DSIJ Mindshare

Mid market commentary July 29

On the first day of August F&O series, Indian markets opened on a flat note and witnessed lacklustre movement, wherein Nifty is hovering around 8650 levels and Sensex around 28100 levels. Both the major indices remain marginally down. Broader markets have continued their outperformance where Midcap has surged 0.9 per cent while Smallcap is marginally up with 0.5 per cent growth. Market breadth is positive with 1283 advances and 1111 declines.

On the sectoral front Auto has surged the most with 1 per cent gains led by 3.2 per cent rise in Eicher Motors and Amara Raja Batteries. Eicher Motors surged owing to positive results. Pharma too surged 1 per cent after Cipla posted 2.5 per cent gains. Banking and Finance on the other hand remained down with an average of 0.65 per cent losses.

Nifty top gainers: Apart from Eicher Motors, Cipla, Auro Pharma and Bajaj Auto surged more than 2 per cent. Lupin follows with 1.8 per cent gains.

Nifty top losers: ICICI Bank has fallen the most with 3 per cent losses. BHEL and Bharti Airtel have fallen more than 2 per cent. HDFC and Wipro follow with 1.5-2 per cent losses.

Nifty is in consolidation with intraday negativity. So we maintain our view of 8665 followed by 8720 mark as the resistances. On the downside, 8570-8550 will act as the immediate supports provided Nifty falls below 8595 as the resistance turned support.

Asian markets were disappointing ahead of BOJ’s decision on stimulus package; while the currencies edged higher tracking the Yen. Europe has opened marginally positive; while FTSE is marginally negative.

Stocks to watch:

Reliance Infrastructure: Brookfield has emerged as the frontrunner to take over Reliance Infrastructure’s entire portfolio of 11 road projects for an enterprise value of Rs 8000 crore.

DLF: DLF has tied up with solar energy developer Azure Power to set up solar projects on rooftops of the builder's properties in Gurgaon.

IDBI Bank: IDBI Bank, a PSU Bank, has recently announced a reduction in its base rate or minimum lending rate to 9.65 per cent from 9.75 per cent per on a yearly basis.

Godrej Consumer Products Ltd.: The company has announced amalgamation of wholly-owned overseas subsidiaries Godrej Consumer Products Mauritius and Godrej Consumer Products US Holdings with itself.

ICICI Bank/ VEDL/L&T: These major companies are likely to post their quarter earning numbers on July 29. The stocks will remain volatile during the day in the backdrop of their results.

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