Markets activated major breakdown on breach of 25,500 with Nifty 50 ending lower by 2% mainly on the back of unrest in Middle East. Nifty continued the selling pressure on its weekly expiry session, which has commenced from the start of this truncated week. Index shaved off over 500 points yesterday making fresh day low every hour in trade. For Nifty, the larger setup suggest that it is heading towards 22,500 in the near term. A breach below the psychological mark of 25,000 would trigger next round of unwinding.
Nifty50 Chart
Stocks to watch
Positive Read through
- Bajaj Hsg Fin – Q2 loan assets jumped 26.65 pct, AUM rose 26.3 pct YoY.
- Ola Electric – Launches boss campaign for festive season, S1 portfolio starts at Rs. 49,999.
- Alembic Pharma – Gets US FDA nod for Alcaftadine ophthalmic solution, 0.25 pct (OTC).
- Bank of Baroda – Advances grew 4.8 pct QoQ, best in 6 quarters.
- ONGC – Crude extends gains, brent surges 5 pct to hit USD 78/bbl.
- Angel One – September client base up 3.2 pct, number of orders down 2.8 pct MoM.
- Epack – Enters into manufacturing tie-up with Panasonic Life for critical room ac components.
- Aarti Drugs – Receives GMP compliance certificate from UK regulator for Baddi manufacturing facility.
- Shilpa Medi – Arm Shilpa Pharma Life, receives CEP from EDQM for Desmopressin API.
- CESC – Arm to acquire Bhojraj Renewables Energy for Rs. 1.08 bn.
- JTl Ind – Board approves stock split in the ratio of 1:2.
- M&M – Mahindra Last Mile Mobility launches Mahindra ZEO 4W SCV starting from Rs. 0.75 mn.
- Blue Star – Aims for 20 pct sales growth in festive season for air conditioners.
- Unicommerce – VIP Industries partners with company to streamline E-Commerce operations.
Negative Read through
- Bajaj Fin – Cross sell rate at 6.2 pct vs 6.5 pct YoY, AUM growth up 28.8 pct YoY, weakest in 6 quarters.
- M&M Fin – GNPA ratio at 3.8 pct vs 3.56 pct, disbursements fell 1 pct YoY.
- OMCs/Paint Cos – Crude extends gains, brent surges 5 pct to hold near USD 78/bbl.
- Sundaram Clayton – Launches QIP to raise up to Rs. 4 bn, issue price Rs. 2,205/share.
- Suryoday SFB – Disbursements fell 7 pct QoQ, GNPA at 2.92 pct vs 2.67 pct QoQ.
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