Markets ended with marginal gains on Tuesday with India VIX tanking by 20% towards 10 levels while broader markets outperformed key indices. Sharp drop in India VIX points out towards large of put writing which should be key catalyst for Nifty journey towards 23500. The bank Nifty also has been approaching towards breakout levels of “Ascending triangle” where breakout is mere 0.6% away and above which expect 10-11% of quick gains in days to come.
Following a positive close in the US cash market, US futures trading higher. Asian markets are also seeing gains, Hang Seng rose more than 1%. Crude oil prices have increased after a sudden decrease in US crude stocks, with Brent now above USD 88 per barrel.
Result Today – HUL, Axis Bank, Indian Hotels
S&P BSE Bankex Chart
Stocks to watch
Positive Read through
- Lupin – Gets establishment inspection rpt for Aurangabad unit, classified as VAI.
- Cyient DLM – EBIDTA grew by 18.8 pct, profit rose by 80.2 pct YoY.
- MCX – Software cost reduction aids earnings, EBIDTA at Rs. 1.02 bn vs EBIDTA loss QoQ.
- 360 One Wam – sales jumped 31 pct, total AUM rose 3 pct QoQ.
- Sudarshan Chem – Launches new pdt Sumica Gold in effect pigments category.
- Craftsman Auto – To mull fund raise in April 27 board meet.
- Welspun Corp – Gets LoA worth Rs. 6.11 bn for export of line pipes from India.
- Purvankara – Bags rights to redevelop Rs. 20 bn project in Mumbai.
- Reliance Ind – Wins government approval for making additional investments in developing gas reserves in its KG-D6 block in the Bay of Bengal.
- NHPC – In pact with JV partners of National High Power Test Laboratory for sale of partial stake to Power Grid.
- Natco Pharma – Company gets establishment inspection report from U.S. FDA.
- Zydus LS – Gets China nod for its oral drug Desidustat.
- RPP Infra Projects – Gets new orders worth Rs 4.13 bn.
Negative Read Through
- Tata Cons – Mixed Q4 earnings, India beverages business sales growth below estimates at 3 pct.
- ICICI Pru – VNB margin sees a further decline, VNB falls 26 pct YoY at Rs. 7.76 bn.
- Tata Elxsi – Weak Q4 earnings, constant currency revenue down 0.6 pct QoQ.
- Nelco – EBIDTA slips 13 pct, margin falls 250 bps YoY.
- Dr Reddy’s – Recalls Sapropterin Dihydrochloride Powder for oral solution in the US.
- Huhtamaki – EBIDTA declined by 20.1 pct, margin at 6.7 pct vs 7.7 pct YoY.
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