Markets surged on low volumes on Tuesday with Nifty gaining around 1% on the back of positive global cues to close above 17900 while the breadth of the market remained negative. As the weekly pattern last week has turned out to be inside the bar, the upside breakout would be confirmed only on a weekly close above 17972 else we may see Nifty moving lower towards 17000.
The lower non-institutional volumes below Rs 23000 crores is a sign of a lack of sustainable rebound in the market hence caution is advised with an immediate breakdown below 17655.
Nifty 50 Weekly
Stocks to watch
Positive Read through
- PI Industries- results better than estimates, margin at 26 pct vs expected 23.7 pct.
- NMDC- earnings largely in-line, margin at 30.7 pct vs expected 28.5 pct.
- Biocon- record quarterly revenue for biosimilar business, overall margin at 22 pct.
- Torrent Power- Revenue up 71 pct, declares dividend of Rs 22 a sh.
- Prestige Estates- EBITDA up 54.7 pct, revenue rises 74.5 pct YoY.
- Aster DM- EBITDA up 13 pct, revenue up 20.5 pct YoY.
- EID Parry- EBITDA up 49.1 pct, revenue rises 51.9 pct YoY.
- GMDC- Profit rises 77 pct, margin up more than 1200 bps YoY.
- Shilpa Medicare- Margin improves and losses contract QoQ.
Negative Read through
- Apollo Hospital- Earnings below estimates, margin slips 420 bps YoY.
- Voda Idea- losses and debt increase, ARPU improved to 135.
- ONGC- revenue flat. EBITDA is up 8.5 pct and profit is down 14 pct QoQ.
- Bata- Soft quarter, EBITDA at Rs 206 cr vs expected of Rs 256 cr, margin 23 pct.
- Indiabulls Housing- Asset quality deteriorates, AUM lowest in 28 quarters.
- GMR Airports- EBITDA down 26 pct, margin at 30 pct vs 52.5 pct YoY.
- Radico Khaitan- EBITDA down 19 pct, regular segment volumes slip 23 pct.
- HEG- EBITDA down 15 pct, expansion delayed to April 2023.
- Sequent Scientific – reports a loss for the third straight quarter and its margin remains below 3 pct.
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