June 18, 2024

INDIA TAAZA KHABAR

SABSE BADA NEWS

Market Morning Notes For 5th June 2024

2 min read

Markets tumbled sharply on wide disappointment as BJP failed to cross the 250-mark leading to Nifty breaching key support of 22,540 and was followed with closing below 22,000 mark. In the next few days, markets are likely to go through high volatility with midcap and small cap indices expected to witness diversion of funds to safety especially to FMGC and Pharma sectors with Nifty expected to re-test 20,900.

Nifty 50 Chart

Stocks to watch

Positive Read through

Bharat Forge – North America class 8 truck order rose 39 pct YoY & 35 pct MoM in May.

Angel One – May client base jumped 633.3 pct, number of orders grew 75.2 pct YoY.

GPT Infra – Bags order worth Rs. 5.47 bn from RVNL.

LTI Mindtree – Strategic Partnership with SAP to pioneer Digital Solutions for Complex Manufacturing.

PNB – Board approves diluting 10 pct stake Canara HSBC Life Ins by listing it on NSE/BSE via IPO.

Infosys – Collaborates with Japan-Based Nihon Chouzai to expand healthcare access in Japan.

Wipro – In pact with Zscaler for AI-assisted decision support platform Wipro Cyber X-Ray.

Jindal Stainless – Completes acquisition of Evergreat International Investment, Singapore.

Shilpa Medicare – Arm filed application with USFDA for serum products.

IKIO Lighting – Commenced commercial production at the Factory Situated in Noida

Oil downstream stocks – Brent crude below USD 78/bbl-Lowest Since February 2024.

KEC International – Secured order worth of Rs. 10.02 in its civil business.

Vodafone Idea – CARE Ratings revised rating to CARE BB+ from CARE B+ with outlook maintained as stable.

Negative Read through

Hindalco – Novelis delays billion-dollar IPO citing market conditions, new timeline unclear.

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