Nifty ended flat for the third consecutive day after a big blowout rally seen on Thursday in last week’s trade. Cautiousness is seen ahead of the general election outcome. Nifty has gained over 1200 points from this month’s low and is consolidating ahead of the big event outcome.
The crucial trigger for markets is seen from Nifty Bank index, where Bank Bees is already showing signs of major breakout from an 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 the banking sector. The overall view remains bullish with an overweight stance in the Nifty Bank.
Result Today – Tata Steel, Mazagon Dock, Lemon Tree.
Banking ETF Chart
Stocks to watch
Positive Read through
- ITC – Gets CCI nod for demerger on hotel business.
- AB Fashion – Margin rose 170 bps, EBITDA increased by 49 pct YoY.
- RR Kabel – Sales jumped 16 pct YoY, wires and cables business sales rose 14 pct YoY.
- NBCC – margin at 6 pct vs 3.7 pct, sales grew 43 pct YoY.
- Amara Raja – sales inches up by 15 pct, EBITDA grew by 15 pct YoY.
- Aster DM – Margin at 16.4 pct vs 15.5 pct, EBITDA rose 28.7 pct YoY.
- Havells – Incorporates JV with Krut LED in U.S. to market and sell lighting products and solutions.
- Oil India – Signs MoU with HPCL to collaborate on conventional and alternative energy portfolio.
- Reliance – 1-year deal with Russia’s Rosneft to buy at least 3 mn barrels of oil a month in Roubles.
- Wipro – To transform, modernise IT operations of Close Brothers.
- Infosys – Collaborates with Commerzbank to transform its trading ecosystem.
- Hindalco – Novelis files to offer 45 m shares in the US IPO; sets price range at USD 18-21/share.
- Campus – Margin up by 17.6 pct vs 16.3 pct, EBITDA increased by 13 pct YoY.
- Prestige Est – EBITDA jumped 21.4 pct, Margin came at 38.2 pct vs 26 pct YoY.
- ITD – EBITDA increased by 50.5 pct, margin at 9.8 pct vs 9 pct YoY.
Negative Read through
- IRCTC – Posted Mixed Q4 earnings, internet ticketing business margin down 800 bps YoY.
- PNB HSG – 2.7 pct stake sale likely via block, floor price at 5 pct disc to cmp, as per report.
- GIC – Net earned premium down 6 pct, underwriting profit declines 36 pct YoY.
- GNFC – EBITDA declined 60.7 pct, margin at 6.9 pct vs 16.3 pct YoY.
- Wockhardt – Posted EBITDA loss of Rs. 1.03 bn vs EBITDA of Rs. 30 mn, sales up 3 pct YoY.
- MTAR Tech – EBITDA down 62.9 pct, margin at 12.7 pct vs 25 pct YoY.
- Engineers India – EBITDA tumbled 53.6 pct, margin at 9.6 pct vs 19 pct YoY.
- Linde India – EBITDA down 4 pct, margin at 28.4 pct vs 29.5 pct YoY.
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