Market Morning Notes For 24th September 2024
Markets extended gains on back of upbeat global markets with Nifty closing above 24,900 led by gains from PSU Bank and Auto sector stocks. In the past few days, despite gains in Nifty, the India VIX has been going through a steady accumulation and has witnessed a surge of 5% in yesterday’s trading session. The gains in India VIX provides a early warning signal as institutions often resort of aggressive hedging before any reversal in the market trend. For Nifty, the upthrust reversal can be confirmed on close below 24,750, that would mean markets would be prone to sharp slide 8-10% on an immediate basis. Global indices like FTSE All Cap and NYSE Composite index are also displaying similar setup of bearish rising wedges.Nifty Futures ChartStocks to watchPositive Read throughPower Grid – Successful bidder to establish inter-state transmission system in Khavda.Reliance Power – Board approves fund raise of up to Rs. 15.25 bn via preferential issue.Astrazeneca – Gets CDSO nod for import of durvalumab for sale & distribution.Firstsource – Arm to acquire Ascensos for GBP 42 mn (approx Rs. 4.68 bn).Bharti Airtel – Erects 1,700 towers in 7 months, bolsters network infra across Gujarat.Pondy Oxides – To raise up to Rs. 2.50 bn via QIP, Oct 16 record date for 1:2 stock split.Senco Gold – Oman India Joint Investment fund sell 0.58 mn shares via block deals, ICICI Pru buyer.Thangamayil – To consider fund raise via issuance of equity shares or bonds on Sept 26.GR Infra – Lowest bidder for Nagpur Metro viaduct section project worth Rs. 9.03 bn.NTPC – NTPC Green Energy IPO likely in early November.Coal India – Signed JV with Rajasthan Rajya Vidyut Utpadan Nigam for renewable energy business.Bank of Baroda – Launches Co-branded travel debit card with Ease My Trip.Negative Read throughBGR Energy – Chennai Water Supply and Sewage board terminates contract of Rs. 4.40 bn.Spandana – To sell stressed loans of Rs. 3.04 bn to an ARC for Rs. 167 m + 8.5 pct of security receipts.PNB – Launches QIP to raise up to Rs. 50 bn at an indicative price of Rs. 103.75/ share.Shriram Prop – FIR filed against former Tamil Nadu Minister mentions former JV of Shriram Properties.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.
