Markets ended with modest losses on Wednesday amidst volatility in global markets while broader markets like midcap and small cap indices managed to post gain of around 1%. The sharp drop in USDJPY has triggered volatility across the US markets with Dow Jones ending lower below 40,000 mark. For Nifty, the crucial trading range is seen between 24,000-25,300 in the coming days, with only positive coming from India VIX which has seen sharp drop below 12 mark signifying aggressive put writing in the system. Overall view for markets remains positive as long Nifty is able to hold psychological mark of 24,000.
Results Today – Ashok Leyland, DLF, Nestle
Nifty 50 Chart
Stocks to watch
Positive Read through
- L&T – Posted in-line Q1 despite election, heat wave & labour shortage impact SBI Life – VNB margin miss estimates, VNB margin fell 200 bps YoY.
- IGL – Reported Q1 above estimates, margin at 16.5 pct vs 14.5 pct QoQ Axis Bank – Asset Quality deteriorates, slippages elevated, up 38 pct QoQ.
- ONGC – Plan to open another well & flow gas to onshore terminal next month Sun Pharma – Gets warning letter from USFDA for its Dadra facility.
- IEX – Earnings higher YoY, sales grew 19 pct & EBITDA rose 22 pct Hitachi Energy – Operational performance weaker than estimate, margin shrank 700 bps QoQ.
- JSPL – Q1 healthy on higher volumes & cost reduction, EBITDA beats estimate by 8 pct Craftsman – EBITDA fell 8 pct, margin at 17.1 pct vs 21 pct YoY.
- RBL Bank – Baring pe may sell its entire 7.9 pct equity via block deals, as per reports JK Paper – Posted weak earnings, EBITDA slipped 41 pct & margin fell 1,400 bps YoY.
- Oracle Fin – EBITDA rose 36 pct & margin up 600 bps YoY.
- Sona BLW – EBITDA jumped 23.1 pct, margin at 28 pct vs 27.7 pct YoY.
- Karnataka Bank – NII grew 10.9 pct, net profit rose 8 pct YoY.
- DCB Bank – NII rose 5.5 pct, net profit up 3.6 pct YoY.
- RVNL – Gets LoA for a contract worth Rs. 1.92 bn from South Eastern Railway.
- Welspun Corp – Bags order from middle east to supply LSAW pipes & bends.
- BSE – SEBI recognises company as research analyst & investment admin & supervisory body.
- HFCL – EBITDA up 19.3 pct, margin at 15.1 pct vs 14.7 pct YoY.
- Bikaji foods – EBITDA up 14 pct, sales grew 15.2 pct YoY.
- Pg electro – EBITDA up 98.8 pct, sales grew 95 pct YoY.
Negative Read through
- SBI Life – VNB margin miss estimates, VNB margin fell 200 bps YoY.
- Axis Bank – Asset Quality deteriorates, slippages elevated, up 38 pct QoQ.
- Sun Pharma – Gets warning letter from USFDA for its Dadra facility.
- Hitachi Energy – Operational performance weaker than estimate, margin shrank 700 bps QoQ.
- Craftsman – EBITDA fell 8 pct, margin at 17.1 pct vs 21 pct YoY.
- JK Paper – Posted weak earnings, EBITDA slipped 41 pct & margin fell 1,400 bps YoY.
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