Markets cooled off on Tuesday but managed to sustain crucial breakout levels of 72,800 in Sensex on the back of strength emerging in Nifty Bank above 48,000. On daily basis, the RSI has been showing negative divergence since the past few days but another attempt to test 74,000 in Sensex is not ruled out in the coming days. On the downside, 71,500 in Sensex may act as a reversal levels below which short-term momentum may fizzle out. In the past few days, weakness in the Japanese Yen has mainly contributed to strength in Indian markets but we expect volatility to comeback if USDJPY slips below 144.50 which is currently trading at 147.33
Results Today – Asian Paints, ICICI Prudential
Sensex 30 Chart
Stocks to watch
Positive Read through
- ICICI Lombard – Net earned premium up by 13.50 pct, underwriting loss reduces by 4 pct YoY.
- GMR Airports – Dec passenger traffic up by 15.3 pct, aircraft movement up by 8.30 pct YoY.
- Godrej Prop – Acquires an additional 1-acre of land parcel in Yeshwanthpur, Bengaluru.
- Adani Energy – Total Q3 smart meter orders at Rs. 230 bn, units sold up by 14.78 pct YoY.
- Piramal Pharma – Launches new concentration of zinc sulfate for injection, USP in the US.
- DCB Bank – BI nod to appoint Praveen Achuthan Kutty as MD & CEO w.E.F. April 29, 2024.
- PNC Infratech – Gets LoA for a project worth Rs. 11.74 bn from the Madhya Pradesh government.
- PNC Infra – Divests stake in 12 road assets for an enterprise value of Rs. 90.05 bn.
- IREDA – MoU with Indian Overseas Bank for co-lending in green energy financing.
- RVNL – Forms 49:51 JV with Jakson Green for solar projects in India and overseas.
- UltraTech Cement – Incorporates Meghalaya unit Letein Valley Cement for limestone mining.
Negative Read through
- HDFC Bank – Mixed Q3 earnings, CD ratio and LCR at 110 pct, slippages higher.
- L&T Tech – USD and CC sales growth below estimates, FY24 guidance maintained.
- Network18 – Reported a loss of Rs. 1,078 mn for the Q3FY24.
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