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Indian Markets Consolidate, Key Stocks Shine
3 Dec
Summary
- Nifty approaches support levels, indicating market consolidation.
- Investors advised to focus on select stocks in auto and banking.
- Several companies like Vedanta and Maruti Suzuki are in focus today.
Indian equity markets experienced a dip on the weekly expiry day, continuing their consolidation trend. The benchmark Nifty index is nearing its support zone around 25,950, bolstered by a trendline support at 25,900. Market participants are recommended to maintain a stock-specific trading approach, with a preference for auto, banking, pharma, and IT sectors.
Several individual stocks garnered attention due to recent news. Maruti Suzuki launched its first electric SUV, the e-Vitara, set for sales next year. IndiGo faces a Rs 117.52 crore penalty but plans to challenge it. CEAT's board will consider issuing non-convertible debentures, while Canara Bank successfully raised Rs 3,500 crore through perpetual bonds.
Vedanta's planned fundraising via ESL Steel is reportedly earmarked for its parent company's debt obligations, according to a short-seller report. Jubilant Pharmova appointed Daniel J O'Connor as the CEO of its novel drugs business. Additionally, KPI Green Energy secured a significant work order for a 142 MW floating solar project in Gujarat.
