Markets exhibited resilience on Thursday after critical indices opened lower but managed to post strong closing above 17550 levels despite weakness in broader markets. The Nifty BEES i.e. ETF based on the NIFTY 50 index is confirming a weekly breakout at current levels along with a weekly breakout in the spread of the Nifty 50- Nifty 500 index. This data is a key catalyst for pushing the Nifty 50 Index beyond 19500, which comes when Nasdaq Composite is down more than 30% for the year. The continuous fall in India VIX has provided put writing support for the Nifty 50 Index and we expect today’s closing to occur around 17700. Overall, the market is geared for a massive breakout, and expect FII buying to resume in the coming days.
Key Results today- JSW Steel, Bajaj Finserv, HUL, IDBI Bank, Ambuja Cements, Hind Zinc, United Spirits,
Nifty 50 ETF & Spread Nifty 50- Nifty 500 Index
Stocks to watch
Positive Read Through
- Asian Paints To buy 51% stake in Harind Chemicals for Rs 127.5m
- Axis Bank Axis Bank 2Q Net Income +70% Y/y to Rs 53.3b, beats est. 44.46b, provisions +53% Q/q to 5.5b; gross NPA 2.5% vs. 2.76% q/q
- Bajaj Finance 2Q Net Income Rs 27.8B Vs. 14.8B Rupees Y/y; Revenue +29% to 99.7b
- Coforge 2Q net income +37% Y/y to Rs 2.01b, beats est. 1.95b; revenue +25% to 19.6b
- Dixon Technologies 2Q net income +23% Y/y to Rs 772.5m, beats est. 721.4m; revenue +38% to 38.7b
- Voda-Idea- SEBI approves govt plan to convert dues of Co into equity
- ICICI Securities 2Q net income -15% Y/y to 3b rupees, beats est. 2.76b; revenue +0.2% to 8.58b
- Indian Energy Exchange 2Q net income -10% Y/y to Rs 700.6m, beats est. 691.8m; revenue -13% to 952m
- ITC 2Q strong earnings, Cigarette business volume growth of 20% vs exp 16-18%
- L&T Finance 2Q net income +81% Y/y to Rs 4.06b, beats est. 3.62b; revenue +6.1% to 31.4b
- Shriram Transport 2Q Net Income +39% Y/y to Rs 10.7b, beats est. 10.27b; revenue +14% to 53.5b
- Tata Consumer 2Q Net Income +22% Y/y to Rs 3.28b, beats estimate 2.76b; revenue +11% to 33.6b
- Yes Bank Carlyle, Advent Get India Antitrust Nod for Yes Bank Stake Buy
Negative Read Through
- PNB Housing Says CEO Hardayal Prasad Resigns, Kousgi to Succeed
- Happiest Minds 2Q Net income Rs 594.1 mn, +34% y/y
- IEX revenue down 14%, margin at 82.8% vs 86.1% YoY
- Zensar- CC Revenue growth at 1.6% QoQ, margin down for 7th qtr in a row
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.