Markets tanked sharply on Wednesday on back of disappointment from HDFC Bank results forcing Bank Nifty to crack more than 4% and dragging Sensex towards crucial support of 71,500. As Sensex has tested the lower end of the channel, the closing may turn very important in today’s trading session. A close below 71,500 may open gates for deeper correction which may force Sensex to test 67,700 in days to come. Meanwhile, Bank Nifty has already confirmed major reversal and likely to see major underperformance going forward with immediate target seen towards 43,000.
Results Today – Polycab, Poonawala Fincorp, Mastek
Sensex 30 Chart
Stocks to watch
Positive Read through
- Zydus Life – US FDA nod for Parkinson’s drug Pimavanserin capsules.
- Indiabulls Hsg- Board approves fund raise up to Rs. 50 bn vis share issuance.
- Persistent Sys – Board meet on Jan 20 to consider stock split.
- Oracle Fin – Q3 revenue up by 25.8 pct, margin came at 47.60 pct vs 41.80 pct YoY.
- S Motherson – Agreement with BIEL Crystal for investments in Motherson Electronic.
- Nazara Tech – Board approves fund raise up to Rs. 2500 mn via preferential issue.
- Sobha – Board meet on Jan 22 to consider fund raise via Rights issue.
- Railtel – Bags work order worth Rs. 824 mn from South Central Railway.
- Som Distilleries – EBITDA increased by 87.6 pct, margin at 12 pct vs 11.5 pct YoY.
- IIFL Fin – Asset quality improves QoQ, disbursals up by 27.45 pct YoY.
- Uniparts – Secures a USD 1.2 mn order from Doosan Bobcat North America Inc.
- BEL – Received additional orders worth Rs 10,343 mn.
- M&M – Mahindra Aerostructures expands partnership with Airbus.
- Welspun Corp – Company wins order worth of Rs 30000 mn.
Negative Read through
- Sun Pharma – To buy remaining outstanding shares (21.5 pct) of Taro for Rs. 28.91 bn.
- LTIMindtree – CC sales growth below estimates, management says, Q4 growth to be similar to Q3.
- ICICI Pru – Q3 weak, VNB margin declined by 1,100 bps & VNB down by 29 pct YoY.
- NHPC – Govt to sell up to 3.5 pct stake via OFS, non-retail OFS opens today.
- Happiest Minds – Muted Q3, CC sales up 0.80 pct, margin at 19.70 pct vs 20.30 pct QoQ.
- Speciality Rest – EBITDA down 4.80 pct, margin at 20.3 pct vs 23.9 pct YoY.
- HDFC Bank – US-listed ADR shares shed another 9 pct, drop to the lowest since July 2022.
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