Markets for the week ended in the green with Nifty closing higher by 1.5% despite Adani Group selling pressure as Sensex managed to outperform Nifty with a wide margin as Adani Enterprises is not in the Sensex index. The Friday jump led by Bank Nifty provided a necessary breather, but as long as Nifty trades below 18,130 risk of testing 17,000 still remains on the cards. Markets from hereon are likely to take cues from international markets, especially when Dow Jones Index is flirting with key resistance of 34,343.
If it is unable to cross these levels in the next few trading session, we may see a 6-7% downside reaction in a quick span of time. The sharp drop in India VIX in the past few sessions indicates complacency but it would be important to see whether it can cross below the 14 mark or trigger a Double bottom reversal.
Nifty 50 index
Stocks To Watch
Positive Read through
- Engineers India Receives services contracts for setting up Urea and Ammonia complexes.
- GR Infraprojects Completes Rs 797cr Highway Project.
- DCB Bank -RBI Approval granted to DSP Investment management to acquire a 9.9 pct stake in DCB Bank.
- RIL- EU ban on Russian Fuel Kicks In-Positive For Refiners
- Vodafone Idea- Govt directed the company to convert dues worth Rs 16,133 cr into equity, Govt will own 33 pct of company
- Auto sector stocks in focus- India on Volvo car’s radar for setting up new EV facility. G
- Godrej Properties adds 15 land parcels with a sales potential of Rs 27,500 cr so far in FY23
- Steel stocks- steel has increased HRC prices by Rs 3,500 a ton for Feb
- Natco Pharma receives 2 obs from USFDA after inspection of Vizag formulation facility
- Mahindra Finance- Jan disbursements at Rs 4,000 crores, up 58 pct YoY
- Teamlease- 1.92 pct stake tender offer buyback, buyback price of Rs 3,050 a sh
- IDBI Bank- Kotak Bank showing interest to acquire a majority stake
Negative Read through
- Reliance- Govt hikes windfall tax on crude to Rs 5050 a ton
- Adani Grp- StandChart stops lending against Adani Dollar bonds amid volatility
- JK Cement- Cons EBITDA down 33 pct, margin slips 800 bps YoY
- Manappuram Fin- Gold Loan shares at 58.4 pct vs 62.6 pct YoY, Gold tonnage at 6 qtr low
- Aarti Industries- EBITDA down 67.8 pct, margin at 17.5 pct vs 43.3 pct YoY
- SunTV- EBITDA down 20.5 pct, margin slips 340 bps YoY
- Subex- EBITDA down 36.6 pct, margin slips 230 bps YoY
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