Markets witnessed broad-based selling on Wednesday with midcap and small-cap indices declining over 3% while Bank Nifty ended in the positive terrain.
Nifty surrendered below its key support of 16123 but losses were pared to less than 1% as Nifty Bank outperformed.
We expect weakness in the midcap and small-cap sector to continue as money flow shifts toward large-cap financials. Based on the weekly chart, the Nifty is positioned to hit 17200 in the coming days hence we expect the market to gain momentum on close above 16123.
Key Results today – Hindalco, Motherson Sumi, Zee Ent, Colgate, Cummins
Bank Nifty & Ratio of Bank Nifty to Nifty 50 Index
Stocks to watch
Positive Read Through
- Bank of India to raise around Rs 2,000 cr through QIP.
- Coal India earnings better than estimates, margin 27.7 pct vs expected 25.9 pct
- Torrent Pharma- earnings in-line, expects the margin to improve by 300 bps in Q1
- Indigo- Q4 yield up 19.2 pct YoY at Rs 4.40 vs Rs 3.70 per km
- Nalco- EBIDTA Rs 1618 cr vs expected Rs 1368 cr, aluminium EBIT up USD 77 QoQ
- Bata revenue up 7 pct, above pre-pandemic quarter, a special dividend of Rs 50.5 per sh
- General Insurance Companies- New Motor 3rd party insurance premium effective June 1
Negative Read Through
- Apollo Hospitals- Margin slips 300 bps YoY, delays Apollo 24/7 investment
- Whirlpool- Revenue down 4 pct, margin at 8.6 pct vs 10.6 pct YoY
- City Gas Cos- US Natural gas rises above USD 9, highest since 2008
- City Gas Cos- US Natural gas rises above USD 9, highest since 2008
- PFC- margin at 4 qtr low, operating profit down 8 pct QoQ
- Fortis- Revenue up 10 pct, margin at 16 pct vs 19.6 pct YoY
- Sequent Scientific- Margin and profit decline YoY and QoQ
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