Markets ended higher yesterday led by support from key index heavyweights. FIIs turned net buyers (net sellers in the last 14-trading sessions) and stable oil prices also supported the sentiments.
Today, we expect the market to open on a positive note on account rally in the global markets. The overall view remains positive for a target of 19867 by May end on a positional basis.
The Bank of Japan kept an unchanged interest rate on its monetary policy. US Q1 quarter GDP reported at -1.4% (expectation +1%). The market now expects that the US Fed may not aggressively hike interest rates after reported poor quarterly GDP numbers.
Key Results today– Tata Chemicals, IndusInd Bank, Maruti Suzuki, Wipro, SBI Cards
Nifty 50 Eq Weight Index
Stocks To Watch
Positive Read Through:
- Tata Motors expects to aggressively ramp up annual production of electric vehicles (EVs) to more than 80,000 units this financial year.
- ICICI Bank has launched a digital service for Micro, MSMEs that customers of other banks can use as well
- Vedanta announced a dividend of Rs31.50 a share (Yield 7.5%) and the company seeks free land, cheap water, power in the race to be India’s first chipmaker.
- IndiaMART, and payment platform, Tazapay, have entered into a partnership to facilitate cross-border transactions for exporters in India
- Tata Power has collaborated with the National Real Estate Development Council, Maharashtra to install up to 5,000 EV charging points across its member developer properties
- M&M- Mahindra Electric has closed the financial year with a market share of 73.4% with a 214% growth from FY’21
- Godrej Properties has acquired 58 acres of land in Nagpur. The development on this land will comprise of plotted residential units and will offer an estimated saleable area of 1.5 mn sq. ft
- Biocon announced in line with expected Q4 results. Biocon 4QFY22 revenues grew 31 pct YoY to Rs2410cr, EBITDA margin expanded 90bp YoY to 24.6 pct. Adj. PAT declined by 7 pct YoY to Rs270cr – estimates Rs220cr.
Negative Read Through
- Sterlite Tech announced poor Q4 results. The company reported a Q4 net loss of Rs22.4cr vs Loss of Rs137.1cr, Ebitda Rs122cr, down 55 pct YoY, Ebitda Margin 15.8 pct vs 7.7 pct QoQ and income Rs1582cr, up 17 pct YoY.
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