Domestic equity markets extended their gains for the second straight session on Tuesday. All eyes would be on the US CPI inflation data which would set the tone for the FOMC meet outcome this week. Market momentum is expected to continue with stock-specific action in mid caps.
Market attention now turns to the release of US inflation data and the upcoming FOMC announcement, where the view is optimistic on keeping rates on hold. SJVN, Reliance Industries, Canara Bank, Tata Chemicals among stocks to watch on Wednesday.
SJVN Ltd arm SJVN Green Energy bagged a 200 MW wind power project entailing an investment of Rs 1,400 crore in a tariff-based competitive bidding conducted by Solar Energy Corporation of India. This wind power project will be developed by SJVN Green Energy anywhere in India through EPC contract. The tentative cost of construction/development of this project is Rs 1,400 crore.
Mukesh Ambani‘s Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes’ latest Global 2,000 list of public companies worldwide. The Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets, and market value, Forbes said.
Shares of Canara Bank will trade ex-dividend on Wednesday, June 14, 2023. The company had announced a final dividend of Rs 12 per equity share.
Shares of Tata Chemicals will trade ex-dividend on Wednesday, June 14, 2023. The company had announced a dividend of Rs 17.5 per equity share.
The renewable energy project to generate 500 MW in Sri Lanka's north and eastern regions undertaken by India's Adani Group will be completed by December next year.
“Nifty rose smartly and closed almost at the intra-day high on June 13. It could now face resistance from the 18,778-18,813 band in the near term while 18,634 could offer support,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“Bank Nifty index has witnessed buying interest from the support cluster of 44,000 which coincided with the lower end of the rising channel and also the 20-day moving average (43,980). We expect Bank Nifty to continue with the positive price action for the next few trading sessions. Short-term target is placed at 44,500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
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