Markets extended gains for the third week to close above the key resistance of 17250 and held firmly above the same in the past 3 trading sessions. A move above 17250 has seen the activation of a breakout from a trading band of 15100-17250 and the next leg of the up move should easily guide the Nifty 50 above Oct 2021 highs of 18612.
Shares in the Asia-Pacific traded lower Monday, with SoftBank set to report earnings after the market close. After a strong US jobs number on Friday, investors will closely watch the inflation report. Signs that inflation remains strong despite easing commodity prices may further bolster the case for Fed hikes.
Results – Adani Ports & SEZ, Bharti Airtel, Power Grid Corporation, HDFC, National Aluminum, etc.
BSE Bankex in Euro terms & Spread of Nifty50-Nifty 500 Index.
Stocks to watch
Positive Read through
- Tata Motors’ EV subsidiary buys Ford’s Sanand, Gujarat plant for Rs 725 crore
- The 45th AGM of Reliance Industries will be held virtually on August 29, with green energy funding, 5G in the spotlight
- Godrej Properties aims to add new projects worth Rs 15,000 cr in FY’23
- Coal India To Seek Shareholders’ Approval for New Businesses; Plans Foray Into Lithium, Hydrogen, Battery Storage, Says in Annual Report
- Engineers India 1Q group net profit Rs 648.1m vs 26.8m Y/y; revenue 8.15b vs. 7.46b; to enter a strategic pact with DEEP.KBB GmbH, for salt cavern projects
- Hindustan Petroleum 1Q net loss 102B rupees, est. loss 49.7B; revenue +57% to 1.21T
- Marico 1Q net income +3.1% Y/y to 3.71b rupees, +3.1% y/y, estimate 3.69 bil Meets Estimates
- NMDC- Earnings above estimate EBITDA at Rs. 1899 Cr, vs poll of Rs. 1610
- Tata Motors- Signs Agreement for acquiring Ford India’s Sanand Plant for Rs. 726 Cr.
- SJVN- Bags full quoted capacity of 200 MW solar project at 2.90/unit
Negative Read through
- Amara Raja Batteries 1Q net income +5.6% Y/y to Rs 1.31b, est. 1.17b; revenue +39% to 26.2b
- BPCL 1Q net loss Rs 62.9B, est. loss 22.9B; revenue +54% to 1.38T
- Maruti Suzuki LIC Cut holding in Maruti Suzuki to 4.2% from 6.2% Via market sale
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