Markets negated breakout on Tuesday after Sensex slipped below 70,665 triggering broad-based sell-off on back of expectations that SEBI is set to impose ultimate beneficial ownership norms for overseas investors w.e.f Feb 1. The midcap and small cap index saw deeper cuts of more than 3% while the pharma index being defensive posted gains of nearly 2%. From a short-term perspective, selling pressure is likely to prevail as long as Sensex holds below 70,665, where the first line of support is seen at 69,739 which is 50 DMA.
Results Today – Bajaj Auto, Bharat Dynamics, Lauras Labs, Tata Steel, Tech Mahindra, TVS Motors
Sensex 30 Chart
Stocks to watch
Positive Read through
- Axis Bank – Deposit growth of more than 5 pct QoQ best amongst private peers.
- L&T Fin – NIM at an all-time high of 8.97 pct vs 8.62 pct, asset quality improves QoQ.
- Pidilite – Consumer business volume growth above estimates at 10.3 pct, EBITDA & Profit beat estimates.
- MGL – Q3 above estimates, volumes up by 8 pct YoY & up by 3 pct QoQ at 3.7 mmscmd.
- Indus Towers – Sales up by 0.9 pct, margin at 50.3 pct vs 48.5 pct QoQ.
- Tata Elxsi – CC sales up by 9.4 pct YoY, margin at 26.8 pct vs 27.1 pct QoQ.
- Lupin – Lupin gets tentative US FDA approval for Rivaroxaban Tablets.
- Rallis – EBITDA up 16 pct, margin at 10.4 pct vs 8.5 pct YoY.
- Sona BLW – Sales up by 15.8 pct, margin at 29.7 pct vs 26.1 pct YoY.
- Puravankara – EBITDA increased by 79.2 pct, margin came at 34.7 pct vs 28.3 pct YoY.
- Glenmark Life – Profit up 13.1 pct at Rs 1188 mn vs Rs 1050 mn, Revenue up by 5.9 pct at Rs 5728 mn
- AU Bank – CCI approves merger of Finance Small Finance Bank with the bank.
Negative Read through
- Havells – Posted Q3 below estimates, margin down by 50 bps YoY at 9.8 pct.
- USL – Sales in line with estimates led by prestige segment, profit up by 60 pct YoY.
- Karnataka Bank – Asset quality deteriorates, NIM at 3.46 pct vs 3.81 pct YoY.
- JSW Energy – Results marginally soft vs estimates, renewable generation up by 71 pct YoY.
- Sasken – Sales down 6 pct at Rs 964 mn Vs Rs 1025 mn, EBIT down by 58.6 pct at Rs 30 mn.
- Tanla Platforms – Profit down by 1.7 pct QoQ, sales declines by 0.6 pct.
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