Market Morning Notes For 22nd August 2024

Market activity remained range bound on Wednesday with Nifty ending with modest gains while Bank Nifty continued to remain under pressure and closed below 50,700 levels. The Fed minutes yesterday signalled a strong case for rate cuts which led to further decline in the Dollar Index. The weak dollar index has already forced GBPINR and EURINR to record high levels and the Indian markets may remain on a shaky ground if rupee continues to depreciate against developed currencies. In the Indian markets, signs of a momentum crashes is already seen in the Defence sector stocks and we expect similar effect to spread across other sectors when Bank Nifty closes below 50,000 mark.Nifty 50 ChartStocks to watchPositive Read throughBajaj Auto – Company has received PLI nod for all 13 vehicles it applied for, as per reports.L&T Tech – Expands collaboration with Thales for business models to customers.Paytm – Zomato to acquire entertainment ticketing business for Rs. 20.48 bn.Zomato – To acquire Paytm’s entertainment ticketing business for Rs. 20.48 bn.IREDA – To consider raising up to Rs. 45 bn on Aug 29 via FPO/QIP, other means.P&G Health – Q4 adjusted profit jumped 23 pct YoY, margin expanded 200 bps YoY.Awfis Space – Launches 2 new Centres in Bengaluru with built-up area of 66,846 sq ft.RVNL – Signs MoU with Malaysian company, Dhaya Maju Infra for railway infra.Epigral – Anti-dumping duty imposed on each imports from Thailand, Korea & China.Welspun Ent – Gets LoA for a project worth Rs. 1.60 bn from Mumbai Municipal Corp.Paras Defence – Gets licence to set up an industrial undertaking in Navi Mumbai.BEML – Signs MoU with Malaysia’s rolling stock manufacturer, SMH Rail.Kalyan – Promoter TS Kalyanaraman to buy 2.4 pct from Highdell Investment at Rs. 535/share.Tejas – Optiemus Electronics forays into telecom equipment manufacturing.HUDCO – MoU with Yamuna expressway Ind development to extend long-term fin assistance.Fusion Micro – GST demand order dropped.Negative Read throughIndia Grid – KKR affiliate, Esoteric to sell up to 17.3 pct stake via OFS, floor price at Rs. 132/share.Zen Tech – Launches QIP to raise up to Rs. 10 bn, indicative price at Rs. 1601/ share.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.