Markets regained control above the breakout line after Sensex posted closing above 71500 and could be poised to rally further towards 74000 in the coming days. The RSI reading moving back above the 50 mark and followed with RSI generating positive reversal on a daily basis may provide a booster dose for accelerating momentum in the coming days. Yesterday’s up move although led by Banking stocks may still see selling pressure in Nifty Bank as it approaches towards 46500. Stocks which have recently activated mega breakout after 3 years of consolidation are Reliance Industries and Hindustan Unilever which may outperform with a margin of 4:1 in this expected rally in Sensex.
Results Today – BATA, Indian Hotels, Titan
Sensex 30 Chart
Stocks to watch
Positive Read through
- Shree Cements – Earnings above estimates, margin at 25.2 pct vs poll of 22.3 pct.
- JSPL – Posted strong Q3, margin at 24.3 pct vs poll of 19.3 pct.
- Godrej Cons – Sales rise by 2 pct, margin is up nearly 300 bps YoY.
- Airlines – Jet fuel (ATF) price cut to `1 lk from Rs. 1.01 lk/kl in Delhi.
- Gujarat Gas – Signs MoU with HPCL for liquid fuels & CNG facilities.
- Glenmark – Partners Pfizer to launch Eczema drug, Abrocitinib
- GMR Airports – EBITDA increased by 27 pct, margin unchanged at 30 pct YoY.
- Dixon – Earnings in-line, margin at 3.8 pct vs poll of 3.9 pct.
- Ajanta Pharma – Profit rises by 56 pct, sales up by 14 pct & margin 1,100 bps YoY.
- Data patterns – Profit up by 53 pct, sales increased by 25 pct YoY.
- Religare – Burman family acquires an additional 4 pct stake.
- Cochin Ship – Secured an international order worth of Rs 5,000 mn from a European client.
- Paras Defence -Gets optical periscopes contract from Defence Ministry; delivery by FY25
- IRB Infra – Profit increased to Rs 1.87 bn vs Rs 1.41 bn, Revenue at Rs 19.68 bn vs Rs 15.14 bn YoY.
- Havells – Introduced the first made-in-India energy-efficient Heat Pump Water Heater.
- Infosys – Partnered with Musgrave, to lead cognitive first IT transformation.
Negative Read through
- PAYTM – RBI directs payments bank to stop onboarding new customers.
- Indus Tower – KKR, CPP may sell shares up to USD 465 mn via block deals.
- Punjab & Sind Bank – Profit declined by 69 pct, NII slips 8 pct YoY.
- Westlife – Profit at Rs 172 mn Vs profit of Rs 364 mn; sales down by 2 pct to Rs 6,000 mn.
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