Markets activity remained lacklustre on Wednesday, with Nifty ending unchanged while Bank Nifty continued to extend losses. The short-term support for Nifty is seen at 24,100 below which we expect selling to extend towards 22,500. The recent rebound in USDJPY has provided some short-term relief for the Indian markets but the larger setup of global markets is still positioned for a major correction in the near term.
Nifty50 Chart
Stocks to watch
Positive Read through
- Vedanta – Increased Hind Zinc OFS size tο 3.31 pct, floor price Rs. 486/ sh.
- Ola Elec – Q1 sales jumped 32.3 pct YoY, launches roadster EV bike portfolio starting at Rs. 74,999.
- Power Mech – Bags order worth Rs. 1.14 bn from Coastal Energen.
- M&M – Launches 5-door Thar Roxx starting at Rs. 1.29 mn.
- RHI Magnesita – EBITDA grew 16 pct, margin at 17.6 pct vs 14.3 pct YoY.
- Suprajit Engg – EBITDA jumped 21 pct, margin at 11.7 pct vs 10.5 pct YoY.
- Madras Fert – Posted positive EBITDA vs EBITDA loss, sales registered uptick of 24 pct YoY.
- Glenmark – US sales above estimates, India business sales grew 11.9 pct YoY.
- KNR Constructions – EBITDA jumped 29.1 pct, margin at 28.3 pct vs 22 pct YoY.
- Pitti Engg – EBITDA up 32.7 pct, profit rose 46.4 pct YoY.
- Paras Defence – Associate company bags Rs. 3.05 bn order from LT.
- Polyplex – Margin at 9.6 pct vs 3.8 pct, posted profit vs loss YoY.
Negative Read through
- Hind Zinc – Promoter Vedanta increased OFS size to 3.31 pct (140 mn shares).
- SBI – Karnataka government to suspend banking with company on allegations of misappropriated funds.
- Spicejet – Sales fell 14.7 pct; profit down 19.9 pct YoY.
- PNB – Karnataka government to suspend banking with company on allegations of misappropriated funds.
- Hinduja Global – EBIDTA tumbled 78.3 pct, margin at 1.5 pct vs 6.8 pct YoY.
- HDFC Life – Gets tax demand, penalty order worth Rs. 1.12 bn.
- Max India – loss expands, sales decreased by 35 pct YoY.
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