Actionable: Buy Hindalco industries, Infosys, ICICI Bank, Devyani International, PI Industries.

Insight Online News

From Advisory Desk : Vikash Sahay

4th August 2022

Market Outlook: Better-than expected earnings and robust economic data has kept the US benchmark indices in momentum throughout the day. However, futures were trading flat. Crude oil prices hits 6-month low on a surprise build in US inventories and OPEC+ countries announced raise in output by 1lakh bpd from September. SGX Nifty is indicating a positive opening for Indian markets largely in line with Asian markets. From the last two sessions, we have seen every dip is being bought into by investors which clearly shows buying interest at lower levels and hence continue with buy on dips strategy. Today being weekly expiry, we expect volatility with Nifty’s range to be 17150/17250-17500/17777 and Banknifty’s range to be 37250/37500-38250/38500. Interest rate sensitive sectors will be in focus ahead of RBI Bi-monthly policy announcement on tomorrow.

Actionable: Buy Hindalco industries, Infosys, ICICI Bank, Devyani International, PI Industries.

Global market:

DOW: +416

SGX NIFTY: +50 (prev. close 17439)

NIFTY 50 : 17388

Sensex : 58350

Institution:

FII: + 765 Cr

DII: – 518 Cr

NSE:

Advances: 1326 / Declines: 2026

Currency:

Dollar: $ 79.16

Dollar Index: 106.34

Commodity:

Gold: $1783 per ounce

Crude: $97.35 per barrel

Bonds:

10 year US bond rate: 2.72

10 year Indian Bond rate: 7.24

Derivative:

PCR: 0.94

VIX: 18.45

Today’s Result – Britannia Industries, GAIL India, Adani Enterprises, LIC Housing Finance, Dabur India, Alembic Pharmaceuticals, Adani Total Gas, Aarti Surfactants, Aptech, Balkrishna Industries, Balrampur Chini Mills, BEML, Berger Paints India, Bharat Heavy Electricals, Blue Star, Container Corporation of India, Dalmia Bharat, Edelweiss Financial Services, Glenmark Life Sciences, Gujarat State Petronet, ICRA, Kalpataru Power Transmission, Kalyan Jewellers India, Krsnaa Diagnostics, Manappuram Finance, Praj Industries, REC, Shankara Building Products, Spandana Sphoorty Financial, Suryoday Small Finance Bank, Ujjivan Financial Services, Welspun Corp, and Windlas Biotech.

Results update:

Above estimates: PI Industries, Indigo, Devyani International, AB Capital, Adani Power, Hindalco(Novelis), Speciality Restaurants Ltd, Redington

Inline estimates: Godrej consumer, BSE, Gujarat gas

Below estimates: Lupin, Idea, FSL, Chambal fertilizer

Updates:

BEL – Company will take up the proposal of issuing bonus shares to its shareholders on today’s Board meetings.

Wipro – Company has announced a five-year engagement with global networking and telecom player Nokia.

Bharti Airtel – Company has signed 5G network agreements with Ericsson, Finland’s Nokia, and Samsung to commence fifth-generation network rollout starting August 2022.

AU Small Finance Bank – Bank has approved a floor price of ₹590.84 per equity share for the QIP. Also, the bank may offer a discount of not more than 5% on the floor price. Promoters of the bank shown their intention to sell up to 75 lakh equity shares.

LT – Company has signed a memorandum of understanding with the Gujarat government to set up an IT and IT-enabled Services (ITeS) Park in Vadodara with an investment of Rs.7,000 crore.

Sugar Sector – The Cabinet Committee on Economic Affairs has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2022-23 (October – September) at ₹305 per quintal. The amount is for sugarcane with a basic sugar recovery rate of 10.25%. The Centre has also announced a premium of ₹3.05 per quintal for each 0.1% increase in recovery of sugar over and above 10.25% and reduction in FRP by ₹3.05 per quintal for every 0.1% decrease in recovery.

Securities in Ban: Escorts.

Derivative View: Immediate Max Put OI is at 17200 and 17000 and Max Call OI is at 17500 and 17600. Option data suggests an immediate trading range between 17200 to 17600.

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