Markets ended lower on the back of broad-based selling but Nifty 50 managed to hold closing above crucial support placed at 18025 ahead of key U.S. CPI numbers. The U.S. CPI numbers which came in yesterday evening were well below estimates thus revoking fears of further rate hikes.
The global markets have taken this development positively with the U.S indices closing higher by 4%. Indian market is also likely to see a gap-up opening due to positive global sentiments. However, it becomes necessary for the Nifty 50 index to cross above the key hurdle of 18513. Until then, the risk of a downside toward 14700 remains a possibility.
We can expect a smooth transition toward the upside target of 19867 provided this hurdle is taken out and this may occur mainly on account of short covering with a rally driven by a few large caps.
Nifty 50 Index & Nasdaq Composite
Stocks To Watch
Positive Read Through
- Eicher Motors- Earnings largely in-line, revenue up 56 pct, profits rise 76 pct YoY
- Ashok Leyland- Earnings beat all parameters, margin 6.4 pct vs 3 pct YoY
- Apollo Hospitals- Revenue up 14 pct, Healthcare Services revenue up 5 pct, margin up 210 bps
- Indian Hotels- Revenue up 69 pct, margin at 23.9 pct vs 10 pct YoY
- Concor- Revenue up 8 pct, margin up 200 bps, EXIM EBIT up 20 pct YoY
- Berger Paints- EBIDTA up 2.8 pct, H1 market share at 18.8 pct vs 18 pct last year
- Zomato- Adjusted Revenue up 16 pct QoQ, Ex-Blinkit Adj. EBIDTA loss at Rs 60 cr
- Bajaj Holdings- Added to MSCI India Standard Index
- Bombay Dyeing- SAT stays SEBI order against Co and Promoters
- Kalpataru Power- Revenue up 7 pct, margin at 9.2 pct vs 8.5 pct YoY.
Negative Read Through
- Trent- Revenue up 66 pct, margin slips 470 bps YoY, Gross margin slips 200 bps
- Bata- Revenue beat, EBITDA and Profit miss estimates, Gross margin up 210 bps
- Muthoot Finance- AUM growth at 20-atr low, NII and profit below estimates
- SAIL- EBITDA at Rs 735 cr vs poll of Rs 1050 cr, debt rises to Rs 30,000 cr
- Supriya Life- Revenue down 25 pct, margin at 46 pct vs 64 pct YoY.
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