TCS signs "Multi-Million Dollar" deal with Denmark's Ramboll: Daily Market Update - 22 March 2024 | Globe Capital Market LTD.
TCS signs “Multi-Million Dollar” deal with Denmark’s Ramboll: Daily Market Update – 22 March 2024

Tata Consultancy Services Ltd has bagged a seven-year "Multi-Million Dollar" deal from Denmark-based Ramboll to modernise and streamline the company’s IT operating model. TCS will deliver services to manage Ramboll's cloud and data centers, application development and maintenance, cybersecurity and digital workplace, according to an exchange filing on on Thursday. Ramboll—a global architecture, engineering, and consulting company—said the deal will set a digital foundation for its business growth, help reduce its climate footprint, and increase scalability.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.20% to 0.68%.
  • European equity markets settled higher in range 0.22% to 1.84%.
  • Asian equity markets are trading mix.
  • GIFT Nifty is down by 60 points, Nifty futures is likely to open around 22057 levels (as on 8:30AM).


News highlights from across the globe

  • The relentless rally in U.S. stocks powered ahead on optimism that the Fed will be able to engineer a soft landing, which would bolster the outlook for corporate earnings.
  • The relentless rally in U.S. stocks powered ahead on optimism that the Fed will be able to engineer a soft landing, which would bolster the outlook for corporate earnings.
  • The yield on the 10-year U.S. bond was trading at 4.25% and Bitcoin was at 65461 level. Brent crude was trading  at $85.59 a barrel.


Important news updates from the domestic front

  • Muthoot Finance acquired an additional 4.48% stake in unit Belstar Microfinance for Rs 300 crore. The shareholding now stands at stake to 63.50%.
  • Life Insurance Corp increased its stake in LTIMindtree from 4.99% to 5.03%.
  • Wipro incorporated a new entity, ‘SDVerse’, with General Motors and Magna International.
  • Bharat Dynamics approved the appointment of G. Gayatri Prasad as chief financial officer and approved the split of each share into two.
  • Reliance Power has settled its entire obligations with respect to its borrowings from DBS Bank India. As a result, the assets of the 45 MW wind power project are free from encumbrance.
  • Mazagon Dock accepted the Mumbai Port Authority’s 29-year lease for the allotment of land and building on a long-term lease basis of 29 years. The total allotment costs Rs 354 crore.
  • Sarda Energy unit received a letter of intent for a licence for an iron ore block in Maharashtra.
  • Tata Chemicals received an order from the income tax department levying a penalty of Rs 103.6 crore.
  • Jindal Saw: NCLT-approved scheme of amalgamation among Jindal Quality Tubular, Jindal Tubular (India), Jindal Fittings and Company.


Nifty Overview & Outlook

Tracking positive cues from the global peers, benchmark Nifty index opened with a gap on the higher side and settled above 22000 levels after adding 173 points to its previous closing values.

Broader markets outperformed the benchmark as Mid and Small cap index gained over 2.5% each.

All sectoral indices tracked at NSE settled in green. Amongst them, Realty index was at the top of the tally, soared 3% followed by Metal and PSU bank index that were up over 2% each.

Nifty index is showing some signs of reversal from the on-going short term profit taking mode. Going ahead, crossover and sustenance above 22100 levels might take it towards 22300 levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty and Banknifty futures with increase in open interest by 0.3% and 1.2% respectively. Short covering was was seen in Finnifty futures with decrease in open interest by 5.4%.

All F&O sectors settled higher. Amongst them,Textile, Metals, Realty shares witnessed maximum addition on long positions whereas some short covering was seen in Power and Infrastructure stocks.

On options front, Nifty will start the new weekly contract with maximum positions at 23000 CE closely followed by 22000 CE and 22000 PE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1827 Cr in the cash segment, bought stocks futures and index futures worth Rs 3283 Cr and Rs 443 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 3209 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22180-22250; Supports 22000-21900

Banknifty – Resistances 47160-47300; Supports 46600-46300

Finnifty – Resistances 20880-20950; Supports 20690-20600




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