Markets failed to recover beyond 24,500 in the previous week and follow-up selling forced Nifty to end below the crucial support of 24,232 after Trump victory in the previous week. Indian markets are prone to sharp volatility below 24,232 with a potential target seen at 22,500. With weakness visible in consumption sector, we expect correction to turn broad based and financial stocks may deteriorate significantly once Nifty breaks psychological support of 24,000.
Results Today – Britannia, ONGC, Hindalco
Nifty 50 Chart
Stocks to watch
Positive Read through
- ITI- Lowest bidder for 3 packages of Bharatnet phase 3 project for Rs.4,559 cr.
- LIC- Q2 beats street estimates, VNB rises 47 pct YoY.
- Metropolis Health- Revenue rises 13 pct, margin at 25.7 pct vs 24.3 pct YoY.
- Whirpool- Revenue grew 13 pct, margin expanded 60 bps YoY.
- Fortis Health- Revenue up 12 pct, margin expands 320 bps YoY.
- GE Vernova T&D- Revenue, EBITDA & net profit at multi-quarter highs.
- JSW Steel- Preferred bidder for Banai & Bhalumuda coal block in Mand-Raigarh.
- Divi’s Lab- Results stronger than estimates, EBITDA at Rs.716 cr vs poll of Rs.670 cr.
- GR Infra- Lowest bidder for BSNL’s Bharatnet phase 3 project worth Rs.7868 cr.
- Premier Energies- Strong YoY, revenue rises 120 pct, margin expands 1,070 bps.
- Biocon- US FDA classifies Biocon biologics’ Biocon park site in Bengaluru as VAI.
Negative Read through
- Aurobindo Pharma- Revenue in-line but miss on margin & profitability.
- Advanced Enzymes- Profit fell 4 pct, EBITDA contracted 18 pct YoY.
- Ola Electric- Losses narrow but earnings lower than est, warranty provisions weigh.
- Aarti Ind- Weak Q2, FY25 EBITDA guidance lowered to Rs.1,050 cr.
- Tata Motors- Earnings below ests, outlook +ve by both Co & JLR.
- Equitas SFB- Weak return ratios for 2nd qtr in a row as slippages remain elevated.
- Satin Credit- Asset quality deteriorates; gross NPA stood at 3.5 pct vs 2.73 pct QoQ.
- Asian Paints- Weak Q2, volumes shrank 0.5 pct vs expected 6-8 pct growth.
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