Markets ended on a flat note after an initial gap-down opening which was mainly due to the announcement that MSCI is reconsidering Adani group shares’ free float in MSCI India Index after an allegation levied by the Hindenburg report. MSCI Indices are a globally highly tracked benchmark by the most global institution.
For Nifty, the 17900 level has firmly acted as a major resistance for the past few days and the next leg of the down move should ideally force the Nifty 50 index towards 16,800 which has been clearly plotted as the “Ideal Target Line” in the chart mentioned below. The main concern in the next few days would be in the movement of the Dollar Index as a strong dollar may trigger a necessary breakout towards 85.
S&P Dollex 30 i.e. Sensex in USD terms
Stocks to watch
Positive Read through
- M&M in MoU with Telangana govt to expand its existing manufacturing facilities.
- Aurobindo Pharma Q3 US revenue above estimates, revenue up 6.7 pct YoY.
- Lupin- Q3 margin at 5 qtr high, US sales at 3 qtr high, revenue and margin in-line with estimates.
- HPCL- Q3 results above est, EBIDTA ay Rs 1277 cr vs EBITDA loss at Rs 2201 cr QoQ.
- IOB- NII up 44.5 pct YoY, asset quality improves, NIM at 3.27 pct vs 2.4 pct YoY.
- MTAR Tech- EBIDTA up 96 pct, order inflow up 1 pct YoY.
- RITES- Net profit up 2.3 pct, margin improves 320 bps YoY.
- Zomato- Food delivery EBIDTA at Rs 23 cr vs Rs 2 cr QoQ, earnings above estimates.
- Alembic revenue is up 59.8 pct, and margin is at 34.1 pct vs 19 pct YoY.
- GAIL- Signs advance pricing agreement with CBDT.
- Greaves Cotton -acquisition of majority stake in Excel Controlinkage for Rs 385cr.
Negative Read through
- Adani Grp- 4 Adani Grp stocks to see weight reduction in MSCI according to reports.
- Adani Total Gas- Q3 results muted QoQ, and PNG volume declined sequentially.
- LIC- the value of the new business is down 21 pct, and the total APE is down 18 pct QoQ.
- Voltas- EBITDA down 51 pct, Q3 results below estimates.
- United Breweries- EBITDA down 56 pct, margin down 620 bps YoY.
- Bajaj Consumer- EBITDA down 16.1 pct, margin down 280 bps YoY.
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