Markets on Thursday failed to carry momentum beyond 19,465 and was followed with selling in the last hour of trade to close below 19,400 in Nifty. The BSE Sensex has reacted from resistance of head & shoulder neckline and has potential to activate large scale selling if today’s closing manages to occur below 19,250. Meanwhile, Dow Jones Index has formed bearish engulfing pattern in yesterday’s trade after tech stocks witnessed earning disappointment. This move is expected to have negative impact for rest of Asian markets today.
Result Today – Coal India, Eicher Motors, HAL, Hindalco, LICI, M&M, ONGC
Sensex 30 Chart
Stocks to watch
Positive Read through
- Aurobindo – Posted Q2 above estimates, US Business Q2 sales at USD 409 mn Vs USD 382 mn QoQ.
- Power Grid – Raises FY24 capex Target to Rs 100 bn from RS 880 bn.
- ZEE Ent – Q2 above est, Sony’s push for top post stalls merger talks.
- Hero Moto – HC stays DRI proceedings against Pawan Munjal.
- TORRENT POWER – EBITDA increased by 4.9 pct, Sales up by 3.8 pct YoY.
- NBCC – EBITDA increased by 8 pct, Margin came at 4.7 pct vs 4.4 pct YoY.
- GSK Pharma – EBITDA increased by 12.6 pct, Margin came at 30.3 pct vs 28 pct YoY.
- GR Infra – Lowest bidder for a tender by RITES.
- Astrazeneca – EBITDA increased by 29.7 pct, Sales up by 31.8 pct YoY.
- Eclerx – EBIT margin at 24.2 pct Vs 20.3 pct, CC sales increased by 4.4 pct QoQ.
- BEML – EBITDA margin increased by 150 bps, EBITDA up by 47 pct YoY.
- SUVEN PHARMA – Margin came at 42 pct Vs 36 pct, EBITDA flat YoY.
- Antony waste – Posted profit at Rs 280 mn vs Rs 230 mn, sales at Rs 2250 mn vs Rs 1998 mn YoY.
- sales at Rs 1800 mn vs Rs 1260 mn YoY.
Negative Read through
- Muthoot Fin – Q2 below estimates, NIM at 5-qtr Low of 10.88 pct.
- Piramal Ent – NII declined by 19.7 pct YoY, Operating profit Slips 45 pct YoY & 5 pct QoQ.
- AB Fashion – EBITDA declined by 18.5 pct, Margin slipped by 300 bps YoY.
- RVNL – EBITDA declined by 5.6 pct, Margin came at 6.1 pct Vs 6.4 pct YoY.
- Campus Active – EBITDA declined by 43.4 pct, Margin falls 360 bps YoY.
- NCC – EBITDA declined by 2.1 pct, Margin came at 6.4 pct Vs 9.2 pct YoY.
- GR Infra – EBITDA declined by 22 pct, Margin came at 25 pct Vs 28 pct YoY.
- Signature Global – Sales declined by 20 pct, EBITDA losses contract.
- Blue Jet -MPCB issues closure direction for Mahad MIDC unit underwater and air pollution laws.
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