Mid-market commentary Aug 22
Bhagyashree Vivarekar / 22 Aug 2016
Week started off on a feebler note where investors remained vary of the appointment of the new Governor, Urjit Patel, who looks concerned about prevailing inflation and thereby would remain hesitant towards interest rate cuts. Benchmark indices tumbled for the second day in a row with half a per cent downside. Market bias remains negative with 1101 advances and 1293 declines, owing to weak broader indices.
Week started off on a feebler note where investors remained vary of the appointment of the new Governor, Urjit Patel, who looks concerned about prevailing inflation and thereby would remain hesitant towards interest rate cuts. Benchmark indices tumbled for the second day in a row with half a per cent downside. Market bias remains negative with 1101 advances and 1293 declines, owing to weak broader indices.
On the sectoral front barring FMCG, which is up 0.6 per cent and Realty that stands flat to positive all other sectors are trading in red. FMCG has soared, where majors HUL and ITC remain top gainers with 2 and 1.1 per cent gains, respectively. Metal has tumbled the most by 1 per cent amid profit booking. In Nifty, BHEL has gained the most with 2 per cent plus upmove; while Ambuja and Pharma majors Sun Pharma and Auro Pharma have tumbled 2 per cent.
Nifty consolidation still continues and hence major immediate support is 8600 followed by 8540-8520 mark. On the upside, Nifty will witness resistance at 8700-8730.
Stocks to watch:
Indraprastha Gas: According to media reports, Indraprastha Gas has recently won a bid to develop its city gas distribution network in Haryana’s Rewari district. The stock will remain in focus for coming sessions.
Oberoi Realty: The stock of Oberoi has surged 5 per cent after posting its results where its consolidated revenues have come in at Rs 316.84 crores as against Rs 209.21 crores YoY; and net profits have risen to Rs 108.81 crores from Rs 81.86 crores YoY.
Cosmo Films: According to media reports, Cosmo Films’ wholly owned subsidiary, CF Global Holdings, Mauritius, has filed a petition for liquidation of Cosmo Films (Netherlands) Co-operative U.A.
Alankit: The financial services company Alankit has surged 7 per cent after company said it would consider bonus and stock split.
IL&FS Engineering and Construction: The company surged up to Rs 54 from the previous close of Rs 46.10, after its joint venture entity, bagged transmission line works in Gujarat from Power Grid.
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