Markets rebounded on Tuesday on the back of gains from the banking sector after an initial drag in the opening hours with Sensex forming a small bullish hammer on a candlestick. The US CPI came in hotter than expectations which puts the soft landing narrative under threat. This is the second straight month with both readings being higher than expected. Markets are worried that the Fed may not be able to ease as much as hoped. This could see Indian markets opening lower but depreciating Japanese Yen could help some recovery in Indian markets in late trading hours. Sensex support is seen at 70,665 and breakout is expected above 71,700.
Results Today – Kirloskar Brothers, M&M, Crompton Greaves, Glenmark.
Sensex 30 Chart
Stocks to watch
Positive Read through
- BEL – Gets order worth Rs 21.67 bn from Indian Navy.
- Lemon Tree Hotel – Signs license agreement hotel in Noida.
- Wipro – To acquire 60 pct shares of Aggne Global Inc., and its affiliate.
- NTPC – Subsidiary commissions 14 MW capacity of Ayodhya Solar Photovoltaic Project.
- Infosys – Collaborates with Pacific international lines to drive digital transformation in logistics.
- Adani ports – Moody’s re-affirms its investment grade rating ‘Baa3’, outlook stable.
- Nalco – Posted Q3 EBITDA, margin above estimates, expenses lower YoY.
- NBCC – Margin increased by 40 bps, EBITDA rises by 23 pct YoY.
- IRCTC – EBITDA increased by 20.9 pct, tourism business sales increased by 37 pct YoY.
- Garden Reach – EBITDA increased by 3.8 pct, sales rises by 32.1 pct YoY.
- Adani Green – Moody’s re-affirms credit ratings at ‘Ba3’, outlook changed to stable from negative.
- Deepak Nitrite – Sales increased by 1 pct, margin at 15.2 pct vs 15.8 pct YoY.
- ERIS Life – EBITDA increased by 27.9 pct, margin at 36 pct vs 32.4 pct YoY.
- Sequent Scientific – Margin at 6.7 pct vs 2.7 pct, posted profit vs loss YoY.
- Railtel – Bags work order worth Rs. 1.40 bn from Prasar Bharati Broadcasting Corp.
- Senco – EBITDA increased by 11 pct, sales rose by 23 pct YoY.
Negative Read through
- Oil India – EBITDA declined by 15.4 pct, margin at 39.6 pct vs 46.6 pct QoQ.
- Gujarat Gas – EBITDA declined by 19 pct YoY, volume below estimates at 9.16 mmscmd.
- Hind Copper – EBITDA declined by 7 pct, sales dropped by 28 pct YoY.
- ZEE Ent – EBITDA declined by 44 pct, margin at 10.2 pct vs 17.6 pct YoY.
- Sula – Margin at 35.4 pct vs 33.6 pct YoY, slight moderation in sales growth.
- MTAR Tech – EBITDA declined by 47.2 pct, margin at 20.1 pct vs 28.2 pct YoY.
- HOEC – EBITDA declined by 5 pct, margin at 43.7 pct vs 49.5 pct YoY.
- Dynamatic Tech – EBITDA declined by 3.1 pct, margin at 11.8 pct vs 13.4 pct YoY.
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