Markets held on to crucial support of 59952 in Sensex and managed to post gains of 1% in Nifty 50 while broader indices like Midcap and Small cap segment ended with marginal lower. Commodities are gaining strength day by day with Brent Crude back above USD 86 a bbl which could be positioned to cross USD 100 a bbl in a quick span of time. Hence at the current juncture when central banks are planning to loosen monetary tightening, this may eventually lead to sharp breakouts in major commodities.
For Nifty, as long as it remains below 18130, the monthly bearish engulfing line remains active while Dow Jones Index in JPY terms also indicates a 20% downside in the near term. A key trigger to watch would Bank of Japan’s 2-day monetary policy which begins today and triggers wild swings in currency markets.
Earnings Today- IndusInd Bank, Persistent systems, Oracle Financial, Rallis India, CCL Products.
Nifty 50 Index & Ratio of Metals to Nifty 50
Stocks to watch
Positive Read through
- Sundram Fast bags order worth USD 250 m for the supply of sub-assemblies for a global mfg EV platform.
- Maruti’s latest SUV Jimny is witnessing heavy demand, garnered more than 5,000 bookings in just 5 days.
- Glenmark Pharma says it will divest select brands from its dermatology segment, for India and Nepal territories, to Eris Oaknet Healthcare.
- ITC to acquire Sproutlife Foods Pvt Ltd, engaged in the manufacture and sale of healthy foods brand.
- ICICI Pru- APE down 5.5 pct, VNB up 20 pct, and VNB margin at 33.9 pct vs 26.7 pct.
- ICICI Lombard- Gross direct premium up 17 pct, net earned premium up 14.5 pct YoY.
- EID Parry- 120 KLPD distillery at the sugar unit of Andhra begins operations.
- RVNL, Siemens- consortium lowest bidder for Gujarat Metro Project worth Rs 1058 cr.
Negative Read through
- Maruti to recall 17362 vehicles mfg between Dec 8 and Jan 12.
- Delta Corp Q3 overall and gaming margins fall 600 bps each YoY.
- Tata Metaliks- Margin slips 500 bps YoY, Ductile iron pipe EBIT down 32 pct YoY.
- Eris Life- Q3 revenue up 27 pct, margin down 460 bps, buys Glenmark’s 9 derma brands.
- Shalby- Revenue up 25 pct, margin down nearly 200 bps YoY.
- Shree Pushkar- Revenue up 12 pct, EBIDTA down 33 pct, margin falls 600 bps YoY.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or any of its communication cannot be held responsible for it.
