Markets rebounded sharply to regain their control above the key resistance of 16123 led by gains in banking stocks.
Market dynamics turn into positive terrain on a close above 16123 for a potential target of 17200 in short term.
The ratio of Bank Nifty to Nifty has also confirmed a major breakout from the downtrend, which is likely to fuel major buying from FIIs in Indian markets while metals and IT may go through underperformance.
Global markets are trading positive after minutes from the US Federal Reserve’s May 3-4 meeting gave no signals that officials could turn more hawkish soon to fight inflation and were backing half-percentage-point rate hikes in June and July, largely in line with expectations.
Back home, hopes of a good monsoon and strong macro data will boost market sentiment.
Key Results today– Indiabulls Real Estate, JSW Steel, Glenmark Pharma
Bank Nifty & Ratio of Bank Nifty to Nifty 50 Index
Stocks To Watch
Positive Read Through
- ONGC Plans exploration Capex of 310 billion rupees over three years
- Tata Motors Incorporates wholly-owned unit TML Smart City, to undertake urban mass mobility operations.
- Tata Power Says Renewable unit commissions 100 MW project for MSEDCL
- Union Bank Approves Raising Up to $1B Through Share, Bonds Sale
- Hindalco- earnings ago Bharat Dynamics- Cons revenue up 16 pct, EBIDTA up 17 pct, and margin flat YoY.
Negative Read Through
- Zee Entertainment 4Q Net Income Rs 1.82b, -34 pct YoY, Misses est. 2.92b
- Sun Pharma- Taro Q4 sales down 3.4 pct, EBIDTA ex-contingency down 44 pct
- Motherson Sumi- EBIDTA down 27 pct, margin at 7.6 pct vs 10.5 pct YoY
- NMDC- EBIDTA Rs 2683 cr vs expected Rs 3083 cr, margin 40 pct vs 43.3 pct expected
- Berger Paints- Results below estimates, competition rises
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 99/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.