Markets remained highly volatile yesterday after disappointing earnings from Reliance Industries. Markets are expected to start on a sober note today after yesterday’s weakness. However, Bank Nifty has confirmed a ‘flag’ breakout with an immediate target of 43,300 which may trigger bullishness in days to come. The BSE Bankex in Euro terms has also seen a similar breakout which indicates that in process of QE, ECB has accumulated Indian banking stocks. Hence, we expect Bank Nifty to be a key contributor to gains in Nifty 50 in the coming week.
Key triggers for this week are the Fed rate decision on July 27, where a 75-bps hike could be on the cards. Also, the July F&O series expiry is expected to keep the markets volatile.
Bank Nifty weekly closing & BSE Bankex in Euro
Stocks to watch
Positive Read through
- Axis Bank NIM’s at 20 Qtrs high of 3.6%. NPA’s lowest in 24 Qtrs.
- Tata Steel Realizations higher than expected Europe EBITDA/tonne at $360
- Bajaj Finserv- To consider bonus issue and stock split on July 28
- Chennai Petro- Revenues up 41%, margins at 14.6% vs 9.6%
- Marcotech- Revenues up 67%, margins at 33.7% vs 33.5%
- Sonata Software- Revenues up 21.5%, margins up at 8% vs 7.4%, bonus at 1:3
- Jindal Stainless-Profit raises 8%, margins at 48.3% vs 14.9%
- GSK Pharma – EBITA up 12.3%, margins at 20.2% vs 18.7% YoY
Negative Read through
- TechM- Revenues are a beat while margins are below poll
- IEX- Earnings miss estimates, margins t 82.7% vs estimates of 84.3%
- Tatva Chintan- Revenue down 17%, margins at 17.2% vs 24.6%
- Tanla- Revenues decline QoQ for 2nd consecutive qtr. Margins slip 520 basis points.
- Tejas Network- Revenue down 12.8%, EBITDA loss for 3rd straight qrt.
- Astec LiveScience- EBITDA up at 3.2%, margins at 13.8% vs 19.1 YoY
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