Nifty 50 Targets New Milestones: Analyzing Monday’s Market Outlook
Nifty 50 index hit a record high of 22,525.40 during the intraday session on Thursday, with TATA’s stocks leading from the front and helping the index touch the peak level. Overall, with the bias and sentiment looking strong, it is anticipated to carry on the momentum still further to scale 22,800 to 23,000 levels.
Our Recommended Strike Price was Nifty 22550 – 22600
Bank Nifty Approaches 48,000: Key Banks Drive Growth
Bank Nifty, which has already indicated strength, is gradually on the rise and is hovering near the 48,000 zones with positive bias maintained, with frontline banking stocks like HDFC Bank, Kotak Bank, and IndusInd Bank looking good for the near-term future. With the indices at their peak levels, some consolidation is anticipated, with the trend remaining strong and further rises expected in the coming days,
Our Recommended Strike Price was Bank Nifty 47900 – 48200
Stocks on News
Vodafone Idea: The telecom operator has sought approval from its shareholders on April 2 in the Extraordinary General Meeting for the issuance of securities up to Rs 20,000 crore.
Adani Enterprises: The integrated terminal 3 (T3) of the Chaudhary Charan Singh International Airport (CCSIA) has been inaugurated. The airport has been built at a cost of Rs 2,400 crore.
ICICI Bank: The private sector lender has purchased an additional 25,14,365 equity shares of ICICI Lombard General Insurance for around Rs 431 crore. Consequently, ICICI Lombard has become a subsidiary of the bank. On February 27, it bought 80,98,658 equity shares in ICICI Lombard for Rs 1,356 crore.
Mahindra & Mahindra: Promoter group entity Prudential Management and Services sold 93 lakh equity shares (equivalent to 0.7 percent) in M&M at an average price of Rs 1,912.04 per share via open market transactions, valued at Rs 1,778.2 crore.
Bharti Airtel: Promoter group entity Pastel sold 4.9 crore equity shares (equivalent to 0.8 percent of paid-up equity) of the telecom operator at an average price of Rs 1,193.7 per share, amounting to Rs 5,849.13 crore.
LIC Housing Finance: The housing finance company said the Board of Directors approved the borrowing budget for FY 2024–25.
LTIMindtree: The IT services company has filed a writ petition against a Rs 726.9 crore GST claim in the High Court of Karnataka.
Coal India: The country’s largest coal mining company has executed a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) for exploring various opportunities for securing power to meet the growing energy demand in Rajasthan. Under this MoU, their focus will be to explore the possibilities of setting up 4,100 MW of projects through a JV company across the five identified projects, namely pit-head thermal power projects, solar projects at solar parks, pumped storage projects, solar projects at existing TPPs, and wind projects.
SBI Life Insurance Company: The company said the Board of Directors has declared an interim dividend of Rs 2.70 per equity share for the financial year 2023–24.