✅ BANKNIFTY GAP UP 154 POINTS
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Wednesday, June 7, 2023
Market Indication
Market Indication:
Global: FLAT to POSITIVE
NIFTY: FLAT to POSITIVE
BANKNIFTY: FLAT to POSITIVE
BULK Deals:Ceinsys Tech, Gravita India etc.
Stocks In F&O Ban Period: Indiabulls Housing Finance, India Cements, and Manappuram Finance
Results Today: Nil
SGX NIFTY: (Positive)
18705 +26.50 +0.14%
News and Impact
News and Impact
· Expects market to open on a positive note on account of rally in the global market while investors awaited inflation data and the Federal Reserve's policy meeting to be announce next week. Hope of US Fed and RBI to keep unchanged interest rate amid expectation of China to announce stimulus package will be positive for the market sentiment. US S&P 500 Index closed its highest level in 10 months and the Nasdaq Composite finished at a 14-month high, as investors wait for May inflation data due next week, just ahead of the Federal Reserve's June. US Mid-cap index major, Russel 2000 Index climbed up by 2.5% yesterday. Expectations that the US Fed will pause its monetary tightening at least temporarily. As a result, US Vix declined by 5% to close at below 14. Asian markets are witnessing mixed bag and SGX Nifty is up quarter percent. In the domestic front, expectation that the RBI may keep unchanged interest rate on account of stable domestic inflation. Positive factor that the FIIs were net buyers nearly Rs400cr yesterday after a net sellers in the last three trading sessions. Expects stock specific action in the market and traders focus on mid-cap and small cap counters. Focus on interest sensitive sectors like auto, financials and real estate stocks on ahead of RBI credit policy to be announce tomorrow . Expects rally to continue on defense stocks.
· US Market –U.S. stocks marginally gain on Tuesday as investors wait for May inflation data due next week just ahead of the Federal Reserve's policy meeting now that the federal debt ceiling issue has been resolved. US S&P 500 Index closed its highest level in 10 months and the Nasdaq Composite finished at a 14-month high
· Global market summary – Both US 2 years and 10-year bond surged by 1% to 2-week high ahead of US policy outcome next week. US Vix slipped 5% to close at below 14.
· Asian Market – Asian stocks are witnessing mixed bag today, with hopes for stimulus in China, a positive sign in geopolitics and hints of more broad-based strength in US shares bolstering sentiment. Benchmark indexes were higher at the open in South, Korea, Taiwan and Australia while Japan Index marginally decline.
· European Market – European stocks rose on Tuesday, boosted by strength in health care stocks, while chipmakers led the tech sector lower after a glum outlook from Taiwan Semiconductor Manufacturing Co. UK, Germany and France Index gained nearly quarter percent each.
· Oil – Brent Crude gained 1% to above $76/bbl after the news of fall in US inventory. The American Petroleum Institute (API) on Tuesday reported a decrease of 1.71 million barrels of crude oil in U.S. inventories for the week ending June 2.
· Gold – Gold futures rose 1% to $1965/ounce as investors assessed the outlook for interest rates ahead of next week's meeting of Federal Reserve policy
· Previous Day market Update –. Equity benchmark index recovered from lows but ended flat after a 2-day rally as a slide in IT stocks overshadowed the gains in auto, cement, real estate and private bank stocks amid hopes of a rate hike pause by the US Federal Reserve and ahead of RBI credit policy to be announce in the next couple of days. Sensex gained 5 points or 0.01% to settle at 62,793 while touched intra-day low of 62554. Nifty rose 5 points or 0.03% to end at 18,599 while touched intra-day low of 18532. Global markets were mixed today after a report that showed growth in service industries is slowing stoked concern the US economy is weakening. Ultratech, Maruti, Divi’s Lab, Kotak Bank and Grasim were major gainers while TCS, Tech Mahindra, HDFC twins and Infosys were among the major losers Nifty stocks. Nifty auto Index climbed up by 1% while Nifty it Index slipped 2%. small- and mid-sized companies extended their record runs as investors looked to rotate allocations following the end of the earnings season. FIIs were net buyers Rs386cr while DIIs were net sellers Rs489cr yesterday.
· Nifty Technical Levels – Nifty formed a Doji sort of candle on daily scale with longer lower shadow indicating support based buying on declines. Now it has to continue to hold above 18580 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18480 and 18442 zones.
· Bank Nifty Technical Levels – Bank Nifty formed a Doji sort of candle on daily scale as buying interest was seen at lower zones. Overall it remained consolidative in narrow range of 200 points as selective private banks continue to hold the Index while few public banks remained lacklustre . Now it has to continue to hold above 44044 for an up move towards 44500 then 44750 zones while on the downside support exists at 44000 and 43750 zones.
· Actionable BUY – HAL, Mazagoan Dock, Paras Defense, GMR Infra
· Brokers Radar – ONGC TGT by Goldman at 160. Goldman Sachs TGT on Reliance Industries at 2890 and Nomura TGT at 2850. Eicher Motor TGT by Morgan Stanley at 3533 and Citi TGT at 4800. Kotak Bank TGT by Morgan Stanley at 2215. ITC TGT by JP Morgan at 475.
· Events – Final day of MPC meeting on of ahead of RBI Credit policy to be announce tomorrow, IKIO IPO subscribed by 1.5 time. Australia and India test champion final at London. Cabinet and CCEA meet
· Corporate Action - Tata Power Rs2.00, Uniparts India Rs6, Seshasayee Paper - AGM and ex-dividend Rs6
· Global Data – Mortgage Application and Trade Balance (US). Trade Balance and Current account balance (France).
· Market Summary – Bajaj Finserv enters mutual fund business, NSE changes Nifty Bank F&O expiry day to Friday, Aditya Birla to Invest $605M on Branded Jewelry Retail Foray, NTPC Declares Second Part of Solar Power Project in Gujarat, Bharti Airtel Bags Mandate to Power Indian Government's, Germany May Build India Submarines - Mazagon Dock likely to jointly bid for an estimated $5.2bn, NHPC Signs Accord for 7.35GW Clean Energy Projects
· Mazagoan Dock - Germany and India are closing in on a deal to build diesel submarines. Thyssenkrupp AG’s marine arm and India’s Mazagon Dock are likely to jointly bid for an estimated $5.2bn project to build six submarines for the Indian navy, according to people with knowledge of the matter. The preliminary agreement or memorandum of understanding will be signed in the presence of Defense Minister Boris Pistorius who arrived in New Delhi Tuesday for a two-day visit, German and Indian officials said.
· GMR Infra - GMR Group on 6 June announced divestment of an 8,18,000 sqft warehouse facility located at Hyderabad's Rajiv Gandhi International Airport.- positive
· Bank of Maharashtra – Company’s QIP price settelted at Rs28.50 worth Rs1000cr (CMP Rs30) - positive
· Bajaj Finserv – Company is entering the highly competitive mutual funds business and has plans to make it big over the next few years, drawing in on the 'late mover advantage'. To begin with, the company is launching three schemes in the fixed income, liquid and money market products by the end of the month – positive
· Torrent Power – Company signed a MoUs with the government of Maharashtra for development of pumped hydro storage projects. A statement by Torrent Power said that the projects would entail an investment of about ₹27,000 crore – long term positive
· NHPC has signed a MoU with the Maharashtra state in western India for building 7,350MW of clean power projects. The projects include solar, wind, hybrid and pumped hydro energy storage capacity - Positive
· Aditya Birla to Invest $605M on Branded Jewelry Retail Foray - Aditya Birla Group is foraying into the branded jewelry retail business in India, the world’s second- biggest bullion market, with an investment of around Rs5000cr ($605mn).
· NTPC Declares Second Part of Solar Power Project in Gujarat - NTPC has declared the second part capacity of 10 MW of its 20 MW Gandhar Solar PV Project in Gujarat as commercially operational. The first portion capacity of 10 MW was declared commercially operational in August 2022. With this development, the standalone installed and commercial capacity of NTPC increased to 56,378 MW – positive
· Man Industries – Company to consider stock split and bonus on June 9 board meeting
· Government has earned Rs4185cr through the sale of a 3% stake in state-owned miner Coal India. With the divestment through offer-for-sale, the holding of the government in Coal India has come down to 63.13%.
· Thermax -An arbitration panel ruled against the turbine and boiler maker in a matter related to breakdown of two gas turbo generators at one of its customers. The award would have an estimated financial impact of about Rs 250 crore. – Stock decline 3% yesterday …We are long term positive on the stock
· TCS - Company launches data exchange and marketplace platform Dexam on Google Cloud. Dexam is a software-as-a-service product that enables data exchange across enterprises and ecosystems. - positive
· Man Infra (MICL)– Company announces luxury residential project In Ghatkopar, Mumbai. The project has an estimated revenue potential of Rs 1,200 crore and it is expected to be completed in four years. – positive
· L&T – Company wins significant category order worth Rs 1,000 to Rs2,500cr. The EPC contract entails construction of the tallest building in India with a height of 300.5 meters. - positive
· IndiGo: IndiGo aims to carry 100 million passengers in the year ending March 2024, as the carrier adds more domestic and international routes, its CEO Pieter Elbers said. – positive
· Hindustan Unilever: The fast-moving consumer goods player Hindustan Unilever (HUL), in an interview to a TV channel, said that it will soon cut prices of soaps, detergents, and shampoos over the next few weeks.
· Indoco Remedies – Company a fully integrated, research based pharma company with a strong global presence has acquired 85% of equity stake of the US based FPP Holding Company, LLC ("FPP Holding") for USD 4 Million from Contract Pharmacal Corp. ("CPC"). – positive
· NSE changes Nifty Bank F&O expiry day to Friday - The National Stock Exchange of India has decided to change the Bank Nifty Futures and Options (F&O) expiry day to Friday from Thursday. The new rule will come into effect from July 14.
· Bharti Airtel Bags Mandate to Power Indian Government's - Bharti Airtel secured the cloud and content delivery network mandate from the Digital India for the Digital Infrastructure for Knowledge Sharing platform, India’s national platform for open education digital content. – positive.
· Advait Infratech – Company has received an order for OPGW installation work on 20th May, 2023 worth Rs. 30.27 Crores. – positive
· Valiant Organics- Company's subsidiary Valiant Laboratories Ltd files DRHP with SEBI for IPO – positive
· G R Infraprojects: Company’s unit GR Hasapur Badadal Highway executed concession agreement to construct six lane Surat-Nashik-Ahmednagar-Solapur- Maharashtra/Karnataka border greenfield stretch on hybrid annuity mode at a bid project cost of Rs 872.17 crore. – positive
· Hardwyn India: Company allots 8.72 crore equity shares as fully paid bonus shares to existing shareholders of the company in 1:3 ratio. - Positive
· Ugro Capital: The Board has allotted 2,500 Non-Convertible Debentures with a face value of Rs 1 lakh each through private placement. - positive
Derivatives update
*Derivatives update*
Derivatives update for Wednesday, 7th June 2023.
India VIX was up by 2.15% from 11.12 to 11.38 levels. Volatility negated its lower highs formation on daily frame but overall lower levels is keeping the index in a smaller range.
Nifty *Put/Call Ratio* (OI) increased from 1 to 1.01 level.
On option front, weekly maximum Call OI is at 18600 then 18800 strike while maximum Put OI is at 18500 then 18600 strike. Call writing is seen at 18750 then 18800 strike while Put writing is seen at 18550 then 18400 strike.
*Option data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18450 to 18700 zones.*
For weekly Bank Nifty, Maximum Put OI is at 44000 then 42000 strike and maximum Call OI is placed at 44200 then 45500 strike. We have seen Call writing 45500 with significant unwinding at 44000 and Put writing is witnessed at 44100 strike.
Bank Nifty Put Call Ratio increased from 0.87 to 0.97. Implied volatility fell from 12.8 to 12.6 levels.
Bank Nifty (CMP 44164.55)
Data setup for Bank Nifty suggests a trading range in between *43750/44000 to 44500/44750 zones.*
Looking ahead at the FII’s derivatives activity, there was long liquidation in index futures, position unwinding in index options and short built up in stock futures.
In the cash market, FIIs were net buyers to the tune of 386 crores while DII’s were net sellers worth 489 crores. FIIs Index Long Short Ratio decreased to 46.19%.
Derivatives data and price set up suggests, Nifty has to continue to hold above 18580 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18480 and 18442 zones.
Bank Nifty has to continue to hold above 44044 for an up move towards 44500 then 44750 zones while on the downside support exists at 44000 and 43750 zones.
Pre-Market Derivatives and Technical Set-up
*Pre-Market Derivatives and Technical Set-up*
◆ Nifty index opened positive but failed to hold above 18620 zones and drifted lower for the first half of the session to touch 18530 zones. It recovered in the next half of the session and managed to close near 18600 with gains of around 5 points. It moved in a rather staggered way for most part of the day followed by a swift recovery in the last hour. It formed a Doji sort of candle on daily scale with longer lower shadow indicating support based buying on declines
◆ Now it has to continue to hold above 18580 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18480 and 18442 zones
◆ India VIX was up by 2.15% from 11.12 to 11.38 levels. Volatility negated its lower highs formation on daily frame but overall lower levels is keeping the index in a smaller range
◆ On option front, weekly maximum Call OI is at 18600 then 18800 strike while maximum Put OI is at 18500 then 18600 strike. Call writing is seen at 18750 then 18800 strike while Put writing is seen at 18550 then 18400 strike. Option data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18450 to 18700 zones
◆ Bank Nifty opened on a flattish note but failed to hold above 44200 and gradually drifted towards 44000 zones in the first half of the session. However some recovery seen from lower levels in the last hour of the session and it formed a Doji sort of candle on daily scale as buying interest was seen at lower zones. Overall it remained consolidative in narrow range of 200 points as selective private banks continue to hold the Index while few public banks remained lacklustre
◆ Now it has to continue to hold above 44044 for an up move towards 44500 then 44750 zones while on the downside support exists at 44000 and 43750 zones
◆ Bullish setup in Ambujacem, Oberoirlty, HAL, Ultracemco, ACC, Glenmark, TVS Motor, IDFC, BEL, Tatacomm, Axis Bank, Tatamotors, Maruti, Cumminsind, Grasim, M&M, Bajfinance and Deepakntr
◆ Bearish setup in IEX, Mphasis, Coforge, Voltas, LTTS, OFSS, INFY, Techm, TCS, ONGC and Hcltech
Tuesday, June 6, 2023
IKIO LIGHTING LIMITED IPO
*IKIO LIGHTING LIMITED IPO*
*Open : 06-JUNE-2023*
*Open : 08-JUNE-2023*
*QIB : 50%*
*NII : 15%*
*Retail : 35%*
*Price : ₹270 - ₹285*
*Market Lot : 52 Shares*
*Retail*
*Shares : 52*
*App Amt : ₹14,820*
*Retail Form : 143235*
*Small HNI (2-10 Lakh)*
*Shares : 728*
*App Amt : ₹207,480*
*Forms : 1462*
*Big HNI (10+ Lakh)*
*Shares : 3536*
*App Amt : ₹10,07,760*
*Forms : 2923*
*Basis of Allotment *JUNE 13, 2023*
*Initiation of Refunds JUNE 14, 2023*
*Credit of Shares to Demat JUNE 15, 2023*
*IPO Listing Date JUNE 16, 2023*
*MUST APPLY☝🏻*
BIG BREAKING NEWS
BIG BREAKING NEWS
CHINA ANNOUNCES STIMULUS PACKAGE FOR ECONOMY
CHINA ASKS BIGGEST BANKS TO CUT DEPOSIT RATES TO BOOST THE ECONOMY.
NSE, BSE Key Circuit Filter Revisions
NSE, BSE Key Circuit Filter Revisions
- From 5% to 20%
Adani Power
Kamdhenu
RVNL
- From 5% to 10%
Adani Transmission
BTST : BUY
BTST : BUY TVS MOTOR , CUMMINS , HAL , ULTRATECH, MARUTI, M&M, TATA MOTOR, AXIS BANK , SYNGENE
From Advisory Desk 6th June 2023
From Advisory Desk 6th June 2023
Market Outlook: US stocks ended slightly lower as the data from S&P and ISM on services activity was a bit weaker than expected. Following the news, Bond yields reacted and reversed the earlier gains. Asian markets have started with a mixed performance, while the SGX Nifty indicates a flat opening. On the domestic front, our markets started the week on a positive note yesterday, closing higher by 0.35%. After the recent consolidation breakout, the Nifty is moving within a range of 18450-18670 levels from the past few sessions. However, the positive trend remains intact and expect stock specific action to continue. The RBI MPC meeting is set to begin today, with the outcome announcement scheduled for 8th June.
Actionable: Buy M&M, L&T.
Global market:
DOW: - 199
SGX NIFTY: - 10 (prev. close 18725)
NIFTY 50 : 18593
Sensex : 62787
Institution:
FII: - 701 Cr
DII: + 1196 Cr
NSE:
Advances: 2128 / Declines: 1543
Currency:
Dollar: $ 82.67
Dollar Index: 103.99
Commodity:
Gold: $ 1975 per ounce
Crude: $ 76.15 per barrel
Bonds:
10 year US bond rate: 3.69
10 year Indian Bond rate: 7.00
Derivative:
PCR: 0.95
VIX: 11.13
Updates:
SBI Cards: SBI Cards and Payment Services Ltd on Monday announced that its board of directors has approved the raising of funds by way of issuance of Non-Convertible Debentures (NCDs) to ₹3,000 crore in one or more tranches, on a private placement basis.
Adani Group | The group on Monday said it has repaid loans totalling $2.65 billion that were taken by pledging shares in the conglomerate's listed firms and another $700 million in loans taken for the acquisition of Ambuja Cement.
Godrej Consumer Product - Company announced the appointment of Aasif Malbari as its Chief Financial Officer, with effect from August 10, 2023. Aasif Malbari is currently the CFO of Tata Passenger Electric Mobility and Director of Tata Motors Passenger.
Sugar Sector - Sugar prices tumbled to 6-week lows yesterday. The arrival of monsoon rains in India and ramped-up sugar production in Brazil are weighing on sugar prices.
Securities in ban: IBULHSGFIN, INDIACEM, MANAPPURAM FINANCE.
Derivative View: On option front, weekly maximum Call OI is at 18600 then 18700 strike while Maximum Put OI is at 18500 then 18600 strike. Option data suggests an immediate trading range in between 18400 to 18700 zones.
Pre-Market Derivatives and Technical Set-up
*Pre-Market Derivatives and Technical Set-up*
◆ Nifty index opened gap up by around 80 points but moved in a consolidative manner throughout the day. It respected support of 18580 zones but failed to move above 18640 zones and remained in a narrow range of 50 points. It formed a small bodied candle on daily scale and negated its lower highs formation of the last three sessions to close with gains of around 60 points
◆ Now it has to hold support of 18580 zones to witness an up move towards 18750 and 18888 zones while on the downside support exists at 18480 and 18442 zones
◆ India VIX was up by 0.16% from 11.12 to 11.13 levels. Volatility is marginally up but has been overall cooling off and thus in turn creating swings within a smaller range in the indices
◆ On option front, weekly maximum Call OI is at 18600 then 18700 strike while maximum Put OI is at 18500 then 18600 strike. Call writing is seen at 18700 then 18650 strike while Put writing is seen at 18500 then 18400 strike. Option data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18400 to 18700 zones
◆ Bank Nifty opened on a positive note near 44100 zones but remained consolidative in a narrow range of 100 points between 44150 to 44250 zones for most part of the trading session. It formed a Doji candle on daily scale as some profit booking was seen from higher zones in the last hour of the session and it closed at it opening zones. However it negated the formation of lower highs after four sessions to close with gains of around 160 points. It is holding well above its 20DEMA on daily scale and buy on dips stance likely to continue
◆ Now it has to continue to hold above 44044 for an up move towards 44250 then 44500 zones while on the downside support exists at 43750 and 43500 zones
◆ Bullish setup in HAL, M&M, BHEL, ICICI Pru, Axis Bank, BEL, Tatamotors, Grasim, Tatapower, LT, Deepakntr, Reliance, Maruti, Tatasteel, Indusind Bank, Cumminsind, SRF, Indigo and Glenmark
◆ Bearish setup in AU Bank, Manappuram, VEDL, MFSL, BPCL, MGL, TCS and Kotak Bank
Securities in Ban For Trade Date 06-JUN-2023
*Securities in Ban For Trade Date 06-JUN-2023:*
1 IBULHSGFIN
2 INDIACEM
3 MANAPPURAM
Market Indication
Market Indication:
Global: FLAT to NEGATIVE
NIFTY: FLAT to NEGATIVE
BANKNIFTY: FLAT to NEGATIVE
BULK Deals:Ceinsys Tech, MTAR Technologies etc.
Stocks In F&O Ban Period: Indiabulls Housing Finance, India Cements, and Manappuram Finance
Results Today: Nil
SGX NIFTY: (Negative)
18704 -21.00 -0.11%
News and Impact
News and Impact
· Expects market to open on a flat note on account of global cues. US market declined upto half percent and Asian market open on a mixed bag after US announced lower than expected Service PMI data. US Treasuries drifted after a report the US services sector nearly stagnated in May (Service PMI 54.9 while expectation 55.1). The Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy. However, risks still loom with market increasingly speculating the Federal Reserve will hold rates steady in June, but keep its options open for hikes later on. US Banking stocks declined after the Treasury debt issuance, proposed new capital requirements. SGX Nifty is trading flat to negative. Expects rangebound market today on ahead of RBI credit policy to be announce on Thursday. Two days MPC (monetary policy committee) meeting will commence from today while expectation of RBI may keep unchanged interest rate. Yesterday, market gained marginally but momentum continued on mid-cap and small cap stocks. Nifty 500 stocks advance decline ratio was favorable yesterday at 1.4:1. Undertone bullish sentiment in the market on account of better than expected domestic GDP and PMI data during the month of May. May Service PMI data announced while it has eased slightly, but registered the second-strongest rate of growth in close to 13 years, on favourable demand conditions and new client wins. Expects rally on defence stocks to continue after the US Defense Secretary said that the country is increasingly interested in sharing defense technology with its south Asian partner. Banking, Auto and Real Estate stocks will be in focus ahead of RBI policy outcome this week.
· US Market – US Market declined marginally after a report the US services sector nearly stagnated in May. The Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy. Dow Jones slipped half percent while Nasdaq Composite ended marginally lower.
· Global market summary – Brent crude nearly 2-week high. US Dollar Index surged to above 104.
· Asian Market – Asian equities open on a mixed bag after the US stocks pulled back short of entering a bull market. Shares declined nearly half percent in South Korea, Taiwan and Australia while Japan market posted modest gain. Speculation that the Fed may plan to keep rates steady in June but keep options open for later hikes ramped up after the Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy
· European Market – European stocks fell on Monday, trimming Friday’s rally, after weaker-than-expected data from the US stoked investor concern about the health of the economy. UK, France and Germany Index declined nearly half percent each.
· Oil – Oil edged lower by 1% to below $77/bbl as traders weighed the outlook for supply and demand after Saudi Arabia’s surprise pledge for extra supply cuts.
· Gold – -- Gold advanced 1% to $1962/ounce as Treasury yields fell after weak US service-sector activity made traders rethink the Federal Reserve’s interest-rate hike path.
· Previous Day market Update –.Equity benchmark Index ended in the green for the second consecutive session on positive global cues amid hopes of a pause in rate hikes by the US Fed, ahead of RBI credit policy to be announce this week. Action shifted to defense, shipbuilding and auto stocks. Heavyweights like Reliance Industries, ICICI Bank, Tata Motor, L&T, Axis Bank and M&M were major gainers among the Nifty stocks. Sentiments were boosted across the global markets on the hope of US Fed to pause hike in interest rate and strong domestic economy data. Today, May Service PMI data announced while it has eased slightly, but registered the second-strongest rate of growth in close to 13 years, on favourable demand conditions and new client wins. Mid-cap and small cap stocks continued rally and Nifty 500 stocks advance decline ratio was 1.4:1. Sensex climbed 240 points or 0.40 per cent to settle at 62,787. During the day, it jumped 396 points or 0.63 per cent to 62,943. The Nifty advanced 60 points or 0.30 per cent to end at 18,594. . RBI credit policy would be announce on 8th June or Thursday while US Fed rate decision to be release on subsequent week or June 14. Expectation of RBI to keep unchanged interest rate on account of cooling down inflation. FIIs were net sellers Rs701cr while DIIs were net buyers Rs1196cr yesterday.
· Nifty Technical Levels – Nifty formed a small bodied candle on daily scale and negated its lower highs formation of the last three sessions to close with gains of around 60 points. Now it has to hold support of 18580 zones to witness an up move towards 18750 and 18888 zones while on the downside support exists at 18480 and 18442 zones.
· Bank Nifty Technical Levels – Bank Nifty formed a Doji candle on daily scale as some profit booking was seen from higher zones in the last hour of the session and it closed at it opening zones. However it negated the formation of lower highs after four sessions to close with gains of around 160 points. It is holding well above its 20DEMA on daily scale and buy on dips stance likely to continue. Now it has to continue to hold above 44044 for an up move towards 44250 then 44500 zones while on the downside support exists at 43750 and 43500 zones.
· Actionable BUY – IDFC, Indusind Bank, Tata Power, Global Health, HAL
· Brokers Radar – ONGC TGT by Morgan Sanely at 206, Nomura – BHEL TGT at 61 from 79. PNC Infra TGT at 375. Jefferies on Power Sectors– Power Gird TGT at275, NTPC TGT at 205, Tata Power TGT at 185 from 175, IEX TGT at 120, JSW Energy TGT at 325. Tatat Consumers TGT by JP Morgan at 770, Axis Bank TGT by Jefferies at 1150
· Events – RBI’s MPC meeting commence from today while RBI credit policy to be announce on Thursday. IKIO IPO will be open today with price brand between 275-285 a share. Bajaj Finserv meeting for new product launch.
· Corporate Action - ex-dividend - Nelco Rs2.00
· Global Data – Constriction PMI (UK). Factory Order and Construction PMI (Germany). Exports, Imports and Trade Balance (China)
· Market Summary – Defence Stocks in India Rally as US More Open to Tech Sharing , L&T Finance to sell bad loans worth Rs 3,000 cr, Tata Chemicals Revises Holding Structure of US Operations, TCS bags 10-yr contract from UK, SBI Board to Meet on June 9 to Consider Fund Raising for FY24.
· SBI – Company plans to seek board approval on June 9 to raise funds for the year to March 31, Fund raising may be considered through private placement of INR and/or foreign currency debt – Positive.
· Focus on Defense stocks - US Defense Secretary Lloyd Austin said that the country is increasingly interested in sharing defense technology with its south Asian partner. Austin and his Indian counterpart Rajnath Singh signed a road map for a cooperation agreement in defense and technology – Expects positive for HAL, Paras Defense, Cochin Shipyard, Mazagoan Dock, BEL.
· Adani Group: The group made prepayment of margin linked share backed financing totalling $2.15. Promoters also prepaid $700 million debt taken for the Ambuja Cement acquisition. Cash balance of listed portfolio up 41.5% YoY to $4.75 billion (Rs 40,351 crore) in FY23.
· Mahindra & Mahindra: Sunrise Initiatives sells entire stake of 81.58% in Mahindra Marine to Ocean Blue Boating. Ocean Blue currently holds the balance 18.42% stake in Mahindra Marine – Positive
· Allcargo Logistics: Transindia Real Estate has agreed to further divest 10% stake each in five subsidiaries of Allcargo and a 100% stake in Allcargo Multimodal to Blackstone. – positive
· NELCO: Company inks pact to acquire 9.09% stake in Piscis Networks with an initial investment of Rs 99.99 lakhs. It plans to increase stake in the company to up to at least 30%. – positive
· Indian Energy Exchange: Company reported 8,251 MU overall volume in May, a gain of 8% year-on-year. The market clearing price declined 30% year-on-year to Rs.4.74 per unit. Power demand is expected to increase in coming months and supply side liquidity may improve due to enhanced coal supply - positive
· Emami: Company buys back a total of 23.68 lakh equity shares on Jun. 5. - Company announced impressive Q4 results.
· Wipro - Company said its cloud-based dynamic digital signage solution Wipro VisionEDGE will power television network Bowling Center TV across the U.S., a new US based digital TV network to be distributed across 1,000 bowling centers in the US. Cisco is also a technology partner signed by BCTV.
· K Cement: Company agrees to sign, execute share purchase agreement to buy 100% stake in Toshali Cements for Rs 157 crore in cash. The acquisition will help the Company expand its footprint into the Eastern Region. - positive
· CSB Bank: Mr. Satish Gundewar takes charge as chief financial officer of company from Jun.5 . He was former CFO of DCB Bank. – Positive
· Godrej Consumer Products: Company appointed Aasif Malbari as Chief financial officer - positive
· JSW Steel - has achieved a significant breakthrough in environmental sustainability by embarking on waste plastic injection in blast furnace. The company has accomplished a remarkable milestone by successfully injecting a substantial quantity of waste plastic into Blast Furnace 3 at their Vijayanagar Steel Plant – positive
· B.L. Kashyap one of the leading Civil Engineering and Construction Company has secured new order aggregating to ₹ 147 Crores approx. The total order book as on date stands at ₹ 2774 Crores – Positive
· Aptech Ltd fixes July 6, 2023 as record date for bonus issue
· Services PMI Eases to 61.2 in May - Services activity contracted in May as the seasonally adjusted S&P Global India Services PMI Business Activity Index eased to 61.2 in May as against 62.0 in April. The expansion was at the second-fastest pace in close to 13 years. Favorable demand conditions, new client wins and positive market dynamics reportedly supported output, S&P said.
· Tata Chemicals - company announced the restructuring of its US operations
· Indoco Remedies – Company's CRO arm AnaCipher updates on USFDA inspection, the USFDA has confirmed that no objectionable conditions were observed during their remote assessment. – positive
· PVR INOX - Company launches new 7-screen multiplex at Global Mall, Mysore Road in Bengaluru – positive
· Bajaj Finserv – Company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, to develop a Rs. 5000 crore project in Pune, one of the largest financial services investments in the country. – positive
· L&T Finance– Company has initiated a bidding process to sell non-performing loans worth Rs3,022 crore to asset reconstruction companies. These loans are spread across 10 accounts, including Nirmal Lifestyle Developers, Nirmal Lifestyle Malls, and Supertech. – positive
· Sbi Card – Company approves raising Rs3000cr funds via debt, bond, private plcement - Positive
· NSE, BSE To Introduce Enhanced Surveillance Mechanism For "Micro-Small" Companies From Jun 5 - To curb volatility in small-cap counters, leading stock exchanges BSE and NSE have put in place an enhanced surveillance mechanism for companies that have a market cap of less than Rs 500 crore
· TCS – Company has been awarded a 10-year contract by the UK Government's Department for Education to administer the Teachers’ Pension Scheme. The contract includes administration and further enhancement of customer experiences via a digitally enabled system.
· Mahindra Life - Company announced, Mahindra Industrial Park Chennai a JV between Mahindra World City Developers and Japan-based OMRON Healthcare will start operations at Origins by March 2025. The OMRON Healthcare factory will be built over 6.02 acres and will be manufacturing blood pressure monitors and supplying them mainly to the domestic market.- Positive
· Tata Power - Company will set up renewable energy plant in Bikaner, Rajasthan, to supply 211 million units to Kerala The project is expected to be completed in seven months – positive
· Suzlon – Company becomes first Indian wind energy company to cross 20 GW of wind energy installations through 12,467 wind turbines installed across 17 countries. – Avoid due to poor balance sheet
· Embassy Office Parks REIT – Company to Raise Rs 1,050 Crore Via Private Placement Of NCDs Company will allot 1,05,000 non-convertible debentures at a face value of Rs 1,00,000 each for the coupon rate of 7.77% per annum – positive.
· Greaves Cotton - Company's NBFC Arm Introduces online platform for EV financing Greaves finance launches electric vehicle financing platform 'evfin". - positive
· Patel Engineering receives a contract for the construction of a 6.70 km treated water tunnel from CIDCO worth Rs520
· Som Distilleries – Company announces 42% growth in its beer market share in Madhya Pradesh for the month of May.- positive
· HG Infra – Company gets Rs655cr railway EPC orders – positive
· Nava LTD – Company says its Zambia based colliery has lowered overall liabilities by about $277m. The unit Maamba Collieries Ltd. has leveraged upon the improved operational cash flows to discharge overdue loan instalment aside from meeting regular debt service from March. The unit has reduced its overall liabilities by $277m since start of December to $206m, which is a significant turnaround in its financial position – stock gained 7% yesterday
Monday, June 5, 2023
Market Indication
Market Indication:
Global: FLAT to POSITIVE
NIFTY: FLAT to POSITIVE
BANKNIFTY: FLAT to POSITIVE
BULK Deals:Jtekt India, Lyka Labs, Speciality Restaurants etc.
Stocks In F&O Ban Period: Nil
Results Today: Nil
SGX NIFTY: (Positive)
18721 +92.50 +0.50%
Bank Nifty opened on a positive note
Bank Nifty opened on a positive note but failed to surpass 44044 marks and drifted towards 43800 zones in the first hour of the day. However it recovered from lower zones and extended its movement towards 44088 zones. Later it consolidated in a range of 200 points in between 43800 to 44020 zones.
Long built up was seen as OI was up (2.11%) and Price was up (0.37%). Last week on week (Thursday close to Thursday) OI change comes to 9.4% with price change by 0.5%
FIIs Long Short Ratio increased to 47.55%
Bank Nifty Put Call Ratio increased from 0.76 to 0.80
SGX Nifty June OI 197,043 contracts. (-1.82%)
SGX indicates a positive start and Dow closed positive.
*Important support level : 43500*
*Important resistance level : 44500*
*Broader trading range : 43500/43750 to 44250/44500 zones*
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