Markets extended gains to test 17500 on Tuesday with the Nifty 50 outperforming the broader market by a wide margin on the back of major gains from SBI and Reliance Industries. The spread of the Nifty 50- Nifty 500 Index crossed the breakout levels of 2420 convincingly thus opening gates for a major upswing towards 19867 for Nifty 50 Index in the near term. The two-week high for Nifty 50 was taken out convincingly, which may trigger further rounds for short covering to force Nifty towards 18000.
Key Results today- HDFC AMC, Persistent System, Ultratech, Navin Fluorine, Nestle India
Nifty 50- Nifty 500 Spread
Stocks to watch
Positive Read Through
- Adani Enterprises- Adani Defence to Buy Plane Repair Firm Air Works for $49M EV
- Bharat Electronics Signs accord with Munitions India for local, export markets
- IRCTC- Life Insurance Corp Says its stake in IRCTC has increased to more than 5%
- L&T Technology 2Q net income +23% Y/y 2.82b rupees, beats est. 2.74b; Revenue +24% Y/y 19.95b
- Suven Life Sciences Rights issue to open Oct. 31, close Nov. 10
- HDFC- NSE begins consultation for indices reconstitution w.r.t merger/demerger
- Reliance- Jio adds Max subscribers in August, up nearly 33 lakh
- ICICI Lombard- Gross direct premium income up 17%, the combined ratio at 105%
- SJVN- Signs pact for 1000 MW floating solar projects in Assam
Negative Read Through
- Voda Idea-Mulls issuance of Debentures to a vendor loses 20 lakh subscribers in Aug
- Network 118- Revenue up 12%, margin at 2.1% vs 18.2%
- TV18- Revenue up 13%, EBIDTA down 83% and margin 2.8% vs 18.5%
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