Markets extended gains for the fourth consecutive week as positive global cues and upbeat results from India Inc aided sentiments. The Nifty gained about 2% while Bank Nifty rallied by 3% during the week and is comfortably above the breakout levels.
Nifty 50 has now inched closely towards long-term breakout which is placed at 17775, and we may see an immediate rally towards 18266 while major support for Nifty is seen as 17500.
For the coming week, markets will continue to focus on global cues and institutional flows for directions. In absence of any major triggers back home, markets will track global cues and are expected to maintain their current momentum.
Nifty 50 Weekly chart
Stocks to watch
- Ambuja & ACC- CCI approves Adani Groups acquisition of Ambuja & ACC.
- HDFC & HDFC Bank- CCI approves of the proposed merger of HDFC and HDFC Bank
- ONGC- Mixed Q1 earning, crude oil and gas volumes flat YoY & QoQ.
- M&M- Launches two new electric brands, XUV & BE, 1st EV on Sep 22
- JK Cement- Revenues up 23%, sales volume raises 18% YoY
- Apollo Tyres- Revenues up 30%, margins under pressure on higher RM costs
- Sun TV- Revenues up 47.4% company sees add revenue growth of 10% to 12% in FY 23.
- Honeywell Automation- Revenues up 15%, margins at 16% vs 17% YoY
- Tata Motors- Jaguar Land Rover Canada, Siriusxm Extend Services Pact to 2027
- State Bank of India To Raise MCLR Lending Rates 20 Bps Across Tenors Aug. 15
- Thermax says incorporated new unit Thermax Bioenergy Solutions Pvt
Negative Read Through
- Hero Motocorp- Earnings below estimate, margins at 11.2% vs expected of 12.1%
- Muthoot Finance- NII and Profit below estimate, gold tonnage down 4.8% QoQ
- Zee Ent- Earnings below estimate, add revenue up 5% YoY, down 13% QoQ
- PFC- Lowest disbursement in 6 years, AUM growth weakest ever.
- LIC- Market share declined by 2.1%, VNB margin at 13.6% vs 16% QoQ
- Wockhardt- Revenue down 31%, EBITDA loss at Rs. 16Cr vs EBITDA of Rs. 108 Cr
- Max Health- KKR looks to exit its entire 26.83% stake via a block deal
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