Markets succumbed to selling pressure on Tuesday on back of uncertainty ahead of election results with India VIX climbing above 17 and Nifty Bank declining more than 1%. At present, Bank BEES i.e. Bank Nifty ETF has been consolidating in bullish triangle and could be positioned for a 11% upside in the near term after current throwback. For Nifty, positive weekly closing is required in order to maintain positive momentum for upside target 23,500. At present, Nifty 50 has retraced 50% of the up move after hitting all-time highs which should be seen as welcome move before major upside.
Result Today – L&T, Tata Power, TVS Motors, Hero Motocorp, Bharat forge.
Bank Nifty ETF Chart
Stocks to watch
Positive Read through
- Pidilite – Consumer business volume growth above estimates at 12.7 pct, gross margin up 660 bps YoY.
- Max Fin – Q4 in-line, annualised premium equivalent up 13 pct, VNB rose 7 pct YoY.
- Infosys – Collaborates with Servicenow for generative al-powered solutions.
- Dixon Tech – In an agreement with Nokia to develop telecom products.
- PB Fintech – Posted profit vs loss, online core business sales up 33 pct YoY.
- IRB Infra – Margin at 43.2 pct vs 46.8 pct, EBIDTA grew 17.3 pct YoY.
- KEC Intl – Margin at 6.3 pct vs 5.2 pct, EBIDTA jumped 37 pct YoY.
- Jindal Saw – EBIDTA surged by 53.4 pct, margin at 17 pct vs 11.6 pct YoY.
- Ami organics – Patent office grants process patent to company for 20 years.
- Latentview – Margin at 23.5 pct vs 21.4 pct, sales rose 21.7 pct YoY.
- Chambal Fert – EBIDTA grew 48.70 pct, margin at 6.3 pct vs 3.1 pct YoY.
- Jupiter Wagons – Sales at Rs. 11.15 bn, up by 57 pct YoY, profit at Rs 1.05 bn .
- Tata Elxsi – Company partners with Arm to offer solutions for ARM processors.
- Tata Motors – Company’s JLR April UK sales up 19 pct at 5,627 units Vs 4,722 units YoY.
- Macrotech – Will launch in this fiscal 17 housing projects, having a sales potential of Rs 120 bn.
- LTI Mindtree – IBM to set up joint generative AI centre of excellence in India.
Negative Read through
- Dr Reddy’s – Q4 headline numbers below estimates, US sales down 3 pct QoQ.
- Voltas – UCP market share falls 30 bps QoQ to 18.7 pct, EBIDTA & margin miss estimates.
- IGL – EBIDTA/scm at 4 quarter low of 6.57, margin below estimates at 14.5 pct.
- Navin Fluorine – Margin slips over 1,000 bps YoY, no update on new CEO.
- UBL – Volume in-line with estimates at 10.9 pct, EBIDTA & margin miss estimates.
- Delta Corp – EBIDTA declined 30.7 pct, margin at 21.4 pct vs 28.1 pct YoY.
- JSW Energy – Q4 slightly below estimates, sales jumped 3.1 pct YoY.
- Credit Access – GNPA ratio at 1.18 pct vs 0.97 pct, NIM remains flat QoQ.
- Protean eGov – Profit decreased by 38.9 pct, sales tumbled by 4.3 pct YoY.
- Sonata Soft – IT services USD sales down 2.4 pct, margin at 21.10 pct vs 24.20 pct QoQ.
- Sasken Tech – RBIT down 97.3 pct, margin at 0.1 pct vs 3.1 pct QoQ.
- Suraj Estate – Profit up by 17.6 pct QoQ, revenue down by 5.3 pct.
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