Markets managed to recoup losses on Monday to end unchanged despite breaching an intermediate low of 19,296 in early trading hours. The breakout in India VIX above 11.5 along with USDINR sustenance above 83 in international exchanges poses a major threat to the Indian markets. The rise in USDINR would provide early indications about unwinding in long positions in Indian offshore indices like the BNY Mellon INDIA DR Index which currently showing signs of reversal and thereafter breakdown from a bearish running triangle with a downside potential of 34%. In the short term, any close below 19,296 would open gateways for a deeper correction of beyond 15% in Nifty 50.
BNY Mellon INDIA DR Index
Stocks to watch
Positive Read through
- ITC’s cigarette volume increased by 9-10 pct Vs poll of 7-8 pct, FMCG sales cross Rs 50,000 mn
- Infosys bags order worth more than $1.6 bn from Liberty Global
- M&M unveils new brand identity for EVs, launches 7 lightweight tractors
- GMR Airports reported EBITDA up by 77.5 pct YoY, boards approves fund raise of Rs 50,000 mn
- Pennar Ind bags orders worth Rs 7,020 mn across various business verticals
- ADANI ENT arm AMG Media Networks to acquire balance 51 pct stake in QBML
- Indiabulls Housing AUM increased by 2.7 pct YoY, gross NPA down by 1.7 pct QoQ
- KNR Construction posted margin at 22 pct Vs 21.5 pct, EBITDA increased by 2 pct (YoY)
- Aster DM EBITDA rises by 33 pct, margin came at 12.1 pct Vs 11 pct (YoY)
- HOEC posted flat margins, EBITDA came at Rs 1,100 mn Vs Rs 545 mn (YoY)
Negative Read through
- ONGC, Reliance windfall tax on crude hiked to Rs 7,100/t, diesel to Rs 5.50/l
- Zee Ent SEBI bars promoters to hold KMP in group companies till probe is completed
- Indigo sources say, Gangwal family to sell another 4 pct stake via block deal today
- Voda Idea losses expand in Q1 to Rs 78,400 mn, capex at an all-time low
- SRF GST department conducted searches at factory premises in Bhiwadi, Rajasthan
- Hind Copper EBITDA down by 26.5 pct, margin came at 25.1 pct vs 36.3 pct (YoY)
- VIP Anindya Dutta resigns as MD citing personal reasons
- Bajaj Health reported loss vs profit, sales down by 20.8 pct YoY
- Mcleod Russel loss expands, sales declined by 1.5 pct YoY
- Uflex EBITDA down by 60 pct, margin stood at 8.7 pct vs 17.6 pct (YoY)
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