Markets for the week remained under pressure on the back of USDINR hitting the 80 mark, but a sharp decline in Brent crude prices below USD 100 a bbl mark triggered a meaningful recovery to limit losses to less than 1% in Nifty 50 and Bank Nifty.
The India VIX posted a closing below key support of 18% on back aggressive put writing and this would fuel a further rally in Nifty and Bank Nifty in the coming week.
The base metals and crude prices continue to extend weekly losses, boosting Auto and auto ancillary stocks. In contrast, technology stocks failed to see any signs of recovery due to the sharp collapse in the euro and GBP.
For Nifty 50, prices have seen decent accumulation for hitting 17500 in the coming week, and on the optimistic side, the rally is expected to cross beyond 18000. As India VIX continues to drift lower, the strength in the rally could aggravate further.
Nifty 50 Index & India VIX
Stocks to watch
Positive Read Through
- ICICI Prudential- Q1 VNB up 31.6%, VNB margin up 31% Vs 26% YoY
- Oberoi Realty- Revenue up 11%. Margins up 53.9% vs 49.6% QoQ
- BHEL- Beat in all parameters for Q1 result. Margins at 16.5% vs poll of 12.6%
- JSPL- Sales at 1.74 mt vs poll of 1.6 mt. Adjusted EBITDA at Rs. 2,865 Cr
- L&T Infotech- 4.7% CC revenue growth vs poll of 4%. FY23 guidance maintained.
- Shilpa Medicare- Raichur API unit received a GMP certificate from MOH – Russia.
- SeQuent Scientific- Appoints P V Raghavendra Rao as CFO w.e.f. July 25
- Maharashtra Seamless- Bags order for subsea sour service seamless pipes worth Rs. 130 Cr.
Negative Read Through
- HDFC Bank- Slippages elevate at Rs. 7,200 Cr. Restructured book declines to 0.9%
- Just Dail- Loss at Rs. 48.2 Cr vs Rs. 22.1 Cr. profit QoQ. Revenue is still lower than pre-covid levels.
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