Markets fell on Tuesday as the Nifty failed to cross 18,400 as the selling pressure persisted from the recent highs. 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 significant short covering on the move above 18450 for a weekly target of 19000.
Globally, Asian equities look set for a mixed start to trading while US contracts posted muted gains after leaders in Washington expressed cautious optimism about a bipartisan deal after debt-ceiling talks.
Sensex & Nifty Alpha Low Vol 30 Index
Stocks to watch
Positive Read through
- BPCL- board approves capex plans worth Rs 51,881 cr.
- LIC Housing Finance- Profit, NII above estimates, NIM at 2.93 pct vs 2.65 pct YoY.
- Amber Enterprise- EBIDTA rises 62 pct, margin expands 30 bps YoY.
- JK Paper- EBIDTA up 44 pct, margin expands 30 bps YoY.
- CCL Products- EBIDTA up 34.2 pct, revenue rises 38.2 pct YoY.
- Oberoi Realty- EBIDTA up 4.8 pct, net profit at Rs 480.3 cr vs Rs 232 cr YoY
- Credit Access- Gross NPA at 1.21 pct vs 1.71 pct, disbursements up 48pct QoQ
- Talbros Auto- EBIDTA rises 19 pct, profit up 34 pct YoY
- Triveni Turbine- Revenue up 56.3 pct YoY, net profit rises 68.2 pct YoY
Negative Read through
- Bharti Airtel- Revenue below estimates on lower India mobile revenue growth, ARPU flat at Rs 193 QoQ.
- Metropolis Health- Profit down 6.8 pct, margin flat YoY
- Paras Defence- EBITDA down 2.4 pct, margin slips 240 bps YoY
- V-Mart- losses expand in Q4, EBITDA down 54 pct YoY.
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