Markets posted gains on the back of the recovery in global markets with Nifty attempting to sustain 18130 but closing faltered below the same in the last hour trade. With the Dow Jones index moving above 33600, it could be seen as a short-term relief for the global market while in domestic markets, the sharp fall in India VIX below 14% prior to the Union Budget indicates heavy put writing in Nifty at 18,000 strikes put options and below.
The ratio of Nifty inverse to India VIX suggests that Nifty is unlike to rally beyond 2% in the coming days and whatever sub-normal gains could accrue may occur only after India VIX tests 9% levels. On close above 18,130 in Nifty, the ideal strategy should be turning the bias to Neutral with overweight positions in commodities-related stocks.
Results today- Maruti, HDFC AMC, Colgate, SBI Cards, Sona BLW, TVS Motors, United Spirits
The ratio of Nifty In to India Vix & MSCI India
Stocks to watch
Positive Read through
- Axis Bank Q3 NIM at a 30-qtr high of 4.25 pct, return ratios at a multi-year high.
- Tata Comm- Revenue up 8.2 pct YoY, Data Revenue in double digits for 2nd straight qtr.
- KEI Inds- Cons revenue up 14 pct, profit up 28 pct YoY.
- Shoppers Stop- highest ever quarterly sales and EBIDTA in Q3.
- Supreme Petro’s net profit, EBIDTA up more than 45 pct YoY.
- Dilip Buildcon- subsidiary is the lowest bidder for a project worth Rs 1947 cr.
- J&K Bank- Profit up 79 pct and NII up nearly 27 pct YoY.
- Butterfly Gandhimathi-Profit up 29 pct and margin rises 40 bps YoY.
- Jindal Drilling- EBIDTA is up 55 pct and the margin rises 700 bps YoY.
- Poonawala Fin- disbursals up 74.8 pct YoY, PAT up 89 pct YoY.
- Tata Motors- has partnered with ICICI Bank to offer financing solutions, the bank will provide inventory funding to EV dealers.
Negative Read through
- Maruti- recalls 11,177 Grand Vitara on possible rear seat belt Mechanism Defect.
- Concor- EBIDTA down 7 pct QoQ, drop in EXIM business impacts Q3 earnings.
- Gland Pharma- PAT, EBIDTA below estimates, mgmt says headwinds to business.
- Zensar Tech- CC revenue is down 5.3 pct, and Dollar revenue is down 5.9 pct.
- Syngene- revenue, Profit miss estimates, margin slips 130 bps YoY.
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