Actionable: Buy SAIL, BPCL, Tata Power, HAL.
Insight Online News
From Advisory Desk : Vikash Sahay
5th March 2024
Market Outlook: Wall Street closed slightly lower overnight in a subdued session ahead of jobs data and Fed Chairman Powell’s congressional testimony later in the week. Gold prices surged above $2,100 on expectations of rate cuts, trading just 1% away from a new all-time high. Indian equities could open flat, despite slightly lower Asian markets and US futures. On the domestic front, global rating agency Moody’s raised India’s GDP growth for CY24 to 6.8%, up from 6.1% earlier, due to strong economic growth. Yesterday, Nifty reached an all-time high of 22440 in the early hours and thereafter consolidated within a range. The broader trend remains positive, and we expect the momentum to continue. Today being the Finnifty’s weekly expiry, we expect the range to be 20700/20800 -21100/21200.
Actionable: Buy SAIL, BPCL, Tata Power, HAL.
Delivery Idea: Buy Jio Financial, Hindustan Copper.
IPO Listing: Exicom Tele-Systems and Platinum Industries shares are set to start trading on exchanges today after oversubscribed by 129 & 99 times, respectively.
Global market:
DOW: -97
GIFT NIFTY : +7 (prev.close 22490)
NIFTY 50 : 22405
SENSEX : 73872
Institution:
FII: – 564 Cr
DII: + 3542 Cr
BSE:
Advances: 1388 / Declines: 2565
Currency:
Dollar: $ 82.89
Dollar Index: 103.87
Commodity:
Gold: $ 2112 per ounce
Crude: $ 82.84 per barrel
Bonds:
10 year US bond rate: 4.22
10 year Indian Bond rate: 7.06
Derivative:
PCR: 1.25
VIX: 14.92
Updates:
Tata Motors: The company received its board’s approval for a demerger into two listed companies, one focusing on commercial vehicles and the other on passenger vehicles, including EVs and JLR, ensuring equal shareholding for all shareholders in both listed companies through an NCLT scheme of arrangement.
BEL/BEML/MIDHANI: Ministry of Defence has signed a tripartite MoU with BEML, BEL and MIDHANI for indigenous development of Advanced Fuelling and Control System for Engines for heavy duty applications.
Godrej Properties : Godrej Properties declared the highest bidder for land parcel in Sector 44, Noida, revenue potential Rs.3,000 cr.
Macrotech Developers: The company has launched a Qualified Institutional to raise Rs.3,300 crore at a floor price of Rs.1,129.48. It may offer a discount of not more than 5% on the floor price. The equity dilution is up to 3.12%. The funds raised will be allocated towards land acquisition and debt repayment.
NTPC : NTPC’s unit has signed a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam for the development of renewable power parks and projects in Uttar Pradesh.
GRSE: Garden Reach Shipbuilders and Engineers Ltd and the Indian Register of Shipping signed MoU on the development of green energy and autonomous Vessels, aimed at revolutionizing the maritime industry.
Tanla Platforms: Tanla Platforms has announced the launch of Messaging as a Platform for Telcos to support Google Rich Business Messaging.
IIFL Finance : The Reserve Bank of India has instructed the company to immediately halt sanctioning or disbursing gold loans and cease activities related to assigning, securitizing, or selling any of its existing gold loans. However, the RBI has directed the company to maintain regular servicing of its current gold loan portfolio through standard collection and recovery procedures. The gold lending segment constituted 32 percent of the company’s total Assets Under Management by the conclusion of the December FY24 quarter.
Securities in ban: ZEEL.
Derivative View: On options front, Maximum Call OI is at 23000 then 22800 strike while Maximum Put OI is at 22200 then 22000 strike. Option data suggests an immediate trading range in between 22200 to 22600 zones.
