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* Equity benchmark indices ended on a flat note, with gains in blue-chip IT, realty, and select banking stocks, while market participants remained cautious ahead of key inflation data from India and the United States due later in the week. Investor interest shifted towards midcap and small-cap stocks, which saw modest gains. The Nifty closed at 24,610, down by 9 points from the previous day’s close. Both the Nifty mid-cap and small-cap indices rose by over 0.2%. Global markets showed mixed performance, with expectations of additional stimulus from China, while traders awaited key inflation data from the US and a European Central Bank policy decision later this week.

* Coffee producer CCL surged 4% to Rs 816 following news of record-high coffee prices due to concerns over potential supply shortages in Brazil, the world’s leading producer. EV and EV component stocks saw fresh buying, with Greaves Cotton soaring 18% to Rs 251. JBM Auto and Olectra Green also recorded gains of 8% and 5%, respectively. Tech stocks experienced a sharp rally, driven by the rising USDINR and the record-high performance of the global IT index, Nasdaq Composite. The Nifty IT Index rose 1%, led by Infosys, LTI Mindtree, Persistent, Mphasis, and Wipro. Realty stocks posted solid gains, with the Nifty Realty Index up 1.4%, and Raymond and Phoenix Mill rising 11% and 4%, respectively. Select PSU Banks saw fresh buying amid hopes of a favorable monetary policy following the appointment of Sanjay Malhotra as the new Governor of the Reserve Bank of India. The Nifty PSU Bank Index gained 0.5%.

Technical Outlook:

* Nifty Index opened positive but failed to cross its previous day’s high and gradually slipped in the first half of the session. It showed some swings in the next half and finally settled near 24600 zones. Index has been witnessing a tug of war between the bulls and bears from the last three trading sessions with support based buying but lack of follow up action. It formed a small bodied candle on daily frame with longer lower shadow but has been making lower highs from the last three sessions. Now it has to hold above 24500 zones for an up move towards 24700 then 24850 zones whereas supports can be seen at 24500 and 24400 zones.

Derivative Outlook:

* Nifty future closed negative with losses of 0.04% at 24684 levels. Positive setup seen in Navin Fluorine, LTI Mindtree, Cyient, Shriram Finance, Hudco, Muthoot Finance, Mphasis, PEL, UBL, ABB, Jindal Steel and Power and Persistent Systems while weakness in Adani Green, Sona Coms, Bharti Airtel, Yes Bank, Adani Total Gas, HDFC Life, Adani Enterprise, Trent, Adani Ports, Power Grid, Reliance, Zydus Life science, Escorts and Cipla.

* On option front, Maximum Call OI is at 25000 then 24700 strike while Maximum Put OI is at 24000 then 23500 strike. Call writing is seen at 24600 then 24700 strike while Put writing is seen at 24300 then 24600 strike. Option data suggests a broader trading range in between 24200 to 25000 zones while an immediate range between 24400 to 24800 levels.

* Coforge joins ACORD Solutions Group to drive digital transformation in insurance sector - Coforge announced a strategic partnership with ACORD Solutions Group, a unit of ACORD, the standards-setting body for the

* global insurance industry, positioning itself to enhance digital modernisation in the global insurance industry. The collaboration marks Coforge’s entry into ACORD’s Licensed Integrator Partner (LIP) program, focusing on advanced technological solutions for insurance data exchange.

* IGL – The board has approved the issuance of bonus shares in the ratio of 1 :1. This means 1 bonus share of face value of Rs 2 each will be given for every 1 existing shares of face value of Rs 2 each fully paid up.

* Mahindra & Mahindra – Company has incorporated Velos Hybren as a wholly-owned subsidiary of its step-down arm, Mahindra Susten,

* Shriram Pistons – Company buy TGPEL Precision Engineering for Rs220 EV

* HDFC Life Insurance – Company’s board has approved an investment of Rs 6.6 crore in Bima Sugam.

* Jash Engineering – Company wins an order worth of Rs 70cr with order book value of Rs 903cr

* NBCC - Company received a work order worth Rs432cr from the Central University of Odisha

* Solex Energy - Company announced that it has received a work order worth Rs 29 crore from Zodiac Energy for supply of solar PV Modules

Global Market Update

* European Market - European stocks followed Asian shares lower as enthusiasm about China’s latest stimulus pledge faded, while traders await key inflation data from the US as well as a European Central Bank policy decision later this week. UK, France and Germany Index declined 0.3%

* Asian Market - Asian Market witnessed mixed bag. Chinese stocks were buoyed by an apparent shift in Beijing toward easier credit and other forms of stimulus for the sluggish economy. Both Australia and Hong Kong Index slipped 0.5% each while Japan Index advance 0.5%

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