Weekly Market Analysis for June 03-07, 2024

What happened last week?

• Nifty started positively last week but closed the week much lower at 22530. Nifty fell by 1.86% erasing the previous week’s gains.

• Most Sectors were down except PSU Banks. IT sector tanked 4.35% bringing down the Nifty.

• Most Global markets ended in the red. US Dow Jones has dropped to 38600 after it made an all-time high of 40000 a couple of weeks back.

• Let us look at India-Specific developments.

  • The Indian GDP expanded by 7.8% (GDP YoY). India is now the world’s fastest-growing major economy, led by the sharp acceleration of manufacturing output (8.9% vs 0.9% in FYQ4 of 2023).

  • India Elections have reached Phase 7 and the results will be announced on June 04.

  • Q4 FY24 Results season is also coming to an end. Here is the list of stocks that posted good results last week.

Let us now dive deeper into FII DII Data.

FII DII Positions Analysis

• FIIs sold ₹7754 Cr and DIIs bought ₹14935 Cr in the cash market last week.

• FIIs carry significant shorts on the Index going into the election results week.

• FIIs have added longs in Stock Derivatives. So, we can look for some stock-specific action.

• DIIs maintain their Index hedges. They also continue to buy in the cash market on dips.

Nifty Analysis

• Both Price and Max Pain headed lower last week. Nifty is back to 22500. We need to wait for the next directional move in Price and Max Pain and move along with it.

Stocks Coverage

Stocks with Institutional Activity between May 27-31, 2024

Stocks that posted good results last week (May 27 to 31, 2024)

Key Stock Announcements Last week

New Orders & Projects:

• Excel Industries secures an INR 50-70 crore deal with a multinational corporation.

• Goldiam International announces new export orders worth Rs. 20 crores.

• Axiscades' subsidiary Mistral secures ₹90 crore order from BEL.

• JNK India gets IOCL order for the Barauni Refinery Incinerator Package.

• Wipro aids Close Brothers' tech transformation.

• Power Mech Projects gets INR 563.23 crore BHEL contract for construction.

• Man Industries (India) receives INR 490 crore orders.

• Trident Techlabs received INR 40.52 crore domestic work orders from DRDO.

• RVNL received an INR 38.10 crore order from South East Central Railway.

• Suzlon secures 551.25 MW order from Aditya Birla Group.

• Subex secures European telecom USD 1.1 mn deal for AI Fraud Management solution.

Partnerships, Acquisitions & Investments:

• Amber Enterprises acquires a 20.22% stake in Ever Electronics for INR 68.63 crore.

• IB Real Estate acquired projects from Fama Real Estate Limited.

• Dr Reddy's Laboratories invested INR 649.99 crore in Aurigene Oncology.

• Lumax Industries invested Rs. 2.92 Crores in Clean Max Nabia and Huoban Energy.

• Macrotech Developers acquired a 50% stake in Siddhivinayak Realties for INR 415.59 crore.

• Aster DM Healthcare expands Aster CMI Hospital, Bengaluru with INR 250 crore.

• Honasa Consumer Ltd. acquires CosmoGenesis Labs, enhancing R&D capabilities.

• Ritika Infracon acquired 1.6 million shares of Gokul Agro.

• Asian Paints acquires 24.3% of SCIB shares for USD 4.13 mn.

• Veranda Learning acquires TEIPL and ties up with Cambridge University Press.

• Happiest Minds wholly owns PureSoftware after the acquisition.

• IndiaMART invested INR 89.69 crore in IDfy, acquiring a 10% minority stake.

• Ramco Systems partners with Ramssol Group for Southeast Asia expansion.

• ICICI Lombard to invest INR 2.5 bn in IDFC First Bank.

• Kewal Kiran Clothing Limited acquires a 50% stake in Kraus Casuals.

• Tube Investments of India acquires 89.46% stake in IPLTech Electric.

• KIMS Hospitals to establish 350-bed Super Specialty Hospital in Bengaluru in collaboration with PES.

• Nahar Industrial will develop a strategic logistics park for INR 105 crore.

• TBO Tek invests INR 100 crore in Tek Travels DMCC, a Dubai-based travel technology firm.

• HDFC Bank's subsidiary acquires 8.5% shares of Truboard Technologies.

• Power Grid acquires Khavda IV-E2 for INR 7.72 crore.

Business Operations:

• Paytm's subsidiary withdraws general insurance manufacturing application and focuses on distribution.

• Shyam Metalics expands rail infrastructure at Odisha plant.

• GAIL inaugurates a 10 MW Green Hydrogen Plant.

• SOM Distilleries gains approval to supply beer brands in Telangana.

• Radico Khaitan announces the sale of 1 million Morpheus Brandy cases.

• Yatra launches AI-driven expense tool for streamlined corporate management.

• Prakash Pipes Limited commissions 3rd extrusion coating lamination line.

• Hero MotoCorp launches Splendor+ XTEC 2.0, with premium features.

• JSW Steel launches JSW Magsure to reduce steel imports.

Key Upcoming Events

Monday, June 3

• India Automobile Sales Data

• India Manufacturing PMI Data

Tuesday, June 4

• India Election Results

• US Job Openings Data

Wednesday, June 5

• India Services PMI

Thursday, June 6

• ECB Interest Rate Decision

• US Jobless Claims Data

Friday, June 7

• India RBI Interest Rate Decision

• US Unemployment Rate

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