Markets witnessed sharp decline on Monday with Nifty falling over 2% but managed to recoup some losses due to recovery in Bank Nifty but finally tally in Nifty was below 24,000. The breach of 24,232 last week on daily closing basis, had already signalled alarm bells for caution so Monday’s down move was not at all surprising. We can expect the selling pressure to accelerate further and may force lot margin selling below 23,700. Overall view remains bearish with immediate target seen at 22,500 and any pullback should be seen as signs of a bull trap.
Results Today – Titan, Mazagaon Dock
Nifty 50 Chart
Stocks to watch
Positive Read through
- P&G Health – EBITDA jumped 28.7 pct, margin at 36.4 pct vs 29.1 pct YoY.
- Maruti – Suzuki Motor launches 1st electric car e Vitara, sales to begin in 2025.
- Tilaknagar Ind – EBITDA shot up 39.1 pct, margin at 17.6 pct vs 13.4 pct YoY.
- Eicher – RE launches new EV brand, Flying Flea, first model to hit the road next year.
- Taj GVK – EBITDA grew 36.6 pct, margin at 28 pct vs 24.2 pct YoY.
- RVNL – Lowest bidder for an EPC Proj worth Rs. 6.25 bn from South Central Railway.
- Raymond – Strong growth in sales led by growth in real estate & engineering business.
Negative Read through
- IRCTC – Margin declined across the board, ticketing business sales jumped 13.3 pct YoY.
- Bharat Forge – North America October class 8 truck orders fell 6 pct MoM.
- Sundaram Fin – Disbursals fell 1.2 pct YoY, GNPA ratio at 2.39 pct vs 2.21 pct QoQ.
- Gland Pharma – Core market growth impacted by US business, lowers FY25 growth guidance.
- KEC Intl – Margin muted vs expectations, ordering trends strong.
- Amara Raja – EBITDA misses estimate by 5 pct, margin slips 50 bps YoY.
- Dhampur Bio – Posted loss vs profit, sales fell 4.8 pct YoY.
- JK Paper – EBITDA fell 35.3 pct, margin at 15.7 pct vs 24.7 pct YoY.
- Chemfab – EBITDA fell 7 pct, margin at 12.3 pct vs 13.6 pct YoY.
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