Nifty 50 last week ended with gains of more than 1% which may sound insignificant, but detailed descriptions indicate that the market has laid the foundation for ‘Big Fat’ by posting the weekly closing above the 17780 mark. The daily spread of the Nifty 50- Nifty 500 Index has seen a convincing breakout above the 2515 mark which may act as an important landmark for a start of a large cap-driven rally, especially for high market cap stocks. A monthly closing above 17780 should be seen as an aggressive Buy from tomorrow onwards, which would have all potential for forceful buying toward 19867.
Results today- Tata Steel, L&T, Bharti Airtel.
Monthly Nifty 50 & Spread Nifty 50- Nifty 500
Stocks to watch
Positive Read through
- Dr. Reddy’s 2Q net income +12% Y/y to Rs 11.1b, beats est. 7.61b; revenue +9.5% to 63.1b.
- Hero Honda: Significant Gain in Market Share on Festive Sales.
- Vedanta: earnings in-line, EBIDTA at Rs 76.99 bn vs expected Rs 73 bn.
- Kopran: Acquires API manufacturing unit of Abhinandan Rasayan.
- Maruti Suzuki India Auto Industry Seen Growing 8% Next Year: Maruti Chairman; Major Gains in 2Q on Rupee Becoming Stronger Than Yen.
- SAIL: Sail, AAI in Pact to Facilitate Rourkela Airport Commercial Ops.
- Tata Power 2Q Net Income +94% Y/y to Rs 8.19b, meets est. 8.14b; revenue +43% to 140.3b.
- Zydus Life- receives final approval from USFDA for Acetaminophen injection.
- Laurus Labs: USFDA completes PAI of Vizag unit, issues observation.
- Aurobindo Pharma: gets USFDA nod for Pyrimethamine.
- CCL Products: Revenue is up %, and EBIDTA is up 19% YoY.
- Sona BLW: Revenue up 13.2%, EBIDTA up 10.6%, margin down 60 bps YoY.
Negative Read through
- JSW Energy 2Q Net Income +37% Y/y to Rs 4.66b, misses est. 6.7b; revenue +14% to 23.9b.
- NTPC 2Q net income +5.4% Y/y to Rs 33.3b, misses est. 35.97b; revenue +39% to 410.2b.
- Lupin: USFDA issues 5 observations to Nagpur Unit 2 injectable facility.
- IOC 2Q net loss Rs 2.7b vs. profit 63.6b Y/y, est. 68.86b; revenue +34% to 2.3 tril.
- Sugar Cos: Restrictions on Sugar export extended till Oct 31, 2023.
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