Markets on Thursday reacted positively to U.S Fed rate pause which helped Nifty reclaim closing above 19,100 on back gains from PSU Banks and metals stocks while Nifty 50 Index ended with indecisiveness setup of doji star. As markets have witnessed change of polarity, earlier low of 19,333 is likely to act as major hurdle in the near term with 19,333 to be kept as stoploss of short positions with yesterday’s low of 19,064 in Nifty 50 should be seen as closing basis trigger for adding more short position. The recent recovery in global markets is on the back of Bank of Japan withholding its loose monetary policy and Japanese Yen weakness. The overall view on market remains weak with downside target of 17,000.
Result Today – AB Capital, Crompton, Escorts, IDFC, Indigo, MRF, Titan, Zomato.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Tata Motors – Earnings above estimates, JLR raises FY24 margin guidance to 8 pct.
- M&M Fin – October disbursals at 7-mth high, up 16.7 pct, asset book up by 2.3 pct MoM.
- IEX – Overall volume growth at 14 pct, EBITDA increased by 16.5 pct YoY.
- Concor – Lower LLF aids margin, EBITDA rise by 8 pct, EXIM volume up 3.5 pct YoY.
- GUJ Gas – Margin up 270 bps, EBITDA/scm came above estimate at Rs 5.80.
- Kansai Nerolac – Margin came at 14 pct Vs 10.3 pct, EBITDA up 37 pct YoY.
- Ratnamani Metals – EBITDA increased 68 pct, margin came at 21.6 pct vs 16.2 pct YoY.
- JK Lakshmi – Q2 sales volumes up 10 pct, Margin came at 12.3 pct vs 10.7 pct YoY.
- Sparc – Company believes 2024 promises several inflection points.
- Kalpataru Projs – EBITDA up 6 pct, sales rise by 19 pct YoY.
- Nbcc – arm HSCC bags orders worth Rs 2120 mn.
- Maruti Suzuki: Total output for October was 1.76 lakh units, up 13 pct YoY.
- Dixon Tech – Incorporated Dixtel Infocom for electronic manufacturing and wholesale trade.
- Lupin – Company announced the launch of Diazepam Rectal Gel in U.S.
Negative Read through
- Religare Ent – Profit down by 56 pct, Total expenses up by 28 pct QoQ.
- Nocil – EBITDA down by 26.9 pct, margin came at 12.9 pct Vs 15.9 pct YoY.
- Chemplast – EBITDA decreased by 53.4 pct, margin came at 4.6 pct Vs 8.2 pct YoY.
- Sheela Foam – EBITDA decreased by 15 pct, Margin came at 10.8 pct Vs 11.5 pct YoY.
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