Markets witnessed wider cracks on Thursday, with Nifty 50 breaching psychological support of 22,000 on concerns that the NDA is unlikely to garner convincing majority in the Lok Sabha election, due to which India VIX shot beyond 18 mark. With weekly closing expected in the negative terrain, we expect selling pressure to prevail at higher levels. However, with sharp slide in Brent crude prices in the past few days, one can expect some recovery hopes in financial sector in days to come. For markets to gain momentum, Nifty 50 needs to post weekly closing above 22,147.
Result Today – Tata Motors, Polycab, Thermax.
Nifty 50 Chart
Stocks to watch
Positive Read through
- BPCL – Q4 in-line with estimates, EBIDTA grew 48 pct & margin up 250 bps QoQ.
- Max Fin – Max Life April total APE up 35 pct, retail APE grew 32 pct YoY.
- SRF – FY25 chemicals business growth seen at 20 pct, margin at 26- 27 pct.
- Abbott – Sales increased by 7 pct, margin grew 100 bps YoY.
- LIC – April premium up 113 pct; total APE grew 31 pct & retail APE 18 pct YoY.
- Brigade Ent – To develop residential project in Bengaluru, sale value at Rs. 6.60 bn.
- Shyam Metalics – April stainless steel sales up 33.68 pct YoY.
- Relaxo – EBITDA up 2.1 pct, margin at 16.1 pct vs 15.4 pct YoY.
- Quess Corp – sales grew 1.4 pct, margin at 4 pct vs 3.7 pct QoQ.
- Manappuram – RBI advisory for disbursing cash loans won’t hamper business.
- PNC Infra – Arm executes settlement agreement worth Rs. 3.99 bn with NHAI.
- Infosys – Partners with ABB FIA Formula E World Championship as its official digital innovation partner.
Negative Read through
- HDFC Life – On favourable base, April premium growth muted at 4.3 pct.
- Nitin Spinners – Profit inches up by 22.3 pct YoY, EBIDTA down 51.8 pct YoY.
- Orient Electric: Sales up 19.7 pct YoY at Rs. 7.88 bn profit down 48 pct YoY at Rs. 128 mn.
- SBI Life – April 2024 premium up 26 pct vs 8 pct in April 2023, net growth below estimates.
- ICICI Pru – April 2024 premium up 28 pct vs. 17 pct in April 2023, net growth only at 11 pct.
- Escorts Kubota – FY25 demand seen muted, FY25 Ind growth seen in low to mid-single-digit.
- Mahanagar Gas – Volumes below estimates at 3.77 mmscmd; margin falls 340 bps QoQ.
- Intellect Design – Profit down 19.5 pct, margin flat YoY.
- Suryoday SFB – Healthy business momentum aids NIM improvement, AUM surged 34 pct YoY.
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