Markets fell on Wednesday with Nifty tanking below 19,600 forcing long positions to unwind after USDINR crossed above 82.50 mark. There could be a significant blow to Indian markets with USDINR confirming breakout above 82.5 and opening gates for a target of 87 in the coming weeks. For Nifty, we expect selling to aggravate further from here on with immediate reaction expected towards 19,100 in today’s trading session and a near term target seen at 18,100.
Nifty in JPY terms & Dollex 30
Stocks to watch
Positive Read through
- Indigo reported Q1 margin at record high of 31.2 pct, Rpts profit vs loss YoY
- HPCL Q1 results above estimates, sales up 4 pct QoQ
- M&M FIN disbursements up 12.5 pct YoY at Rs. 44,000 mn, colln efficiency at 96 pct
- L&T Holdings sources say Bain Capital may sell 3.2 pct, Floor Price at Rs.`128.10/Sh
- Mankind Pharma’s margin stood at 25 pct vs 20.9 pct, sales rises by 18 pct YoY
- PRICOL EBITDA rises by 20.3 pct, net profit up by 54.9 pct YoY
- Kirloskar Ferrous EBITDA up 19.3 pct, margin at 13.8 pct vs 11.6 pct (YoY)
- Fusion Micro AUM up 31.4 pct, rises 74.2 pct YoY
- Sheela Foam Q1 EBITDA up 18.1 pct, to raise up to Rs. 120,000 mn via QIP
- Engineers India EBITDA rises 51.90 pct, margin at 8.7 pct vs 5.7 pct (YoY)
- Narayan Health EBITDA up 41 pct, margin at 21.9 pct vs 18.6 pct (YoY)
Negative Read Through
- Vedanta sources Say Promoters To Sell 160 mn, Floor Price At Rs 258.50/Sh
- Metropolis reported highest every quarterly sales, up 19 pct YoY
- Gujrat Gas volumes below estimates at 9.5 mmscmd, EBITDA down 30.8 pct QoQ
- Titan Jewellery business margin lowest since Q4FY21, profit, margin below est
- QUESS Corp margin at 3.3 pct vs 3.9 pct QoQ, net profit down by 28.6 pct YoY
- VIP Industries EBITDA down 21.4 pct, margin at 12.7 pct vs 17.4 pct (YoY)
- Vardhaman Steel EBITDA down 36 pct, margin at 7.2 pct vs 9.8 pct (YoY)
- Paradeep Phosphates Q1 loss at Rs 1,200 mn vs profit, sales up by 25.4 pct YoY
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