Actionable: Buy HUL, Asian Paints, Ceat Ltd.

Insight Online News

From Advisory Desk : Vikash Sahay

27th September 2022

Market Outlook: US benchmark indices extended declines for the 5th consecutive session, reflecting concern about high inflation and global recession. Growing currency risks are further dampening sentiment as the US Dollar surged to fresh record highs against major currencies. On the positive side for India, Brent oil price settling at 9 month low at below $84. US future are trading positive in line with SGX nifty , whereas Asian markets are mixed. Under current week RBI policy meet, September F&O expiry and currency direction will lead to volatility with strong support at 16880 level for Nifty. For medium term play, We are advising to buy Patanjali around 1340-1350 levels.

Actionable: Buy HUL, Asian Paints, Ceat Ltd.

Global market:
DOW:   -329
SGX NIFTY:  +60   (prev. close 17021)
NIFTY 50 : 17016
SENSEX: 57145
 
Institution:
FII:                 –   5101  Cr
DII:                +   3532  Cr

NSE:
Advances:  611 / Declines:  2980

Currency:
Dollar: $ 81.62
Dollar Index: 113.71
 
Commodity:
Gold: $1637  per ounce
Crude: $83.3  per barrel
 
Bonds:
10 year US bond rate: 3.86
10 year Indian Bond rate: 7.36
Derivative:
PCR: 0.80
VIX:  21.89
 
Updates:
 
Amar Raja – Company announces backward integration of business and to acquire plastic component business from promoter entity – Mangal Industries. Amara Raja to issue shares to promoter in the ratio 65 equity shares of Amara for every 74 held in Mangal.

Mahindra Logistics – Company to acquire Rivigo Services for Rs 225 cr. Rivigo operates in two key business segments: Full Truck Load and B2B express business.

Sterlite Tech – Company to sell its 80% holding in Impact Data Solutions for GBP 9.6 million to Hexatronic Group AB. There is an additional earnout consideration, capped at a maximum amount of GBP 7.2 million based on actual EBITDA performance of 2022. Sterlite acquired Impact Data Solutions back in 2019 at an enterprise value of about GBP 12 million. Divestment is part of its ongoing portfolio realignment.

Securities in Ban: Vodafone Idea, Zee Entertainment, PNB.
 
Derivative View: Max Put OI is at 17000 and 16000 and max Call OI is at 18000 and 17500. Option data suggests an immediate trading range in between 16600 to 17800.

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