Markets turned highly volatile on Tuesday witnessing wild swings from early losses to finally end in the positive terrain on the back of gains in Bank Nifty. The 100 EMA has turned a formidable resistance for Nifty with prices unable to cross above Mondays high which is clearly a sign of bearishness. As the previous week closing was well below 24232, the weekly rebound is unlikely to sustain and we expect a major gap down in the coming days. Despite buoyant sentiment, current setup of market calls for extreme caution as FIIs has already sold more than 1 lakh crore in October in anticipation of major geopolitical risk in the global markets. The downside target of 22500 remains intact hence lighten positions during any rally.
Result Today – Tata Power, L&T, Dabur
Nifty 50 Chart
Stocks to watch
Positive Read through
- NTPC – Third part capacity of solar PV project in Rajasthan unit declared on commercial operation.
- RITES – Company and SAIL-BSL sign MoU for consultancy works.
- GRSE – signed contract with the naval physical and oceanographic laboratory for Rs 4.91 bn.
- FORTIS – Gets CCI Nod To Acquire Entire Stake Of PE Investors In Agilus Diagnostics.
- Marico – Q2 largely in-line, domestic vol growth at 5 pct vs expected 4-5 pct.
- Voltas – Posted in-line Q2, margin at 6.2 pct vs 3.1 pct YoY.
- Hitachi Energy – Reported Q2 above estimates, EBITDA grew 37 pct YoY.
- Kaynes Tech – Q2 in-line with estimates, margin expanded 90 bps YoY.
- Godrej Agro – EBITDA grew 13.2 pct, margin at 9.1 pct vs 7.7 pct YoY.
- GSK Pharma – EBITDA grew 11.2 pct, margin at 31.8 pct vs 30.3 pct YoY.
- Prestige Estates – EBITDA grew 6.5 pct, margin at 27.4 pct vs 26.5 pct YoY.
- Shriram Prop – Signs JDA for 6-acre land parcel in Pune, Rs. 7-7.5 bn sales potential.
- Welspun Ent – EBITDA grew 21.7 pct, Sales rose 22.1 pct YoY.
- Capri Global – Profit jumped 48.7 pct, NII rose 22.3 pct YoY.
- Lemon Tree – Signs new property in Punjab.
Negative Read through
- Torrent Pharma – Promoter to sell up to 2.9 pct stake, floor price Rs. 3,022.7/sh.
- Honeywell – Sales declined, margin slipped 269 bps YoY.
- SBI Cards – Yield, NIM are at all time lows.
- Allcargo Terminals – EBITDA remain flat, margin at 16.6 pct vs 17.5 pct YoY.
- Vesuvius India – Margin fell 140 bps YoY, profit aided by other income.
- Star Health – Underwriting loss sharply higher than estimates, combined ratio grew 379 bps YoY.
- MTAR Tech – Margin at 19.2 pct vs 21.5 pct, profit declined 8.3 pct YoY.
- GHCL – Sales declined 1.6 pct, EBITDA declined 0.8 pct YoY.
- Sheela Foam – Margin at 8.5 pct vs 10.8 pct, EBITDA grew 4.5 YoY.
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