Market Analysis Today
Mar 01 2024Stock to Buy Today
🔸 Adani Enterprises
The company has divested its entire stake in Vizag Tech Park for Rs 151 crore to Adani Infrastructure and Developers
🔸 GODREJ INDUSTRIES
The Company has made further investment in Godrej Capital Limited, its subsidiary on February 29, 2024. The Company now holds 89.48% of the total paid up share capital of Godrej Capital Limited
🔸 Dilip Buildcon Limited
“Urga-Pathalgaon Highways Limited”, a wholly owned subsidiary of the company has received the letter related to appointed date from the National Highways Authority of India the bid project cost is 1955 Crores
🔸 HCLTech
The company has launched FlexSpace 5G, an advanced digital workplace experience-as-a service that boosts efficiency and security for global businesses.
Stock to Sell Today
🔸 Vedanta
The company incorporated Hindmetal Exploration Services by Hindustan Zinc, a subsidiary of the company to explore, discover, develop and tap mineral resources
🔸 Aurobindo Pharma
The USFDA conducted an inspection at the company’s unit between Feb. 19 and 29
Stock in News Today
🔸 CG Power
The company in partnership with Renesas Electronics Corp will make an investment of Rs 7,600 crore to set up a semiconductor unit in Gujarat.
🔸 ICICI Bank
The company acquired a further stake in ICICI Lombard worth Rs 431 crore. ICICI Lombard is now a subsidiary of the bank
🔸 Landmark Cars
The company received a letter of intent from MG Motor India for opening a dealership in Ujjain, Madhya Pradesh.
🔸 Lemon Tree Hotels
The company launches its seventh property in Rajasthan with Lemon Tree Resort, Kumbhalgarh
Stock For Intraday Trading
🔸 CMS Info Systems
Rajiv Kaul, Executive Vice Chairman, Whole Time Director and CEO has increased his stake in the company from 2.62% to 6.20%.
🔸 Suven Pharmaceuticals Limited
Suven and Cohance Lifesciences Limited announced a proposed scheme of amalgamation for the merger of Cohance with Suven
Market analysis for today..
Nifty made a good pull back yesterday. This pull back was expected and with nifty finally touching 22025-22045 range towards closing will be a major confidence booster for bulls.
However the sellers , who have dominated this week`s market, won`t give up immediately.
Therefore bulls will try to consume the sellers between the range of 21925-22075. Buyers would try to keep nifty in this range for today and probably for next few days also.
Market Action – Friday, March 1st 2024**
Wall Street gains in Thursday’s session with the Nasdaq Composite nabbing its first record close since November 2021.
The positive catalyst: The Fed’s preferred PCE inflation gauge matches consensus forecast. Markets breathed a sigh of relief that prices didn’t rise still faster, and that the annual pace of PCE inflation remains below 3%.
GIFT Nifty eases in early action as traders look for fresh catalysts but downside well protected after India’s GDP grows a robust 8.4%.
GLOBAL UPDATE:
GIFT Nifty (+5, 22187)
Dow Future (-29, 38968)
Nikkei (+424, 39590)
Hang Seng (-121, 16391)
Dow Jones (+47, 38996)
Nasdaq (+144, 16092)
Bovespa (-1136, 129020).
WHAT EXCATLY HAPPENED AT WALL STREET IN YESTERDAY’S TRADE:
# The Fed`s preferred inflation indicator that measures consumer spending, was up 0.3% from December to January – higher than the previous month`s 0.1% rise, but in line with economists` expectations.
# The 2.4% annual rise in PCE came in below the 2.6% increase from December and was the lowest reading since February 2021.
# Overnight at Wall Street, the Dow Jones Industrial Average rose 0.1%% to 38,996, while the S&P 500 (+0.5% at 5,096) and the Nasdaq Composite (+0.9% at 16,091) finished at new record closes.
# All three indexes finished February higher. For the Dow and S&P 500, it was the best start to the year (January + February returns) since 2019.
# Meanwhile, the second estimate for Q4 2023 revealed a 3.2% annualized growth in the US economy, slightly below the initial projection of 3.3%.
# The 10-year Treasury yield slipped towards 4.268%.
# WTI crude oil prices is seen trading range bound at $78.45 per barrel.