DSIJ Mindshare

Mid market commentary May 24

Indian stock markets unwound after 4 consecutive downbeats.  Today both Nifty and SENSEX opened on a flat note and are hovering around 7730 and 25220 levels respectively. Midcap and Smallcap indices underperformed the benchmark by falling more than 0.5 per cent. Thereby market bias remains negative with just 681 advances and 1536 declines.

Midcap bakery business stocks like Britannia and Jubilant Foods tumbled 2 per cent and 9 per cent after the Center for Science and Environment (CSE) suggested presence of potassium bromate, a carcinogen in the Indian bakery products. Food Safety & Standard Authority of India (FSSAI) has decided to remove potassium bromate.

On the sectoral front Realty and Metal sectors have plunged nearly 1 per cent. Pharma and Media too look weak with 0.8 and 0.6 per cent losses, respectively. Financial Services and FMCG sectors are marginally up. Bank Nifty and Energy remain flat to positive.

Nifty Top Gainers: NTPC is the top gainer with 2.7 per cent upside. Tata groups' Tata Motors and Tata Power follow with 1.9 and 1.6 per cent upside, respectively. Ultratech Cements and ICICI Bank are the next best gainers for now.

Nifty Top Losers: Auro Pharma continues to fall and tumbles 4.5 per cent in today’s session. Hindalco, BPCL, IDEA and Bank of Baroda follow with more than 2 per cent downside.

Asian markets specifically Japan and China tumbled again taking a breather in the previous session ahead of some more cues from FED in the direction of raising interest rates in June or at the max by year end. Europe opens on a positive note.

Nifty remains down for the fifth day today. We still hold 7700 to 7675 as the immediate supports for the Nifty. If Nifty manages to take support at these levels we can see a bounce back in the Nifty where 7750 followed by 7830 will act as the resistances.

Stocks to watch:

Rajesh Exports: The company has won an export order worth Rs 1053 crore from the UAE. The company will design a range of gold and diamond decorated jewellery and medallions from the UAE.

Ajanta Pharma: Ajanta Pharma receives the US FDA approval of Zolmitriptan Tablets. The stock will be in focus for the rest of the day.

Sterlite Technologies: The company has demerged its power business into Sterlite Power Transmission with a view to become a pure play telecom company.

Just Dial: Stock falls 6 per cent after the management gave cautious guidance in the concall where margins would suffer for next couple of quarters.

Monsanto India: The stock has surged 7 per cent after government withdrew notification restricting the royalty fee that was likely to be charged on new genetically modified seed technology.

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