Markets extended Friday’s momentum yesterday as Nifty managed to surpass 18,300 despite weakness in Bank Nifty while Adani stocks surged on the Supreme Court ruling. The Nifty has managed to show up strength despite USDINR repositioning itself for an upside breakout and a potential target of 86. The data points in Nifty show that we should see catching-up momentum as prices enter Wave-5, Nifty in USD terms may rally another 10%. The weak rupee may not pose major threat for Nifty rally in the coming days as long as Brent Crude prices continues to stay below USD 80 a bbl.
Nifty in USD terms
Stocks to watch
Positive Read through
- Vedanta- Board approves first interim dividend of Rs 18.5 a sh for FY24
- BPCL- Q4 reported GRM at USD 21 a bbl vs an estimated Rs 12.5 a bbl, results above estimates
- JSW Steel- NCLT approves resolution plan of JSW Steel Coated Pdts for NSAIL
- PB Fintech- losses contract, revenue up 61 pct YoY
- Indiabulls Housing- Gross NPA at 6-qtr low, AUM up 3.9 pct YoY
- Fusion MFI- AUM up 37 pct, NIM at 10.57 pct vs 7.78 pct YoY
- Camlin Fin- Revenue rises 10 pct, EBITDA up 82 pct YoY
- SJVN- revenue rises 56 pct, margin at 61.3 pct vs 44.1 pct YoY
- Astra Micro- JV bags orders worth Rs 158 cr for the defense sector
Negative Read through
- Shree Cement- Margin, EBIDTA below estimates, profit down 15.3 pct YoY
- Finolex Inds- EBITDA down 17.8 pct, profit slips 66.4 pct YoY
- Gujarat Alkalies- EBITDA down 30.8 pct, margin at 21.3 pct vs 30.7 pct YoY
- HEG- EBITDA down 21.3 pct, margin at 20.1 pt vs 23.3 pct YoY
- Borosil- EBITDA down 1.2 pct, margin at 15.2 pct vs 18.1 pct YoY
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