Actionable: Buy Oil India, HCL Tech, ICICI Pru.
Insight Online News
From Advisory Desk 12th March 2024
Market Outlook: US equity market closed mixed on Monday ahead of the release of key inflation data tonight, which could effect rate-cut expectations. However, futures are trading positively following Oracle’s robust earnings and guidance. Asian markets have started on a mixed note, while the GIFT Nifty is indicating a flat opening. Yesterday, our market witnessed a profit booking session due to weak global cues and after the SEBI chief once again raised concerns over valuations of Mid & Small caps. Overall, the positive uptrend remains intact and buy on dips. Today being the Finnifty’s weekly expiry, we expect the range to be 20600/20700 -21000/21100. India’s CPI and IIP data will be released today post market hours.
Actionable: Buy Oil India, HCL Tech, ICICI Pru.
Delivery Idea: Buy Jio Financials.
IPO Listing: Bharat Highways InvIT and RK Swamy shares are set to start trading on exchanges today after oversubscribed by 8 & 26 times, respectively.
Global market:
DOW: +46
GIFT NIFTY : +38 (prev. close 22413)
NIFTY 50 : 22332
SENSEX : 73502
Institution:
FII: + 4212 Cr
DII: + 3238 Cr
BSE:
Advances: 876 / Declines: 3095
Currency:
Dollar: $ 82.76
Dollar Index: 102.79
Commodity:
Gold: $ 2182 per ounce
Crude: $ 82.46 per barrel
Bonds:
10 year US bond rate: 4.10
10 year Indian Bond rate: 7.01
Derivative:
PCR: 0.69
VIX: 14
Updates:
ITC: As per reports, British American Tobacco Plc, the maker of Lucky Strike cigarettes, is preparing to kick off a sale of part of its stake in Indian partner ITC Ltd. as soon as this week. London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades. BAT currently owns about a 29 percent stake in ITC.
REC: Company to finance Power and infrastructure projects in Rajasthan worth 20000cr annually for coming 6 years as announced by Indian government.
Jupiter Wagons: The company has secured a contract worth Rs.957 crore from the Ministry of Railways for the manufacturing and supply of BOSM wagons.
Steel Companies: The Govt extends procurement policy of Iron & Steel products for 6 months. It shall come into effect from May 29, 2024.
Aditya Birla Capital: Aditya Birla Capital has received approval from the board of directors to merge subsidiary Aditya Birla Finance with itself. The amalgamation will create a large, unified operating NBFC.
HG Infra Engineering: The company has received a letter of award from the National Highways Authority of India (NHAI) for an access-controlled highway of 4 lanes in Andhra Pradesh in hybrid lane mode. The project cost is Rs.862.11 crore, and the construction period for the said project is 24 months.
RVNL – The company has emerged as the lowest bidder for the Pune Metro Rail Project from Maharashtra Metro Rail Corporation worth Rs.339.23 crore and for one separate project worth Rs.47 crore from Nagour divison of central railway.
KFin Tech – Kotak Mahindra Bank is likely to sell 2% equity stake in KFin Tech through block deals worth Rs.218 crore. The deal will likely have maximum of 5% discount compared to CMP.
Securities in ban: ABFRL, HINDCOPPER, MANAPPURAM, MGL, SAIL, TATACHEM, ZEEL.
Derivative View: On options front, Maximum Call OI is at 22500 then 22600 strike while Maximum Put OI is at 22300 then 22000 strike. Option data suggests an immediate trading range in between 22200 to 22500 zones.
