Markets extended losses for the third straight week with FIIs opening aggressive short positions in future segment and forcing Nifty to breach 19500 on Friday’s trading session. The outlook for market remains bearish with spread of Nifty 50- Nifty 500 breaching key support. A breach of support would indicate more addition of short positions in Index futures in the coming days in order to hedge their existing portfolio. We expect markets to face sudden jerk on breach of the recent low of 19296 with immediate target seen at 18200.
USDINR for week activated major breakout form running triangle to close above 82.65 and has opened gates for upside towards 88. The key trigger for USDINR may come from breakout in Brent Crude prices which has seen strong cushion at USD 86 a bbl and may act as a key catalyst for its journey towards 88.
Spread of Nifty 50- Nifty 500
Stocks to watch
Positive Read Through
- Biocon is planning to list its biosimilars business, a significant contributor to the cos total revenue, by the first half of 2025
- Sterling and Wilson Renewable bags Rs 1,130 crore order for solar project.
- Abb India posted double-digit sales & profitability growth across all segments in Q2
- ONGC EBITDA up by 49.5 pct, margin at 57.5 pct vs 45 pct (QoQ)
- Glenmark posted Q1 results above estimates, revenue up 22 pct YoY
- JSPL realisations rises by 1 pct QoQ, Q1 results above estimates
- NMDC Q1 results above estimates, total volumes up by 41 pct YoY
- Muthoot Finance AUM growth at an 8 Qtr high, Gold AUM up by 17.6 pct YoY
- Nykaa’s margin came at 5.2 pct Vs 5.4 pct, sales rises 9.2 pct (QoQ)
- Lupin US FDA Clears Co’s unit-2 Mfg facility in Mandideep, India
- Aurobindo US $ sales above estimates at $402 mn, sales up by 10 pct YoY
- Marksans EBITDA rises by 39.9 pct, margin stood At 20.4 pct vs 16.8 pct (YoY)
- NHPC EBITDA rises by 1.8 pct, sales up by 2.8 pct YoY
- Advanced ENZ EBITDA rises by 42.4 pct, margin came at 29.9 pct Vs 25.5 pct (YoY)
- Eveready EBITDA increased by 4 pct, sales rises by 8.4 pct YoY
- Salasar Tech EBITDA rises by 44.8 pct, margin came at 9 pct vs 7.7 pct (YoY)
Negative Read Through
- Adani Ports- Confirms the resignation of Deloitte as an Auditor and appoints MSKA Associates Chartered Accountants.
- Adani Grp Cos in focus-SEBI to submit report on Adani-Hindenburg episode.
- Patanjali EBITDA down by 57 pct, margin stood at 2.2 pct Vs 5.4 pct (YoY)
- Amara Raja posted Q1 earnings below estimates, margin down by 50 bps QoQ
- Voltas EBITDA, margin below estimates, ac market share down 130 bps
- Adani Ports Deloitte resigns as an auditor, MSKA & Assoc is new auditor
- City Union Bank asset quality deteriorates, NII down by 0.5 pct YoY
- Sun TV posted Q1 results largely below estimates, EBITDA down by 3.1 pct YoY
- Crompton EBITDA down 15.5 pct, margin at 9.9 pct Vs 11.8 pct (YoY)
- Astral earnings below estimates, EBITDA down 35 pct QoQ
- Atul Auto posted Loss At Rs. 80 mn Vs Loss Of Rs 42 mn, sales down by 48 pct (YoY)
- Pfizer margin came at 20.8 pct Vs 32.4 pct, EBITDA down bu 42.3 pct YoY
- Capacite Infra EBITDA down by 28.3 pct, margin came at 16.5 pct Vs 20.7 pct (YoY)
- JK Cement posted Profit down by 29.5 pct, margin came at 14.8 pct vs 17.9 pct (YoY)
- Timken to shut Jamshedpur plant from August 25-September 3, 2023
- DB Realty posted loss Vs profit, sales down by 65.2 pct YoY
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