Markets rebounded sharply from 50 DMA to post formidable gains and reconquered the resistance line placed at 70,665 led mainly by gains from technology and metal sectors. The oscillators in the past few days have seen cooling off from extreme overbought zone and provides necessary cushion for next leg of up move. With India VIX sustainably trading below the 15 mark despite hyper volatility, this may be attributed to aggressive put writing at lower levels. We expect Sensex to revisit recent high after closing above 70,665 where upside gains can even extend towards 75,000 levels.
Results Today – ACC, JSW Steel, SBI Cards, Vedanta, IEX
Sensex 30 Chart
Stocks to watch
Positive Read through
- HDFC Bank – Will prioritize margin, BO rule change needs in writing.
- Tech Mаh – CC sales growth at 1.1 pct vs estimates of a decline, margin in-line.
- Coal India – Cabinet approves investment to set up coal-to-sng project in JV with Gail.
- Tata Steel – EBITDA/t above estimates at Rs 16,903/t, volumes & steel realisations improve.
- Bajaj auto – Q3 above estimates, sales increased by 30.1 pct YoY.
- TVS Motor – Q3 above estimates, EBITDA rises 40.3 pct yoy, record-high margin.
- Birlasoft – CC sales increased by 1.8 pct, margin at 16 pct vs 15.8 pct QoQ.
- DLF – Bookings up by 261 pct, margin at 33.6 pct vs 31.9 pct YoY.
- Mazagon Dock – Defence Ministry contract worth Rs. 10.70 bn for 14 FPVS for ICG.
- Concor – EBITDA up 19.7 pct, margin at 23.4 pct vs 21.6 pct YoY.
- BHEL – To invest up to Rs 117.82 bn in coal-to-ammonium nitrate JV project in Odisha.
- Balkrishna Ind – Profit at Rs 3054 mn Vs Rs 1083 mn; Sales at Rs 22.74 bn Vs Rs 21.66 bn YoY.
- Mastek – Partners with Microsoft to transform industries using Generative AI.
- Tips Ind – Targeting 30 pct YoY growth in both top and bottom line.
- Borosil – To raise up to Rs 2.50 bn via qualified institutional placement.
Negative Read through
- Zee Ent: Many offices of Essel group operated from Continental building premises.
- Lauras Labs – Q3 missed estimates, sales lowest since Q1FY24, EBITDA declined by 55 pct YoY.
- PNB HFC – Nim and spreads are at 6 Quarter low, disbursement down by 0.9 pct QoQ.
- DCB Bank – Asset quality deteriorates for 3rd Quarter in row, slippages up 8.35 pct QoQ.
- IndoStar Capital Fin – Profit declined by 54 pct at Rs 150 mn YoY; NII declines 11.1 pct.
- Aarti Drugs – profit down by 13.9 pct at Rs 316 mn YoY; sales declines by 14 pct.
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