Market Morning Notes For 16th September 2024
Markets for the week recouped entire earlier week losses to regain control above 25,200 on expectation of a 50-bps rate cut in the US Fed policy. This surge in Nifty was witnessed at a time when JPY saw further sharp appreciation on expectations of a weak dollar. From a trading perspective, there is a formation of rising wedge setup in Nifty 50 Index and this would mean prices are unlikely to sustain beyond 25,575 while reversal is seen on a close below 25,250.Nifty 50 ChartStocks to watchPositive Read throughAdani Power – Long-term power supply agreement with MSEDCL for 1,496 MW thermal power.Adani Green – Long-term power supply agreement with MSEDCL for 5 GW solar power.Zydus – Exclusive supply & licensing agreement with Viwit Pharma for 2 MRI injectable agents.Laurus Labs – USFDA issues form 483 with zero observations for API manufacturing unit at Hyderabad.Titan – Plans to launch 10 international watch brands through Helios.Zaggle – Agreement with Founderlink Tech to offer business loans to Zaggle corporate customers.Lumax Auto – To acquire 60 pct stake in Greenfuel Energy Solutions for Rs. 1.33 bn.GMR Airports – August passenger traffic grew 9 pct, aircraft movements up 8 pct YoY.Spandana – Board approves sale of stressed loan portfolio worth Rs. 3.04 bn.Dixon Tech – Arm signs MoU with Asus to manufacture notebooks.CDSL – Board nod for 5-year extension of MD & CEO.Spicejet – SEBI exempts promoter spice health from open offer requirements.Samvardhana – To invest USD 15 mn for 11 pct stake in REE Automotive.RPG Life – Signs binding agreement for sale of land worth ~Rs. 1.45 bn.Lumax Auto – Arm bags repeat order worth Rs. 5.16 bn.Zomato – Now delivers food to train coaches at over 100 stations.Negative Read ThroughAdani Wilmar, Marico, Patanjali – India raised basic import duty on edible oils by 20 pct.Vedanta – John Slaven, CEO aluminium business resigned with effect from 30 Sept, 2024.Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
