Markets reacted lower amid worries over U.S. debt ceiling deal with banking stocks dragging Nifty lower by 0.3%. The Wave (ii) within Wave (5) seems to be in progress and expected to settle in range of 18230-18285. With advance decline ratio remaining in the positive terrain despite selling in large cap stocks. We expect current correction to be short lived before we see a near term upside towards 19220.
Nifty 50
Stocks to watch
Positive Read through
- Gujarat Gas to cut industrial gas prices to Rs 38.43 per scm from June 1 according to reports
- LIC- VNB margin at 19.4 pct vs 14.6 pct QoQ, FY23 APE up 12.5 pct YoY
- Nalco- Q4 results above estimates, aluminum business EBIT up 44.7 pct QoQ
- Piramal Pharma- reports highest margin and revenue since Q4FY22
- Titagarh Wagons- reports Rs 48 cr profit vs loss, freight rail EBIT up 81 pct YoY
- Nykaa- EBIDTA clims 83.2 pct, margin expands more than 100 bps YoY
- Borosil Renewables- EBIDTA up 85 pct, margin rises 350 bps QoQ
- Gujarat Pipavav- EBIDTA up 1.6 pct, net profit rises 30.8 pct YoY
- Fine Organics- EBITDA rises 26.5 pct, margin at 34 pct vs 21.2 pct YoY
- Pheonix Mills- EBIDTA rises 27 pct, margin up 1000 bps YoY
- BL Kashyap – bags an order worth Rs 132 cr
- Wonderla Holidays- Margin at 43 pct vs 34.4 pct, revenue up 69.7 pct YoY
Negative Read through
- Oil India- EBIDTA down 17.7 pct, margin at 43.6 pct vs 53.1 pct QoQ
- JB Chem- Q4 results below street estimates, margin at 21.5 pct vs 20 pct YoY
- Garden Reach- EBIDTA down 37.4 pct, margin at 3.4 pct 6 pct YoY
- Ashoka Buildcom- EBIDTA down 2 pct, margin at 22.7 pct vs 28.5 pct YoY
- Shyam Metalics- EBIDTA slips 37.6 pct, margin at 12.2 pct vs 23.2 pct YoY
- Trident- EBIDTA down 20.5 pct, margin at 17.1 pct vs 18.1 pct YoY
- Asian Granito- Net loss Rs 44.7 cr vs profit, Revenue slips 5 pct YoY
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