Markets for the week ended with gains of over 1% to help Nifty close above 24,300 despite crude prices posted gains for the fourth week in a row. From the current juncture, the risk for Indian markets remains elevated and a 4% down move in USDJPY is likely to trigger major unwinding pressure in Indian markets. From a short-term perspective, 24,170 is seen as a key support below which the current momentum is likely to get faded while upper range for Nifty is seen in the zone of 24,700-24,800. Overall data suggests the need for aggressive hedging given irrational exuberance along with complacency seen among market players.
Sensex Chart
Stocks to watch
Positive Read through
- Τata Motors – JLR Q1 wholesales grew 5 pct, retail sales rose 9 pct YoY
- Apollo Hosp – To acquire shares of Rs.1.03 bn in Apollo Health & Lifestyle
- Marico – Consolidated sales grew in high single digit, operating profit ahead of sales growth
- Dabur – Consolidated sales growth expected in mid-to-high single digit
- Info Edge – Consolidated sales growth expected in mid-to-high single digit
- Federal Bank – Signs bancassurance partnership with Bajaj Allianz Life Insurance
- Adani Wilmar – Q1 volume growth 13 pct YoY, strong growth in food volume will persist
- Signature Global – Q1 pre-sales up 255 pct YoY, collections jumped 102 pct YoY
- Shilpa Medicare – Analyst call today to discuss business update with respect to CDMO
- KPI Green Energy – Signs 50MW hybrid power purchase deal with Gujarat Urja Vikas Nigam
- PCBL – Gets patent for invention titled hybrid carbon black grade comprising graphene.
- NLC India – Bags 2nd commercial coal mine block at Machakata Odisha
- JM Fin – Board approves acquisition of 42.99 pct stake in JMFCSL for 12.82 bn
- PC Jewellers – PNB approves Company’s one time settlement proposal
Negative Read through
- Indusind Bank – weakest QoQ loan growth in 12 Qtrs, deposits grew 3.6 pct QoQ
- Titan – Jewellery domestic operations grew 8 pct YoY
- BOB – Weakest deposit & advances growth in 12 Qtrs, advances fell 1.7 pct QoQ
- J&K Bank – Business growth weaker than industry, deposits fell 1.6 pct QoQ
- Union Bank – Growth weaker than industry levels, loses market share YoY & QoQ
- Nykaa – Consolidated sales growth to be 22-23 pct YoY, fashion sales growth around 20 pct
- Tata Steel – New labour government working on a better deal for the port talbot steelworks’
- Coffee Day Enterprises – Company reports total default of Rs 4.34 bn.
- Apcotex Industries – Taloja plant operations disrupted due to heavy rainfall.
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