The market cooled off from the day’s high after a sharp reversal in Bank nifty which forced Nifty to close on a flat note. A move above 18200 has already confirmed a major breakout with an immediate weekly target seen at 18800. The spread between the Nifty 50- Nifty 500 index also points at a major breakout which may force a further shift in fund flows from the broader market to Nifty 50 stocks and may also act as a catalyst for Nifty’s journey towards 19,500.
Spread Nifty 50- Nifty 500 Index
Stocks to watch
Positive Read through
- Interglobe Aviation in focus- Tata, Indigo prepare to swoop in Go Airs aviation assets amid insolvency row.
- SRF increases capex for setting up of arm, SRF Altech, to Rs 530 cr from Rs 425 cr.
- Gabriel India enters vehicle sunroof segment via tie-up with Dutch-based Inalfa Roof Systems.
- Lupin Q3 results above estimates, US business margin improves for the third straight qtr.
- Apollo Tyres- margin up 480 bps, EBIDTA rises 59.4 pct YoY.
- Godrej Agrovet- EBITDA down 56 pct, margin slips 450 bps YoY.
- SCI- EBIDTA up 42.2 pct, margin at 32.8 pct vs 25 pct YoY
- Eveready- losses contracts to Rs 14.4 cr, revenue up 18.2 pct YoY
Negative Read through
- Alembic Pharma- US FDA issues EIR for solid oral formulation unit of Alembic Pharma at Vadodara
- Nazara Tech- achieves FY23 revenue guidance, margin up 200 bps YoY.
- Rain Inds- Q1CY23 EBITDA down 18 pct, margin falls nearly 600 bps YoY
- Latent View- EBITDA down 30.1 pct, margin slips 830 bps QoQ
- Castrol- Q1CY23 EBITDA down 7 pct, margin contracts nearly 300 bps YoY
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