Actionable: Buy Cipla, Dabur, IRCTC.

Insght Online News

From Advisory Desk : Vikash Sahay

30th September 2022

Market Outlook: US spot markets closed lower by upto 3%, led by tech shares as treasury yields rose again and after the BoA downgraded Apple on weak demand. However, futures were trading flat. Asian markets have started on a weak note, with SGX Nifty is indicating a slightly lower opening. Yesterday, Nifty slid after a positive start and finally closed lower on global cues. Indian markets may not fell as much as the offshore lead as most of the losses in the US market were based around mega tech stocks. However, volatility will be there ahead of RBI interest rate decision today at 10 AM, expecting a rate hike in the range of 35-50 bps. Overall, markets are broken its 200 DEMA and showing close correlation with global markets which are weak.
 
Actionable: Buy Cipla, Dabur, IRCTC.
 
Global market:

DOW:   -458
SGX NIFTY:   -40   (prev. close 16812)

NIFTY 50 : 16818
Sensex : 56409
 
Institution:
FII:                 –   3599  Cr
DII:                +   3162  Cr

NSE:
Advances:  1806 / Declines:  1633

Currency:
Dollar: $ 81.86
Dollar Index: 111.91
 
Commodity:
Gold: $1670  per ounce
Crude: $87.55  per barrel
 
Bonds:
10 year US bond rate: 3.78
10 year Indian Bond rate: 7.34

Derivative:
PCR: 0.88
VIX:  21.30

Updates:

Hero moto Corp – Company has finalising a collaboration with California-based Zero Motorcycles. Zero is a premium electric bikemaker. Hero will also make an equity investment to the tune of $60 million (approx. Rs.490 crore) in Zero.
 
Adani Power – Competition Commission of India (CCI) approved the acquisition of 100% equity of Diliigent Power and DB Power by Adani Power.
 
Lupin – Company has received approval from the USFDA for its abbreviated new drug application (ANDA), Mirabegron extended-release tablets, to market in the US. The drug had estimated annual sales of $2403 million in the US as per IQVIA MAT data by June 2022. Additionally, US health regulator issues a warning letter to Tarapur-based manufacturing facility in Maharashtra. USFDA inspected the site from March 22, 2022 to April 4, 2022.

Bajaj Electrical – Company received Rs.332.65cr order for supply of goods/services under transmission line tower package.

Securities in Ban: Nil.
 
Derivative View: Max Put OI is at 16000 and 16500 and max Call OI is at 17000 and 17500. Option data suggests an immediate trading range in between 16500 to 17200.

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