Markets advanced further to surpass 19,800 in Nifty during the last hour of trade with gains mainly on the back of a surge in Bank Nifty. The broader market Index – Nifty 100 Equal Weighted Index has formed a small rising wedge on the daily chart which shows the market is on the verge of completing its ending diagonal with an immediate reaction of 3% lower. We advocate a cautious stance as India VIX closing above 11.5 suggests an immediate uptick towards 15 in the coming days.
Nifty 50 Equal Weight Index
Stocks to watch
Positive Read through
- Dr. Reddy’s- US FDA clears cos API Manufacturing facility in Srikakulam
- Federal bank launches QIP of Rs 3,040 Cr, Floor price at RS 132.59/Sh
- Can Fin Homes NII, profit above estimates NIM at 3.48 pct Vs 3.37 pct QoQ
- L&T FIN NIM at 8-year high of 8.06 pct, RoA at 14 Qtr high
- Tata Communication revenue rises 4.4 pct, profit up 17.1pct QoQ
- Hatsun Agro gross margin rises 30 bps, EBITDA up 33.5 pct (YoY)
- Finolex Industries EBITDA rises 21.2 pct, margin at 12.9 pct vs 10.pct (YoY)
- DLF Cyber City EBITDA is up 13.5 pct, net profit rises 12.8 pct YoY
Negative Read Through
- Shree Cements gets a letter for Inspection from Ministry of corporate affairs
- KRSNAA Diagnostics- Rajasthan government cancels tender to provide lab services under NHM
- Olectra Green awards Rs 395.12 Cr contract to Holding Co Megha Engg.
- Trans & Rect- GETCO to stop dealing with co for 3 Years for allegedly forging MDCC
- Alok industries EBITDA declines 73.6 pct, margin at 0.9 pct Vs 2.4 pct YoY
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