Market Morning Notes 16th July 2024
2 min read![Market Morning Notes 16th July 2024 Market Morning Notes 16th July 2024](https://i1.wp.com/www.fintoo.in/blog/wp-content/uploads/2024/07/Morning-Notes-5-2.png?w=1024&resize=1024,0&ssl=1)
Market opened on a positive note for the week, with Nifty post modest gains on the back of rebound in banking stocks, while the India VIX crossed above 14 mark ahead of Union Budget. At present, although Nifty has a room to rally to 24,800 but the short-term parameters suggest a highly overbought zone which may lead to sharp reversal in the coming days. An appearance of doji star in yesterday’s trading session provides a warning signal that the upmove may be getting exhausted. The support for Nifty is seen at 24,170.Results Today – Bajaj AutoNifty 50 ChartStocks to watchPositive Read throughLUPIN – Divests its U.S. commercial women’s health specialty business to Evofem Biosciences.HUL – Approves sale & divestment of company’s water purification business to A.O. Smith India for USD 72 mn.HDFC AMC – Sales grew 35 pct at Rs 7.75 bn, Profit jumped 26.4 pct to Rs. 6.03 bn YoY.Tata Steel – Company plans to double manufacturing capacity to 40 MTPA.Zee Ent – Receives shareholder approval with requisite majority to raise Rs 20 bn.Vedanta – Launches QIP to raise up to Rs. 66.88 bn, indicative price at Rs. 440/share, as per report.SJS Ent – Goldman Sachs increased stake to 4.41 pct from 4.22 pct.Century Textile – Birla Estates, buys 71- land parcel in Gurugram, with GDV of Rs. 14 bn.Hatsun Agro – Summer season aids ice cream business, margin grew 280 bps YoY.Jio Fin – Operating profit up and sales fell by 36 pct QoQ.Udaipur Cem – EBITDA jumped 41 pct, margin expanded by 80 bps YoY.Airlines – Government implement uniform 5 pct IGST on Aircraft parts.JNK India – Company has received a significant order from JNK global company.RVNL – Receives LoA from East Coast Railway for a project worth Rs 1.60 bn.Negative Read throughUnichem – USFDA issues 5 observation to Unichem’s Goa Plant.Angle One – Operating sales grew 4 pct, margins slipped 560 bps QoQ.PAYTM – Administrative warning from SEBI for related party transaction.Den Networks – Sales and EBIDTA fell 9 pct each YoY.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.