Market activity remained dull on Tuesday with Nifty 50 unable to cross above 19800 and was followed with closing below short-term support of 19735. In the past few days, Brent Crude prices has seen steady up move after formation of double bottom and is on a verge of breaching intermediate high for a potential target of USD 103 a bbl. We expect Nifty to sharply react lower by 8-9% on Brent crude crossing above USD 87.5 a bbl mark and may also have severe impact on USDINR which is also geared for testing 87. Adding to it, Nifty in JPY terms has also completed rising wedge which projects downside target of 8.7 pct.
Nifty in JPY terms & Dollex 30
Stocks to watch
Positive Read through
- Eicher Motor’s Royal Enfield total sales up by 32 pct, domestic sales up by 42 pct YoY
- Ashok Leyland’s July total vehicle sales up by 11 pct, M&HCV sales rise by 17 pct YoY
- Power Grid boards approves invest of up to Rs 5,550 mn for a 85 MW solar PV power project
- Thermax’s EBITDA up by 37.5 pct, margin stood at 6.8 pct vs 5.8 pct (YoY)
- Bikaji’s margin stood at 13.6 pct vs 7.3 pct, sales rises by 15 pct (YoY)
- Dalmia Bharat’s EBITDA up by 8.7 pct, margin came at 14.2 pct vs 11.8 pct (YoY)
- Sansera Engineering EBITDA rises by 24.9 pct, sales up by 24 pct (YoY)
- Welspun Ent EBITDA margin stood at 15.1 pct vs 5.2 pct, net profit up by 89 pct YoY
- MOIL July manganese ore production up 71 pct YoY at 1.20 lakh tonnes
- SML ISUZU July total sales up by 23 pct at 1,250 units vs 1,020 units (YoY)
- SOM Distilleries gets supply nod for Indian made foreign liquor brands in Rajasthan
- Sterling & Wilson gets limited notice to proceed for a proj worth approx Rs.3,600 mn
- Snowman’s net profit rises by 79 pct, sales up 47.5 pct YoY
- NMDC- Production up 19 pct at 2.44 mt vs 2.05 mt YoY.
Negative Read through
- TVS Motor July exports down by 20 pct, total sales up by 4 pct YoY
- Hero Moto total sales down by 12 pct, domestic sales slips by 13 pct YoY
- Cholamandalam NIM at 11 qtr low of 7.3 pct, profit below estimates
- ZEE ENT IDBI Bank files an appeal before NCLT against May 19 NCLT order
- Metro Brands margin came at 32 pct vs 36 pct, profit down by 12 pct (YoY)
- SULA receives excise duty notice of Rs *1,160 mn from Maharashtra excise ministry
- Redington margin stood at 2 pct vs 2.7 pct, net profit down by 21.2 pct (YoY)
- SYRMA SGS EBITDA margin down by 250 bps, gross profit margin down by 600 bps YoY
- Thyrocare’s EBITDA down by 4.7 pct, margin came at 25.4 pct vs 28.2 pct (YoY)
- Jindal Drilling sales down by 29.2 pct, net profit slips by 59.8 pct YoY
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