Markets for the week settled with gains of 0.9% after Friday’s meltdown in technology stocks obstructed Nifty’s momentum to test psychological mark of 20,000. The weekly chart of Sensex Top-9 stocks Index witnessed negative closing with formation of shooting star appearing near upthrust of rising wedge. This move indicates immediate downside of 7% in Sensex Top-9 stocks index which holds 65% weightage within Sensex 30 Index and can trigger major sell off in the Indian markets. In Nifty terms, we expect immediate reaction towards 19,100.
Sensex Top-9 Stock Index
Stocks to watch
Positive Read Through
- Reliance – Reliance Retail revenue rises 20 pct, Jio Platforms ARPU Up 2.8 pct YoY
- ICICI Bank Q1 NPA ratios lowest in 8-9 yrs, deposit growth is best in 9 Qtrs
- Kotak Mahindra Bank YoY deposit growth is best in 16 Qtrs, NII, PAT above estimates.
- Aurobindo US FDA issues form 483 with 3 observations for cos unit-III in Telangana.
- Lupin gets tentative US FDA nod for dolutegravir & tenofovir alafenamide tablets.
- RBL Bank NIM At 4.84 pct Vs 4.36 pct YoY, NPA ratios At 16 Qtr lows
- Aarti drugs EBITDA rises 25.2 pct, margin at 12.7 pct Vs 10.8 pct (YoY)
- DLF net debt declines to ₹57 Cr, Co re- enters Mumbai real estate market
- SJVN Signs MoU with REC for several projects & JVs to the extent of Rs 50,000 Cr
- PFC signs MoU worth Rs 2.37 Lakh Cr with 19 Cos in clean energy space
- Dodla Dairy Q1 EBITDA Rises 33.9 pct, margin At 7.3 pct Vs 6.3 pct (YoY)
- NHPC Arunachal Pradesh government allots 3,800 MW Subansiri & Kamala projects to Co.
Negative Read Through
- Vedanta Q1 EBITDA, nargin below Est, Net debt increases sequentially.
- Biocon US FDA issues form 483 with 6 observations for insulin facility in Malaysia
- IGL Q1 total volumes below estimated At 8.2 mmscmd, earnings below estimate
- Paytm net loss widens sequentially, total income flat QoQ
- Yes Bank Q1 slippage ratio is highest in 7 Qtrs, NIM at 2.5 ptc vs 2.8 QoQ.
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