Market Morning Notes For 9th October 2024

Markets managed a rebound with gains over 1% on back of unexpected victory to BJP in Haryana Assembly elections with Nifty holding the support of 24,700. The short-term oscillators although hints at an oversold terrain for Nifty but rebound is unlikely to extend beyond 25,285 as downside projection of rising wedge of 22,800 is yet to be completely established. The overall strategy remains sell on rally, but one can add aggressive short positions on close below 24,700.Nifty 50 ChartStocks to watchPositive Read throughTorrent Power – Gets LoA from MSEDCL for 2 GW of pumped hydro storage projects.OMCs/Paints Cos – Crude oil prices fall nearly 4 pct overnight, brent below USD 78/bbl.Senco Gold – Q2 retail business sales growth at 27 pct, same-store-sales growth at 20 pct YoY.GMR Airports – Signs concession agreement with Mihan India for Nagpur Airport operation.Tata Tech – To establish BMW Techworks India JV with BMW group for auto software solutions.JK Lakshmi – At company’s request, lenders of arm UCWL waive Rs. 16.40 bn corporate guarantee given by company.IRB Infra – September 2024 toll collections at grew 19.2 pct YoY at Rs. 5.02 bn vs Rs. 4.21 bn.Dr Reddy’s – Promising results from first clinical trial of Myeloma drug Ribrecabtagene.Signature – Q2 sales jumped 184 pct YoY, area sold rose 17 pct QoQ.Rites – Signs MoU with Etihad Rail for rail infra works in UAE.GR Infra – Gets provisional completion certificate for 2 projects in Bihar & Chhattisgarh.SKF India – Board approves demerger of industrial and automotive business via SoA.IRFC – Board nod for Rs. 7 bn lease financing of rakes.Phoenix Mills – Q2 mall business consumption up 25 pct, retail collection rose 27 pct YoY.Premier Energy – Arm in 173.35 MWp solar module supply agreement with BN Hybrid Power-1.Negative Read throughNuvama Wealth – SEBI administrative warning for merchant banking activities.PB Fin – IRDAI issues show cause notice on some observations for Policybazaar.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.