 1268 / Declines: 2252
Currency:
Dollar: $ 82.73
Dollar Index: 104.28
Commodity:
Gold: $ 1926 per ounce
Crude: $ 74.85 per barrel
Bonds:
10 year US bond rate: 3.58
10 year Indian Bond rate: 7.35
Derivative:
PCR: 0.93
VIX: 16.21
Updates:
Defence Sector – The Defence Ministry approved the purchase of arms and ammunition worth Rs .70,500 crore, including additional Brahmos cruise missiles for the Indian Navy and new home-made howitzers for the Indian Army. HAL bags almost 50% of orders.
TCS – Company’s Managing Director and CEO, Rajesh Gopinathan, made an unexpected decision to step down from his position to explore new interests, prompting the company to nominate K Krithivasan as the CEO-designate, effective from March 16, 2023.
NTPC – As per reports, Malaysian oil and gas company Petronas has offered to buy a 20 per cent stake in the green energy arm of NTPC for Rs.38 billion ($460 million). The offer puts NTPC Green Energy Ltd’s (NGEL) valuation at $2.3 billion.
Voltas – Universal MEP Projects & Engineering Services (UMPESL), a 100% subsidiary of Voltas Ltd. has bagged multiple SITC project orders worth INR 1770 Crores in the Electrical Power Distribution business for FY 22-23, including a solar power project.
Lemon Tree Hotels – Company signed a License Agreement for a 60-room property in Sri Ganganagar, Rajasthan. The hotel is expected to be operational by July 2026.
Glenmark Pharma – The company has been granted approval by the US health regulator to commence with the first-in-human, phase 1/2 clinical trial for their investigational new drug, which is intended to treat patients with advanced cancers.
Dividends –
Glenmark Life Sciences approved a dividend of Rs.21 per share for the current financial year.
Steel Authority of India approved an interim dividend of Rs.1 for each share of face value Rs.10 for the current fiscal.
Securities in Ban: GNFC, IBULHSGFIN.
Derivative View: Weekly Maximum Call OI is at 17800 then 17000 strike while Maximum Put OI is at 17000 then 16500 strike. Option data suggests an immediate trading range in between 16800 to 17250 zones.
