Markets on Thursday ended unchanged after trading in red for the most part of the trading session with financial stocks turning cautious ahead of RBI policy. Despite multiple attempts of a shake-out, Nifty has been stubbornly closing above 17250 and this should be seen as silence before the buying storm.
We expect Nifty to test the upper range of the trading zone which is placed at 18612 in the coming days with a major contribution expected from large-cap banking stocks. The Nifty 50 Equal weighted Index has also confirmed a breakout from 10 months of consolidation which may attract the attention of FIIs to infuse more funds into the markets.
BSE Bankex in Euro terms & Spread of Nifty50-Nifty 500 Index.
Stocks to watch
Positive Read through
- Axis Bank Says Agreement for Planned Sale of UK Unit Terminated.
- CDSL Says its active Demat accounts have crossed the 70m
- Container Corp 1Q net income +14% Y/y to 2.91b rupees, revenue +9.4% to 19.8b.
- Dabur India 1Q Net Income +0.7% Y/y to 4.4b rupees, est. 4.31b; revenue +8% to 28.2b
- BEML Executed Rs 6.63b of orders in 1Q; orders book at Rs 91b
- Berger Paints 1Q Net Income +81% Y/y to 2.53b rupees, est. 2.25b; revenue +54% to 27.6br
- Bharat Electronics To give two free shares for each held after approvals
- Adani Ports Sign accord with AD Ports group for Tanzania investments
- Hindustan Construction Plans Rs 5b QIP of shares; approves Rs 8.41b bonds issue to lenders
- Reliance Industries Unit in India franchise pact with Balenciaga
- Zydus Lifesciences gets final USFDA approval to market anti-inflammatory skin cream
- Inox Wind gets 200 MW project from NTPC arm in Gujarat
- DLF mulls auction bid for New Delhi mall with a base price of $366 million
Negative Read through
- Alembic Pharma 1Q net loss 658.8m rupees vs. profit 1.65b y/y, est. profit 1.79b; revenue -5.3% to 12.6b.
- Britannia Industries 1Q Net Income -14% Y/y to 3.37b rupees, misses est. 3.95b; revenue +9% to 37b.
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