Mon, Jul 22, 2024

Nifty index: Stocks Drop on Hawkish Fed Minutes; Analysts Monitor Banking Shares

Nifty index came down after the FED Hawkish minutes in last day. FED Clearly commented there is no rate cuts in the near term.

US Fed Minutes Released: Officials Show Reluctance for Immediate Rate Cuts

The minutes from the February meeting of the US Federal Reserve, released yesterday, suggest that officials are not eager to lower interest rates. According to the CME Fed-Watch tool, the probability of rate cuts in March decreased to 6.5 percent on February 21 from 8 percent the day before. Meanwhile, the anticipation of rate cuts in July increased to 37.7 percent from 33.4 percent the previous day.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, points out a significant trend of substantial delivery-based buying in attractively valued banking stocks amid an expensive market. He suggests a prudent move from over-valued mid and small caps to large private banks.

NIFTY is moving in box pattern and market has fallen from the resistance area of the pattern

NIFTY Market Price is moving in box pattern and market has fallen from the resistance area of the pattern

In terms of sectors, Nifty PSU Bank underperformed within the first hour of trade, with Nifty Pharma and Oil & Gas indices following suit. On the positive side, Nifty IT and Metal indices showed marginal gains.

The India VIX, or fear gauge, remains elevated above the 16 level, indicating the likelihood of sustained higher volatility.

LTI-Mindtree: LTIMindtree Stock Rises on MoU with Eurolife FFH for AI Hubs

LTI-Mindtree company  signed MoU with Eurolife FFH for setups of AI and Digital hubs in Poland and India. Eurolife FFH has already  AI setups in Greece. After the news, LTI- Mindtree gained 1.5% today.

LTIMindtree Stock Rises 1.5% on MoU with Eurolife FFH for Gen AI Hubs

On February 22, shares of LTIMindtree gained 1.5% after the IT services company signed a memorandum of understanding with insurer Eurolife FFH to establish generative AI and digital hubs in Europe and India.

LTIMINDTREE is moving in Ascending channel and market has reached higher low area of the channel

LTIMINDTREE Market Price is moving in Ascending channel and market has reached higher low area of the channel

As per a BSE filing, LTIMindtree and Eurolife FFH will develop the hubs in Poland and Mumbai, with Eurolife FFH establishing a “Generative AI and Digital Hub” in Athens to create innovative solutions for the insurance sector in Greece.

LTIMindtree will contribute “deep domain expertise and support” from its facilities in Poland and Mumbai, while Eurolife FFH, a Fairfax Financial Holdings group company, specializes in insurance.

Brigade Enterprises: Brigade Enterprises Stock Surges 5% on Chennai Residential Project Plan

The Brigade enterprises signed with PVP ventures for joint development high rise buildings in Perambur Chennai. Project revenue is projected to 2000 cr, project area is 2.5 million Sqft. Our key focus areas are Chennai and Hyderabad after the Bengaluru from Company’s comment.

Brigade Enterprises Ltd. Surges 5% on Joint Venture for Chennai Residential Project

Brigade Enterprises Limited saw a 5% rise to Rs 1,055 in early trading on February 22 following the signing of a joint development agreement with PVP Ventures Limited. The collaboration aims to develop a 2.5 million square feet high-rise residential project in Perambur, Chennai.

The company estimates the project’s revenue potential to be up to Rs 2,000 crore. Brigade views Bengaluru, Chennai, and Hyderabad as key markets, with this expansion aligning with their growth plan in the residential and hospitality sectors.

Pavitra Shankar, the company’s managing director, noted the sustained growth in the residential sector, particularly in Chennai, fueled by increased presence in IT/ITeS, BFSI, manufacturing, automotive, and GCC companies. Brigade holds a land bank of over 12 million square feet for residential projects in Chennai, making it their second-largest market after Bengaluru.

BRIGADE ENTERPRISE is moving in Ascending channel and market has reached higher low area of the channel

BRIGADE ENTERPRISE Market Price is moving in Ascending channel and market has reached higher low area of the channel

In addition to the high-rise apartment, Brigade Hotel Ventures Limited, the company’s wholly-owned subsidiary, has entered a 45-year lease agreement with the Landowners to construct a 250-room resort on East Coast Road (ECR) in Chennai. The company stated, “The ECR property will mark our inaugural resort and is a component of our strategy to expand our overall room count by an additional 1200 keys in the next four years.”


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