US Federal Reserve Interest Rate Hike

Market Wrap-up:

MARKET UPDATES.

After slipping sharply on Friday, the markets made a strong comeback starting off the week on a positive note during Christmas week amid fresh buying interest as investors heaved a sigh of relief after the uncertainty over the US Federal Reserve interest rate hike got over the last week.

HEADLINES:

•  Sun Pharma tanks on warning letter, but analysts bullish.
• Glenmark gains after settling patent litigation with Forest Labs
• Jubilant Life Sciences gain as RBI hikes FII investment limit to 45%.
• Adani Power surged on incorporation of wholly owned subsidiary.
• Essar Oil gains and hits fresh high on heavy volumes.

STOCKS IN NEWS:

• Marico hit 52 weeks high ahead of a bonus issue, stock opened at 462.80 and made high of 468.60 on the NSE.
• Kesoram Industries moved higher by 5 percent on fund raising plans through qualified institutional placement.
• Strides Shasun receives nod for generic version of Sofosbuvir from Drug Controller General of India.
• Glenmark Pharma gains as the company entered into a Settlement Agreement with Forest Lab to settle and dismiss the outstanding patent litigation related to Glenmark’s Abbreviated New Drug Application.
• Mahindra & Mahindra shares moved higher after KUV 100 bookings open.
• Gammon India rallied on the reports that Lenders will convert Rs. 245 crore worth of debt to a 60.10% equity stake under the SDR (strategic debt restructuring) norms.
• Rolta India moved higher on the back of positive news flow that US arms buy back bonds.
• TCS gains as launches Comprehensive Inventory Management system to assist Mumbai Mobile Creches.

STOCK RECOMMENDATION:

1.   Camlinfine EQ.

 

Camlinfine EQ gains for the third straight day on the back of huge trading volumes, stock has given trend line breakouts and closed above it which indicates more buying from current levels. Buy above 103 targets 104/105/106 Stop Loss 101.90.

2.   SCI EQ.

 

SCI EQ heading towards its 52-weeks high, more fresh buying may see if able to give breakouts and closed above it. Buy above 101 targets 102/103/104 SL 100.

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