Nifty continued to trade in less than a percent band broadly within its previous day’s range. Nifty missed touching the psychological mark of 25,000 once again. However with Bank Nifty’s monthly expiry due today, the banking stocks could likely help Nifty to overcome the the 25k mark. Daily charts continue to remain open for 25200 / 25350 with support seen at 24,700.
Globally, the US Fed holds rates steady and nods to possible September cut. While Fed officials are wary of any actions that could mar their data-not-politics approach to setting monetary policy, the steady drop in inflation in recent months prompted a broad consensus that the inflation battle was near its end.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Coal India – EBITDA grew 6 pct, margin at 39.3 pct vs 37.7 pct YoY Infosys – Gets GSR tax demand notices from Karnataka & Centre.
- Wipro – Signs IT infra transformation contract with auto company MAHLE Tata Steel – Sales, profit below estimates, net debt higher QoQ.
- Vedanta – Gets NSE, BSE nod for demerger scheme filing Teamlease – EBITDA fell 15.2 pct, margin at 0.9 pct vs 1.2 pct YoY.
- Bank of Baroda – International NIM at all- time high, asset quality improves QoQ Ugro Cap – Net disbursement fell 11 pct YoY, AUM grew slightly by 2 pct QoQ.
- Bharat Forge – Arm gets defence licence from DPIIT for defence products at Jejuri unit KRBL – EBITDA fell 53.4 pct, margin at 9.8 pct vs 17.8 pct YoY.
- GE T&D – Margin at 19 pct vs 7 pct, sales rose 34 pct YoY Redington – EBITDA fell 11.3 pct, margin at 1.8 pct vs 2 pct YoY.
- Aster DM – Posted highest-ever sales for India business, ARPOB grew 12 pct YoY Airlines – Jet fuel (ATF) price hiked by Rs. 3,007/kl in Delhi.
- Sasken Tech – Sales jumped 13.2 pct, margin at 1.9 pct vs 0.2 pct QoQ JK Lakshmi – Sales volume fell 8 pct, sales declines 11.5 pct YoY.
- Phoenix Mills – EBITDA up 8 pct, sales rose 12 pct YoY Relaxo – EBITDA fell 8.1 pct, margin at 13.2 pct vs 14.6 pct YoY.
- Nuvoco Vistas – Valuations supportive, power & fuel cost decline YoY.
- Fino Payments – Total income grew 25.4 pct, profit rose 29.8 pct YoY.
- Pricol – EBITDA jumped 24.5 pct, margin at 13 pct vs 12 pct YoY.
- Sonata Soft – EBIT up 29.2 pct, margin at 5.7 pct vs 5 pct QoQ.
- Thomas Cook – EBITDA climbed 9.6 pct, sales rose 10.9 pct YoY.
- IIFL Sec – Margin came at 46.8 pct vs 33.7 pct, sales up 56.4 pct YoY.
Negative Read through
- Infosys – Gets GSR tax demand notices from Karnataka & Centre.
- Tata Steel – Sales, profit below estimates, net debt higher QoQ.
- Teamlease – EBITDA fell 15.2 pct, margin at 0.9 pct vs 1.2 pct YoY.
- Ugro Cap – Net disbursement fell 11 pct YoY, AUM grew slightly by 2 pct QoQ.
- KRBL – EBITDA fell 53.4 pct, margin at 9.8 pct vs 17.8 pct YoY.
- Redington – EBITDA fell 11.3 pct, margin at 1.8 pct vs 2 pct YoY.
- Airlines – Jet fuel (ATF) price hiked by Rs. 3,007/kl in Delhi.
- JK Lakshmi – Sales volume fell 8 pct, sales declines 11.5 pct YoY.
- Relaxo – EBITDA fell 8.1 pct, margin at 13.2 pct vs 14.6 pct YoY.
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