Market Morning Notes For 11th June 2024

Markets tested all time high on Monday, but euphoria failed to extend further despite being swearing in by PM Modi and was followed with a negative closing in the Nifty below 23,300. The sharp drop in India VIX below the 17 mark clearly indicates that markets have seen new base building at the 23,000 mark and we expect rally in the Nifty to extend further to test 24,200. However, we expect the current rally to be largely driven by large cap private banks while broader markets may see selling.

Nifty 50 Chart

Stocks to watch

Positive Read through

Cement – Cabinet decides to further expand the Pradhan Mantri Awas Yojana.

RVNL – Lowest bidder for project worth Rs. 1.38 bn, JV bags order worth of Rs. 3.94 bn.

Voda Idea – Board meets on June 13 to consider issue of shares to settle vendor dues.

Poonawalla Fin – MD sells 7.2 mn shares at Rs. 437/share via block.

JBM Auto – Arm delivers 43 electric buses to Macquarie Group.

PTC India – JV with defence PSUs for advance material testing centre.

Axis Cades – Company to deliver drones to the Indian Army as part of an order worth Rs 1 bn.

JK Tyre – Company teams up with EKA Mobility to offer comprehensive tyre management solutions.

Bharat Dynamics – Company eyes new orders worth Rs. 200 bn over next 2-3 years.

Power Grid – Says successfully commissioned project under central sector for Northern Region.

Ahluwalia Contracts – Company wins an order worth Rs. 4.83 bn rupees.

Negative Read through

Indigo – Interglobe Ent to sell up to 2 pct via block, floor price 7 pct discount to CMP.

IRB Infra – Cintra to sell 5 pct stake via block, deal price at up to 10.2 pct discount to CMP.

Honasa – Honasa 2 pct stale likely to sell via block, floor price 8 pct discount to CMP at Rs. 421.3/share.

Kiocl – Halts operation of Pellet plant in Mangalore on downward trend in marker condition.

PNV Infra – CBI conducts search at corporate offices, MD residence.

TRIL – To raise up to Rs. 5 bn Via QIP, Indicative price 9 pct discount to CMP.

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