Markets on Mahurat trading session managed to breach crucial resistance of 19,500 in Nifty on back upbeat closing in the U.S markets on Friday. However, due to low activity on Sunday, prices carry less significance. In fact, after yesterday’s up move, prices have tested the falling resistance line extended from all-time high and may act as an important make or break levels in the near term. On the downside, the support is seen at 64,800 in Sensex which turns out to be 19,390 in Nifty below which, may see reversal of the ongoing uptrend. We expect markets to get a breather once down trending line is pieced on closing basis as such trend line often acts as a starting point of next leg of major downtrend.
Result Today – Grasim Industries, Mannapuram Finance
Sensex 30 Chart
Stocks to watch
Positive Read through
- Coal India – Q2 above estimates, realizations compression lower than expected.
- Eicher Motors – Q2 above estimates, EBITDA rises by 32 pct, Margin increased by 200 bps YoY.
- Sun Tv – Sales increased by 27 pct, Margin stood at 69.4 pct Vs 65.1 pct YoY.
- Sun Tv – Sales increased by 27 pct, Margin stood at 69.4 pct Vs 65.1 pct YoY.
- SAIL – Adjusted margin below estimates at 7.6 pct, volume growth at 13 pct YoY.
- Fortis – Hospital Business Q2 sales increased by 12 pct YoY, Occupancy levels rise QoQ.
- Confidence Petro – EBITDA up by 58.5 pct, Margin stood at 13.9 pct Vs 12.1 pct YoY.
- Munjal Auto – EBITDA increased by 39.4 pct, Margin stood at 6.6 pct Vs 4.8 pct YoY.
- Power Mech – EBITDA up by 30.8 pct, Margin stood at 12.2 pct Vs 11.2 pct YoY.
- YES Bank – Gets Rs. 1,200 mn from Single Trust.
Negative Read through
- ONGC – Q2 below estimates, windfall tax impact realisations by USD 11/bbl.
- Glenmark – Posted loss Vs profit, exceptional loss being higher by USD 679 mn YoY.
- Biocon – Q2 below estimates, Margin stood at 21.4 pct Vs 20.3 pct YoY.
- Tata Chem – EBITDA declined by 11 pct, Profit slipped by 27.1 pct YoY.
- LIC – H1 value of new Business declined by 10 pct, APE slipped by 10.3 pct YoY.
- RCF – EBITDA declined by 73.9 pct, Margin stood at 2.6 pct Vs 7.3 pct YoY.
- Allcargo – EBITDA declined by 68 pct, Margin stood at 3.6 pct Vs 7.4 pct YoY.
- Tarsons – EBITDA declined by 22 pct, Margin stood at 38 pct vs 45.8 pct YoY.
- Galaxy Surfactants – EBITDA declined, Margin stood at 12.7 pct vs 10.6 pct YoY.
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