Markets succumbed to selling pressure on Wednesday ahead of the FOMC monetary policy meeting with Nifty closing below crucial support of 18,990, thus opening gates for deeper downside in near term. The Fed kept status quo in policy rates at 5.25-5.5 pct as expected. Comments suggested that interest rates may not rise further this year, especially as the U.S. economy cools. The outlook for market remains negative and any higher opening is likely to be met with follow- up selling pressure with Nifty downside target seen at 18,200 and 17,000 respectively.
Result Today – Adani Enter, Dabur, Berger Paints, IRFC, Gujrat Gas, IEX, Deepak Ferti, Kirloskar Oil, Tata Motors
Sensex 30 chart
Stocks to watch
Positive Read through
- Hero Motocorp – Q2 in-line with estimates, Margin came at 14.1 pct vs 11.4 pct YoY.
- Godrej Cons – Q2 above estimates, Gross margin up by 700 bps YoY.
- Bajaj Finance – Board approved issue of 15.5 lakh warrants to Bajaj Finserv, at the price of Rs. 7,670/ Warrant.
- JK Tyre – Margin rises by 720 bps, Plans expansion with an investment of Rs 10.2 bn.
- GAIL/BPCL – GAIL signs 15-yr Propane supply contract W/BPCL, contract value Rs 630 bn.
- KEC Intl – Sales up by 11 pct, Margin stood at 6.10 pct vs 4.40 pct YoY.
- Kansai Nerolac – Margin came at 14 pct Vs 10.3 pct, EBITDA increased by 37 pct YoY.
- Triveni Turbine – EBITDA up by 33.6 pct, Sales up by 32.4 pct YoY.
- Fino Payments – Profit rise by 41.45 pct, Other income aids P&L, up 70.2 pct YoY.
- LIC HSG FIN – Profit, NII above estimates, GNPA came at 4.33 pct Vs 4.96 pct QoQ.
- Bondada Engg – Gets work order worth Rs 3.81 bn from Bharat Sanchar Nigam.
- Spice Jet – Company inducts five leased Boeing 737s into its fleet.
Negative Read through
- Tata Steel – Posted Q2 below estimates, combined Europe EBITDA loss above estimate at USD 155/t.
- Britannia – Volume rises 0.2 pct Vs poll of 2-3 pct growth, sales below estimates.
- Eicher Motors – Oct Royal Enfield international Business Down 39 pct, Sales up 3 pct at 8.4 mn Units.
- ACC – Company gets assessment notice from Income tax for Rs 1024 mn.
- GMDC – Total Lignite production down 20 pct, EBITDA declined by 9 pct YoY.
- Syrma Sgs – Margin slips 3.20 pct, Sales Up by 52 pct YoY.
- HIL – Losses expand, EBITDA down by 75 pct YoY.
- Birla Cable – Net profit at Rs 50 mn vs Rs 9.0 cr, sales down at Rs 1750 mn vs Rs 1990 mn QoQ.
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