Market Morning Notes For 7th October 2024
Markets for the week succumbed to selling pressure after failure to sustain above 26,000 mark in Nifty and was followed with sharp decline over 4% on back of unrest in the Middle East. The weekly setup turned out to be bearish belt hold line pattern suggesting a major reversal and a close below 25,160 is likely to trigger follow-up selling in the near term with potential target seen at 22,800. Also, very crucial to watch would be USDINR which is gearing for breakout above 84 for a target of 88, which may have significant impact on Bank Nifty.Nifty 50 ChartStocks to watchPositive Read throughAntony Waste – Arm bags contract worth Rs. 9.08 bn from Navi Mumbai Municipal Corp.Gravita – Board approves fund raise up to Rs. 10 bn via issue of equity shares.Titan – Q2 jewellery business sales up 26 pct, domestic like-to-like sales growth in mid-teens YoY.Kalyan – Q2 consolidated sales growth at 37 pct, same-store-sales-growth at 23 pct YoY.Tata steel – Q2 India production up 4.98 pct, India business deliveries rise 5.8 pct YoY.Landmark Cars – Gets LoI from Mercedes-Benz India for a dealership in Patna.Senco Gold – Board approves fund raise of up to Rs. 5 bn QIP, 1:2 stock split.Adani Wilmar – Overall Q2 sales growth at 16 pct, edible oil business volume growth at 15 pct YoY.Max Healthcare – Avails short-term loan of Rs. 10 bn from Axis Bank.Macrotech – Q2 pre-sales jumped 21 pct, collections rise 11 pct YoY.CG Power – Acquires radio frequency components business from Renesas for Rs. 3.03 bn.Tata Motors – September JLR UK sales at multi-month highs, up 33 pct YoY.Metropolis – Q2 sales grew 13 pct, B2C business sales up approx 20 pct YoY.Gail – MoU with AM Green U to develop up to 2.5 GW RE & green chemical project.JSW Steel – Commissions 4.5 MTPA capacity blast furnace at Vijayanagar, Karnataka.IDBI Bank – Total Q2 deposits grew 11 pct, CD ratio at 72.4 pct vs 67.55 pct YoY.Negative Read throughGodrej Prop – Q2 bookings declined 40 pct, sales volume tumbled 39 pct QoQ.IndusInd Bank – Q2 YoY loan growth at 10-qtr low, CASA ratio of 35.9 pct at 33 quarter low.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.
