Markets recovered from lows after falling crude prices and declining metal prices provided added cushion for Indian markets with the Nifty ending in marginal losses and Bank Nifty sustaining above its ‘triangle breakout’.
The lower reading in India VIX of around 18% should be seen as a positive trigger for Indian markets as the market may be in consolidation mode mainly for sake of sectoral rotation from technology and commodity-related stocks to financial, auto, FMCG, and pharma.
The breakout in Bank Nifty clearly indicates an upside target of 41500 in days to come and we expect panic buying in equity markets when India’s VIX settles below the 18% mark. We Expect a short-term breakout in Nifty above 16060.
Wall Street weighs more aggressive Fed, disappointing bank earnings. Asia-Pacific stocks were mixed Friday ahead of China data including GDP and retail sales numbers. Oil settles lower ahead of a potential large U.S. rate hike.
Bank Nifty & Spread of Nifty50- Nifty500 Index
Stocks To Watch
Positive Read Through
- Adani Ports- To buy Haifa Port with Gadot for 1.18 Bn.
- L&T Infotech- Revenue inline, margins above estimate, the outlook for Q2 remains strong.
- Vedanta- To consider a second interim dividend for the financial year 22-23
- Syngene – Signs 10 yr. Biologics manufacturing agreement with animal healthcare co Zoetis
- Max Health- KKR plans to sell its entire stake for 10,000 to 12,000 Cr.
- LIC- Q4 value of new business up 83%. VNB margin at 15.1% vs 9.9% YoY
- Yes Bank- Board approves JV Flowers as JV partner for ARC
- Tata Elxsi- Revenue up 6.5%. Margins expand despite wage hikes
- Cipla- Company signs agreement to acquire Endura Mass.
- FMCG Stocks- Palm Oil sell-off continues on surging Indonesian exports and talks of levy cut (
- Adani Ports- Gadot and Adani Ports win govt tender to buy Haifa Port with a 4.1 billion shekel bid
- Tata Motors hires McKinsey to boost the profitability of the commercial vehicle business.
- Vedanta: Board meet on July 19th 2022 for financial result and 2nd interim dividend
Negative Read Through
- ACC – Earnings below estimate, EBITDA/ tonnes at Rs. 563, lowest since Q4 2016
- Angle One- Revenue flat at 671 Cr. Turnover market share flat at 21% QoQ
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