Markets advanced on Monday to post-closing above the psychological resistance of 17,500 in Nifty despite pressure in global markets due to escalating tensions between US-China over Taiwan.
For Indian markets, the spread of Nifty 50- Nifty 500 has been widening day by day and this is a clear indication of money diverting from broader markets to Nifty 50 stocks. We expect Nifty 50 to trigger major short covering in days to come with an immediate target placed at 18612.
Asian shares track U.S losses ahead of U.S inflation data. Key earnings today- OIL, Pidilite, Aarti Industries, Glenmark, IRCTC, SAIL, Indiabulls Housing, etc.
Spread of Nifty 50-Nifty 500 Index.
Stocks to watch
Positive Read Through
- Indian Hotels- Highest quarterly revenue, EBIDTA and PAT highest in 10 quarters
- Tata Chemicals- Earnings higher than estimates, margin 25.4 pct vs estimate of 20 pct
- ABB- Revenue up 44 pct, margin at 9.7 pct vs 6.1 pct.
- Strides Pharma- USFDA completes Singapore unit inspection, no observations
- SBI Life- New business premium up 29.1 pct YoY, total APE down 1.4 pct YoY
- LIC- New business premium up 142 pct YoY, Total APE up 57.5 pct YoY
- Max Financial- New business premium up 1.7 pct YoY, Total APE down 8 pct YoY.
- JSW Steel- July crude steel production rises 14 pct YoY
Negative Read Through
- Bharti Airtel- Profit misses estimates on higher financial cost, India mobile results trails Jio in Q1
- Motherson- Revenue up 3.2 pct, EBIDTA margin at 6.5 pct vs 7.1 pct QoQ
- HDFC Life- New business premium down 5.7 pct YoY, APE down 3.2 pct YoY, up 14 pct YTD
- Indoco Remedies- Revenue up 6 pct, margin at 17.5 pct vs 22.5 pct
- Nalco- earnings below estimates, margin at 23 pct vs expected 26.1 pct
- Power Grid- Revenue up 7 pct, margin at 84.8 pct vs 88.1 pct.
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