Markets managed to post gains with rally turning more Nifty concentric while broader market underperformed. The gains in market despite consensus building up that BJP is unlikely to come back to power in Karnataka suggests that the market has digested negative outcome and hence poised for further higher levels. The sudden surge in India VIX back to 13 is mainly on back of excessive hedging adopted by market participants but is expected to cool off after final results are announced on 13th May. The spread of Nifty 50- Nifty 500 Index clearly has been indicating in advance that outperformance from Nifty over broader market may accelerate further with Nifty 50 current week target placed 18800.
Stocks to watch
Positive Read through
- LnT Q4- order inflow beat at Rs 76,099 cr, but margin miss in Q4.
- GCPL- reports strongest volume growth among peers.
- Zomato- reports indicate that there will be cap on ONDC discount.
- Hindalco- Novelis maintained guidance of USD 500+ per ton EBIDTA guidance by Q4, net debt declines.
- Adani Enterprises to mull fund raising via equity issuance or other securities on May 13.
- SRF – mgmt expects 20 pct growth in specialty chemicals business in FY24.
- Bosch- EBIDTA rises 19 pct, revenue up 23 pct YoY
Negative Read through
- Dr. Reddys- Revlimid sales drop lead to miss in Q4 earnings. US sales lower than estimates.
- P&G- Q4 EBIDTA down 9.5 pct, margin flat YoY
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