Market Analysis Today
Feb 16 2024Stock to Buy Today For Intraday Trading
🔸 Wipro Limited
The company and Wipro IT Services LLC have acquired 60% stake in Aggne Global IT Services Private Limited and Aggne Global Inc
🔸 B.L. Kashayap and Sons
The company received an order worth Rs 208 crore from Manyata Promoters for the construction of Blocks D1 and D2 at the Embassy Manyata Business Park Campus, Bangalore
🔸 Tejas Network ltd
The company has received Rs 27.78 crore as incentives for the fiscal year 2022-23 under the PLI Scheme for Telecom and Networking Products
Stocks for Intraday Trading🔸 Cupid trades & finance ltd
The company has entered into a MoU with the government of Bukhara, a region in Uzbekistan for the business of the company subject to the necessary approval from appropriate Indian Authority.
🔸 Ramkrishna Forgings Limited
The company has provided corporate guarantee of Rs. 65 Crores for Ramkrishna Aeronautics Private Limited, wholly- owned Subsidiary Company, to secure the credit facilities availed by RAPL
🔸 BPCL
The company commenced a pilot project to gain experience in handling hydrogen for the automobile sector.
🔸 TVS Motors
The company has acquired a 28.57% stake in the Indian Foundation for Quality Management for Rs 2.5 crore
Stocks To Watch Today (Stocks For Day trading)
🔸 UPL
The rating agency Fitch downgraded UPL Corp`s long-term issuer default rating to `BB+`, from `BBB-` on lower global crop protection industry demand and production overcapacity in China
🔸 Dilip Buildcon
The company with its JV Vijay Kumar Mishra Construction received a contract worth Rs 412.92 crore from the Water Resources Department, Madhya Pradesh for the construction of the Machhrewa irrigation project dam and pressurised pipe irrigation network on a turnkey basis
🔸 Medplus
The company’s unit received a suspension order for its drug licence for its store situated in Andheri, Mumbai.
Securities in Ban For Trade Date 16-FEB-2024:
1 ABFRL
2 ASHOKLEY
3 BALRAMCHIN
4 BANDHANBNK
5 BIOCON
6 CANBK
7 DELTACORP
8 HINDCOPPER
9 INDIACEM
10 INDUSTOWER
11 SAIL
12 ZEEL
Market Action Today – Friday, February 16th 2024**
Wall Street ends sharply higher after US Treasury yields declined for the second straight day on Thursday.
Gift Nifty is indicating a comfortably higher open for our stock markets as and that’s in line with our call of the day which suggests momentum is likely to build as the session wears on, probably Nifty will end the day with a bang...
GLOBAL UPDATE:
GIFT Nifty (+66, 22094)
Dow Future (-63, 38709)
Nikkei (+512, 38670)
Hang Seng (+63, 16007)
Dow Jones (+349, 38773)
Nasdaq (+47, 15906)
Bovespa (+786, 127804).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
As for the main US indexes, the Dow jumped 0.91%, the S&P 500 gained 0.58% and the Nasdaq Composite added 0.3%. Ten out of the 11 S&P sectors finished higher, led by energy, real estate and materials.
The positive catalyst: Chicago Fed President Austan Goolsbee fanned hopes of rate reductions by saying the cuts could come before inflation actually returns to the 2% target.
Traders also continued to assess the direction of the US economy following this week’s hotter-than-expected inflation report and weak retail sales data.
Markets now look ahead to US producer inflation figures on Friday.
Please note, all the three main indexes tumbled more than 1% Tuesday after a hotter-than-anticipated January CPI report drastically lowered expectations for a Fed rate cut at both the March and May meetings.
*‘*The US CPI inflation was up at 3.1% in January, compared to economists` expectations at 2.9%’.
WTI crude oil are seen trading firm at $78 per barrel.