Markets extended losses on Monday on back of selling from ITC and Kotak Bank with Nifty 50 managing to outperform Sensex 30 due to comparative lower Giant Capitalisation concentration. In the short term, crucial support for Nifty is placed at 19,600 and below which, we expect selling pressure to aggravate further with a quick reaction seen at 19,100. The Brent crude prices have managed to confirm a major reversal above USD 82 a bbl with a short-term target seen at USD 100 a bbl. We expect a major impact to be seen in consumption-related stocks and financials.
Sensex top-9 stock index
Stocks to watch
Positive Read Through
- Reliance partners with Brookfield Infra and Digital Realty for India’s data center business.
- Tata Steel Q1 India biz EBITDA per ton is above estimates at Rs 16,014 per ton, earnings in line with estimates.
- Power Grid arm commissions 8.1 gw Rajasthan solar energy project transmission system.
- AstraZeneca DCGI nod to import pharmaceutical formulations of new drug for sale.
- VIP Ind receives insurance claims worth rs 41 cr for a fire incident at the company’s warehouse.
- RHI Magnesita- Dalmia OCL acquires remaining 49pct stake of RHIM seven For Rs 61.8
- DB Realty arm to acquire 4.95pct stake in Siddhivinayak Realties exits ECC- Konark JV
- JK Paper Q1 EBITDA rises 13pct, revenue up 11pct YoY
- SJVN Arunachala Pradesh govt allocates 5 hydro projects of 5,097 MW to the company
Negative Read Through
- Maruti recalls 87,599 units of S-Presso & Eeco due to possible defects in steering tie rods.
- Aarti Surfactants EBITDA rises 27.8pct, margin At 9.9pct Vs 7.3pct YoY.
- Shoppers stop profit slips 36.5pct, margin remains flat YoY
- IIFL Sec net profit down 12.8pct, customer acquisitions slips 12pct QoQ
- Chennai Petro EBITDA slips 44pct, margin at 6.5pct Vs 9.4pct (QoQ)
- Spandana disbursements down 45.5pct, NII slips 11.4pct QoQ
- DCM Shriram’s EBITDA slips 61.9pct, chemicals biz EBITDA down 90pct YoY
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