Markets cooled from day’s high after surging nearly 150 points to finally end in marginal negative terrain to claw back below the 23,000 mark in the Nifty 50, while the Nifty Bank managed to post gains of 0.7%. The crucial trigger for markets is seen from Nifty Bank index, where Bank Bees is already showing signs of major breakout fan ascending triangle. The upside potential is seen at 10% higher than current levels, and the next catalyst for gains in Nifty towards 24,000 may be coming from rally in banking sector. The overall view remains bullish with an overweight stance in the Nifty Bank.
Result Today – IRCTC, Prestige Estate, General Insurance, ITI, NBCC, RR Kabel, RITES, PTC Industries
Banking ETF Chart
Stocks to watch
Positive Read through
- LIC – Q4 largely above estimates, total APE up 11 pct YoY.
- USL – premium trends intact, target double-digit revenue growth in fy25.
- Cochin Shipyard gets 60 mn euros order for hybrid SOVs from UK operator.
- Adani Energy – to raise up to 12,500 cr in eq, qip or other modes.
- Adani Enterprises – board to consider fund raising today.
- GMDC – margin at 27.5 pct vs 21.4 pct, revenue rises 33 pct (qoq).
- TVS Supply – EBITDA up 3.7 pct, revenue rises 4.5 pct YoY.
- Keystone – raises Rs. 800 cr via QIP issues shares to Quant Mutual Fund.
- Voda Idea launches extra data for new 4G and 5G smartphone users.
- Vedanta said to weigh $1 billion share sale as soon as June.
- HCL Tech, Arm collaborate to work on custom silicon chips for AI-led biz.
- FMCG Cos- IMD predicts 106% rainfall of long period average during June-September monsoon season.
Negative Read through
- NMDC – rev in-line but EBITDA misses estimate, royalty as pct of sales rises to 47 pct.
- Borosil Renew – rev down 8 pct YoY, reports EBITDA loss of Rs. 25.5 cr.
- Natco Pharma – earnings below estimates, higher YoY due to Revlimid.
- Concord – Ontario Inc may sell 3.4 pct equity, floor price at 8 pct disc to CMP.
- Timken – Timken Singapore may sell 6.6 pct equity, floor price at 10 pct disc to CMP.
- AstraZeneca – margin at 13 pct vs 21 pct, EBITDA down 17.7 pct YoY.
- Goodyear – EBITDA down 90.7 pct, margin at 1 pct vs 8.7 pct (YoY).
- IFL Fin – Q4 & FY24 results delayed due to rbi audit.
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