Markets witnessed selling pressure last week on the back of weakness in the banking sector, but Sensex managed to defend its crucial support of 70665 and followed with closing above 50 DMA. A close above 70665 has reignited positive momentum and expect Sensex to retest to 73400 in the coming days. The trigger for accelerated momentum in the coming week may come from a sharp decline in India Vix below the 14 mark and RSI reverting to a mean of 46. Both these indicators suggest that the markets’ downside may be arrested in the near term and the rally may see a meaningful upside in a short span of time.
Results Today – Apollo Pipes, Gail, NTPC, BPCL, Bajaj Finance, ITC, Marico, BEL
Sensex 30 Chart
Stocks to watch
Positive Read through
- VA Tech Wabag – Signed Mou Peak Sustainability Ventures to Install 100 Bio-CNG Plants.
- Sun Pharma – Taro reports healthy earnings, margin rises both QoQ & YoY.
- Shriram Fin – Disbursements up 29 pct YoY, margin expands to 9 pct, NII at Rs 50.94 bn.
- Chola Invest – Asset quality improves, disbursements rise by 28 pct, AUM up 36 pct YoY.
- Piramal Ent – To sell entire 20 pct in Shriram Investment Holdings for Rs. 14.40 bn.
- Cyient – Q3 earnings in-line, guidance lowered as per expectations.
- HDFC Bank – LIC gets RBI nod to raise stake up to 9.99 pct, current holding at 5.2 pct.
- IEX – Sales up 15 pct, margin rises 200 bps to 85 pct YoY.
- DLF – bookings up by 261 pct, margin at 33.6 pct vs 31.9 pct YoY.
- Strides Pharma – Gets US FDA approval for Pregabalin capsule.
- SJVN – Wins Guvnl auction for 100 MW solar power project.
- Mah Seamles – Bags Rs. 1.16 bn contracts from IOC for seamless pipe supply.
- Ashoka Buildcon – Lowest bidder for a NHAI project worth Rs. 5.20 bn.
- Ahluwalia – Bags Rs. ~1.80 bn order from Max Smart Super Specialty Hospital.
- Vedanta – EBITDA above estimates, margin at 24 pct vs 21 pct YoY.
Negative Read through
- Cipla – Margin estimates at 24 pct, Samina resigning part of larger promoter strategy.
- SBI Cards – Revolver rate at an all-time low, and asset quality deteriorates.
- AU SFB – Asset quality deteriorates, slippages rise 16 pct QoQ.
- Syngene – FY24 guidance cut, company shifting contracts to next year.
- Laurus – forms JV with KRKA Slovenia, the company will hold 49 pct in JV.
- Tata Tech – USD sales up by 0.9 pct, CC sales increased by 11.6 pct YoY vs H1 growth at 15.5 pct.
- Novartis – Earning healthy, margin increased by 240 bps QoQ, MD resigns.
- Shilpa Medicare – Austrian regulator issues 2 observations for unit 4 in Telangana.
- Jubilant Pharmova – To sell entire 25.8 pct in Sofie Biosciences US for USD 139.4 mn.
- Zee Ent – ED confirms searches at three premises of Essel Group.
- Yes Bank – NII below estimates, advances increased by 12 pct YoY, slippages rise.
- Utkarsh SFB – Asset quality deteriorates, NIM improves QoQ, NII increased by 23 pct YoY.
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