Markets formed back-to-back doji star on Tuesday which is a sign of indecisiveness but with closing turning on positive side bulls had an upper end. Despite rise in India VIX, Nifty has been able to inch higher and a move above 24,700 could open gates towards 25,300 in the near term due to ‘range breakout’. We expect last leg of rally to be driven by defensive sectors like FMCG and Pharma while Banking sector could remain under pressure. The risk in Indian markets has been increasing day by day and any move in USDJPY below 154 could trigger major unwinding in the near term.
Results Today – Infosys, Polycab, Persistent, Tata Technologies
Nifty 50 Chart
Stocks to watch
Positive Read through
- Bajaj Auto – CNG bike Freedom 125 gets over 30,000 enquiries in a week.
- Maruti – Suzuki announces technology strategy for 10 years.
- Bharti Airtel – Adds 1.25 mn users vs 0.75 mn users MoM in may.
- LTIMindtree – CC Sales growth at 2.6 pct vs estimates of 2 pct, margin at 15 pct vs 14.7 pct QoQ.
- Eicher – Launches Royal Enfield Guerrilla 450 starting at Rs. 0.24 mn.
- Adani Ent – To acquire 77.5 pct in Parserlabs to expand data centre & cloud business.
- L&T Fin – Disbursements grew 21.5 pct, jumped at 9.31 pct vs 9.14 pct QoQ.
- Ashok Leyland – Hinduja tech acquires Germany-based Recosim for EURO 21 mn.
- Amara Raja – Company appellate tribunal allowed appeal of company, sets aside tax order.
- GMR Airports – Company’s domestic traffic increased by 6.4 pct over last year.
- Tata Steel – Company plans to double manufacturing capacity to 40 MTPA.
- Glenmark Pharma – Receives ANDA approval for Topiramate Capsules USP.
- TVS Motors – Company to invest Pound 200 mn in Norton Motorcycles.
- Oil upstream stocks – Oil edges higher after the biggest daily jump in a month.
Negative Read through
- Asian Paints – Posted Q1 results below estimates, EBITDA fell 20.2 pct YoY
- Voda Idea – May subscriber losses at 0.92 mn vs loss of 0.74 mn users MoM
- Bajaj Elec – Anuj Poddar resigns as MD & CEO to explore an external opportunity
- Kolte-Patil – Sales value tumbled 4 pct, area sale volume down 7 pct QoQ
- Nazara – Two subsidiaries receive GST demand order worth Rs. 11.20 bn for FY18-23
- Zee Ent – To issue 10-year FCCBs worth USD 239 mn to be converted at Rs. 160.20/share
- Century Text – EBITDA down 25 pct, margin at 9.3 pct vs 15.8 pct YoY
- Elecon Engg – EBITDA fell 7.5 pct, margin at 23.5 pct vs 24.1 pct YoY
- Jubilant Ingrevia – EBITDA declined 6.3 pct, sales slipped 4.7 pct YoY
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