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Actionable: Buy Reliance Industries, MindTree

June 29
09:20 2020

From the Advisory Desk : Vikash sahay

29th June 2020

Market Outlook: The rising tension between US-China trade deal and the resurgence of COVID cases across US-led Dow Jones to close in red by 700 points. However, Dow futures have recovered from an intraday low of 270 points and is trading 70 points in green. Asian markets too were trading in red by a half a percent. SGX Nifty was down by 60 points. We expect the Nifty to consolidate at the current level with the support of 10200.

Actionable: Buy Reliance Industries, MindTree

Today’s results announcement: BEL, Bharat forge, Petronet LNG, MRF, Raymond.

Results update:
Above estimates: Glenmark, NTPC
Inline estimates: Nalco
Below estimates: Sun TV, ITC, Coal India, BEML

Global market:
DOW: -730
SGX NIFTY: -55 (prev.close 10340)
NIFTY 50 : 10383
Sensex : 35171

Institution:
FII: -753 Cr
DII: +1304 Cr

NSE:
Advances: 1619 / Declines: 1097

Currency:
Dollar: $ 75.64

Commodity:
Gold: $1782 per ounce
Crude: $40.36 per barrel (down 1.40%)

Bonds:
10 year US bond rate: 0.64
10 year Indian Bond rate: 5.91

Update:
Piramal Enterprises: PEL has announced the sale of 20% stake in pharma business to the global investment firm, the Carlyle, for an investment worth of $490m at an EV of $2.7b. Proceeds of the stake sale will be used to further deleveraging the balance sheet.

Aviation industry: Govt allows domestic airlines to operate with 45% capacity with immediate effect from earlier 1/3 capacity on May 25.

Derivative View – VIX closed at 29.73. Max Put OI is at 10000 then 9800 Max Call OI is at 10400 then 10500. Options data suggests a wider trading range between 10000 to 10500.

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