Actionable: Buy Cipla, Titan, VBL, ICICI Bank.

Insight Online News

From Advisory Desk : Vikash Sahay

21st September 2022

Market Outlook: US markets closed lower by 1% in a volatile session on fears of 75 bps rate hike and more hawkish FED. Futures are trading in flat ahead of FOMC meeting tonight. Dollar index remains steady while treasury yields have surged. Following the weakness in wall street, Asian markets including SGX Nifty have started on a weak note. Yesterday, Indian markets has witnessed a strong buying momentum on account of rally in global markets. However, profit booking seen in the last hour which indicates follow-up buying is missing. We expect some volatility ahead of FED rate hike decision and other two major central banks meeting on tomorrow. Overall, markets has been consolidating between 17500-18000 and waiting for a trigger to get direction until then we remain stock specific.
 
Actionable: Buy Cipla, Titan, VBL, ICICI Bank.
 
Global market:

DOW:   -313
SGX NIFTY:   -90   (prev. close 17795)
NIFTY 50 : 17816
Sensex : 59719
 
Institution:
FII:                +   1196  Cr
DII:                +   132   Cr                                                                                                                                       
NSE:
Advances:  2071 / Declines:  1402

Currency:
Dollar: $ 79.75
Dollar Index: 110.29
 
Commodity:
Gold: $1672  per ounce
Crude: $90.45  per barrel
 
Bonds:
10 year US bond rate: 3.55
10 year Indian Bond rate: 7.29

Derivative:
PCR: 0.88
VIX:  18.79

Updates:

Mahindra & Mahindra – Company will acquire an additional 17.41% stake in Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) for ₹296 crore at price if Rs.1400/- per share. The acquisition will result in increasing the company’s stake in Swaraj Engines Ltd (SEL) to 52.13% from 34.72 percent.

Yes Bank – Bank’s board has approved the transfer of stressed assets worth  ₹48,000 crore to private equity firm JC Flowers. Yes Bank will also pick up a 19.99% stake in the ARC.
 
Adani Group – Gautam Adani has pledged his entire stakes in Ambuja Cements and in ACC  worth about Rs.96,800 crore, with Deutsche Bank’s Hong Kong branch.
 
Wipro – Wipro and the UK-based Finastra announced a partnership in India to power digital transformation for corporate banks in India.
 
Hero MotoCorp – Company has joined hands with Hindustan Petroleum Corporation Ltd to set up charging infrastructure for electric two-wheelers in the country.

Triveni Engineering – Company has launched a block deal to sell 11.85% stake (Rs.875cr) in Triveni Turbine at a price range of Rs.226.5-229 per share.

Securities in Ban: Delta Corp, Escorts, 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 17500 to 18000.

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