Actionable: Buy Tata Steel, BEL, HCL Tech, Tata Consumer.
Insight Online News
From Advisory Desk : Vikash Sahay
11th March 2024
Market Outlook: US equity market witnessed a profit booking session on Friday following mixed job data and continued hawkish comments from FED officials. Asian markets have started on a weak note, while the GIFT Nifty is indicating a positive opening to Thursday’s closing. On the domestic front, inflows into equity mutual funds surged to nearly a two-year high and inflows through the SIP route continued to reach new all-time highs. Liquidity, along with strong domestic economic growth and the global equity market rally, is expected to drive our market higher in the coming months. Nifty traded within a range throughout Friday and closed at its highest level. We expect the momentum to continue further. Today being the Bankex’s weekly expiry, we expect the range to be 54000/54250 -54810/55000. India and EFTA countries signed a free trade deal with a binding commitment of $100 billion investments. Pharma, Chemicals, Textiles, and Engineering sectors are the major beneficiaries.
Actionable: Buy Tata Steel, BEL, HCL Tech, Tata Consumer.
Delivery Idea: Buy Jio Financials.
Global market:
DOW: -68
GIFT NIFTY : -63 (prev. close 22703)
NIFTY 50 : 22493
SENSEX : 74119
Institution:
FII: + 7304 Cr
DII: + 2601 Cr
BSE:
Advances: 2077 / Declines: 1732
Currency:
Dollar: $ 82.78
Dollar Index: 102.72
Commodity:
Gold: $ 2179 per ounce
Crude: $ 81.38 per barrel
Bonds:
10 year US bond rate: 4.06
10 year Indian Bond rate: 7.03
Derivative:
PCR: 0.95
VIX: 13.61
Updates:
Tata Group Stocks – As per reports, Tata sons listing appears unlikely in the foreseeable future as the parent company of several Tata group firms is considering various avenues to adhere to the Reserve Bank of India’s upper-tier NBFC norms.
SJVN – Subsidiary Green Energy Limited has signed a Power Usage Agreement for 500 MW Solar Power and a Power Purchase Agreement for 100 MW Solar Power with Rajasthan Urja Vikas and IT Services Limited.
Indigo – Promoter Rakesh Ganwal increased stake sale size up to 5.8% equity from 3.3% (Rs.3730 crore) to raise nearly Rs.6,600 crore for block deal. The floor price is said to be Rs.2,925 per share, which is a 5.8% discount to CMP.
Tata Tech: Company has signed a 5-year Memorandum of Agreement with the Government of Telangana to modernize 65 government-owned ITIs across the state with a total project cost of Rs.2324 Crores.
Netweb Technologies: Union Cabinet has approved IndiaAI Mission with an outlay of Rs.10,372 crore for five years to provide subsidy to private companies to set up AI computing capacity.
RVNL: Over the weekend, company has received multiple orders worth over Rs.2,000 cr.
Titagarh Rail : Titagarh Rail Systems announced that it has received an order from Ministry of Railways worth Rs 1,909.04 crore for the manufacturing and supply of 4,463 BOSM Wagons.
Torrent Power : Torrent Power has received letter of award from Maharashtra State Electricity Distribution for setting up of 306 MW grid-connected solar power project at Nasik in Maharashtra. The estimated cost of LoA is worth Rs.1,540 crore.
Securities in ban: MANAPPURAM, MGL, SAIL, TATACHEM, ZEEL.
Derivative View: On options front, Maximum Call OI is at 22500 then 23000 strike while Maximum Put OI is at 22500 then 22300 strike. Option data suggests an immediate trading range in between 22200 to 22600 zones.
