Market Outlook 7th Nov 2024
After a strong rebound on Tuesday, the market continued its upward momentum on Wednesday, rising by over 1 per cent. This rally was fueled by positive global trends and key updates from the US elections. BSE-listed companies saw a combined gain of nearly Rs 8 lakh crore in market value.
All sectoral indices ended in the green, with the Nifty IT, real estate, and oil & gas sectors performing the best. The broader market also followed suit, with the Nifty Midcap 100 and Nifty Smallcap 100 indices both rising over 2 per cent.
The Midcap 100 hit its highest level since October 21, while the Smallcap 100 reached its highest point since October 18.
IT stocks were the main drivers of the market rally, with the Nifty IT index climbing 4 per cent, despite the rupee weakening to 84.29 against the US dollar.
The rupee fell due to the results of the US election, where Republican candidate Donald Trump emerged victorious. His win strengthened the US dollar and put pressure on other currencies.
Looking ahead to Thursday, the market could continue to benefit from the Wall Street rally, or it may have already priced in Trump’s victory. US stock futures have surged following his win, with the Dow Jones up 1,260 points and the S&P 500 and Nasdaq also showing strong gains.
Markets are reacting positively to Trump’s victory, as his previous presidency saw tax cuts and deregulation that helped sectors like manufacturing, energy, and defense.
Thursday’s trading session will be busy, as it’s also the weekly expiry for the Nifty 50. Investors will also watch for earnings results from several companies, including Apollo Hospitals, Blue Star, Aadhar Housing Finance, Delta Corp, Jindal Steel, Power Grid, and Tata Steel.
COFORGE - TECHNICAL CALL OF THE DAY
Price has retested its breakout zone and headed up towards life high levels. Volume spike was visible as buying was seen across the IT space supporting the bull run.
The ADX line has turned up which confirms the strength of the trend.
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BSE-listed companies saw a combined gain of nearly Rs 8 lakh crore in market value. | Representative Image
Top 5 Stocks To Watch Out For November 7
Waaree Energies:
The company has received orders for supply of modules upto 180 Mwp from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India. The supply of modules is scheduled to commence at the end of November 2024 and completed in Q4FY25.
Shakti Pumps:
The company has received the work order under Component‐B of PM‐KUSUM scheme from Haryana Renewable Energy Department (HAREDA) for 3,174 pumps amounting to Rs 116.36 crore. The work order involves supply, installation, and commissioning of solar water pumping systems.
Medanta:
Medanta has signed an Operations and Management Agreement with Dr. Narayan Dutt Shirmali Foundation International Charitable Trust Society (“Society”) to operate and manage a ~750 bed super specialty hospital in Pitampura, New Delhi. The hospital is expected to commence operations in ~4 years, subject to necessary statutory and customary approvals.
As per the agreement, the hospital building and associated civil infrastructure will be developed by the Society and Medanta will make the necessary investments in internal fitouts, MEP, furniture and medical equipment.
Medanta is expected to incur a project capex of ~Rs 600 crore in next 3-4 years, to be funded by a combination of internal accruals and debt financing. Medanta will have full control over the day to day running of the hospital. The agreement is for an initial term of 30 years, further extendable on mutually agreeable terms.
RVNL:
Rail Vikas Nigam has received Letter of Acceptance from East Central Railway valued at Rs 180 crore for “Design, Supply, Erection, Testing and Commissioning of 2x25KV feeder line along the track with 25KV OHE modification works to meet 3000 MT loading target for UP & DN line of Garwa Road -Mahadiya Section of Dhanbad Division under E.C. Railway.
Ultratech Cement:
UltraTech Cement Middle East Investments Limited (“UCMEIL”), the company’s wholly owned subsidiary in the UAE has increased its shareholding in Ras Al Khaimah Co. for White Cement and Construction Materials PSC (“RAKWCT”) to 65.94 per cent with the acquisition of 5,77,74,407 equity shares representing 11.55 per cent of the share capital of RAKWCT.
UCMEIL wishes to better benefit from its expertise in the field of white cement manufacturing through expanding the business of RAKWCT locally, regionally and globally including providing modern products such as wall care putty and other new products.
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