Markets activated larger decline led by broad based selling with Nifty breaching key support of 24,800 despite strength in global markets. The 2 yrs of bullish setup in Tokyo Nifty inverse suggest that Nifty 50 Index likely is to be positioned for 20% fall in the coming months with immediate target seen at 22,900. The Nifty has entered free fall zone below 24,800, after which wider single day volatility ranging from 2-5% may take its course.
Result Today – Tata Consumer, Jio Fin
Nifty 50 Chart
Stocks to watch
Positive Read through
- Mazagon – To consider stock split in Oct 22 board meet.
- Reliance – Reliance brands holding UK & Mothercare PLC form 51:49 JV for South Asia.
- Landmark Cars – LoI from BYD India to open showroom in Faridabad, Haryana.
- IRCTC – No impact on internet ticketing sales from change in advance reservation period.
- Western Carriers – Selected as sole supply chain partner for Tata Steel Sponge Iron Joda plant.
- STL – Embeds Nvidia Edge Al into its fibre optics sensing solution.
Negative Read through
- Wipro – Q3 guidance disappoints at -2 pct tο 0 pct, EBIT margin at 16.8 pct vs 16.5 pct (QoQ).
- Infosys – No positive surprise, FY25 sales guidance raised to 3.75- 4.5 pct.
- Axis Bank – YoY loan growth is the lowest in 12 quarters, NIM at an 8-quarter low of 3.99 pct.
- Prestige Estates – Q2 sales volume dropped 56 pct, sales value declines 43 pct YoY.
- City Gas Cos – APM gas allocation to the sector cut by 15-21 pct.
- LTIMindtree – CC sales growth below estimates at 2.3 pct, margins expanded 50 bps QoQ.
- Tata Chem – EBITDA fell 24.5 pct, margin at 15.5 pct vs 20.5 pct YoY.
- CEAT – Raw material price & higher employee costs drag margin, debt grew Rs. 2.38 bn QoQ.
- Μanappuram Fin – RBI bars Asirvad MFI from sanction, disbursal of loans.
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