Markets scaled further to new highs on the back of a surge in Bank Nifty crossing above 46,000 levels and Reliance demerged stocks forming part of the Sensex and Nifty 50 Index. This occurred along with India VIX crossing its intermediate peak occurring on 5th Jul, while the Nifty 100 Equal Weighted Index continues to see the desperation to sustain at higher levels. Although, Nifty has attempted to reach near the psychological zone of 20,000 sustained rise in India VIX suggests correction could be swift and sharp with quick targets in Nifty 50 seen at 19,100.
Nifty 100 Eq Wt Index & BSE Bankex
Stocks to watch
Positive Read through
- L&T- board to consider share buyback, special dividend on Jul 25
- United Spirits- Q1 revenue above estimates, volume growth at 10 pct YoY
- HAL- LoI with Argentina Govt to co-operate on helicopters for Argentina armed forces
- PVR-Inox- opens 12 screen multiplex at Forum Mall, Bengaluru
- Union Bank’s cost-to-income ratio is lowest in 14 Qtrs, CASA ratio lowest in 12 Qtrs
- ICICI Securities Q1 revenue rises 5.5 pct, profit up 3.4 pct QoQ.
- 360 One revenue rises 3.2 pct, profit up 17 pct YoY
- IndaMart- EBIDTA rises 20.1 pct YoY, the board approves share buyback of upto Rs 500 cr
- Tanla Platforms- EBIDTA rises 9.3 pct QoQ, margin at 20 pct vs 16.3 pct YoY
- ICICI Sec- Q1 revenue rises 5.5 pct, profit up 3.4 pct QoQ
Negative Read through
- Infosys- FY24 revenue guidance cut to 1-3.5 pct vs 4-7 pct earlier, Infosys ADR down 8.4 pct
- HUL- Volume growth at 3 pct vs expected of 5-6 pct, revenue below estimates
- Persistent System- CC Revenue up 2.9 pct, TVC falls 10 pct QoQ at USD 380 mn
- Mphasis- BFS revenue down 8.8 pct QoQ, CC revenue down 3.5 pct vs expected 2 pct fall
- Allcargo LCL volume is down 8 pct, and total container load volume declines 11 pct YoY
- Dalmia Bharat- Q1 results below estimates, cement realization per tonne down 2 pct QoQ
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