Market Watch- Volatile week ahead as holidays, FnO expiry weigh amid positive sentiment; check stocks to buy
时间:2024-06-26 17:32:53 阅读(143)
– By Rahul Shah
Equity benchmark Sensex climbed up nearly 1400 and Nifty advanced 400 points last week led by banking, FMCG and IT stocks amid better-than-expected quarterly results and rally in the global markets. Sensex ended 1387 points or 2.3 per cent higher at 59,307, while its broader peer Nifty 50 ended above the 17,550 level, 391 points or 2.2 per cent against the previous week close. From Samvat 2078, Sensex fell 0.78 per cent to 59,307, while Nifty ended 1.4 per cent lower at 17,576.
Also Read: Global markets: Asian stocks ease to 2-1/2-year lows, pound lifted by Rishi Sunak’s victory
With a short spun in the next week (Three trading sessions) due to Diwali holiday and F&O expiry expect the market to be volatile next. Both US and European GDP and PMI data along with quarterly results (Facebook parent Meta, Apple and ExxonMobil) will be in focus this week . On the domestic front, October series F&O expiry and few quarterly results (Maruti, Dr Reddy, IOC, SBI Card, Vedanta) will be announced this week.
Global markets gained between 2-5 per cent last week due to attractive valuation in the US S&P 500, hope of the US Federal Reserve to slow down its rate-hiking campaign, impressive corporate results, change in UK government within a short span and UK government’s sudden U-turn in its tax cut. Moreover, improvement in the global economy data like Germany, China and US will be positive for the market. On the other hand, UK September Inflation spiked to above 10 per cent, US 2-Year yield bond yield spiked to 14-year high, global current volatile are major concern. India, USDINR surged to record last week at nearly 83, Japanese Yen record high to 152 and China offshore yield surged to record high which may have a negative impact in the markets.
Back home, expected positive sentiment in the market due to impressive quarterly results, stable oil price and FIIs turned into solid net buyers in Indian equity (Rs 1350 crore last week) will be positive for the market sentiment. Expect positive sentiment in the market due to India being the only country in the world – produced locally, consumption local and manufacturing locally. It means, any cloudy global environment not yet any impact on our market or buying opportunity any sharp decline in the domestic bourses.
Nifty marginally fell 1 per cent from the last Diwali to this Diwali. However the current festive season provides a good entry point on Indian equity looking in a better position than its global peers. Happy Diwali and prosperous new year!!
IDFC : cmp 78 sl 74 target 88
The stock is giving a breakout of the falling trend line on the monthly scale • It is forming a bullish candle on the monthly scale which indicates strong buying interest in the counter . Momentum indicators on the monthly chart is placed in the positive territory which indicates uptrend to continue Considering the current chart structure, we expect the stock to inch higher , Hence we advise to buy the stock with a stop loss of 75 target 85
Cochin shipyard: Cmp 517 sl 498 target 560
The stock has surpassed the falling trend line on the monthly scale and trading higher • It is forming higher highs and higher lows on the monthly scale which indicates uptrend in the counter • It has strong momentum on the weekly and monthly scale which will take the prices to higher levels • Considering the current chart structure, Hence we advise to buy the stock with a stop loss of 498 and target of 560.
(Rahul Shah is a Senior Vice President, Group Advisory Leader-PCG, Broking & Distribution, Motilal Oswal Financial Services.)
Disclaimer: ICICI Securities Limited is a SEBI registered Research Analyst having registration no. INH000000990. It is confirmed that the Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 21/10/2022 or have no other financial interest and do not have any material conflict of interest. I-Sec or its associates might have received any compensation towards merchant banking/ broking services from the subject companies mentioned as clients in preceding 12 months.
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The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
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Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
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