Market Analysis Today
Feb 29 2024Stocks To Buy Today
🔸 Reliance Industries
The company will merge its media business with the Walt Disney India unit to create a Rs 70,352 crore joint venture. The company holds a 16.34% direct stake and 46.82% through Viacom 18. Disney will own a 36.84% stake
🔸 Coal India
The company signed a joint venture with BHEL for a coal-to-ammonium nitrate plant. The company will hold a 51% stake in the joint venture, while BHEL will hold a 49% stake in the JV.
🔸 Punjab and Sind Bank
The board approved fundraising of up to Rs 2,000 crore in one or more tranches in any combination within 12 months.
Stocks For Intraday Trading
NTPC
NTPC Green Energy Limited joins hands with MAHAGENCO for development of Renewable Energy Parks in Maharashtra
🔸 Venus Pipes and Tubes
The company announced its foray into the fittings business and announced capacity expansion for seamless and welded pipes and tubes. The company announced a capex of Rs 175 crore
🔸 KSB
The company reported revenue of Rs 602.6 crore and net profit of Rs 54.9 crore for Q3-2024
🔸 Jubilant Foodworks
The company’s unit DP Eurasia shares got delisted from the London Stock Exchange
🔸 Oil India
The Board of Oil India will meet on March 8 to consider and approve interim dividend for the financial year 2023-24.
🔸 Kaveri Seeds
The company`s buyback starts on Feb. 29 and closes on March 6 for an aggregate maximum amount not exceeding Rs 325 crore
Market Action – Thursday, February 29th 2024**
# Wall Street ends lower in Wednesday’s session with investors` anxiety ramping up ahead of Thursday’s highly anticipated January Personal Consumption and Expenditures (PCE) index – a US inflation update to trickle in at 19:00 IST.
# Investors look ahead to this key inflation update and the impact it may or may not have on the Fed`s plans for interest rates.
# While global stock markets are churning in the negative territory, there is green tape to be found – on GIFT Nifty, indicating cautious higher start. This comes on heels of yesterday’s Nifty’s terrifying session.
GLOBAL UPDATE:
GIFT Nifty (+79, 21963)
Dow Future (-57, 38892)
Nikkei (-116, 39092)
Hang Seng (-107, 16430)
Dow Jones (-23, 38949)
Nasdaq (-88, 15948)
Bovespa (-1534, 130155).
WHAT EXCATLY HAPPENED AT WALL STREET IN YESTERDAY’S TRADE:
# Overnight at Wall Street, the Dow Jones Industrial Average declined 0.1% to 38,949 and this was its third straight day of decline. The S&P 500 finished down 0.2% at 5,069, while the Nasdaq Composite slipped 0.6% to 15,947.
# Those negative moves are being witnessed as investors react to the latest commentary from Fed officials who largely indicated the need for patience before shifting monetary policy.
# 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 was steady at 4.2717%.
# WTI crude oil prices is seen trading range bound at $78.45 per barrel.