Market Analysis Today
Mar 06 2024Stock To Buy Today
🔸 NHPC
The company started work on Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh
🔸Coal India: Gets environmental clearance to expand production capacity in Gevra Mine (Positive)
🔸REC: Board meeting scheduled on March 16 to consider an interim dividend. (Neutral)
🔸Alok Ind; Company secures Rs 7,000 Cr Funding From Reliance Industries, Axis Bank, And State Bank Of India (Positive)
🔸 Sonata Software
The company to Open Delivery Centre in Poland to Address the Growing Demands from Its Global Clients”.
🔸 GAIL
Hon`ble Union Minister, P&NG, dedicates 201 CNG stations across 17 states and India`s first small-scale LNG unit in Madhya Pradesh
🔸 ONGC
The board approved an additional investment of Rs 99 crore in unit ONGC Green.
Stocks in News
🔸 Indian Hotels
The company invested Rs 35 crore in its unit through the right issue.
🔸 Bharat Forge
The company had made an investment of Rs 179.9 crore in its unit, Bharat Forge Global Holding
🔸 Havells India
The company plans to add kitchen appliances to its portfolio, outsource the entire range of products and serve the domestic market.
Stock for Intraday Trading
🔸 Bank of India
The bank invests Rs 60.35 crore in the National Asset Reconstruction Company under preferential share issuance. The bank stake in NARCL will remain at 9% after the allotment of new shares
🔸 Indiabulls Real Estate
The company believes MIDC`s order to vacate a 512.1-hectare plot in Nashik SEZ in a month is unlawful and is evaluating legal options to defend itself
Securities in Ban For Trade Date 06-MAR-2024:
1. ZEEL
Market Action – Wednesday, March 6th 2024
Wall Street drops hard in Tuesday’s trade as anxiety ramps up ahead of Wednesday`s congressional testimony from the Federal Reserve Chairman Jerome Powell.
The Fed chief will be grilled on the economic outlook, especially on the inflation front which is not cooling as rapidly as investors had hoped.
GIFT Nifty in early action is indicating a lower open as bears may aim to take over negative baton from weak leads from global stock markets.
GLOBAL UPDATE:
GIFT Nifty (-17, 22423)
Dow Future (-9, 38576)
Nikkei (-77, 40024)
Hang Seng (+5, 16167)
Dow Jones (-404, 38585)
Nasdaq (-268, 15940)
Bovespa (-242, 128098).
WHAT EXACTLY HAPPENED AT WALL STREET IN YESTERDAY’S TRADE:
As of writing, Nikkei 225 Index is flirting with its 40,000 mark while the broader Topix Index lost 0.1% to 2,717 on Wednesday, extending losses from the previous session and tracking a technology-led selloff on Wall Street overnight amid a wave of profit-taking. Investors also turned cautious ahead of Federal Reserve Chair Jerome Powell’s appearance before the US congress on Wednesday and Thursday where he could provide clues on the timing and scale of interest rate cuts this year.
# US stocks were opened in negative territory Tuesday and the negative takeaway was that they stayed there through the close.
Well. another down day for mega-cap tech giant Apple created headwinds for the main indexes. Apple’s stock price lost another 2.8% Tuesday, bringing its year-to-date loss to 11.6%. This time, the slide came after a report from Counterpoint Research indicated Chinese smartphone sales were down 7% year-over-year through the first six weeks of 2024.
The iPhone maker lost $70 billion in market capitalization after the European Union slapped it with a $2 billion antitrust fine for thwarting competition from music streaming rivals through restrictions on its App Store.