Markets for April expiry settled with strong gains with Nifty nearly away 1% from all time high and Nifty Bank activating a triangle breakout. We expect positive momentum to accelerate further with immediate target seen towards 23,500 for Nifty.
The US Future is trading higher after the cash market ended red on Thursday due to weak economy data. In Asia most of the equity markets are trading in green, while crude prices are higher on supply demand concerns amid geo-political concern. Brent is near USD 90 per barrel.
Result Today – HCL Tech, Maruti Suzuki, Bajaj Finserv, SBI Life Insurance, SBI Cards, Mahindra Holidays
Nifty50 Chart
Stocks to watch
Positive Read through
- Tech Mahindra – Sales beats, margin in- line, targets 15 pct margin by FY27.
- Tata Steel – To proceed with Pound 1.25 bn investment on ARC Furnace in port Talbot.
- Mphasis – Healthy Q4, CC sales growth at 2.1 pct QoQ.
- Zensar – Sales & margin in-line, CC sales rose 2 pct QoQ, CEO resigns.
- Som Distilleries – Sales surged by 52 pct, margin rises 40 bps YoY.
- Sandur Manganese – To acquire Arjas Steel, acquisition to be completed in 7 months.
- IndiGo – Company places an order for 30 Airbus A350 jets.
- REC – Avails green loan of Yen 60.5 bn from the Italian export credit agency SACE.
- Macrotech – Company expects pre-sales to grow about 20 pct in the year to March after reporting its highest-ever quarterly revenue.
Negative Read through
- Bajaj Fin – Numbers below estimates, expects NIM to decline by 30–40 bps in H1FY25.
- Indusind Bank – Mixed Q4, NII below estimates at Rs. 53.77 bn, slippages at 14-quarters low.
- LTTS – Margin below estimates at 16.9 pct, FY25 guidance muted.
- Cyient – USD sales rose 2.4 pct, margin flat at 14.4 pct QoQ.
- Tanla – Margin misses estimate, Q4 margin down 400 bps YoY.
- UTI AMC – Equity AUM up 0.2 pct QoQ, loses market share in equity.
- Schaeffler India – Weaker than estimates, margin down 50 bps YoY.
- Olectra Green – Sales declined by 23 pct, margin slipped 140 bps YoY.
- Glenmark Life – Sales tumbled by 13.6 pct at Rs. 5.36 bn, profit down by 33 pct YoY.
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