Markets ended with gains of 0.5% yesterday on back sharp jump USDJPY with IT and Metals turning main contributors on Monday. With base metals prices surging almost 2% in yesterday’s trade, we expect this to impact the financial sector negatively. For Nifty, a move below 19700 should be seen as a reversal.
The crucial support for Nifty is seen at 19,600 on closing basis below which, we may see selling intensifying towards 19100 and below in a quick span of time. The rising crude prices and base metals prices poses major threat to Indian markets with Brent Crude already confirming major breakout on weekly basis.
BSE Bankex & Dollex 30
Stocks to Watch
Positive Read through
- DLF sources say promoter group to sell 21.6 mn shares at 503/Sh via block deal.
- Petronet LNG’s EBITDA margin stood above estimates, EBITDA increased by 25 pct QoQ
- RVNL gets letter of award for two projects worth Rs 3,316 mn.
- Blue Star’s board to consider fund raise on August 3, 2023
- JBM Auto EBITDA increased by 38.1 pct YoY, board approves fund raise of Rs 5,000 mn
- MOIL prices of all ferro, fines & chemical grades decreased by 5 pct.
- HG Infra EBITDA up by 41.1 pct, margin stood at 20.8 pct Vs 18 pct (YoY)
- South Indian Bank board approves fund raise of up To Rs 10,000 mn via QIP, Rights Issue
- Easemytrip sets to acquire 51 pct stake in three travel Tech Companies.
- Cochin Shipyard government upgrades Company to ‘Schedule A’ CPSE.
Negative Read through
- Maruti posted margin below estimates, to acquire Suzuki Motor’s stake in Suzuki Motor Gujarat.
- ONGC/OIL government hikes windfall tax on crude to Rs 4,250/t, SAED on Diesel hiked to Rs 1/L
- UPL says current prices likely to persist in near term on low demand
- BOSCH margin contracts to 11.3 pct Vs 12.7 pct, EBITDA rises 4.1 pct (YoY)
- IRB Infra EBITDA down by 26.7 pct, margin contracts more than 700 bps YoY
- Power Grid’s sales remain flat, net profit down 6 pct, approves bonus issue in 1:3 Ratio
- Navin Fluorine’s Ravi Venkataramanan resigns as CEO of CDMO Business of the Company.
- LUPIN voluntary recall of 2 lots of pregnancy prevention drug Tydemy In US
- Oberoi Realty’s EBITDA down by 3.7 pct, margin stood at 52.1 pct Vs 53.9 pct (YoY)
- KEI IND margin at 10 pct vs 10.2 pct, Sales Up by 14 pct (YoY)
- Airlines- Jet fuel (ATF) price hiked by Rs 7,728/t to Rs 98,508.26/kL in Delhi
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