Markets extended gains on Wednesday on back of upbeat global markets with Nifty managing to close above the crucial resistance 19,800 while Bank Nifty struggled to close above its 50 DMA. In the past few days, the technology Index has been the main contributor for recovery while Bank Nifty has been showing signs of major distribution. In fact, the recovery in Nifty above 19,800 can turn sustainable provided Bank Nifty is able to cross above 44,710 which turns out to be its 50 DMA else it is likely to trigger major slide towards 42,000 in next few 2-3 trading session.
Result Today- Infosys, HCL Tech, HDFC AMC
Nifty Bank index chart
Stocks to watch
Positive Read through
- Cipla – gets EIR with voluntary action indicated status for NY unit Invagen.
- JSW Steel – is declared ‘Preferred Bidder’ for Jaisinghpura North Block Company.
- Grasim – to mull fund raising via various securities On 16th October board.
- Aurobindo – signs Letter of Intent with Merck & Dohme for contract Manufacturing.
- RVNL – company is the lowest bidder for Northeast Frontier Railway Project of Rs. 290 mn.
- SULA – Q2 net sales increased by 11 pct, own brands sales up by 14 pct YoY.
- KPI Green – company got board approval for acquisition of KPark Sunbeat For Rs. 1267 mn.
- Aster DM – USD 1.5 bn India unit draws interest from global PE firms, According to BBG.
- Samhi Hotels – Q1 EBITDA declined by 14 pct, margin stood at 23.8 pct Vs 31.3 pct YoY.
Negative Read through
- TCS – USD sales down for first time since in 3 years in Q2, Buyback Size of Rs. 170,000 mn.
- Delta Corp – margin remains flat at 37 pct, sales of online skill business declined by 0.3 pct YoY.
- Patanjali Foods – During Q2 edible oil segment faced pricing pressure.
- Zaggle – Apr-June standlone margin came at 6.7 pct vs 12.2 pct, EBITDA declined by 26.5 pct YoY.
- Signature Global – Apr-June EBITDA came at loss of Rs. 10.4 , Sales declined by 69 pct YoY.
- Vedanta – India ratings downgrades company’s credit rating with negative outlook.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
