Markets advanced further on Monday to end with gains of 0.5% but failed to close above 18400 during last hour of selling from highs. After yesterday’s upmove, Sensex has confirmed breakout from expanding triangle which opens gates for further rise of 8% in the near term. Most market participants are watching 18500 as a psychological hurdle and hence are resorting to aggressive hedging. However, given the recent strength in broader markets, we expect major short covering on a move above 18450 for a weekly target of 19000.
Sensex & Nifty Alpha Low Vol 30 Index
Stocks to watch
Positive Read through
- UltraTech Cement- Subsidiary UltraTech Nathdwara Cement has commissioned 0.8 mtpa brownfield cement capacity at Rajasthan.
- Astral-EBITDA Up 42.5%, Margin Rises Nearly 500 Points
- HCL Tech announced the expansion of its long-standing partnership with SAP to drive digital transformation for enterprises.
- ONGC, OIL- windfall tax on crude petroleum reduced to Nil from Rs 4100 a ton.
- Berger Paints- EBIDTA up 6.4 pct, gross margin expands 90 bps YoY.
- PVR- revenue, EBIDTA above estimates, PVR-Inox ops revenue up 34 pct YoY.
- PCBL- EBITDA Up 36%, Margin Rises 240 bps YoY
- Home First Fin- Norges Bank& Societe Generale Buyer in Block Deals
- Pfizer- EBITDA Up 10% Margin Expands 180 Points YoY
- Vesuvius- Q1CY23 EBITDA Up 65% Margin Up More Than 400 bps YoY
- Uttam Sugar- Revenue Up 7.5%, Net Profit Expands 14.6% YoY
- Suryoday SFB- Deposits Up 34.2% NIM At 10.4% vs 7.8%(YoY)
Negative Read through
- Coromandel Intl- Profit Down 15%, Margin Contracts Nearly 200 bps YoY
- P&G Health- Q3 EBITDA Down 27%, Margin At 24.8% Vs 35.1% (QOQ)
- EMKAY GLOBAL- Revenue Down 0.7%, Net Loss At Rs 3.7 cr
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