Benchmark indices extended losses on Tuesday as markets turned cautious ahead of U.S Fed Chairman Powel’s speech which was scheduled yesterday. Powel maintained that further rate hikes are not ruled out if the current trend of good jobs data continues or inflation remained high. But he maintained there were early signs of inflation coming down.
For Indian markets, the weakness can be clearly seen as Nifty struggled to cross the 17,900 mark. The major concern for Nifty in the next few days may come from the rupee movement as USDINR is on the verge of breaking from the trading range of 81-83 and we may see a sharp reaction towards 85-86 before we see some consolidation at higher levels.
Adani stocks may come under severe selling pressure if USDINR crosses the 83 mark as it may start pinching corporates who have borrowed in Dollar based liability in offshore markets. At present, the Nifty is indicating that we may see a break of 17000 in the next few days based on movement in Dollex 30.
S&P Dollex 30 i.e. Sensex in USD terms
Stocks to watch
Positive Read through
- Cement stocks in focus – FM has indicated that the govt could be open to considering a reduction in the GST on cement.
- Adani Ports- Cash through operations in FY24 to be used to repay loans of Rs 5000 cr.
- Aurobindo Pharma gets USFDA nod to market Diclofenac Sodium Topical solution.Navin Fluorine – EBIDTA up 58 pct, margin at 27.6 pct vs 26 pct YoY.
- Thermax- Co reports strong revenue growth across segments, EBITDA up 42 pct.
- Paytm- Average monthly transacting users at 89 mn, up 29 pct YoY.
- RCF- EBIDTA up 93 pct, margin at 7 pct vs 6.1 pct YoY.
- IRB Infra- Jan toll collection up 36 pct at Rs 374.8 cr vs Rs 276.4 cr YoY.
- GSK Pharma- EBIDTA up 15.6 pct, margin up 430 bps YoY.
Negative Read through
- Deepak Nitrite- EBITDA down 10.5 pct, margin slips 460 bps YoY.
- Bharti Airtel- Profit down 26 pct QoQ, Q3 largely in-line with estimates at the operating level.
- Hero Moto- EBITDA down 3.7 pct, margin down 70 bps YoY.
- Adani Green- EBITDA down 18.2 pct, margin at 43.2 pct vs 74.5 pct YoY.
- Blue Star – detected a cyber attack at certain locations, with no material impact to ops.
- GNFC- EBITDA down 35 pct, margin at 16 pct vs 28 pct YoY.
- Astral- EBITDA down 9.5 pct, margin down 800 bps YoY.
- Prince Pipes- EBITDA down 37.4 pct, margin down 680 bps YoY.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or any of its communication cannot be held responsible for it.
