Markets reacted lower on Wednesday on back of rising tensions in Middle East. Nifty settled below 19700 while BSE Sensex managed to violate short-term support of 50 DMA. The selling was mainly intensified from financial sector where Nifty Bank dropped more than 1 pct and almost closed at monthly low. From derivative positioning, maximum long buildup in Nifty futures is seen around 19,600 and a move below the same should trigger the necessary unwinding to trigger 7-10 pct fall in immediate terms. From a trading perspective, it is better to initiate fresh short in Nifty futures below 19500 so that support is taken out convincingly for a target of 18,466.
Result Today – Hindustan Unilever, ITC, Nestle India, Ultratech Cement
Sensex 30 chart
Stocks to watch
Positive Read through
- Bajaj Auto – Margin up by 2.6 pct, EBITDA Rises by 20 pct YoY.
- Indusind Bank – Operating profit rises for 11th straight Quarter, GNPA came at 11 quarter low.
- Coforge – Maintain FY24 CC sales growth guidance, USD sales above estimates.
- LTIMindtree – Q2 results in-line, EBIT margin stood at 16 pct Vs 16.7 pct QoQ.
- Persistent – CC sales growth above estimates, deal wins at record high of USD 479.3 mn.
- ICICI Lombard – Gross direct premium income rises by 17.4 pct, profit rises by 2.2 pct YoY.
- Alkyl Amines – Starts commercial Production at newly set up plant In Kurkumbh.
- RPG Life – EBITDA up by 25.3 pct, margin stood at 24.3 pct Vs 22.1 pct YoY.
- Bharti Airtel – Company sees Rs. 80 bn market opportunity with CCaaS cloud platform launch.
- Power Mech – Board approves fund raise via QIP, floor price st at Rs. 4,085.4 per share.
- Titagarh Rail – Profit rises by 46.5 pct, sales increased by 54.1 pct YoY.
- Astral – Q2 in line with estimates, Pipes and fitting sales volume rises by 28 pct YoY.
- IIFL Fin – Profit rises by 25 pct , Sales up by 22.2 pct.
- Welspun Corp – Bags order to supply 61,000 MT bare pipes and bends to west Asia.
- Bajaj Health – Commissions Alkaloid extraction plant at Vadodara.
- Hudco – Government to exercise green shoe option in OFS.
- Coromandel – Commissions Sulphuric acid and Desalination plant at Visakhapatnam.
Negative Read through
- Wipro – Third consecutive Quarter of sales decline, IT Svcs CC sales guidance at 1.5-3.5 pct.
- Dabur – Litigations against 3 subsidiaries of Dabur in US & Canada.
- Bandhan Bank – Q2 below estimates, asset quality deteriorates.
- Oracle Fin – sales Decline by 1.2 pct, margin stood at 38.6 pct Vs 38.6 pct QoQ.
- VA Tech – Pankaj Malhan resigns as Dy MD & Group CEO of The Co.
- Shoppers Stop – EBITDA Decreased by 2.6 pct, margin stood at 15.5 pct vs 16.3 pct YoY.
- Allcargo – Sep LCL volume decreased by 1 pct, container utilisation continues to remain soft.
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