The overall structure of the Indian share market is expected to remain positive. All eyes would be on PM Modi’s visit to the US this week, as it would bring in cross-border agreements with a key focus on Defence. Sectors like Pharma, Healthcare, and Insurance companies would remain in focus, according to share market analysts.
The domestic market rebounded with strong buying in banking, pharma, and consumer stocks, along with positive cues from global markets in the previous session. HUL, Zomato, Paytm, Paras Defence, JBM Auto among stocks to watch on Monday.
Shares of Hindustan Unilever (HUL) will trade ex-dividend on Monday. The company had announced a final dividend of Rs 22 per equity share.
SoftBank is looking to book profits by selling small stakes in Paytm’s parent One97 Communications and Zomato as the new-age turn into profitable bets for the Japanese investment conglomerate. SoftBank may sell shares in the two companies in smaller tranches in the open market, rather than through block deals, according to news reports.
Paras Defence and Space Technologies has bagged a contract worth Rs 53 crore from the defence ministry’s research and development laboratory, Instrument Research & Development Establishment (IRDE). The contract is for supplying Optronic Periscopes, including installation support, for Integrated Combat System (ICS).
JBM Auto is reportedly the leading contender to acquire the controlling stake in SML Isuzu Ltd. Sumitomo Corporation, SML Isuzu's Japanese promoters are looking to exit its India operations. Sumitomo Corporation held 43% stake in SML Isuzu as of the March quarter.
Private equity fund Warburg Pincus sold 6.2% stake in Kalyan Jewellers on Friday. Nomura India Fund and Franklin Templeton were among the buyers, and picked stakes worth Rs 250 crore and Rs 200 crore, respectively. Think Master Fund also picked a stake worth Rs 190 crore.
NLC India on Friday announced the incorporation of its subsidiary, NLC India Renewables Ltd (NIRL), to oversee its existing renewable energy projects. The primary purpose of NIRL is to acquire and manage renewable energy projects and assets currently owned by its parent company.
“Nifty fell just 23 points short of all-time high but closed 61 points away from it. On weekly charts, it rose 1.41% after two weeks of small gains. It could reach all-time highs soon. 18,662 could be the support on downmoves,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“As long as Bank Nifty is trading below the 20 day SMA or below 44,000, the weak sentiment is likely to continue. Below the same, it could slip till the 50 day SMA or 43,250. On the flip side, a fresh uptrend is possible only after the dismissal of 44,000, and above the same it could retest the level of 44,300,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.
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