It’s likely to be an action-packed Friday for Indian markets as LIC, SBI, and Tata Motors will declare Q2 results. NHPC and Lupin’s quarterly results will also impact stock movement. Apart from that, FIIs continue to be net sellers. They have sold Rs 4,889 crore in capital markets and DIIs have bought Rs 1,787 crore worth of shares on Thursday- Nov 7.
Meanwhile, Indian markets ended Thursday’s trading session on a lower note. The Nifty 50 closed the session 1.16% lower at 24,199. The Sensex ended the session 836 points or 1.04% lower at 79,542. The Bank Nifty closed the session 400 points or 0.77% lower at 51,916.
“On the daily charts, we can observe that the index has faced selling pressure from the upper end of the falling channel. The daily momentum indicator has a positive crossover which is a buy signal and the nifty is trading around the key hourly moving averages i.e. around support which makes it a buy setup. We shall hold on to our bullish outlook for the Nifty for targets of 25350 from a short-term perspective. On the downside 24000 shall act as a crucial support level,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
Stocks to watch for November 08
TCS
Tata Consultancy Services (TCS) bagged a multi-year deal to assist Air France-KLM in transitioning to an advanced, AI-ready, and cloud-native data landscape. The deal will help Air France-KLM – a Europe-based global aviation leader in passenger transport, cargo transport and aeronautical maintenance – “become the most data-centric airline group in the world”, the release added.
HDFC Bank
HDFC Bank raised the marginal cost of funds-based lending rate (MCLR) by 5 basis points (0.05 percentage points) on select maturity. The benchmark one-year tenor MCLR, which is used to price most consumer loans like auto and personal, has been retained at 9.45 per cent.
Macrotech Developers
Macrotech Developers acquired Bain Capital’s stake in three industrial and logistics park entities for Rs 307 crore as part of a strategy to enhance annual rental income. In May 2022, the company announced a tie-up with Bain Capital and Ivanho Cambridge to set up a platform that will invest around $1 billion to develop digital infrastructure space, including warehousing and industrial parks across India.
Tata Power
Tata Power will invest Rs 550 crore to develop solar and wind power capacities and related infrastructure to supply clean energy to Noida International Airport.
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