Result Callendar

Result Callendar

SGX Nifty

 *SGX Nifty will start trading on NSE IFSC on July 3rd as GIFT NIFTY*

*Timings - 2 sessions*

1 - Morning - 6.30 am to 3.40 pm

2 - Evening - 4.35 pm to 2.45 am

last 𝟰𝟯 𝘆𝗲𝗮𝗿𝘀 𝗼𝗳 𝗱𝗮𝘁𝗮 𝗼𝗳 𝗦𝗘𝗡𝗦𝗘𝗫

Analysis of the last 𝟰𝟯 𝘆𝗲𝗮𝗿𝘀 𝗼𝗳 𝗱𝗮𝘁𝗮 𝗼𝗳 𝗦𝗘𝗡𝗦𝗘𝗫

🔰 There were around 𝟭𝟭,𝟬𝟬𝟬 𝘁𝗿𝗮𝗱𝗶𝗻𝗴 𝗱𝗮𝘆𝘀 in the last 43 years.

🔰 Observations on positive and negative return occurrences.

𝗗𝗮𝗶𝗹𝘆 - 53% time Positive and 47% time Negative.

𝗪𝗲𝗲𝗸𝗹𝘆 - 56% time Positive and 44% time Negative

𝗠𝗼𝗻𝘁𝗵𝗹𝘆 - 61% time Positive and 39% time Negative

 

𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆- 64% time Positive and 36% time Negative

𝗬𝗲𝗮𝗿𝗹𝘆 - 72% time Positive and 28% time Negative

𝟯 𝘆𝗲𝗮𝗿𝘀 - 89% time Positive and 11% time Negative

𝟱 𝘆𝗲𝗮𝗿𝘀- 96% time Positive and 4% time Negative 

𝟭𝟬 𝘆𝗲𝗮𝗿𝘀- 100% time Positive and 0% time Negative 

🔰 SENSEX delivered 𝟭𝟱.𝟱% 𝗖𝗔𝗚𝗥 returns over the last 43 years. 

🔰 𝗗𝗲𝗰𝗮𝗱𝗮𝗹 𝗿𝗲𝘁𝘂𝗿𝗻𝘀 dispersion (CAGR)

𝟭𝟵𝟴𝟬-𝟭𝟵𝟵𝟬 - 21.6%

𝟭𝟵𝟵𝟬-𝟮𝟬𝟬𝟬 - 14.3%

𝟮𝟬𝟬𝟬-𝟮𝟬𝟭𝟬 -17.8%

𝟮𝟬𝟭𝟬-𝟮𝟬𝟮𝟬 - 8.8%.*              

2020~ 2022 - 24.8%

🔰 BSE Sensex returns 15.5%, if we add an average dividend yield of 1.4% for the last 43 years. 

At 16.9% compounding the value of BSE is actually around 𝘁𝗵𝗲 𝟴𝟬,𝟬𝟬𝟬 𝗹𝗲𝘃𝗲𝗹.🚀

🔰 Longest 𝗽𝗲𝗿𝗶𝗼𝗱 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗿𝗲𝘁𝘂𝗿𝗻𝘀 was from 1994 to 2003. 9 years in total.

🔰 Since 2002, in the last 18 years 𝗡𝗢 𝘀𝗶𝗻𝗴𝗹𝗲 𝟳 𝘆𝗲𝗮𝗿𝘀 𝗿𝗼𝗹𝗹𝗶𝗻𝗴 𝗿𝗲𝘁𝘂𝗿𝗻𝘀 𝘄𝗲𝗿𝗲 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗿𝗲𝘁𝘂𝗿𝗻𝘀. 

This means since 2002 if you ever invested and kept money for a minimum period of 7 years then you would have 𝗻𝗲𝘃𝗲𝗿 𝗹𝗼𝘀𝘁 𝗺𝗼𝗻𝗲𝘆.

🔰 But what is most surprising and rewarding has been the performance of actively managed equity funds. Here are the data:

𝗖𝗮𝘁𝗲𝗴𝗼𝗿𝘆𝘄𝗶𝘀𝗲 𝗿𝗲𝘁𝘂𝗿𝗻𝘀 𝗳𝗼𝗿 𝟮𝟬 𝘆𝗲𝗮𝗿𝘀 (𝗖𝗔𝗚𝗥)   

𝗛𝘆𝗯𝗿𝗶𝗱 - 15.96%

𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗲𝗱 -16.25%

𝗘𝗟𝗦𝗦 - 18.20%

**𝗔𝗹𝗹 𝗙𝘂𝗻𝗱𝘀 - 16.41%*

 ** excluding LIC/JM/Taurus/Quant MF schemes.

🔰 𝗦𝗘𝗡𝗦𝗘𝗫 𝘄𝗮𝘀 𝗮𝘁 𝟯𝟴𝟬𝟬 𝗶𝗻 𝗝𝘂𝗻𝗲 𝟭𝟵𝟵𝟲 (𝟮𝟲 𝘆𝗲𝗮𝗿𝘀 𝗯𝗮𝗰𝗸). 

In the last 26 years, average-ex MF delivered 18% CAGR. 

Had Sensex delivered as much as average MF schemes then the value of BSE Sensex should have been:

At 16.4% CAGR, SENSEX should be around 1,70,000 levels

At 18% CAGR, SENSEX should be around 2,38,000 levels.

Isn't this amazing !!!

SGX Nifty

 *SGX Nifty will start trading on NSE IFSC on July 3rd as GIFT NIFTY*

*Timings - 2 sessions*

1 - Morning - 6.30 am to 3.40 pm

2 - Evening - 4.35 pm to 2.45 am

Mutual Fund AUM

Size of India’s Mutual Fund industry in May (Total AUM in Rs. Lakh Crore): 🇮🇳📈

2023: 42.9

2022: 37.3

2021: 32.9

2020: 24.3

2019: 25.4

2018: 22.6

2017: 19.0

2016: 13.8

2015: 12.0

2014: 10.1

(AMFI)

SAVINGS RATES

GOVERNMENT HIKES SMALL SAVINGS RATES ||

GOVT HIKES SMALL SAVINGS RATES MARGINALLY BY 10 TO 30 BPS || RATES FOR PPF, NSC, KISAN VIKAS PATRA, SENIOR CITIZEN SCHEME, SUKANYA SAMRIDHHI SCHEME UNCHANGED

Muthoot Finance in Focus

Muthoot Finance in Focus

MUTHOOT MICROFIN LIMITED FILES DRHP WITH SEB

Muthoot Microfin is the 4th largest NBFC-MFI in India in terms of gross loan portfolio  

Co. plans to raise funds via IPO upto Rs. 1350 crore 

(Fresh + OFS)

FII and DII data

FII and DII data Cash segment 30th June 

FII net buy ₹ 6397 cr

DII net buy ₹1197 cr

Again Massive Buying from FII 

Infact both FII and DII on buying side that took Sensex, nifty , bank nifty and fin nifty to ATH

GST collection for June 2023

GST collection for June 2023 

🔸₹1,61,497 crore gross GST revenue collected for June 2023; records 12% Year-on-Year growth

🔸Gross GST collection crosses ₹1.6 lakh crore mark for 4th time since inception of GST; ₹1.4 lakh crore for 16 months in a row; and ₹1.5 lakh 7th times since inception

🔸Average monthly gross GST collection for Q1 of FY2021-22 is ₹1.10 lakh crore; FY2022-23 is ₹1.51 lakh crore; and FY2023-24 is ₹1.69 lakh crore, respectively

Source: PIB 

#icicidirect

FII and DII data

FII and DII data Cash segment 30th June 

FII net buy ₹ 6397 cr

DII net buy ₹1197 cr

Again Massive Buying from FII 

Infact both FII and DII on buying side that took Sensex, nifty , bank nifty and fin nifty to ATH

June Auto Sales

*June Auto Sales Estimates YoY (To be announced on 01st July 2023):*

*Ashok Leyland:* 17417 units versus 14531 units ( *Up 1.1%* )

*Tata Motors:* 77978 units versus 82570 units ( *Down 5.8%* )

*M&M Auto:* 62100 units versus 54096 units ( *Up 15.0%* )

*M&M Tractor:* 40980 units versus 41848 units ( *Down 2.0%* )

*Maruti:* 1.68 lakh units versus 1.56 lakh units ( *Up 8.0%* )

*Hero Motocorp:* 5.1 lakh units versus 4.85 lakh units ( *Up 3.1%* )

*TVS Motors:* 3.24 lakh units versus 3.08 lakh units ( *Up 5.0%* )

*Bajaj Auto:* 3.50 lakh units versus 2.75 lakh units ( *Up 1.1%* )

*Eicher Motors RE:* 77000 units versus 61407 units ( *Up 24.8%* )

News and Impact

News and Impact 

 

 

      Favourable domestic economy data, impressive July series F&O rollover and persistent FIIs buying interest may open domestic market on a positive note. SGX Nifty is up over half percent or 100 points after previous day closed on a record high. In the US Mraket, better than expected US Q1 GDP data (up 2% while expectation 1.4%) and most of the US Banks cleared stress test (means well capitalized) lifted US market gained nearly 1%. However, US Dollar Index spiked to 1-month high to above 103 and rising US Bond yield after the US Labor Department data showed Thursday that US jobless claims fell last week by the most since 2021. Stronger-than-expected data on the US economy kept Wall Street on alert for further interest-rate hikes by the Federal Reserve. On the other hand, US Fed chairman Powell on Wednesday said policymakers could potentially raise interest rates in July and September. Back home, expects rally to continue due to improving domestic macroeconomic conditions, better corporate earnings and fall in monsoon deficiency will boosted the market sentiment. Traders focus on auto stocks ahead of monthly sales data to be announce next week. Banking stocks may positive after the RBI says thet the bad-debt ratios fall to decade low at Indian Banks.

 

·      US Market   –  U.S. stocks ended mixed on Thursday as fresh economic data indicated that U.S. growth remains resilient and the country's largest lenders passed the Federal Reserve's annual stress test. Dow Jones gained over half percent while Nasdaq Composite ended flat. However, Dow Jones ended flat after adjustment of last couple of days (Indian equity was shut on Thursday).

 

·      Global market summary – US Q1 GDP reported better than expected at 2% vs 1.3% (previous quarter) while expectation was 2%. Gold fell to 3 months low. US 2-Year and 10-Year Bond surged to nearly 1-month high. US Dollar Index surged to 1-month high to above 103.

 

·      Asian Market – Asian stocks open on a mixed bag to the last day of the quarter following a choppy session for US equities as Treasury yields soared on bets on further tightening by the Federal Reserve. Japan, Australia Index declined half percent each while Taiwan and South Korea Index marginally gain. Australian and New Zealand sovereign bond yields jumped about nine basis points in early trading, as the upward pressure on rates flowed through into Asia. Economists expect the Reserve Bank of Australia to hike rates at its meeting next week

 

·      European Market – European stocks ended mixed bag with banks outperforming after Wall Street peers passed the Federal Reserve’s annual stress test.  UK Index slipped 0.4% while France Index advance 0.4%. European equities have been stuck in a range recently, with the rally capped by worries about an economic slowdown as central banks drive home the message that rates will stay higher for longer.

 

·      Oil –  Crude oil futures prices gained on Thursday upon continuous support from bullish U.S. oil inventory data last week. Brent Crude is hovering at $74/bbl.

 

·      Gold – Gold is trading flat to $1908/ounce after intra-day fell to below $1900/ounce following US unemployment data that raised expectations for more tightening by the Federal Reserve

 

·      Previous Day market Update –  Bulls was back in the Dalal Street ring after a long time. Equity market scaled record high levels as across the major Index – Nifty, Bank Nifty, Fin-Nifty and Sensex surged to record high amid strong domestic cues were supported by gains in global markets. The benchmark index Nifty rose nearly a percent to hit its fresh all-time high level of above 19,000, while the Sensex also jumped to a record level, crossing 64,000-mark. Bank Nifty and Fin-Nifty soared to record above 44500 level and 19950 level respectively. Nifty took nearly seven months for the Nifty to cross its earlier record level of 18,887 hit on December 1 last year. Strong buying from foreign institutional investors (FII), improving domestic macroeconomic conditions, better corporate earnings and fall in monsoon deficiency boosted the market sentiment.  Auto, metal, FMCG, Pharma and IT stocks were major gainers today.  Nifty soared 154 points 0r 0.8% to close 18972 while touched intra-day high of 19011. Bank Nifty advance 206 points or 0.5% to close at 44327 while touched intra-day high of 44508. FIIs were net buyers Rs12350cr (Block deal on Adani Group) while DIIs were net sellers Rs1021cr previous day.

 

·      Nifty Technical Levels – Nifty formed a Bullish candle on daily scale and given a consolidation breakout of last ten trading sessions. It has been forming higher highs on weekly scale from last fourteen weeks and supports are gradually shifting higher. Now it has to continue to hold above 18888 zones to extend the move towards 19200 and 19250 zones while on the downside support exists at 18888 and 18777 zones.

 

·      Bank Nifty Technical Levels – Bank Nifty overall trend is strong with buy on dips stance. Now it has to hold above 44250 zones for an up move towards 44500 then new life high of 44750 zones while on the downside support is seen at 44250 then 44044 levels Actionable BUY – IndiGo, Indian Hotel, SBI, Bajaj Finance,

 

·      Brokers Radar – CLSA TGT on Tata Motor at 700, 360 One TGT by Citi at 600, Morgan Stanley TGT on MCX at 1125, JEF MAN 1830, MCX TGT . Man Jef 1830, L&T TGT by  JP Morgan at 2900. TATA Motor TGT by Macquarie at  624 and Nomura TGT at 610. Bajaj Auto TGT by Macquarie at 4541 and Nomura TGT at 5223.   

 

·      Events – Wipro Buy-back final day, Fiscal Deficit and Eight Infrastructure Industries data, Aadhar PAN card link final day today.

 

·      Corporate Action  - Aegis Logistic Rs1.20, Alufluoride Rs2, Bajaj Auto Rs140, Bajaj Holding Rs13, Bajaj Finance Rs30, Bank of Baroda Rs5.50, Ddev Plastiks Industries Bonus 1:10, Glaxo Pharma Rs32, Maharashtra Scooter Rs60, Nippon Life Rs7.50 and Sona BLW Rs1.53 

 

·      Global Data – Personal Income and Personal Spending  (US). Quarterly GDP, Private Consumption and Export & Import (UK). Retail Sales, Unemployment Change and Exports & Import (Germany).  CPI, Consumer Spending and PPI (Germany). – Manufacturing PMI and Non-Manufacturing PMI (China).

 

·      Market Summary – Tata Communications to Acquire US-based Kaleyra for About $100, Sheela Foam to acquire rival Kurlon in Rs 3,250 cr deal: Report, Tejas Mk 2 to be ready for first flight by 2025 after HAL-GE Aerospace deal, Bandhan Bank triples its branch presence in less than 8 years, US-India Plan to Make Artillery Guns, Armored Vehicles, Govt approves PM-PRANAM to boost balanced use of fertilisers; Rs 3.68 lakh cr subsidy on urea till Mar 2025, Bad-Debt Ratios Fall to Decade Low at Indian Banks, RBI Says, MCX extends support services contract with 63 Moons for another six months at ₹125 crore per quarter, ICICI Securities to be 100% subsidiary of ICICI Bank upon delisting

 

·      Tata Communications – Company agreed to acquire US-based communications services provider Kaleyra for about $100 million. The acquisition will help Tata Communications expand its communications platform-as-a-service business globally.

 

·      Multi Commodity Exchange - Company has extended the support services being rendered by its existing software vendor, 63 Moons Technologies Ltd. for six months beginning from July 1, 2023. In a regulatory filing, MCX informed that the consideration for the same would be ₹125 crore per quarter. – Avoid

 

·      ICICI Securities - Company will delist and become a wholly-owned subsidiary of parent ICICI Bank. The company stated that the board of directors had approved the delisting plans and agreed on a share swap ratio. The public shareholders of ICICI Securities would be allotted 67 shares of ICICI Bank for 100 shares each of the brokerage firm

 

·      Focus on Banking stocks - Soured-debt ratios at Indian banks narrowed to the lowest in 10 years as the nation’s financial system remained resilient despite global headwinds, according to the Reserve Bank of India. The bad-loan ratio was at 3.9% of the total loans at the end of March 2023 compared to 5.9% in the previous year. The central bank expects the ratio to fall further to

·      3.6% by March 2024. – expects positive for SBI, Bank of Baroda, Union Bank, Canara Bank, Indusind Bank, RBL Bank

 

 

·      Focus on Fertilizer stocks – Government approved a new scheme PM-PRANAM to incentivise states to promote alternative fertilisers and reduce the use of chemical fertilisers and also decided to continue the current urea subsidy scheme for three years ending March 2025, with an outlay  of Rs 3.68 lakh crore.- Expects positive for Chambel Fertilizer, Coromandel, GNFC,  GSFC, RCF, FACT.

 

·      IPO Listing Sebi has approved a proposal to reduce the time period for listing shares for initial public offerings (IPOs) from 6 days to 3 days. The new timeline will be implemented in two phases, with voluntary compliance starting from September 2023 and mandatory compliance from December 2023.

 

·      SBI Life – Company re-appoint Sharma as MD and CEO - Positive

 

·      Focus on defence stock - The US and India plan to jointly manufacture artillery guns and armored personnel carriers, said the US Ambassador to India Eric Garcetti in New Delhi on Wednesday.- expects positive for BEL, Bharat Dynamic, Bharat Forge.

 

·      Sheela Foam to acquire rival Kurlon in Rs 3,250 cr deal: Report - Sheela Foam will fully acquire rival Kurlon Enterprise Ltd, buying 100 percent of the company in two tranches for a cash consideration of Rs 3,250 crore. Acquiring Kurlon Enterprise, maker of the Kurl-on brand of mattresses, will help Sheela Foam, known for the Sleepwell brand, nearly double its market share.- positive

 

·      Bharat Petroleum: The company’s board approved raising up to Rs 18,000 crore via rights issue. - positive

 

·      PowerGrid: The company approved an aggregate investment of Rs 388.94 crore. It will invest in establishment of Telecom network for NTAMC at an estimated cost of Rs 164.38 crore, Western Region expansion scheme at an estimated cost of Rs 115.09 crore – positive

 

·      HDFC: The company acquired 612 equity shares of Xanadu Realty, representing 5.46% of its paid-up equity share capital upon conversion of 938 compulsorily convertible debentures held by it in Xanadu – positive

 

·      Canara Bank: The bank approved Rs 7,500 crore by way of debt instruments. – positive

 

·      Tata Chemicals: Life Insurance Corporation increased stake from 5.06% to 7.12%.- positive

 

·      IPO Update - PKH IPO open today with Price band between 140-148. Idea forging IPO subscribed over 50 time

 

·      ITC – Company has completed the acquisition of an additional 857 compulsorily convertible preference shares of Rs10 each of personal care products brand Mother Sparsh Baby Care for Rs11.54cr. With this, the company’s shareholding in Mother Sparsh has increased to 26.50% from 22% - Positive

 

·      TVS Motor Ties Up with Zomato for Last-Mile Deliveries – Company partnered with food ordering platform Zomato for last-mile deliveries using electric vehicles. TVS Motors will deploy 10,000 scooters to fulfill deliveries for Zomato and ensure the delivery partners will have access to charging stations – positive

 

·      Hariom Pipe – Company has completed installation and commenced production from two new MS Pipe Mills at plant located at Mahabubnagar District. With this, the total installed capacity of MS Pipes has gone up to 1,32,000 MTPA from the current 84000 MTPA – positive

 

·      Nykaa -  FSN E-Commerce Ventures has approved the following investment proposals: - To make further investment up to Rs20cr in FSN International Pvt a wholly owned subsidiary of the Company, on rights basis; and to make further investment up to USD 2mn by FSN International in one of its overseas subsidiaries viz., Nessa International – Long term positive

 

·      Bandhan Bank – Company has achieved a milestone of tripling its branch presence in less than 8 years of its operations. The Bank now has a total of more than 1,500 bank branches – positive

 

·      Kamdhenu Ventures – company’s Board recommends Bonus Issue in the ratio of 1:1 – positive

 

·      BEML – Company wins 385cr order for supply of high mobility vehicle – positive

 

·      Promoter entities raise $1 bn by selling shares in Adani Green Energy, AEL -  The promoter entities of Adani group sold part of their stake in Adani Green Energy and flagship Adani Enterprises to raise $1bn The proceeds will be used by the promoters to pre-pay debt, banking sources said. About 4.8cr shares, or 3 per cent of total equity of Adani Green changed hands and 1.6 per cent stake or 18 million shares in AEL was sold via block deals to several investors. Total shares worth Rs 8,542 crore were sold.

 

·      Focus on Sugar stocks – Sugar cane price hike from Rs305 to 415/100kg – expects positive for Balrampor Chini,, Dhampur Sugar

 

·      Tejas Mk 2 to be ready for first flight by 2025 after HAL-GE Aerospace deal - Tejas Mk 2 light combat aircraft (LCA), which has faced delays, is expected to make its first flight in 2025 with an American engine. GE Aerospace has signed a deal with Hindustan Aeronautics Limited (HAL) to produce fighter jet engines.

 

·      Kamdhenu Ventures – Company has, considered, approved and recommended a Bonus Issue in the ratio of 1:1 – positive

 

·      IDFC FIRST Bank - Company has announced raising Rs. 1,500 crore of Tier-2 bonds in domestic Indian Bond markets.

 

·      Star Housing – Company announced the appointment of Kalpesh Dave as the Chief Executive Officer and Anoop Saxena as the Chief Operating Officer

 

·      Inflame Appliances – Company has bagged an order for 3650 Chimneys from LIVPURE PRIVATE LIMITED, Haryana amounting to Rs. 1.95 crores, and thereby expanding its customer base and adding one more milestone to its expansion. – positive

 

·      Gland Pharma - The US FDA has conducted Pre-Approval Inspection (PAI) for Seven (7) Products and Good Manufacturing Practice (GMP) Inspection at the Company's Pashamylaram Facility at Hyderabad between 15th June 2023 and 27th June 2023. The inspection was concluded with ONE (1) 483 Observation. – Avoid

 

·      Swan Energy – Company to raise Rs. 690 crore through preferential issue at Rs300 a share (CMP 256) – Positive

 

·      Ramco Cements – Company have commissioned Line III at its Ramasamy Raja Nagar of 3,000 TPD capacity of clinkerisation. This is the first integrated cement line, commissioned in the last 15 years in the South of Tamil Nadu. – positive

 

·      Pearl Global – One of the largest garment exporters has announced its strategic expansion into Guatemala, company has acquired a 55% stake in Pearl GT Holdco Ltd for a consideration of USD 550,000. – positive

 

·      Shalby Ltd – Company has signed an agreement with Divine Super Specialty Hospital Pvt. Ltd., a leading hospital in Ranchi having capacity of 60 beds, to establish a Franchise‐Owned Shalby‐Managed (FOSM) hospital in the region. – positive

 

·      PNC Infratech – Company signing of a concession road agreement projects  between Ministry of Road Transport & Highways Govt of India for implementation of the Hybrid Annuity Mode (HAM) road Project in  Uttar Pradesh – positive

 

·      ICICI Lombard and ICICI Prudential Life – Both companies have jointly launched an insurance solution, 'iShield', which will provide customers with both health and life insurance.- positive

 

·      South Indian Bank – Company signed an MOU with Mahindra and Mahindra Ltd (Automobile division) for providing the latter's dealers with financing solutions.- Positive

 

·      ZIM Laboratories – Company has announced strategic investments in Australia and the MENA region to expand its presence in Developed and Pharmerging markets. – positive

 

·      Zydus Lifesciences – Company has received tentative approval from the USFDA for Palbociclib Tablets - positive

 

·      Focus on Real Estate stocks - Home prices up 14.7% in June quarter in top cities: ET Report - Expects positive for real estate stocks after the media report that the robust demand has helped residential property prices across India's top 13 cities witness 14.7% growth from a year ago and 2.2% rise sequentially during the quarter ended June 30, showed a Magicbricks PropIndex report. Expects positive DLF, Oberoi Realty, Godrej Properties, Prestige Estate and Lodha

 

 

 

Derivatives update

*Derivatives update*

Good morning !!

Derivatives update for Friday, 30th June 2023.

India VIX was up by 1% from 10.78 to 10.88 levels. Volatility is holding below 11 zones which is supporting the bulls.  

Nifty *Put/Call Ratio* (OI) increased from 1.21 to 1.41 level. 

Since it’s the beginning of the new series, Option data is scattered at various far strikes in monthly series. On weekly front, Maximum Call OI is at 19200 then 19300 strike while Maximum Put OI is at 18900 then 18800 strike. Minor Call writing is seen at 19300 then 19200 strike while Put writing is seen at 18900 then 18800 strike.

*Option data suggests a broader trading range in between 18600 to 19300 zones while an immediate trading range in between 18750 to 19200 zones.*

For weekly Bank Nifty, Maximum Put OI is at 44000 then 43000 strike and maximum Call OI is placed at 44500 then 45000 strike. We have seen minor Call writing at 44500 and Put writing is witnessed at 44500 strike as well.

Bank Nifty Put Call Ratio decreased from 1.46 to 1.19. Implied volatility rose from 12.04 to 12.40 levels.

Bank Nifty (CMP 44,327.8)

Data setup for Bank Nifty suggests a trading range in between *44044/44250 to 44500/44750 zones.*

Looking ahead at the FII’s derivatives activity, there was position unwinding in index futures, index options and stock futures.

In the cash market, FIIs were net buyers to the tune of 12350 crores while DII’s were net sellers worth 1021 crores. FIIs Index Long Short Ratio increased to 66.42%.

Derivatives data and price set up suggests, Nifty has to continue to hold above 18888 zones to extend the move towards 19200 and 19250 zones while on the downside support exists at 18888 and 18777 zones.

Bank Nifty has to hold above 44250 zones for an up move towards 44500 then new life high of 44750 zones while on the downside support is seen at 44250 then 44044 levels.

Thank you. Have a great trading day and weekend ahead..!!

Advisory Desk

From Advisory Desk 27th June 2023

 

Market Outlook: US market closed lower due to profit booking in heavyweight stocks. However, futures were trading slightly higher ahead of FED Chairman Powell's speech. Asian markets have begun with a mixed performance, while the SGX Nifty is indicating a flat to positive opening. On the domestic front, there has been a significant decrease in monsoon deficiency from 47% to 28% within a week, which is positive for our market, particularly for sectors like Auto and FMCG. Yesterday, Nifty did not follow the selling trend seen in the previous two sessions and is holding above the lower end of the current range and 20 DEMA. We continue with our buy on dips strategy with a stock-specific approach. Today being weekly expiry, we expect Finnifty's range to be 19300/19400-19625/19778. Tomorrow, our market will be closed due to a public holiday.

Actionable: Buy M&M, Godrej Properties, Trent.

 

Global market:

DOW:  - 12

SGX NIFTY:   + 30   (prev. close 18704)

NIFTY 50 : 18691

Sensex : 62970

 

Institution:

FII:                 -     409    Cr

DII:                +     250    Cr

NSE:

Advances:  1797  / Declines:  1860

Currency:

Dollar: $ 82.04

Dollar Index: 102.62

 

Commodity:

Gold: $ 1937  per ounce

Crude: $ 74.70  per barrel

 

Bonds:

10 year US bond rate: 3.72

10 year Indian Bond rate: 7.07

Derivative:

PCR: 0.90

VIX:  11.39

 

Updates:

 

Bharti Airtel: The telecom major has announced changes in its leadership team in Airtel Business. Ajay Chitkara has resigned as CEO and will continue with the company until the third week of August.

 

Aditya Birla Capital: The Aditya Birla Group company has opened its qualified institutional placement (QIP) issue with the floor price set at Rs.175.99 per share. Sources told that the fund raising is likely to be at Rs.1,750 crore.

 

ICICI Prudential - The company received a show cause cum demand notice from the Directorate General of GST Intelligence for not paying tax of Rs.492.06 crore from July 2017 to July 2022. The company also deposited Rs.190 crore without accepting liability in this case.

HAL: Board to meet today to discuss equity share split and also, to recommend the final dividend for the FY22-23.

City Union Bank: The Board of the bank has approved raising capital up to Rs.500 crore through the QIP route.

 

Securities in ban: HINDCOPPER, RBL BANK.

 

Derivative View: On option front, monthly maximum Call OI is at 18800 then 18700 strike while Maximum Put OI is at 18700 then 18600 strike. Option data suggests an immediate trading range in between 18550 to 18800 zones.

 

Derivatives update

*Derivatives update*

Good morning !!

Derivatives update for Tuesday, 27th June 2023.

India VIX was up by 1.38% from 11.24 to 11.39 levels. Volatility was slightly on the rise but overall lower levels is keeping the market choppy in a smaller range.

Nifty *Put/Call Ratio* (OI) remained unchanged at 0.93 level. 

On option front, monthly maximum Call OI is at 18800 then 18700 strike while maximum Put OI is at 18700 then 18600 strike. Call writing is seen at 18700 then 18950 strike while Put writing is seen at 18600 then 18650 strike.

*Option data suggests a shift in lower trading range in between 18500 to 19000 zones while an immediate trading range in between 18550 to 18800 zones.*

For weekly Bank Nifty, Maximum Put OI is at 43500 then 43000 strike and maximum Call OI is placed at 44000 then 45500 strike. We have seen minor Call writing at 44200 and Put writing is witnessed at 43600 strike.

Bank Nifty Put Call Ratio decreased from 0.88 to 0.84. Implied volatility fell from 11.69 to 12.26 levels.

Bank Nifty (CMP 43,641)

Data setup for Bank Nifty suggests a trading range in between *43250/43333 to 43800/44044 zones.*

Looking ahead at the FII’s derivatives activity, there was long built up in index futures, call & put selling in index options and short covering in stock futures.

In the cash market, FIIs were net sellers to the tune of 409 crores while DII’s were net buyers worth 250 crores. FIIs Index Long Short Ratio decreased to 53.26%.

Derivatives data and price set up suggests, Nifty has to hold above 18666 zones to witness an up move towards 18750 then 18888 zones while on the downside support exists at 18550 and 18500 zones.

Bank Nifty has to continue to hold above 43500 zones for a bounce towards 43800 then 44044 zones while a hold below the same could see some weakness towards 43333 and 43250 marks.

Thank you. Have a great trading day ahead..!!

News and Impact

News and Impact 

 

 

·      Expects market to open on a flat note on account of mixed bag opening in the Asian markets and marginally positive on US Future. Domestic sentiment remain robust on account of  monsoon deficiency sharply decline this month from 47% to 28%,  S&P Global ratings agency saying India will be the fastest-growing economy among Asia Pacific nations and stable inflation will be positive for the market sentiment. SGX Nifty is up 30 points or 0.1%. Overnight, US Tech Index major Nasdaq Composite slipped over 1% after the Fed Chair Jerome Powell reiterated last week that the US may need one or two more rate increases in 2023, to bring down inflation at 2%. Expects market would be rangebound as June F&O series expiry is scheduled on Thursday and market will be close tomorrow. While a good news for Indian markets, as per IMD the Monsoon deficiency has down to 28% from 47% in a week which means a buy on dip is around the corner. Nifty’s 200 DMA at 17929 mark. Yesterday, market ended flat but mid-cap and small cap Index soared 1% each. Nifty 500 stocks advance decline ratio was favorable at 2:1. Expects rally to continue on mid-cap and small cap stocks. Pharma stocks rally may continue and hope of good monsoon will be positive for tractors stocks.  

 

·      US Market   –  US stocks declined as investors assessed whether central banks will need to raise interest rates higher than expected, furthe r hampering a decelerating economy. The S&P 500 Index fell 0.5% and those on the tech-heavy Nasdaq 100 closed 1.4% lower. Dow Jones ended marginally lower

 

·      Global market summary – US 2-Year and 10-Year Bond Yield marginally decline. US Vix gained 6% to above 14. Gold fell to 3-momth low.

 

·      Asian Market – Asian shares fell for a seventh day Tuesday after US stocks slid amid concern that the Federal Reserve and its peers around the world will push economies into recession. The region’s equity gauge is now on its longest losing streak in a year. Japan Index slipped 1%. Taiwan, South Korea and Australia Index fell 0.5% each. However, Hong Index is up 0.50%

 

·      European Market –European equities were steady after falling the most since mid-March last week, as investors mulled the risks from an attempted armed uprising in Russia and focused on the outlook for economic growth and monetary policy. Germany, France and UK Index bounced back into positive territory.

 

·      Oil –  Oil steadied as jitters from the short-lived armed uprising in Russia gave way to persistent concerns over the demand outlook. Brent Crude is trading flat at $74/bbl.

 

·      Gold – Gold was steady at $1923/ounce near a three-month low on prospects for more interest-rate hikes from major central banks.

 

·      Previous Day market Update –Equity benchmark Nifty Index managed to ended in positive territory after a fall of last two trading sessions amid buying interest on pharma, auto, realty and shipbuilding stocks. Weak global markets and ahead of June series F&O expiry kept the domestic bourses in a narrow range for most part of the day. Nifty was moving merely in a 70 points or 0.50% range between intra-day high of 18722 and low of 18646.  However, there was stocks specific action in the markets and action shifted to mid-cap and small cap counters. Both Nifty small and mid-cap index gained 1% each. That’s why Nifty 500 stocks advance decline ratio was favorable at 2:1. Nifty advance 26 points to close at 18691 while Sensex marginally decline by 9 points to close at 62970. Among the global markets, both Asia and European equities dropped for a sixth day after falling the most since mid-March last week, as investors mulled the risks of geo-political tension in Russia, concern of outlook for economic growth and monetary policy tightening.  US market on Friday declined up to 1% and US Future slipped nearly 0.5%. Hawkish signals from the US Federal Reserve and other major central banks revived concerns that higher borrowing costs threaten to tilt the economy into a recession. Yesterday, FIIs were net sellers Rs409cr while DIIs were net buyers Rs250cr

 

·      Nifty Technical Levels – Nifty formed a Doji sort of candle on daily frame and respected its previous day’s lower zone. Now it has to hold above 18666 zones to witness an up move towards 18750 then 18888 zones while on the downside support exists at 18550 and 18500 zones.

 

·      Bank Nifty Technical Levels – Bank Nifty formed a small Bearish candle on daily scale and trading in between 20DEMA and 50DEMA from past seven sessions. Momentum is missing on either side as selective Banking stock continue to underperformed and it closed in marginal gains near 43650 zones. Now it has to continue to hold above 43500 zones for a bounce towards 43800 then 44044 zones while a hold below the same could see some weakness towards 43333 and 43250 marks.

 

·      Actionable BUY – IRCTC, Raymond, Cyient, M&M, Aurobindo Pharma, Zomatao

 

·      Brokers Radar – Macquarie TGT on Paytm at 800, Nomura TGT on Hindustan Unilever at  3025, Chola Investment TGT by Citi at 1200. Cipla TGT by Citi at 1110.

 

·      Events – National Company Law Tribunal (NCLT) hearing on Zee Entertainment, Cyient DLM IPO with price range between Rs250-265. Bajaj to lauch new bike at London, HAL board meeting for dividend and stock split. Idea Forge IPO subscribed nearly 4 time on Day1, Cricket world cup date will be announce today in India.

 

·      Corporate Action  - Supreme Petrochem Rs7, Bajaj Hindustan AGM, Bombay Oxygen Rs15, Sagarsoft Rs2,

 

·      Global Data – Durable goods orders, New Home sales, Dallas Fed Service Activities (US)

 

·      Market Summary – ICICI Pru Life gets GST demand notice for Rs 492 cr, Delhi Power Regulator Allows Distribution Companies To Charge Higher Tariff, Monsoon deficiency down to 28% from 47% in a week,  Infosys Strikes $450-Million Deal With Denmark's Danske Bank, Aditya Birla Capital launches QIP, floor price set at ₹175.9 per share, Sapphire Foods India Holder Seeks Up to $51m in Placement

 

·      ICICI Prudential Life – Company said it has received a GST demand notice of Rs 492.06 crore from tax authorities.

 

·      Sapphire Foods India block deal – Major shares holder WWD Ruby is offering 3m shares of Sapphire Foods India Ltd. at Rs1,345 to 1,391. Price range represents 0% to 3.3% discount to last close on NSE - Avoid

 

·      Aditya Birla Capital – Company announced that the company has launched a qualified institutional placement (QIP) issue at Rs175.99 a share worth Rs1250cr. The issue opened on

·      26 June, 2023.- Positive for fund raising

 

·      HDFC – Company sells Mumbai land Marg (LBS Marg), Bhandup to Lodha for Rs 70 crore to recover dues from borrower. – Positive

 

·      Power stocks Focus - The Delhi Electricity Regulatory Commission has allowed power distribution companies to levy higher tariffs—over and above the prevailing rates—to adjust the higher cost of power purchased, till next March. BSES Yamuna Power has been allowed to hike its tariff by an additional 9.42%, over and above the prevailing rate of 22.18%. – Expects positive for Tata Power

 

·      Railtel Corporation – Company wins Rs294cr order from Tamilnadu for a period of five years– Positive

 

·      IRCTC - Prime Minister Narendra Modi will flag off 5 new semi-high speed Vande Bharat Express trains on June 27. The new 8 coach Vande Bharat Express trains will be launched on 5 new routes; Mumbai-Goa, Indore-Bhopal, Patna-Ranchi, Jabalpur-Rani Kamlapati and Bengaluru-Hubballi-Dharwad. – Expects positive for IRCTC.

 

·      Bharti Airtel - The Chief Executive Officer of Bharti Airtel's enterprise arm, Airtel Business, Ajay Chitkara, has resigned from the company, according to a filing. Following the resignation, Bharti Airtel has restructured leadership in the enterprise arm by dividing it into three segments – We are long term positive on Bharti Airtel

 

·      Monsoon deficiency decline - The monsoon rains in the last couple of days have brought down the cumulative rainfall deficiency during June 1-25 to 28% of the benchmark long period average (LPA) from 47% reported a week ago. – Expects positive for auto stocks – M&M, Escorts.

 

·      S&P Global Ratings on June 26 retained India's GDP growth forecast at 6% saying India will be the fastest-growing economy among Asia Pacific nations. – Positive for the market sentiment.

 

·      Focus on Cyient – Company’s subsidiary (holding 92%) Cyient DLM Limited is going to hit primary market today. The public issue worth Rs592 crore will open for bidding till 30th June 2023. The company management has fixed Cyient DLM IPO price band at Rs250 to Rs265 a share.

 

·      Rating agency S&P Raises Long-Term Issuer Credit Ratings on Union Bank of India, Bajaj Finance, Shriram Finance Ltd., and Hero FinCorp – positive.

 

·      Cyient, Ltd - Company announced that it has fully integrated the Finland based acquired entity, Citec, into Cyient. As one of the final steps of the integration process - Positive

 

·      Sun Pharma Advanced Research – Company’s parent reported “promising” results from the trial of a drug being tested for type-2 diabetes and obesity.  The company said drug GL0034, discovered and developed by Sun Pharma, reduced body weight after a single dose in obese individuals without diabetes in its Phase-1 trial - Positive

 

·      Zee Entertainment – SAT defers hearing on Subhash Chandra, Punit Goenka's appeal challenging Sebi's interim order till 27 June.

 

·      REC  - State-owned Maharatna company, has decided on extending financial assistance of Rs 3,045 crores to Bangalore Metro Rail Corporation, for the establishment and development of lines under the Phase-II metro project – Positive .

 

·      Infosys - Infosys has won a $450mn digital transformation contract from Denmark's Danske Bank A/S for five years. The company will deploy Infosys Topaz, its recently launched Generative AI suite of services, to transform the IT operations of Danske Bank globally. – positive

 

·      Rail Vikas Nigam Targets Orders Worth Up To Rs 1 Lakh Crore In Next One Year – Company has an ambitious plan of garnering orders totalling Rs 75,000-Rs 1,00,000 crore in the next one year, according to Rajesh Prasad, its director of operations. It takes on railway projects—such as installing new lines, railway electrification, metro projects, workshops, bridges—on a turnkey basis. – positive

 

·      Tilaknagar Industries'- Flagship brand Mansion House Brandy became the world's fastest-growing brandy and the second-fastest growing alcoholic beverage brand, across categories, globally in the year 2022. Mansion House Brandy recorded an impressive year-on-year growth of 57.8 per cent in 2022 – Positive

 

·      Zydus Life - Its wholly owned subsidiary, Zydus Animal Health and Investments Ltd., will acquire the stake for Rs 106 crore from Rising Sun Holdings Pvt.—an investment firm owned by Adar Poonawalla, chief executive officer of Serum Institute of India Pvt – Positive

 

·      L&T Technology – Company  and BSNL have signed an agreement to enable private 5G network deployments for global enterprises. - positive

 

·      L&T – Company wins significant orders  in range of Rs 1,000-2,500cr for Power Transmission Business - positive

 

·      EPC India stock split  - The board of office spaces provider EFC (India) has approved the sub-division of equity shares of the company from face value of Rs10 each to a face value of Rs2 rupees each

 

·      Capacity Infra – Company secured an order worth Rs452cr from an undisclosed client for the construction of a residential and commercial tower in the National Capital Region – Positive

 

·      Ajanta Pharma - Company's formulation facility at Dahej was inspected by US FDA from 19th June 2023 to 23rd June 2023. At the end of inspection, no Form 483 was issued to us. - positive

 

·      Adani Power – Company has commenced operations at the 800 MW Unit 2 of Godda Thermal Power Plant. The plant will export entire power generated to Bangladesh as part of an existing 25-year contract with the country's Power Development Board

 

·      MIC Electronics – Company receives LoA for order worth Rs. 5.13cr from Jabalpur Railway Division, installation, testing and commissioning of passenger amenities at 15 Stations of Jabalpur division – positive

 

·      Bigbloc Construction - Company's JV inks agreement for Supply of Machinery & Technical Service. The Contract is executed for Supply of Machinery and Technical Service for Autoclave Aerated Concrete Blocks (AAC) Plant. – positive

 

·      TCS – Company has entered into a strategic partnership with Standard Life International DAC, a wholly owned subsidiary of the Phoenix Group, to transform its operating model and enhance the customer experience for its policyholders in Europe, using the TCS Digital Platform for Life and Pensions, powered by TCS BaNCS™. – long term positive

 

·      Vedavaag Systems – Company  have been allotted additional 2000 Customer Service Points (CSPs) by State Bank of India. These Customer Service points will be rolled out during the financial year 2023-24. Vedavaag Systems Limited has been continuously ranking as one of top three best performers of SBI banking correspondents for the last four years – Avoid

 

·      RattanIndia Power has refinanced its senior debt in a Rs 1,114 Crores transaction led by Kotak Mahindra Bank – positive

 

·      Vishwaraj Sugar – Company pact with oil marketing companies IOC, BPCL, HPCL for supply of 12mn litters Ethanol – Positive

 

 

Market Indication

Market Indication:

Global: FLAT to POSITIVE

NIFTY: FLAT to POSITIVE

BANKNIFTY:  FLAT to POSITIVE

BULK Deals: 63 Moons Technologies, Aavas Financiers, Parag Milk Foods etc.

Stocks In F&O Ban Period: Hindustan Copper, and RBL Bank

Results Today: Nil

SGX NIFTY:  (Positive)

18728     +24.00    +0.13%

STOCKS IN ACTION 23 June

STOCKS IN ACTION 23 June

PNB Housing Finance Board approves fund raising of up to Rs 5,000 cr in tranches via NCDs on a private placement basis

Transwarranty Finance: Approved Raising Of Funds Via Issuance Of Non-Convertible Debentures Upto 50m Rupees

Approved Issuance Of NCDS Tranche/Series B2 On Private Placement Basis

BPCL Board to consider fund raising via RightsIssue on June 28

Praxis Home Retail: To Issue Equity Share Warrants On A Preferential Basis Upto 624 Mln Rupees

HDFC: The company divested 9.65% stake in Ruralshores via buyback route. It also soled entire stake in HDFC Property Ventures and HDFC Venture Capital to Vividh Distributors for a consideration of Rs 1.2 crore and Rs 30 lakh respectively. The lender also bought 3.86% stake with 5.13% voting rights in interior designs company Bonito Designs and 914 CCPS of Cognilements (Relata) entitling a stake of 4% to 7%.

HBL Power Systems: The board is going to consider approving a proposal of slump sale of two products lines, Power Electronics and Integrated Power Supplies to Moebius Power Electronics on June 28.

Vedanta issues clarification, says reports of company selling Sterlite Copper Plant in Thoothukudi are wrong, baseless & incorrect

Coforge acquires 20% stake in Coforge Business Process Solutions for Rs 336.9 cr

Alert: Company had acquired 60% in Coforge Business Process Solutions in April 2021

FortisHealthcare to sell Chennai hospital facility to Kauvery Medical for Rs 152 crore

Peninsula Land: Unit Westgate Real Estate Developers LLP, Registered An Agreement For Sale Of Land On At Alibaug

Sale For A Total Consideration Value Of 430 Mln Rupees

Synergy Green Industries: Says Around 25% Revenue Growth Forecasted For Next Two Years

LIC Housing Finance appoints T Adhikari as Chief Operating Officer (COO), w.e.f. June 22, 2023

Coal India: May devise a mechanism where a hike in coal prices could be linked to inflation or some other parameters to avoid sudden increase

KPR Mill: Says Sugar Manufacturers Operating Near Unit's Sugar Factory Filed Writ Petitions Before High Court Of Karnataka 

Writ Petition In Matter Of Allotment Of Portion Of Cane Areas To Unit Under Sugarcane (Control) Order

Mirza International: Says Uttar Pradesh GST Authority Conducted Search In Various Business Premises Of Co On June 21 

Furnished All Information Sought By GST Authority

Grindwell Norton: National Company Law Tribunal, Mumbai Bench In Scheme Of Amalgamation Of Unit With Co Said Order Is Kept On Reserved

Eros International Media: SEBI - Finds Prima Facie Evidence That Books Of Accounts Of Eros Do Not Present Accurate Pictures

News and Impact

News and Impact 

 

 

·      There was smart recovery in the US market from intra-day low, may open domestic market on a flat note. However, concern about rising global inflation, US Fed hawkish commentary and significant hiked interest rate by the euro zone area may be dampening the market sentiment. Overnight, US market gained by 1% led by heavyweight Amazon and Microsoft after the US Fed concluded its two days testimony in the US congress. Bond yields climbed after major central banks warned about the potential for more interest-rate hikes, with officials signaling they’re nowhere near ready to declare victory over inflation. Yesterday, both Bank of England and Norges Bank (Norway) raised the key interest rate by 50bps, above the market expectation (25bps expectation) while The Swiss National Bank (SNB) hiked the interest rate by 25bps. Asian markets fell up to 1% while SGX Nifty slipped quarter percent. Back home, domestic market is better place than the global peers due to May inflation fell to 25-month low and WPI inflation declined to 8-year low. Moreover, stable oil price, FIIs participation and huge capex by domestic players will be positive for the market sentiment. Any dips will be good opportunity to buy in the domestic bourses due to bullish sentiment in the market. Yesterday, both Sensex and the Nifty ended lower mirroring their global peers. Traders were booking profit after the Nifty was just an inch (1 point) away from the record high. Today focus on defense stocks after the US and India signed defense deal. IT stocks will be in focus after global peer Accenture cuts the top end of its full-year revenue growth guidance in its quarterly results announcement.

 

·      US Market   – US equities snapped a three-day losing streak as investors analyzed a second day of congressional testimony from Federal Reserve Chair Jerome Powell. Dow Jones ended marginally decline while Nasdaq Composite gained 1% led by tech heavyweight Amazon.com Inc. and Microsoft Corp. adding the most to the gains. However, US market recovered 1% from the intra-day low.

 

·      Global market summary – Bank of England hiked interest rate by 50bps to 5%, highest level since 15 years while expectation was 25bps hike to 4.74%. The Swiss National Bank (SNB) hiked the interest rate by 25bps to 1.75%. Norges Bank (Norway) raised the key interest rate by 50bps to 3.75% from 3.25%. US 10 Years and 2-year bond surged to 1-month high. Gold price fell to 3-month low.

 

·      Asian Market – Asian stocks turned modestly lower today amid elevated bond yields following a spate of central bank rate hikes. Japanese shares erased initial gains as investors weighed inflation data that was stronger than expectation. Japan, South Korea and Australia Index marginally decline HALF . China market is shut today.

 

·      European Market – European equities extended declines to a fourth day on hawkish signals from policy makers as the Bank of England surprised the market with a bigger-than-expected rate

·      increase, fueling further fears of an economic slowdown. Yesterday, Bank of England hiked interest rate by 50bps to 5% while expectation of 25bps hike interest rate. UK, Germany and France Index eclined half percent each.

 

·      Oil –  Brent Crude declined 3% to $74/bbl after the Federal Reserve signaled that further rate hikes were needed, bruising appetite for risk, aiding the dollar, raising the prospect of an economic slowdown and increase US oil inventory.

 

·      Gold – Gold slipped 2% to 3-month low at $1915/ounce after the Federal Reserve Chair Jerome Powell reiterated the central bank will continue raising interest rates and expectations of Colling down global demand.

 

·      Previous Day market Update –Snapping their two-days winning run, equity benchmark indices the Sensex and the Nifty ended lower mirroring their global peers. The risk appetite of investors remained low on concerns over rate hikes a day after Federal Reserve chairman Jerome Powell said the US Fed would bring more hikes this year. Traders were booking profit after the Nifty was just an inch (1 point) away from the record high. Both Asia and European equity markets decline 1% each. Today, the Swiss National Bank (SNB) hiked the interest rate by 25bps to 1.75% while UK and Norway announced interest rate decisions today. Nifty mid-cap and small-cap stocks were major losers today and declined 1% each. Nifty 500 stocks advance-decline ratio was 1:3. Nifty slipped 85 points or 0.4% to close below the 18800 level at 18771 while touching intra-day high of 18886 just a single point away from the record high. Sensex opened at a fresh all-time high level of 63,602 against the previous close of 63,523 but failed to hold altitude and closed 284 points, or 0.45 percent, lower at 63,239. Auto, IT, and banking stocks were major losers today while sugar stocks witnessed fresh buying. Yesterday, FIIs were net sellers Rs693cr while DIIs were net buyers Rs219cr.

 

·      Nifty Technical Levels – The index is struggling at record high levels and whipsaws can be seen in the market. It formed a Bearish candle or an outside Bar on daily frame and closed with losses of around 85 points. Now it has to hold above 18777 zones to witness an up move towards 18888 then 19000 zones while on the downside support exists at 18710 and 18666 zones.

 

·      Bank Nifty Technical Levels – Bank Nifty formed a Bearish candle on daily scale as selling pressure is seen at higher zones but multiple support is still intact at lower zones. Now it has to cross and hold above 43750 zones for a bounce towards 44044 then 44250 zones while a hold below the same could see some weakness towards 43500 then 43333 marks.

 

·      Actionable BUY – L&T, Fortis, HAL, PNB Housing

 

·      Brokers Radar – Jefferies on IT stocks - Tech Mahindra TGT at 930, HCL Tech TGT at 1210, Coforge TGT at 4150 from 3760, LTIMindtree TGT at 4100 and Infosys TGT at 1550, JP Morgan TGT on UltraTech at 7020. JP Morgan TGT on Bajaj Auto at 5400.

 

·      Events – Tata Consumers to delist its ADR from London stock exchange, Shilpa Medicare board meeting for fund raising.

 

·      Corporate Action  - VLS Finance Rs1.50, Tata Elxsi Rs60, Tata Steel Rs3.50, Dalima Bharat Rs5, Dhampur Bio Rs3.50, Torrent Rs8

 

·      Global Data – Manufacturing PMI, Service PMI and Composite PMI. (US).  Consumers and Retail sales in Auto (UK). Manufacturing PMI, Service PMI and Composite PMI (Germany). Manufacturing PMI, Service PMI and Composite PMI (France).

 

·      Market Summary – GE Signs MoU to Make Engines for India’s Light Combat Aircraft,  L&T Signs Pact With India DRDO for Submarines Propulsion System,  Fitch raises India's GDP forecast to 6.3% for current fiscal year, Bharti Airtel to Acquire 12% Stake in Indian Solar Power Company, LTTs extends partnership with PCT, Fortis to sell Chennai Hospital, Fortis Healthcare to divest its Vadapalani, Chennai Hospital Business Operations, Luxury Homes Drive Mumbai Sales As Inventory Falls 24%, Says Anarock

 

·      Watch on Software Company - Technology stocks may move after global peer Accenture cuts the top end of its full-year revenue growth guidance.  Accenture sees full-year revenue growth between 8% to 9%, compared with a prior view of 8% to 10% - Accenture declined 2% yesterday.

 

·      L&T Signs Pact With India DRDO for Submarines Propulsion System – Company signed a contract with India’s Defence Research and Development Organisation for two submarines propulsion system modules. The Air Independent Propulsion system modules are for Kalvari class submarines of the Indian Navy – positive

 

·      HDFC: The company divested 9.65% of its stake in Ruralshores via the buyback route. It also sold its entire stake in HDFC Property Ventures and HDFC Venture Capital to Vividh Distributors for a consideration of Rs 1.2 crore and Rs 30 lakh, respectively. - positive

 

·      Bharat Petroleum Corporation: The company will consider fund-raising various modalities on June 28 for a capital infusion, including rights issues. - positive

 

·      PNB Housing and Finance: T. Adhikari has been appointed as Chief Operating Officer of the company.- positive

 

·      Vedanta: The company refuted media reports stating the sale of the Sterlite Copper Plant in Thoothukudi. It said that the reports are "wrong, baseless, and incorrect."  - positive

 

·      Coforge: The company acquired the final tranche of shares of the remaining 20% stake in Coforge Business Process Solutions for Rs 336.94 crore, taking its total stake to 80%.- positive

 

·      HBL Power Systems: The board is going to consider approving a proposal for the slump sale of two product lines, Power Electronics and Integrated Power Supplies, to Moebius Power Electronics on June 28. – positive

 

·      Wipro – Company announced the inauguration of its new office at Sable Park, Century City, in Cape Town, underscoring its commitment to clients in the region – long term positive

 

·      Sula Vineyard  - IndiGo has announced an exciting collaboration with Sula Vineyards and Fratelli Vineyards to offer exclusively curated holiday experiences for all its Nashik and Pune-bound customers, respectively  - positive

 

·      Gujarat Alkalies – Company had earlier announced about updates on 10,000 TPA (80%) Hydrazine Hydrate Project, with forward integration to Hydrogen Peroxide, for the manufacturing of an import substitute at Dahej Complex. The Company has achieved commercial production of Hydrazine Hydrate at Dahej Complex. – positive

 

·      Cyient DLM Sets Price Band For Rs 700-Crore IPO That Opens On June 27 - Cyient DLM Ltd., a unit of IT services firm Cyient Ltd., has set the price band for its Rs 700 crore initial public offering, in the June 27–30 with IPO at a valuation of Rs 2,100 crore. Cyient holds a 92.84% stake in its subsidiary. Cyient current market cap Rs16500cr - Positive,

 

·      Hindustan Aeronautics – GE Aerospace signed a memorandum of understanding with Hindustan Aeronautics Ltd. to produce fighter jet engines that would power the Indian Air Force’s Tejas Light Combat Aircraft Mk2. The agreement includes the potential joint production of GE Aerospace’s F414 engines in India - positive

 

·      Fortis Healthcare – Company announced signing of definitive agreements for sale of its hospital business operations at Vadapalani, Chennai to Sri Kauvery Medical Care  for a sale consideration of Rs152 Crore.

 

·      L&T – Company expanded its hi-tech manufacturing capability, inaugurating a new state-of-the-art, advanced Heavy Wall Pressure Vessel facility in Saudi Arabia – Positive

 

·      Natural Capsules – Company has announced a significant milestone in its growth journey with the strategic investment from Somerset Indus Capital Partners, a prominent healthcare-focused private equity fund. Somerset Indus Capital Partners, known for its expertise in the healthcare sector, has invested approximately Rs. 75 crores at a pre-money valuation of Rs. 250 crores in Natural Capsules Ltd – Positive

 

·      Madhav Infra Projects – Company receives LOA for construction of Railway Over Bridge worth Rs37.07cr – positive

 

·      Hazoor Multi Projects – Company received work commencement approval-work order for Eight Lane access controlled Expressway (Shirsad to Akoli section - Spur of Vadodara Mumbai Expressway Project)in the state of Maharashtra on EPC mode worth  Rs.352.80 crores – positive

 

·      Ambuja Cements and ACC,- Both companies honored to be recognised among 'India's Top 50 Most Sustainable Companies' cross-industry by BW Businessworld – Long term positive

 

·      Fitch raises India's GDP forecast– Global rating agency Fitch Ratings revised upwards its FY24 economic growth forecast for India to 6.3 per cent from 6 per cent it had predicted earlier. This is primarily because of a stronger outturn in the first quarter and near-term momentum. – positive for the market sentiment

 

·      Zee  Entertainment - Economic Times reported CEO Punit Goenka as saying the company’s merger with a Sony subsidiary will go through regardless of whether he is the CEO of the amalgamated firm.

·      Goenka told the newspaper that his frequent interactions with Sony don’t seem to indicate that the deal is wavering – expects volatile on the stock

 

·      Bharti Airtel to Acquire 12% Stake in Indian Solar Power Company - Bharti Airtel has agreed to acquire a 12.1% stake in Egan Solar Power for Rs1.34cr. Egan Solar Power is a special-purpose vehicle formed to operate a captive solar power plant.- positive

 

·      Rail Vikas Nigam emerges as the lowest bidder for two projects worth Rs 281 crore. The project is commissioned by the MP Poorv Kshetra Vidyut Vitaran Co. in Jabalpur. – positive

 

·      Focus on Housing stocks - Luxury housing sales continued to top charts post-pandemic, particularly in the Mumbai Metropolitan Region, where prices in the segment had dropped during the first wave. There had been a 24% yearly decline in MMR's unsold stock of homes priced above Rs 2.5 crore, according to data from Anarock Property Consultants Pvt.- Expects positive for Lodha, Oberoi Hotel, Godrej Properties

 

·      LTTs extends partnership with PCT – Company has announced an extension of its partnership with PCT to engineer solutions for aerospace, defense and transportation sectors. Company to provide mutual clients with digital support for design and manufacturing. – positive

 

·      Venus Remedies – Company gets marketing authorisation in Spain for Meropenem, a last-recourse antibiotic. - positive

 

·      Kalpataru Projects: The board approved raising Rs 300 crore via the issuance of unsecured, rated, listed, redeemable, and non-convertible debentures. – positive

 

·      Adani group stocks focus - US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller’s report that accused the company of using offshore companies to secretly manipulate its share prices. The US Attorney’s Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate – Bloomberg report

 

·      RateGain Travel Technologies – Company announced the launch of its third update for its solution AI Audiences, an AI-powered model built using Adara's ecosystem of travel data. The dataset consists of search and booking data from over 270+ partners across flights, hotels, car rentals, live events and credit card expenditures. - positive

 

·      Fortis Healthcare – Company  will be selling it's Vadapalani hospital in Chennai to Sri Kauvery Medical Care for Rs 152 crore – positive 

 

·      Canara Bank – Company’s board to meet on June 28 to mull FY24 fund raising plan 

 

 

Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

🔎 *Nifty* 

Index opened flattish and tried to gain strength and touched 18886 but failed to cross its all-time high and drifted lower thereafter. The second half of the session witnessed some recovery which it again gave up in the last hour. The index is struggling at record high levels and whipsaws can be seen in the market. It formed a Bearish candle or an outside Bar on daily frame and closed with losses of around 85 points

📊 Now it has to hold above 18777 zones to witness an up move towards 18888 then 19000 zones while on the downside support exists at 18710 and 18666 zones

🎢 India VIX was up by 2.28% from 11.29 to 11.54 levels. Volatility was slightly on the rise and came out of its range on daily frame

 

🧮 On option front, monthly maximum Call OI is at 18800 then 19000 strike while maximum Put OI is at 18800 then 18700 strike. Call writing is seen at 18800 then 18900 strike while Put writing is seen at 18800 then 18700 strike. Option data suggests a shift in broader trading range in between 18550 to 19000 zones while an immediate trading range in between 18650 to 18900 zones

🔎 *Bank Nifty*

Index opened on a flattish note but gradually drifted towards 43700 zones in the first half of the session. Later it witnessed good recovery of 250 points from lower zones and made a high of 44044 marks but again failed to hold at higher zone. It formed a Bearish candle on daily scale as selling pressure is seen at higher zones but multiple support is still intact at lower zones

📊 Now it has to cross and hold above 43750 zones for a bounce towards 44044 then 44250 zones while a hold below the same could see some weakness towards 43500 then 43333 marks

🔎 *Fin Nifty*

Index opened positive and witnessed buying interest towards 19741 in the first half of the trading session. However it failed to surpass its previous life time high of 19778 zones by 40 points and corrected by more than 150 points in the last hour of the session. It has managed to surpass consolidation band of 19000-19636 zones but again got stuck

📊 Now it needs to hold above 19500 zones to extend gains towards previous life time high of 19778 then 20000 zones while on the downside supports are placed at 19500 then 19400 zones

*Stocks* 

🚀 Bullish setup in MFSL, BSoft, IGL, LT, HDFC, HDFC Bank, Bhartiartl, Indigo, MCX and Hindpetro

🐻 Bearish setup in AB Capital, Indhotel, PNB, RBL Bank, Biocon, GNFC, Bajfinance, Gail, Godrejcp, UPL, SRF, Bandhan Bank, Havells, Gujgas, AU Bank, NMDC, Voltas and Indusind Bank