Markets witnessed wild volatility in range of 1% yesterday with Nifty ending on a flat note but selling continue to persist in broader markets especially in the consumption space indicating upcoming slowdown in the economy. In the past few days, stocks considered as safe heaven especially from Nifty low volatility index has seen sharp selling which is a major cause of concern and is indicative of larger fall in the days to come. We maintain bearish view on markets with current state indicating that Nifty is positioned for 22,000 in the near term. Domestic participants are putting best of their efforts to protect support of 23,900 below which, we may see start of basket selling from FII.
Results Today – Hyundai India, EMS, Jyothy Labs
Nifty 50 Chart
Stocks to watch
Positive Read through
- Triveni Turbine – EBITDA rises 50 pct, margin expands by 300 bps YoY.
- Inox Wind – Secures repeat order from Continuum Energy for 87 MW.
- Hindalco – Earnings exceed estimates, aluminium upstream EBITDA up 79 pct YoY.
- Britannia – Revenue grows 5 pct YoY, volume increase of 8 pct vs estimate of 8-9 pct.
- L&T Tech – To acquire California-based AI software firm Intelliswift for $110 mn.
- Ramco Cements – Volume decline less than expected, EBITDA up 320 bps vs estimate.
- BLS Intl – Margin expands by 1,280 bps YoY and 610 bps QoQ.
- RVNL – Lowest bidder for South Central Railway contract worth Rs.294 cr.
- Insecticides India – EBITDA grows 9 pct, margin expands by 250 bps YoY.
- ONGC – Results mostly in-line, EBITDA at Rs.17,025 cr vs estimate of Rs.17,199 cr.
- HG Infra – Standalone margin increases by 50 bps, profit up 44 pct YoY.
- Hind Copper – Revenue jumps 68 pct, EBITDA increases 25 pct YoY.
- Shree Cement – Earnings broadly in-line, margin at 15.9 pct vs estimate of 15.9 pct.
Negative Read through
- NMDC- Margin misses estimate by 750 bps, declares 2:1 bonus issue.
- Asian Paints- Lowers FY25 volume growth forecast, projects single-digit growth.
- Bank of India- NIM hits lowest point in 9 qtrs, NII falls short of expectations.
- TVS Supply- EBITDA down by 9 pct, margin declines by 150 bps YoY.
- Jubilant Food- – Results meet expectations, Domino’s LFL growth at 2.8 pct vs estimate of 2-3 pct.
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