Stock market highlights July 26, 2024: Sensex settles over 1,000 points higher, Nifty spurts 2% on value buying; Bharti Airtel up over 4%

The rupee recovered from its all-time low level and appreciated 6 paise to 83.72 (provisional) against the US dollar on Friday, on strength in the domestic markets and expectations of fresh foreign inflows.

Forex traders said the rupee traded within a narrow range, taking cues from the dollar index, which remained flat.

At the interbank foreign exchange market, the local unit opened at 83.72 and touched an intra-day high of 83.69 and a low of 83.73 against the dollar during the session. Read more

The benchmark Sensex rebounded by 1,293 points, while the broader Nifty shot up nearly 2 per cent to a record high on Friday, cutting short its five-day losing streak on heavy value buying value-buying at lower levels and a rally in blue-chips like Reliance Industries.

The 30-share BSE Sensex jumped 1,292.92 points or 1.62 per cent to settle at 81,332.72. During the day, it soared 1,387.38 points or 1.73 per cent to 81,427.18.

The NSE Nifty surged 428.75 points or 1.76 per cent to settle at an all-time closing high of 24,834.85. Read more

ITCMAARS – a crop-agnostic full stack AgriTech platform -- has enhanced net farmer returns up to 30 per cent in a short span of time, ITC Chairman and Managing Director Sanjiv Puri, said on Friday. 

ITCMAARS (Metamarket for Advanced Agriculture and Rural Services) is a ‘phygital’ ecosystem that provides on-ground interventions, while bringing the power of digital to farmers through a super app. Read more

The Indian IT results so far have been mixed on revenue growth but on the positive side, most companies indicated green shoots in the spends on discretionary projects as well as some large verticals such as BFSI. The BFSI sector is the largest contributor to revenue for the large IT companies and has seen tepid growth in the last few quarters. The outlook for the BFSI vertical, which the companies have provided, indicates it has returned to growth. If one corroborates this with the commentary of large global banks, it increases our confidence in this vertical’s growth outlook. Though the quarterly data from US banks on tech spending doesn’t show any meaningful change in trends yet.

On the profitability side we have seen mixed numbers so far, wherein certain large companies have tightened costs very well, leading to margin expansion. While some of the companies, especially in the mid-cap IT space, have seen weak margins. Growth is usually a strong margin lever for the companies and if discretionary spends were to comeback in the industry, it could negate the margin pressure.

On valuations, the IT sector has inched up to ~24x FY26E EPS and is trading higher versus its long-term average of ~18x. The increase in valuation has been due partly to anticipation of interest rate cuts in the US markets, and partly due to under ownership of the sector by FIIs and DIIs.

Top gainers: Shriram Finance (9.52%), Cipla (5.76%), Divi’s Lab (5.39%), Bharti Airtel (4.32%), Apollo Hospitals (4.14%) 

Top losers: ONGC (-1.04%), Nestle India (-0.11%) , HDFC Bank (-0.02%)

Central Bank of India has entered into a co-lending partnership with Tyger Capital Private Limited (Formerly Adani Capital Private Limited) to offer MSME Loans.

Central Bank of India stock rose 1.80% on the NSE, trading at ₹64.05

Cipla stock rises 5.47% on the NSE, trading at ₹1,582.10.

Consolidated net profit was at ₹1,175.46 crore as against ₹998.07 crore in the corresponding quarter last year.

BSE Sensex surged 1,213.17 pts or 1.52% to 81,252.97 and NSE Nifty jumped 415.70 pts or 1.7% to 24,821.80.

Top gainers on the NSE as at 3.01 pm:

Shriram Finance (9.21%), Divi’s Lab (5.05%), Bharti Airtel (4.50%), Apollo Hospitals (4.39%), Adani Ports (3.95%)

Top losers in Nifty 50 pack:

ONGC (-1.47%), Nestle India (-0.03%)

Stocks advanced on BSE at 3 pm on July 26, 2024, were 2,656 against 1,251 stocks that declined; 102 stocks remain unchanged. Total stocks traded were 4,009. The number of stocks that recorded a 52-week high was 306, and those that hit a 52-week low was 16. 

In addition, 426 stocks traded in upper circuit and 167 stocks hit the lower circuit.

Cholamandalam Investment and Finance Company’s board has approved the issuance of NCDs aggregating to ₹48,000 crore in one or more tranches. 

Clocked its consolidated net profit for the quarter ended June 2024 at ₹947.15 crore as against ₹709.94 crore in the corresponding quarter last year.

Stock was up 3.39% on the NSE trading at ₹1,409.85.

Shriram Finance stock jumps 10.15% on the NSE, trading at ₹2,951. The company recorded its standalone net profit for the quarter ended June 2024 at ₹1,980.59 crore as against ₹1,675.44 crore in the corresponding quarter last year.

BSE Sensex jumped 1,113.76 pts or 1.39% to 81,153.56 and NSE Nifty gained 378.40 pts or 1.55% to 24,784.50.

Tech Mahindra announced that Nitesh Aggarwal, Chief Strategy Officer has been designated as Senior Management Personnel of the Company with effect from July 26, 2024.

Barbeque Nation Hospitality has received an order from the Joint Commissioner of Commercial Taxes (Appeals)-3, Bengaluru, dismissing the appeal filed by the Company, with respect to order received from the Office of the Deputy Commissioner of Commercial Taxes, Bangalore, Karnataka, levying penalty on the Company under section 73(9) of the Central Goods and Services Tax Act, 2017 and Karnataka Goods and Services Tax Act, 2017 and Section 20 of the Integrated Goods and Service Tax Act, 2017.

The aforesaid Order has the demand of tax, interest and penalty amounting to ₹1,25,49,464.

Barbeque Nation Hospitality stock trades at ₹538.65 on the NSE, up 0.18%.

Alembic Pharma informed that the USFDA inspection for its Oral Solid Formulation Facility (F-I) located at Panelav closed with Zero (Form) 483 observations.

Stock rises 1.54% on the NSE, trading at ₹1,219.45.

Semac Consultants board to consider proposal for raising funds by way of issue of one or more instruments including equity shares/ convertible securities either by way of Preferential Issue/ Rights Issue/or any other mode at its meeting on August 6, 2024.

HDFC Bank has received a certificate issued by International Financial Services Centres Authority (“IFSCA”) for successful registration on India International Bullion Exchange IFSC Limited in GIFT-IFSC, as a Bullion Trading cum Clearing Member. 

Stock trades at ₹1,610.95 on the NSE, down by 0.35%.

Piramal Pharma recorded its consolidated net loss for the quarter ended June 2024 at ₹88.64 crore, down from ₹98.58 crore in the corresponding quarter last year.

Piramal stock rose 2.29% on the NSE, trading at ₹170.10.

Indowind Energy has cleared the term loan of ₹38 crore and top up loan of ₹9.73 crore availed from Indian Renewable Energy Development Agency (IREDA) against the 9 mw wind farm project. The free cash flow from this project will now be utilised by company to reduce other liabilities (or) repowering / expansion projects.

Indowind Energy stock is down by 1.26% trading at ₹28.89 on the NSE.

InterGlobe Aviation, which operates India’s largest airline IndiGo, is expected to report a double-digit decline on a year-on-year basis in net profit for first quarter of FY2025 due to higher operating costs and slower revenue growth.

In Q1 FY2024, the company had registered its highest-ever quarterly revenue (₹17,160 crore) and net profit (₹3,090 crore. Growth in the first quarter of last fiscal was supported by a low base of pandemic-impacted FY23 and the grounding of Go First airline in May.

Major gainers:

SBI Life (4.29%), Divi’s Lab (3.90%), HDFC Life (3.84%), Apollo Hospitals (3.39%), Shriram Finance (3.12%)

Major losers:

ONGC (-1.04%), Nestle India (-0.88%), Axis Bank (-0.85%), HDFC Bank(-0.59%), BPCL(-0.58%)

Stocks advanced on BSE at 12 noon on July 26, 2024, were 2,708 against 1,062 stocks that declined; 121 stocks remain unchanged. Total stocks traded were 3,891. The number of stocks that recorded a 52-week high was 275, and those that hit a 52-week low was 13. 

In addition, 349 stocks traded in upper circuit and 150 stocks hit the lower circuit.

Christopher Wood, Global Equity Strategist, Jefferies

The India budget was announced on Tuesday, and it remains devoid of populism. The growth of capex is maintained at 17% and such investment will account for 23% of total government spending and 3.4% of GDP. The projected central government fiscal deficit for this fiscal year is 4.9% of GDP, compared with market expectations of 5.3% before the February budget.

The above is positive for both the bond market and the Indian currency. The key news for the stock market was the increase in the capital gains tax. For now GREED & fear is astonished again, as was also the case after the election, about the lack of any meaningful correction in response to the news.

In meetings in Delhi at the end of last week, GREED & fear found a general consensus that Prime Minister Narendra Modi will be able to keep his coalition government intact for the full five-year term with the general view being that the opposition has very little to offer the two small parties in the current NDA government.

Major stocks that hit a 52-week high on the NSE today:

Ashok Leyland (6.33%), Suven (5%), ICICI Prudential (3.61%), WABAG (3.58%), SBI Life (3.34%), TVS Motors (2.48%), Infosys (2.06%)

Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced partnership with Bank of India (BOI) to facilitate easy financing for rooftop solar installations and establishment of electric vehicle (EV) charging stations.

Stock surges 4.11% on the NSE, trading at ₹440.75.

Rupee declined to its weakest level on record on Friday, pressured by dollar demand from local oil companies, custodial banks and tepid risk sentiment.

The rupee was at 83.7175 against the US dollar as of 10:35 am, having slipped to a record low of 83.7250 in early trade. The currency had closed at 83.6975 in the previous session.

Top gainers:

Ion Exchange (11.22%), Infibeam (10.91%), Network 18 (8.42%), SJVN (8.37%), Subex (7.02%)

Top losers:

MMTC (-10.85%), Cyient (-8.14%), JTL (-3.76%), Federal Bank(-3.64%), BASF (-3.29%)

Bank Nifty index is trading down but has recovered sharply from its intraday low. The index opened with a wide gap-down at 50,456. And has risen back sharply from there. It is currently trading at 50,776, down 0.22 per cent. The advances/declines ratio is at 8:4. This trend has to continue for the index to sustain the bounce for the rest of the day.

Top gainers of Nifty auto stocks:

Ashok Leyland (5.70%), Bharat Forge (4.84%), TVS Motor (2.81%), Balkrishna Industries (2.39%)

Swaraj Engines has appointed Devjit Sarkar as Chief Executive Officer of the Company w.e.f. September 1, 2024. This follows the resignation of Giju Kurian as WTD and CEO w.e.f August 31, 2024.

Mankind Pharma stock declines 2.67% on the NSE, trading at ₹2,087.05 The company secured the deal to acquire Bharat Serums and Vaccines from private equity firm Advent International for Rs 13,630 crore

​Tech Mahindra​ reported a 23 per cent year-on-year jump in net profit at ₹851 crore for the first quarter of 2024-25, as against ₹692 crore reported in the same previous period. 

Stock declines 1.29% on the NSE, trading at ₹1,510.30.

Nifty 50 is getting a strong follow-through rise after the bounce from the low of 24,210.80 made on Thursday. The index is trading at 24,576, up 0.7 per cent. The advances/declines ratio is at 39:11. This is positive. If this trend continues, then the Nifty can move further up during the day.

SJVN stock jumped over 8% in early trade on Friday after the company received a letter of intent for allotment of Darzo Lui Pumped Storage Project from the Government of Mizoram. The estimated cost of the project on completion is ₹13,947.50 crore.

Crude oil futures traded higher on Friday morning following the better-than-expected economic data from the US.

At 9.57 am on Friday, September Brent oil futures were at $82.53, up by 0.19 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $78.44, up by 0.20 per cent.

Indoco Remedies has received order against appeal filed under Section 107 from the Goods and Service Tax (GST) Authority.

Appeal rejected against demand raised by the Central tax officer of Interest of ₹32.39 Lakh and Penalty of ₹42.97 Lakh. Total ₹75.26 Lakh.

Indoco Remedies stock is up 0.66% on the NSE, trading at ₹326.30.

Sterling and Wilson Renewable Energy Limited (SWREL) has received an order for the engineering, design, procurement, erection, testing & commissioning of 500 x 2 (1,000 MWhr) - Standalone BESS plant in Rajasthan, India. 

Stock rises 2.56% on the NSE, trading at ₹673.15.

Chalet Hotels board has approved a transaction for purchase of a land parcel in the state of Goa.

Chalet Hotels stock declines 1.58% on the NSE, trading at ₹815.05.

Mphasis has announced the launch of Mphasis NeoCruxTM, an industry-first tool designed to improve software engineer’s productivity by streamlining the Software Development Lifecycle with the help of Generative AI (Gen AI) powered Agent Orchestrator. 

The company also launched NeoZetaTM that offers full transparency into the re-learning process so organisations can modernise mission-critical systems with confidence.

Mphasis stock surges 4.40% on the NSE, trading at ₹2,969.65.

Sun Pharmaceutical Industries has received approval from the USFDA for LEQSELVI (deuruxolitinib), an Oral JAK Inhibitor.

Sun Pharmaceutical stock trades flat at ₹1,666.10 on the NSE.

Exicom Power Solutions B.V, a wholly-owned subsidiary of Exicom TeleSystems Limited, has established a wholly-owned subsidiary company namely ‘Tritium NexGen Solutions B.V.” in the Netherlands.

Exicom stock rose 2.14% on the NSE, trading at ₹443.90.

Adani Enterprises has filed draft prospectus to undertake a public issuance of non-convertible debentures of face value of ₹1,000 each amounting up to ₹300 crore with an option to retain over-subscription up to ₹300 crore, aggregating up to ₹600 crore.

Stock rises 1.02% on the NSE, trading at ₹3,003.80.

Hero Motocorp has received an order from the Income Tax Appellate Tribunal, Delhi Bench (“ITAT”), in favour of the company pursuant to which it has disposed-off an income tax demand of ₹2,336.71 crore which was earlier raised by the Income Tax Department.

Stock trades flat at ₹5,424.20 on the NSE.

Silver prices rose slightly but remained on course for a weekly loss, as traders anticipated U.S. inflation statistics for more clues on the path of the Federal Reserve’s interest rate cuts. Data showed that the US economy grew faster than predicted in the second quarter, but inflation pressures eased, maintaining expectations of a Fed interest rate cut in September. Demand concerns in top consumer China also kept silver prices under pressure, despite a lack of meaningful and robust official efforts to bolster the economy and resuscitate the real estate industry. Meanwhile, China’s central bank unexpectedly dropped its one-year medium-term loan facility rate amid attempts by policymakers to boost the economy with monetary stimulus.

Key economic data slated for release include Spanish Unemployment Rate from Euro Zone and Core PCE Price Index m/m, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations from US Zone.

Gold gained to approximately $2,375, recovering from a more than 1% drop the previous session as investors digested better-than-expected US economic data and anticipated the PCE inflation report later today. Data showed that US GDP increased at an annualised pace of 2.8% in the second quarter, beating market expectations of 2% and accelerating from 1.4% growth in the previous period. Nonetheless, expectations for rate cuts remained unchanged, with markets fully pricing a decrease at the Federal Reserve’s September meeting and forecasting two more cuts by the end of the year. Bullion is expected to decrease this week, marking the second straight weekly loss.

Key economic data slated for release include Spanish Unemployment Rate from Euro Zone and Core PCE Price Index m/m, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations from US Zone.

Larsen & Toubro: BUY | TP 4204 | In-line operational performance; core business delivers strong

performance

Axis Bank: BUY | TP 1375 | Core performance in-line; one-off rise in credit cost impacts PAT

SBI Life Insurance Company: BUY | TP 1910 | New product launches to improve product mix/ margins

Jindal Steel & Power: BUY | TP 1108 | Higher volume, lower coal costs drive EBITDA beat; capex

projects significantly delayed

United Spirits: BUY | TP 1584 | Strong P&A performance to sustain 

Federal Bank: BUY | TP 220 | Earnings supported by higher non-recurring income

Greenlam Industries: BUY | TP 820 | Ramp up of capacities remain the monitorable

DCB Bank: BUY | TP 165 | One-offs impact core performance

The US indices showcased a mixed performance in their previous trading session as both the S&P 500 and NASDAQ ended their day on a negative note, whereas DJIA remained positive. The market had seen some early upward momentum before sliding down during the latter part of the day as the participants were cautious amidst concerns about large-cap earnings. US GDP data was also released yesterday, which showed that the GDP grew by 2.8%, beating the market expectations of 2%. The Asian markets were trading positively, with NIKKEI and Hang Seng trading in the green.

Top gainers:

Shriram Finance (2.46%), LTIMindtree (2.24%), Bharti Airtel (2.06%), Infosys (1.84%), Coal India (1.74%)

Top losers:

Tech Mahindra (-2.23%), Nestle India (-1.03%), HDFC Bank (-1.01%), Maruti (-0.73%), ONGC (-0.64%)

Nuvama Institutional Equities

Rollovers - SSF: 93%; Mkt Wide: 89%; Nifty: 70% 

Market-wide OI is at historic highs | Bullish momentum should continue with sectoral rotation

Client (HNI/Retail) covers all Index shorts, adds meaningful SSF longs; FII adds SSF longs and lighten Index longs

In the July series, the Nifty index showcased a modest yet intriguing performance, trading within a tight range of 1,000 points and 

ultimately closing with a 1.5% gain at 24,400 levels. The overall index volatility appeared limited, primarily due to significant sectoral 

rotations. IT, FMCG, and Pharma sectors drove the gains with impressive increases of 11%, 10%, and 8% respectively.

Conversely, the 

banking sector exerted downward pressure, with Nifty Bank ending 3.5% lower, and Metals seeing a 6.5% decline. The series painted a balanced picture at the index level, underscored by budget day volatility and dynamic sectoral shifts throughout 

the period.

FIIs were net buyers to the tune of USD 3.3 bn, while DIIs continued to support the market with a deployment of USD 0.73 bn. While the participation of HNIs and Retail investors is not officially reported, their influence on the market must have undoubtedly been significant.

Nifty Index gained 1.5%, settling at 24,406 and Nifty Bank was down 3.6%, settling at 50,889. The Mid-cap and Small-cap Index 

were outliers with the gains of 2.4% and 2.8% respectively. 

In July series, the sectoral indices which gained the most were IT Index (up 10.9%), FMCG Index (up 9.7%), Pharma Index (up 8.2%), Energy Index (up 3.5%), Media Index (up 2.3%) and Auto Index (up 1.7%) while the sectors which settled in red are Metals Index (down 6.3%), Private Bank Index (down 3.9%), Realty Index (down 3.1%), Financial Services Index (down 2.4%) and PSU Bank Index (down 2.1%).

Crude oil futures traded higher on Friday morning following the better-than-expected economic data from the US. At 9.20 am on Friday, September Brent oil futures were at $82.55, up by 0.22 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $78.46, up by 0.23 per cent. August crude oil futures were trading at ₹6582 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6572, up by 0.15 per cent, and September futures were trading at ₹6509 against the previous close of ₹6492, up by 0.26 per cent.

The Dow posted modest gains, but the Nasdaq and S&P 500 booked a third straight day of losses, as investors remained cautious ahead of Friday’s inflation update. US equities rallied earlier Thursday after data showed the pace of US growth picked up from the previous quarter — while moderating from last year. Alphabet Inc Class A fell more than 3%, pressuring the rebound in tech amid worries that its search business is set for fierce competition from OpenAI’s Search GPT.

Gold fell more than 2% on Thursday, after a better-than-expected reading on U.S. gross domestic product led to expectations for higher-for-longer U.S. interest rates, which contributed to a drop in the price of the precious metal to the lowest level in more than two weeks.

US economic growth accelerated by more than forecast in the second quarter, illustrating demand is holding up under the weight of higher borrowing costs. Gross domestic product increased at a 2.8% annualized rate after rising 1.4% in the previous quarter and 2% forecast. The personal consumption expenditures price index, a key measure for the Fed, rose 2.6% for the quarter, down from the 3.4% move in Q1. Core PCE prices were up 2.9%, down from 3.7%. A separate report showed durable goods orders fell 6.6% in June, compared with expectations for a 0.3% rise.

Asian equities showed signs of recovery on Friday as traders balanced resilience in the US economy with firming expectations of Federal Reserve cuts in coming months.

Nifty ended almost flat on July 25 after a low opening. At close, Nifty was down 0.03% or 7.4 points at 24406.1. Nifty formed a mildly bullish counterattack type candle. The recent weakness may have got arrested and we may see consolidation/upward bounce in the Nifty soon. Nifty could rise towards 24592 in the near term while 24141 could provide support.

“The unique feature of the ongoing bull market in India is its ability to climb all walls of worry. The market dismissed all concerns relating to elections, the Budget and the correction in the mother market US. The buy on dips strategy which has played out well in this rally continues to hold good. However, the valuation discrepancy - largecaps fairly valued and mid and small caps highly valued - continues. Long-term investors should exploit this discrepancy by buying quality largecaps on declines. FPIs have again turned sellers and this might put further pressure on largecaps even though the FPI selling is being matched by DII buying.

The US Q2 GDP numbers coming better than expected at 2.8% further reinforces the soft landing hope for the US economy.”

For the day traders now, 20 day SMA (Simple Moving Average) or 24300/ 79700 would be the sacrosanct support level. Above the same, the market could move up to 24500-24650/80500-80750. However, below 24300/79700 the sentiment could change below the same, we could see one quick correction up to 24150-24100/79300-79000.

Mankind Pharma: Unlocking new vertical through BSV acquisition

- Mankind Pharma (MANKIND) would acquire Bharat Serum Vaccines (BSV) for EV of INR136b, implying EV/EBITDA of 28x/22-23x on FY24/FY25 basis.

- This acquisition not only expands Mankind’s niche portfolio, but also provides specialty R&D tech platform, in-house complex manufacturing capabilities and strong institutional reach.

- Considering access to high entry barrier business, healthy mix of domestic-international segment and potential for sustainable EBITDA growth (27% EBITDA YoY growth in FY25), we believe the valuation is fair to acquire BSV.

- We await clarity on deal structure in terms of debt/equity fund raise to consume the deal from the concall scheduled on today at 5pm. Having said this, considering current cash of INR42b from internal accruals, we assume debt/equity of INR60b/INR32b to complete the transaction. Free cash generated from base business would subsequently lower debt levels for Mankind. Maintain BUY.

Indian equity benchmarks Sensex and Nifty are likely to open marginally higher on Friday, after logging losses in the previous five sessions, with analysts expecting earnings-led stock-specific reactions to guide the intraday trajectory.

The GIFT Nifty was at 24,486 points, as of 8:16 a.m. IST, suggesting that the Nifty 50 index will open slightly above its Thursday’s close of 24,406.1.

The Budget has not given any relief to Bharat Bond ETFs, which primarily invest in debt securities of public sector enterprises, despite expectations to the contrary.

Bharat bonds were introduced in 2019 to help PSUs raise money at lower cost. The assets under management of these ETFs crossed ₹50,000 crore in a span of two-and-a-half years, with total six tranches hitting the market till now. The indexation benefit and the predictability of returns was what made these products popular, said experts.

The stock idea that we have for you today is Hindustan Petroleum Corporation (HPCL). The upmove in the stock is gaining momentum. The stock has surged over 5 per cent on Thursday breaking above a key resistance and has closed on a strong note. Check out the latest episode of bl.Today’s Pick to learn more.

Larsen & Toubro’s Q1-FY25 results were 3 per cent ahead of our estimates on both revenue and PAT. The company reported 15/15/12 per cent y-o-y growth in revenue/EBITDA/PAT on a consolidated basis. In a seasonally weak quarter, core E&C revenues and EBITDA also grew by 18/21 per cent y-o-y, with Core E&C margins improving by 10 bps to 7.6 per cent. Both Core E&C revenue and margin beat our estimates.

Suzlon Energy is a vertically integrated wind turbine manufacturer and O&M service provider with over 20.7GW of installed capacity across the globe.

Foreign portfolio investors (FPIs) have sold shares worth ₹10,710 crore in the cash market from the day the Budget was announced. This after purchasing shares for six straight sessions totalling over ₹18,000 crore.

The outlook for Hindustan Petroleum Corporation Ltd (HPCL) is bullish. The stock surged 5.8 per cent on Thursday and has closed on a strong note. This rise has taken the share price well above the key intermediate resistance at ₹366. This level of ₹366 will now act as a strong support.