The selling continued on Wednesday with Nifty sliding over 1% and ended near the 200 DMA which is placed at 23,545. The broad-based selling has been seen mainly from the consumption sector which poses key risk for extended decline in the Indian markets. A breach below 23,890 has already opened gateways for Nifty’s journey towards lower levels, with immediate target seen at 22,000. There has been new leg of breakdown seen in Bank Nifty in the last hour of trade which may activate immediate downside of 10% in financials.
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Bank Nifty Chart
Stocks to watch
Positive Read through
- Tata Power – Commissions 126 MW floating solar project in Madhya Pradesh.
- Happiest Minds – Steady Q2, USD sales grew 12.3 pct & CC sales jumped 12.7 pct QoQ.
- Garden Reach – Steady Q2, sales jumped 28 pct, EBITDA increases 41 pct YoY.
- Apollo Tyres – Posted in-line Q2, margin at 13.6 pct vs poll of 14 pct.
- Nalco – Reported healthy Q2, margin at 38.7 pct vs poll of 31.2 pct, alumina sales at 285 KT.
- Shilpa Medicare – Posted healthy Q2, EBITDA rises 43 pct, margin expanded 470 bps YoY.
- Midhani – Sales up 15 pct, margin expands more than 200 bps YoY.
- RCF – EBITDA up 91 pct, margin at 4.7 pct vs 2.6 pct YoY.
- Varun Beverages – Launched QIP, indicative price at 1 pct discount to CMP.
- Dilip Buildcon – Sales declined 14 pct, EBITDA rose 47 pct YoY.
- PNB Hsg – Morgan Stanley buys 14 mn shares via block deals.
- Astrazeneca – EBITDA jumped 61 pct, margin increases 240 bps YoY.
- Thermax – Sales jumped 13 pct, margin up 170 bps YoY.
Negative Read through
- Deepak Nitrite – Advanced intermediates weigh on earnings, margin declines 230 bps YoY.
- Cipla – US FDA issues 8 observations for Bengaluru-based manufacturing unit.
- Sun TV – Sales dropped 11 pct, margin decreases over 1,100 bps YoY.
- PI Ind – Muted growth driven by pharma segment, FY25 revenue growth estimate reduced.
- Eicher Motors- Earnings miss estimates, focus shifts to growth over margin.
- Munjal Auto- Sales tumbled 4 pct, EBITDA declined nearly 15 pct YoY.
- Torrent Power – Posted weak Q2, thermal business EBITDA declines YoY.
- Voda Idea – Growth supported by tariff hikes but lags behind peers.
- HEG- Sales declined 8 pct, EBITDA declined 5 pct YoY.
- GNFC – Reported weak Q2, sales down 8 pct, EBITDA falls 47 pct YoY.
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