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Zomato Eyes Nifty 50 Inclusion; Eicher Motors Rises on Growth Strategy, While Agro Tech Foods Dips Post Acquisition News
Zomato Eyes Nifty 50 Inclusion; Eicher Motors Rises on Growth Strategy, While Agro Tech Foods Dips Post Acquisition News
Written by - Fisdom Research
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November 14, 2024
2 minutes
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Market Snapshot
Indian benchmark indices continued their correction for the sixth consecutive session on November 14, with Nifty closing below 23,550.
Selling pressure persisted across FMCG, PSU Bank, and oil & gas sectors, with these indices declining by 0.3-1 percent.
Conversely, sectors like auto, media, and realty witnessed gains, rising between 0.6-2 percent, reflecting some buying interest in select areas of the market.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY MEDIA
2.3
NIFTY PRIVATE BANK
0.3
NIFTY REALTY
1.0
NIFTY FINANCIAL SERVICES
0.3
NIFTY AUTO
0.7
NIFTY BANK
0.2
NIFTY MIDSMALL HEALTHCARE
0.6
NIFTY CONSUMER DURABLES
0.1
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
23,400
23,900
Bank Nifty
49,500
51,000
Top News
Zomato shares rose over 4% on expectations that it could be added to the Nifty 50 index in March, supported by its free-float market cap and F&O inclusion, making it a candidate for the benchmark index.
Eicher Motors surged over 6% as its Q2 net profit rose 8.3% YoY to Rs 1,100 crore, with its strategic pivot to focus on growth over margins resonating well with investors.
Agro Tech Foods, backed by Samara Capital, announced plans to acquire Del Monte Foods in a deal valued at over Rs 1,300 crore; however, the stock fell over 3% on a cautious market response to the acquisition news.
LG India taps Axis Capital for its upcoming $1.5bn IPO
Paramesu Biotech files draft papers for Rs. 600 crore IPO
Niva Bupa Healthcare shares list at 6% premium over IPO price
Trade Ideas Update
Our trade ideas success rate has 60% over the past month, even with increased volatility in the benchmark index. Follow Trade Ideas for timely stock insights.
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