Actionable: Buy HAL, Coal India.

Insight Online News

From Advisory Desk : Vikash Sahay

29th August 2022

Market Outlook: Global equity markets are witnessing a steep sell-off post FED chairman Powell’s hawkish speech at Jackson hole conference. He reiterated that higher interest rates required for some time to bring inflation under control. Following the comments, dollar index hits 20-year high trading above 109. On Friday, US markets plunged by upto 4% and even futures are trading lower. SGX Nifty is indicating a gap down opening of around 300 points for indian markets. Markets may go into a short term correction mode however we remain positive on mid to long term perspective on the back of strong earnings and upbeat festive season. Reliance will be focus ahead of AGM meeting today from 2 PM.

Actionable: Buy HAL, Coal India.

Defence stocks: Government has approved 3rd positive list for indigenisation of 780 key products. Positive for long term

Global market:

DOW: -1008

SGX NIFTY: -360 (prev. close 17659)

NIFTY 50 : 17558

Sensex : 58833

Institution:

FII: – 51 Cr

DII: + 454 Cr

NSE:

Advances: 1916 / Declines: 1506

Currency:

Dollar: $ 79.86

Dollar Index: 109.32

Commodity:

Gold: $1738 per ounce

Crude: $99.75 per barrel

Bonds:

10 year US bond rate: 3.10

10 year Indian Bond rate: 7.22

Derivative:

PCR: 1.03

VIX: 18.21

Updates:

Reliance – Reliance Retail has submitted a non-binding bid of around Rs.5,600 crore to acquire Metro Cash and Carry’s India operations and assets, which are up for sale.

Cipla: Company has now received 6 observations with some referencing to the observations made during the September 2019 inspection, for its Goa plant. There are no data integrity (DI) observations. The USFDA inspected company’s Goa plant during August 16-26.

Jubilant Pharmova: Subsidiary Jubilant Draximage Inc has received the Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) status from the USFDA for its radiopharmaceuticals manufacturing facility at Montreal Canada. The USFDA had conducted an inspection during June 6-June 10. With the receipt of the EIR, the inspection stands successfully closed.

Glenmark Pharma – Company received communication from USFDA indicating the inspection classification as “Official Action Indicated” for its Goa Facility. This facility earlier received Form-483 by US FDA with five observations.

IRCTC – Company has withdrawn the e-tender for the appointment of a consultant for data monetization of the Indian Railway, floated on July 29, due to the withdrawal of the Personal Data Protection Bill 2018.

Securities in Ban: Nil.

Derivative View: Immediate max Put OI is at 17000 and 17500 and max Call OI is at 18000 and 17700. Option data suggests an immediate trading range between 17200 to 17700.

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