Insight Online News
From Advisory Desk : Vikash Sahay
21st October 2022
Market Outlook: On wall street, all the three major indices reversed an earlier rally and closed in red as FED worries outweighed upbeat earnings cheer. Bond yields continued their rally with US 10Y making another new high as fresh statements from the FED officials indicates higher rates for longer period. Asian markets have started on a flat to negative note, with SGX Nifty is indicating a flat opening for indian markets. Yesterday, Nifty opened lower but recovered gradually throughout the day and closed near day’s high. Now, Nifty may trade in the range of 17442 – 17650 while stock specific action will continue.
Actionable: Buy ITC, Axis Bank, HCL Tech.
SGX NIFTY: +8 (prev. close 17520)
NIFTY 50 : 17563
Sensex : 59202
FII: + 1865 Cr
DII: – 887 Cr
Advances: 1562 / Declines: 1851
Dollar: $ 82.76
Dollar Index: 113.03
Gold: $1630 per ounce
Crude: $92.35 per barrel
10 year US bond rate: 4.23
10 year Indian Bond rate: 7.48
Nifty – Reliance Industries, Bajaj Finserve, HDFC Life, JSW Steel, SBI Life, Hindustan Unilever.
Non Nifty – Ambuja Cements, United Spirits, Ramkrishna Forgings, Atul, Poonawalla Fincorp, Torrent Pharma, Tata Sponge Iron, Karur Vysya Bank, Birlasoft, Hindustan Zinc, Laurus Labs, Shriram City, MOSFL, Credit Access, VIP Industries, Chalet Hotels, IDBI Bank, DLF, Glenmark Lifesciences, Route Mobile, Finolex Industries, IRB Infra, Garware Technical.
Saturday Results – ICICI Bank, IDFC First Bank, Kotak Mahindra Bank, RBL Bank, Yes Bank, D-Link (India), Dodla Dairy, Indraprastha Gas, Jaiprakash Power Ventures, MCX India, RMC Switchgears, and Sacheta Metals.
Above estimates: ITC, Canara bank, Axis Bank, Rallis India, Union Bank of India, Granules, Coforge, L&T Finance, Eris Lifescience
Inline estimates: Bajaj Finance , Colpal, Tata Consumer, UBL, Clean Science, Zensar, ICICI Securities
Below estimates: Asian Paints, PVR, IndiaMart
Asian Paints – Company plans to set up a manufacturing facility for Vinyl Acetate Ethylene Emulsion and Vinyl Acetate Monomer with an investment of ₹2,100 crore over three years. The installed capacity would be 1 lakh tons per annum for VAM and 1.5 lakh tons per annum for VAE.
PNB Housing Finance – Company’s MD & CEO Hardayal Prasad resigned. Prasad cited personal reasons. Girish Kousgi, who was relieved from his duties as MD & CEO of Can Fin Homes, will succeed him as the next MD & CEO of the company.
Yes Bank – The Competition Commission of India (CCI) approved the proposed Rs.8,900 crore deal wherein two entities will buy stakes in YES Bank. Verventa Holdings will be acquiring up to 10%, while CA Basque Investments, part of the Carlyle Group, will also acquire a 10% stake.
Securities in Ban: BHEL, DELTACORP, IBULHSGFIN, INDIACEM, ZEEL.
Derivative View: Immediate Max Call OI is at 18000 and 17500 and max Put OI is at 17000 and 16500. Option data suggests an immediate trading range in between 17400 to 17700.