Markets for the month of September settled with gains of 1.3% after an initial attempt to surpass the 20,000 mark in Nifty and later ended with the reversal formation of an inverted hammer on a monthly candlestick chart. An appearance of an inverted hammer after a bearish engulfing line poses a serious threat to the markets as it displays the inability of bulls to sustain higher levels. Any move below 64,818 in Sensex should activate aggressive selling in the markets. The immediate downside implication in the near-term is seen towards 18,500 once the Nifty 50 sustains below 19,432.
Sensex 30
Stocks to watch
Positive Read through
- Coal India – September offtake increases by 12.6 pct YoY At 55.10 mt.
- Ultratech – Q2 Sales volume increases by 16 pct India Business volumes increase by 15 pct to 26.69 mt YoY.
- Bharti Airtel – In 12 months 5G subscribers reached to 50 mn.
- M&M – September SUV sales are up 20 pct, while tractor sales are down 11 pct. YoY.
- Eicher Motors – Royal Enfield sales are in –line, down 4 pct, while CV sales are up by 8.6 pct YoY.
- Indusind Bank – Q2 CD ratio is at a 12-quarter high of 87.5 pct, while the CASA ratio is at a 25-quarter low.
- Vedanta – To demerge its business units into six independently listed companies.
- Aurobindo – Form 483 with 1 observation for unit VI-B in Telangana issued by US FDA.
- Hero Moto – Total sales exceeded expectations at 5.36 lakh units, up by 3.2 pct YoY.
- TVS Motors – Beats Nomura estimates, Total sales rises by 4 pct YoY at 4.02 lakh units.
- Granules – For blood pressure drug Hyzaar Tablets gets US FDA nod.
- HAL – 156 more ‘Prachand’ Light Combat Helicopters to be bought by IAF.
Negative Read through
- Maruti – Total sales missed Nomura estimates at 1.81 lakh, rises by 2.8 pct YoY.
- Biocon – Boehringer launches 81 pct discounted Biosimilar of AbbVIe’s Humira.
- Airlines – Jet Fuel price hikes by 5 pct to Rs. 1.18 LK/KL in Delhi.
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