Markets witnessed sharp decline in last hour of trade to wipe out earlier gains and ended in losses of 0.8% forcing Nifty to surrender below 22,000. The reaction was mainly on back of rising tension between Iran-Israel with Israel expected to escalate war in near future. Tensions are at an all-time high. Iran had warned earlier that that if Israel goes ahead with a retaliation for last week’s attack, Tehran will respond in kind and also pursue a nuclear weapon.
From Indian markets perspective as long as Brent crude trades below USD 90 a bbl and USDINR below 84 there is no major risk to financial markets, and we expect current correction is unlikely to breach below 21,650. From trading perspective, the strategy should be to add on decline. The optimistic outlook of Nifty crossing 23,500 and Bank Nifty crossing 54,000 mark still prevails on back of robust domestic liquidity and 15 crores of operational demat accounts.
Result Today – Jio Financial, HDFC AMC, Wipro.
Nifty 50 Chart
Stocks to watch
Positive Read Through
- Bajaj Auto – Q4 earnings above estimates, margin improves 80 bps YoY.
- ITC – Co’s arm ITC Infotech to acquire 100 pct stake in Blazeclan Tech for Rs. 4.85 bn.
- Axis Bank – To mull fund raise via debt securities, issuance of shares in April 24 board meets.
- ICICI Sec – Q4 sales rose by 17 pct, EBITDA increased by 18 pct QoQ.
- Landmark Cars – Q4 total sales jumped by 8.1 pct, after sales services rose by 13.3 pct YoY.
- Concor – Signs MoU with PSA MESA Supply Chain for logistics service to customers.
- RVNL – Signs MoU with Turkish engineering consulting for infra projects in India.
- Indus Towers – Inks MoU with NTPC Green for green energy objectives.
- GMR Airports – March total passenger traffic up by 10 pct, aircraft movement up by 6 pct YoY.
- Gokaldas Exp – QIP to raise up to Rs. 6 bn opens today, floor price at Rs. 789.99/sh.
- Mahindra Life – Sells homes worth Rs. 3.50 bn in 2 days at Bengaluru’s Mahindra Zen.
- Sharda Motors – Board approves buyback of up to 1.027 mn shares at Rs. 1800/share.
- Vesuvius – Inaugurates flux plant in Visakhapatnam, capex over next few years at Rs. 10 bn.
- Suzlon Energy – Gets interim stay from Gujarat High Court against nearly Rs.2.61 bn penalty.
- Oil upstream stocks – Brent prices rise 3.85 pct in trade due to escalation.
- SJVN – To carry out business in the field of power generation from all renewable energy sources.
Negative Read Through
- Infosys – Q4 sales and margins miss estimates, FY25 CC sales growth guidance below estimates.
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