Markets exhibited a show of strength on Tuesday with the Nifty rebounding from lows after gap opening and ending with marginal gains. The close above 17250 has shifted the Nifty into a new trading range of 17250-18612 and we expect short covering to take the Nifty 50 Index to Oct 21 highs.
Important to note is that the bulls in some of the broader indices like the Nifty 50 Equal weighted index are coming out from 10 months of hibernation. Thus, we expect major buying activity in days to come.
Major US stock indexes fell, as investors weighed increased tensions between the US and China with House Speaker Nancy Pelosi’s Taiwan visit and reacted to comments from Fed officials about the central bank’s path forward.
Nifty- 50 Eq Wt Index & Spread of Nifty 50-Nifty 500 Index.
Stocks to watch
Positive Read through
- Larsen & Toubro Infotech to train over 12,000 employees on Microsoft technologies by 2024
- Mahanagar Gas hikes CNG price by Rs 6/kg, PNG by Rs 4 a unit with immediate effect
- Axis Bank to acquire over 5% stake in CredAble for Rs 55 crore by September
- SpiceJet clears all dues with AAI, to revert to the advance payment mechanism
- ONGC, RIL- Export duty on diesel cut to Rs 5 from Rs 11, duty on petrol nil
- Bosch- Revenue up 45.1%, margin at 12.7% vs 12.6%
- Siemens- Revenue up 50%, order backlog at an all-time high
- Auro Pharma- USFDA observations for unit 11, No data integrity issue
- eClerx Services- Board to consider bonus share issue on Aug 9
- ITC exits lifestyle retailing business
- IndiGrid to acquire Raichur Sholapur Transmission Company for Rs 250 crore
Negative Read through
- Thermax- Revenue & EBITDA higher, while margins and profits below estimate
- Deepak Nitrite- Revenue up 35%, margins at 17.3% vs 29.6%
- Auto Ancillary- July class 8 truck order falls 69% YoY to 8-month low
- Indus Tower- Revenue down 3.1%, margins at 33.7% vs 57.2% QoQ
- Voltas- Results below expectations, AC market share at 24.1%
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