Market activity on Monday remained muted with Nifty ending with marginal losses but most importantly, the implied volatility of in-the-money call options surged beyond 24% levels. This sudden surge in implied volatility suggests that markets are expecting substantial announcements in the Budget which has ability to force Nifty towards 25,300. Adding to it, Brent crude has also declined to USD 83 a bbl which historically is seen as a positive factor for the Indian markets. Overall view suggests that 24,450 is likely to be seen as a strong support on weekly closing basis with immediate target in range of 25,300-25,500.
Results Today – HUL, Bajaj Finance, United Spirits, SRF
Nifty 50 Chart
Stocks to watch
Positive Read through
- Federal Bank – Gets RBI nod to appoint KV Subramanian as MD & CEO Coforge – Posted earnings below estimates, margin slipped 420 bps QoQ.
- Oberoi Realty – Multiple launches planned for festive season, looks to launch new products MRPL – EBITDA fell by 74 pct, margin fell 660 bps QoQ.
- Suzlon – Sales jumped 50 pct, margin expanded 300 bps YoY Jana SFB – Gross NPA up by 31 pct, NNPA up 85.2 pct QoQ.
- Zensar Tech – USD Sales up 4.2 pct, CC sales up 4.3 pct QoQ.
- Allied Blenders – EBITDA increased by 18 pct, margin up 80 bps YoY.
- GE Power – Bags order worth Rs. 3.48 bn for renovation of steam turbines from NTPC.
- Railtel – Bags order worth Rs. 1.87 bn from Railways Ministry.
- Gensol Engg – Bags 116 MW solar projects worth Rs. 6 bn in Gujarat.
- Can Fin – SBI Life buys 1 mn shares via block deals at Rs. 827.94/sh.
- Cyient DLM – Posted Q1 in line with estimates, sales up 19 pct YoY.
- Power Stocks – Renewable energy industry officials calls for rationalization of GST for solar equipment.
- PowerMech – Uttarakhand Government revises tender offer to Rs 5.94 bn from Rs 3.62 bn.
- Oil India – In pact with Norway’s Dolphin Drilling for hiring Dolphin’s drilling unit called Blackford.
- Crompton Greaves – Says net debt positive after paring down acquisition related debt.
- Lemon Tree Hotels – Signs licensing pacts for 57-room hotel in Goa and 44-room hotel in Punjab.
Negative Read through
- Coforge – Posted earnings below estimates, margin slipped 420 bps QoQ.
- MRPL – EBITDA fell by 74 pct, margin fell 660 bps QoQ.
- Jana SFB – Gross NPA up by 31 pct, NNPA up 85.2 pct QoQ.
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