Markets on Monday rebounded on back of positive sentiment during Muhurat week but cooled off from days high to close with gains of less than percent. The rebound has to surpass the 100-day exponential moving average which indicates markets have already signaled a major breakdown. The current rebound is unlikely to extend beyond 24500 and the next leg of down move could easily force prices well below 22500. Historically prices are prone to major gap down when prices are trading below 100 EMA.
Result Today – Maruti Suzuki, Adani Ports, Voltas, Apl Apollo, Kirloskar Brothers
Nifty 50 Chart
Stocks to watch
Positive Read through
- Bharti Airtel – Q2 operationally in-line with estimates driven by tariff hikes.
- NTPC – SEBI approves IPO of NTPC Green Energy.
- Bharti Hexa – ARPU increased by 11.3 pct, sales rose 9.8 pct QoQ.
- DR Reddy’s – Launches chronic constipation drug Elobixibat in India.
- J Kumar – Steady Q2, sales up 17 pct, margin flat at 14.6 pct YoY.
- Kalpataru Projects – Healthy Q2 after muted Q1, margin up 70 bps YoY.
- Federal Bank – GNPA at 37-Qtr low, annualised slippage ratio at 15-Qtr low.
- Tata power – Acquires 40 pct stake in Khorlochhu Hydro Power for Rs. 8.20 bn.
- KFIn Tech – Posted Q2 above estimates, margin expands 316 bps QoQ.
- Maha Seamless – Earnings improve, EBITDA up 86 pct QoQ.
- Aurionpro – Bags data center projects worth of Rs. 1.70 bn.
- Prestige estates – Acquires 17.45 acres of land Bengaluru for Rs. 4.62 bn.
- Dixon Tech – Mou with Cellecor Gadgets for manufacturing of washing machines & components.
- AB Sun Life – Profit jumped 36 pct, sales rose 26.6 pct YoY.
- Tamilnad mercantile – Stable asset Quality, NII up 12 pct YoY.
- Restaurant brands – EBITDA up 12.5 pct, margin at 10 pct vs 9 pct YoY.
Negative Read through
- JSW Infra – In-house volumes remains sluggish, sales up 18 pct YoY.
- Tata tech – USD sales growth at 1.6 pct, margin flat QoQ.
- IOC – EBITDA declined 56.3 pct, margin at 2.2 pct vs 4.5 pct QoQ.
- IGL – EBITDA declined 8 pct QoQ, beat on volumes, misses on margin.
- Suzlon – Margin impacted by costs related to ESOP, at 14.1 pct vs 16 pct YoY.
- Vesuvius India – Margin slipped 140 bps YoY, profit aided by other income.
- LIC HSG Fin – NIM at 7-quarter low, operating profit declines YoY & QoQ.
- Railtel – Margin at 15.3 pct vs 21.3 pct, EBITDA grew 1.5 pct YoY.
- Adani Power – Profit impacted from higher fuel costs, margin flat YoY.
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