Insight Online News
From Advisory Desk : Vikash Sahay
1st September 2022
Market Outlook: SGX Nifty is indicating a lower opening of around 300 points for Indian markets on account of weak global cues. India’s Q1 GDP grew by 13.5% driven by strong growth in services and industrial sector activities. Globally, US markets ended lower and even futures are trading lower on FED worries. Asian markets have started on a weak note. Concerns about the outlook of economic growth push crude prices lower, with brent crude prices down by more than 8% in the last two sessions. Today being weekly expiry, we expect volatility with Nifty’s range to be 17442-17777 and Banknifty’s range to be 38888/39000-39750/40000. Today, Auto stocks will be focus ahead of monthly sales numbers.
Actionable: Buy Maruti, DLF, Titan, Patanjali foods.
SGX NIFTY: -35 (prev. close 17510)
NIFTY 50 : 17759
Sensex : 59537
FII: + 4166 Cr
DII: – 657 Cr
Advances: 2328 / Declines: 1095
Dollar: $ 79.45
Dollar Index: 108.99
Gold: $1714 per ounce
Crude: $95.40 per barrel
10 year US bond rate: 3.20
10 year Indian Bond rate: 7.18
Oil Sector – The Government has hiked the windfall profit tax on the export of diesel to ₹13.5 per litre from Rs.7 per litre and that on jet fuel exports to ₹9 per litre from Rs.2 per litre with effect from Sep 1. The levy on domestically-produced crude oil too has been increased by ₹300 per tonne to ₹13,300.
Biocon – The US FDA has issued Form 483s with 11 observations each for two sites in Bengaluru and six observations for a Malaysia site. The observations primarily relate to the need for improving strategies for microbial control, enhancing quality oversight, augmenting the use of software applications to aid risk assessment.
Zee Entertainment – The company has signed a strategic licensing agreement with Star India (Disney Star). With this agreement, Disney Star will lease the television broadcasting rights of the International Cricket Council’s (ICC) men’s and Under 19 (U-19) global events for a period of four years to the company. In another news, As per CCI initial review, Sony and Zee to create a $10 billion TV enterprise will potentially hurt competition by having “unparalleled bargaining power”.
Havells India – To setup a Cable manufacturing unit in Karnataka for a proposed annual capacity of 3,48,000 km with an estimated investment of Rs.300 cr.
Patanjali Foods – Company Plans to undertake oil palm plantation on 38,000 ha area across 9 districts in Arunachal Pradesh.
NTPC – Company got shareholders’ approval to raise up to Rs.12,000 crore through issuance of non-convertible debentures on private placement basis for capital expenditure, working capital and general corporate purposes.
Securities in Ban: Nil.
Derivative View: Immediate max Put OI is at 17000 and 17300 and max Call OI is at 18000 and 17700. Option data suggests a trading range between 17300 to 17700.