Markets remained under pressure due to Adani news flow with broader markets significantly underperforming key indices as Nifty closed below 17800. We expect selling pressure to intensify further with expect an immediate target for Nifty below 17000.
The India VIX jumped sharply from key support of 12.7 in yesterday’s trade to post a short-term reversal of the Bullish Engulfing line pattern. This indicates that we can expect India VIX to rebound to 15 levels in the coming days putting more pressure on Nifty Index.
Nifty 50 Weekly
Stocks to watch
Positive Read through
- GMR Airports, Adani Enterprise- Govt has identified 25 airports for 2nd phase of privatization.
- Landmark Cars- enters into an exclusive agreement with Permagard Automotive USA.
- CE Infosystems- announces strategic investment in Indrones Solutions.
- Mukand – to sell 5.51 pct stake of special steels business arm for Rs 148 cr.
- Patel Engineering bags order worth Rs 1567.6 cr.
- SAIL- earnings above estimates, EBIDTA at Rs 2078 cr vs expected Rs 1840 cr.
- PFC- Asset quality improves, disbursement up 47 pct QoQ, NIM at 3.45 pct.
- Nykaa- Revenue growth at 33 pct YoY, Gross Merchandise value up 37 pct YoY.
- IRB Infra- Revenue up 18 pct, total toll collections rise 33 pct YoY.
- Linde- Margin improves 110 bps, revenue is up 8.2 pct and EBIDTA is up 13 pct YoY.
- Catrol- Revenue is up 8 pct, EBITDA down 6 pct, and margin at 21.3 pct vs 24.4 pct.
Negative Read through
- Coforge- Promoter Barings PE sells 9.8 pct stake in Co.
- Zee Entertainment- EBIDTA down 28 pct, margin slips 650 bps, Ad revenue down 16 pct YoY.
- GSPL- Revenue is down 7 pct, EBIDTA slips 8.5 pct and margin is down 90 bps QoQ.
- Global Health- Reports strong revenue growth of 19 pct, margin maintained at 23 pct.
- Krsnaa Diagnostics- margin slips 310 bps YoY, core business down 3.8 pct QoQ.
- Shree Renuka- Sugar Business lifts earnings, EBITDA up 21 pct, the margin remains at 8 pct.
- SpiceJet- SC asks Co to encash bank guarantee and pay Maran Rs 270 cr in 2 weeks.
- Campus Shoes- Soft Q3, margin slips 170 bps YoY.
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