Insight Online News
From Advisory Desk : Vikash Sahay
24th August 2022
Market Outlook: US markets closed lower as investors weighed weak data. A plunge in services sector activity in last month led to a moderation of rate hike expectations from FED. Crude oil prices back above $100 on lower US inventories and a potential production cuts by OPEC+. Indian markets could open flat largely inline with Asian markets and US futures. Yesterday, Nifty has witnessed a strong recovery by taking support near 20 DMA and closed near day highs. Private bank were the top gainers followed by heavyweight Reliance Industries and Auto stocks. We expect Nifty to trade in sideways ahead of monthly expiry, US GDP and FED Jackson hole meeting in this week. However, stock specific action will continue.
Actionable: Buy ICICI Bank, Titan, BEL.
SGX NIFTY: -50 (prev. close 17608)
NIFTY 50 : 17577
Sensex : 59031
FII: + 563 Cr
DII: – 215 Cr
Advances: 2042 / Declines: 1370
Dollar: $ 79.86
Dollar Index: 108.73
Gold: $1758 per ounce
Crude: $99.75 per barrel
10 year US bond rate: 3.04
10 year Indian Bond rate: 7.28
NDTV/Adani Enterprises: Adani group acquired a 29% stake in NDTV and launched a hostile takeover bid, with an open offer to acquire an additional 26% or 1.67 crore equity shares at Rs.294/- per share for up to ₹493 crore.
Chennai Petroleum Corporation: Company has decided to form a joint venture company along with IOC and other seed equity investors (Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company) for implementing the 9 MMTPA refinery project at Cauvery basin refinery, at estimated cost of Rs.31,580 crore.
Arvind Smartspace – Company is under agreement with HDFC Capital to focus on creating residential development platform. The Platform will create overall revenue potential of up to Rs.5000cr excluding reinvestment potential.
Glenmark Pharma: USFDA post inspection issues form 483 with 17 observations for its Monroe, North Carolina (USA) facility.
Securities in Ban: Nil.
Derivative View: Max Put OI is at 17500 and 17000 and Max Call OI is at 18000 and 17900. Option data suggests an immediate trading range between 17300 to 18000.