Actionable: Buy Titan, Trent, Maruti.

Insight Online News

From Advisory Desk : Vikash Sahay

23rd September 2022
 
Market Outlook: Global markets have remained under pressure following FOMC meeting and interest rate hikes by various other central banks. Wall street ended down for the third day in a row, with tech stocks hit particularly hard. Asian markets have started on a weak note, with SGX Nifty is indicating a lower opening for indian markets. Yesterday, indian markets once again shown great resilience and closed the day with limited cuts despite global weakness. However, the major concern is on rupee weakness which may effect on the economy if it continues further, being a net importer. After a long time, we saw a big FIIs sell-off numbers in cash segment. Overall, we expect the Nifty to trade in broader range with immediate support at 17440 level. Tata group metal stocks will be in focus after the announcement of all metal companies of the group will be merged into Tata steel.

Actionable: Buy Titan, Trent, Maruti.

Global market:
DOW:   -107
SGX NIFTY:   -70   (prev. close 17640)
NIFTY 50 : 17629
Sensex : 59119
 
Institution:
FII:                 –   2510  Cr
DII:                +   263   Cr

NSE:
Advances:  1676 / Declines:  1764

Currency:
Dollar: $ 80.86
Dollar Index: 111.26
 
Commodity:
Gold: $1680  per ounce
Crude: $90.55  per barrel
 
Bonds:
10 year US bond rate: 3.71
10 year Indian Bond rate: 7.31

Derivative:
PCR: 0.99
VIX:  18.81
 
Updates:
 
M&M – As per reports, Mahindra & Mahindra is in talks with global investors to raise between $250 million and $500 million to accelerate its plans to build electric vehicles (EVs).
 
Tata Steel – Company’s board has approved the scheme of amalgamation between seven of its group Metal companies with itself.

17 Tata Steel for 10 of TRF
79 Tata Steel for 10 of Tata Metaliks
67 Tata Steel for 10 of Tata Long Products
33 Tata Steel for 10 on Tinplate

 Other 3 are Indian Steel & Wire Products, Tata Steel Mining, S&T Mining.
 
IT companies:  Accenture Earnings – Q4 Revenue at $15.4 bn close to higher end of its guidance ($15.0-15.5bn). Q4 Bookings were highest ever outsourcing bookings. Guidance reduced sharply for FY23 to 8.0-11.0% yoy growth in local currency (vs 26% in FY22).

Cipla – The company has received the establishment inspection report from U.S. FDA for product specific pre-approval inspection at its Indore plant, indicating closure of the inspection.
 
Shilpa Medicare – Company’s Analytical Services Division situated at Nacharam, Hyderabad, Telangana has received US FDA clearance (EIR) for the inspection performed during 26 Apr 2022 to 29 Apr 2022.
 
M&M Financial Services – The RBI asks the company to stop outsourcing all recovery and repossession arrangements immediately, till further orders. RBI’s action is based on material supervisory concerns in the management of the company’s outsourcing activities.
 
Securities in Ban: Ambuja Cements, Canfin Home, Delta Corp, RBL Bank, PNB.
 
Derivative View: Max Put OI is at 17500 and 17000 and max Call OI is at 18000 and 18500. Option data suggests an immediate trading range in between 17500 to 18000.

Leave a Reply

Your email address will not be published.