Bajaj Auto working on CNG bike, to hit road in June: MD : Daily Market Update - 26 March 2024 | Globe Capital Market LTD.
Bajaj Auto working on CNG bike, to hit road in June: MD : Daily Market Update – 26 March 2024

Bajaj Auto is developing a portfolio of clean fuel CNG motorcycles, and the first such bike will hit the market in June, Bajaj Auto Managing Director Rajiv Bajaj said here on Friday. The bike will run on CNG and would hit the roads in June, he said while announcing Bajaj Group's commitment of Rs 5,000 crore towards Corporate Social Responsibility (CSR) spent over the next 5 years. The new bike would target mileage-conscious consumers and is expected to launch under a different brand. It is expected that CNG bikes will be priced higher than their petrol counterparts due to the higher cost of manufacturing besides having a special tank to offer petrol and CNG fuel options to offer convenience to customers.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled lower in range 0.27% to 0.41%.
  • European equity markets closed on mix note.
  • Asian equity markets are trading mix.
  • GIFT Nifty is up by 40 points, Nifty futures is likely to open around 22115 levels (as on 8:30AM).


News highlights from across the globe

  • Asian-Pacific markets are trading mix in early trade on Tuesday amid overnight losses on Wall Street.
  • The rally in U.S. stocks took a breather, with the market still heading towards its best week in 2024 amid speculation the Federal Reserve will be able to cut interest rates as soon as June, according to Bloomberg.
  • The yield on the 10-year U.S. bond was trading at 4.23% and Bitcoin was at 70466 level. Brent crude was trading  at $86.84 a barrel.


Important news updates from the domestic front

  • UltraTech Cement commissioned 1 MTPA brownfield cement capacity at the Uttarakhand unit. The total unit capacity is now at 2.1 MTPA.
  • ICICI Securities received a warning from SEBI after an inspection of its books and records for merchant banking activities.
  • JSW Energy step-down unit is in a pact with Reliance Power to acquire a 45 MW wind power project in Maharashtra for Rs 132 crore.
  • Lupin will sell its trade generics businesses in India to arm for Rs 100–120 crore on a slump sale basis.
  • Hindustan Aeronautics received an order worth Rs 194 crore from the Guyana Defence Force.
  • Eicher Motors incorporated its wholly owned subsidiary in the Netherlands, named Royal Enfield Europe BV.
  • Sanghi Industries: Promoter Ambuja Cements sold a 2% stake in the company for Rs 258 crore. The promoter’s stake currently stands at 60.44%.
  • Garden Reach Shipbuilders & Engineers has signed a contract worth Rs 26.45 crore with the Ministry of External Affairs for a fast patrol vessel.
  • Exide Industries made an investment of Rs 110 crore in arm Chloride Metals via rights basis.


Nifty Overview & Outlook

Benchmark Nifty index settled higher at 22097 levels after adding 85 points to its previous closing values.

Broader markets too performed in line with the benchmark as both Mid and Small cap indices ended on a flat to positive note.

All sectoral indices, barring IT which was down over 2%, tracked at NSE settled higher. Amongst them, Auto and Realty index were the top gainers, rose nearly 2% each followed by Media, Pharma and Healthcare index that rose over 1% each.

Going ahead, Nifty index is likley to trade with positive bias till it is trading above 21900 levels on closing basis and expect it to test 22300 levels in immediate near term


Derivatives Overview & Outlook

Last Friday, short covering was seen in Nifty and Banknifty futures with decrease in open interest by 4.7% and 2% respectively, long buildup was seen in Finnifty futures with increase in open interest by 26.5%.

Majority of F&O sectors settled higher. Amongst them, Chemicals, Banking, Automobile shares rose on short covering whereas some short buildup was seen in Technology stocks.

On options front, put writing was seen at multiple strikes and maximum positions are at 22000 PE and 23000 CE closely followed by 22500 CE


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 8666 Cr in the cash segment, bought stocks futures and worth Rs 11694 Cr and sold index futures worth Rs 1373 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 19352 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22250-22350; Supports 22000-21900

Banknifty – Resistances 47200-47450; Supports 46700-46400

Finnifty – Resistances 20900-21000; Supports 20730-20650


F&O Securities in Ban Today  –BIOCON,  SAIL, TATACHEM, ZEEL


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