Market Morning Notes For 20th September 2024

Nifty faced profit taking after a gap up opening at record highs but witnessed profit taking at higher levels. Bank Nifty continued its short-term outperformance against the Nifty wherein the index missed trading a fresh all-time high by a whisker. Global markets reacted positively overnight which is taken forwards as a more matured reaction to Fed’s interest rate reduction cycle commencing with a 50-bps cut. For Nifty, with evolution of rising wedge setup, the upper resistance for Nifty is seen in the range of 25,575-25,650 while reversal is seen on close below 25,300.Nifty 50 ChartStocks to watchPositive Read throughNTPC – Board approves 2 investment proposals worth Rs. 211.04 bn for thermal power projects.EMS – Board nod for Rs 4 bn QIP, highest bidder for Rs. 6.81 bn order from Kolkata government.Jyothy Labs – Signed purchase agreement with Smartwash Solutions for acquiring its brand QUICLO.Power Grid – Emerges as successful bidder to set up transmission system in Gujarat.Phoenix Mills – Arm emerges as highest bidder for 2 plots in Mohali, bid value Rs. 8.91 bn.Abbott India – Signs non-exclusive patent licence agreement with Takeda for Vonoprazan.Reliance Infra – Board approves fund raise of up to Rs. 60 bn via QIP & preferential issue.Shalby – Gets bone bank licence at Krishna Shalby Hospital from government of Gujarat.IDFC First Bank – RBI nod to re-appoint V Vaidyanathan as MD & CEO for 3 yrs.IIFL Fin – RBI lifts restrictions imposed on gold loan business of the company.Indostar – Board approves sale of arm Indostar Home Fin to equity for Rs. 17.50 bn.Astrazeneca – To launch respiratory tract disease drug palivizumab in Oct 2024 in India.Balkrishna – Commissions 30,000 MTPA plant for advanced carbon material.IOB – To get refund of Rs. 1.23 bn from the income tax department for AY2021-22.Suven Pharma – Appoints Vivek Sharma as executive chairman.AU SFB – Partners with Niva Bupa Health Insurance to offer health insurance products.Negative Read throughVedanta – Parent VRL resources raises USD 900 mn debt from Citicorp International.KEC Intl – Rating agency downgrades rating of various bank facilities availed by the company.Tata Power – To proceed with arbitration against Adaro on counter claims with respect to coal supply agreement.VST Ind – Radhakrishna Damani sells 0.1 mn shares via block deal.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.