Markets extended gains in line with positive global cues after the U.S. Fed maintained its stance on interest rates. With the Fed’s decision out of the way, investors will turn their attention to corporate earnings, now in their last leg. In addition, domestic and global macroeconomic data, foreign capital inflow, US bond yield, ongoing Israel Hamas conflict, risk of US market recession, will dictate the trend of market in the coming week. The market continues to remain a ‘sell on rise’ one, unless it is able to sustain above 19500/19600 levels. The next correction could be post Diwali, till then utilize the upside to again liquidate a bit. Israel Hamas war is still a risk unlike Russia Ukraine.
Result Today – Bharat Forge, Divi’s Lab, Emami, Max Healthcare, Va Tech Wabag
Nifty 50 chart
Stocks to watch
Positive Read through
- SBI – Q2 Above estimates, asset quality is the best in 32 quarters or more.
- Vedanta – Sales up 6.4 pct, adjusted margin at 20.5 pct vs 19.03 pct QoQ.
- Indigo – Margin came at 16.4 pct vs 1.8 pct, net profit vs loss YoY.
- Jk cement – Sales vols up 22 pct, margin at 17 pct vs 13.9 pct YoY.
- Crompton – Q2 in-line with estimates, sales up 4.8 pct yoy.
- Aarti Ind – EBITDA up 16 pct, margin up 200 bps QoQ.
- JSW Infra – EBITDA up 32.5 pct, margin at 53.5 pct vs 51.5 pct YoY.
- Thermax – EBITDA up 45.4 pct, margin at 8.9 pct vs 6.8 pct YoY.
- Indigo Paints – EBITDA up 24.9 pct, margin at 15.1 pct vs 13.9 pct YoY.
- Godrej Agrovet – EBITDA rises 34.1 pct, margin at 7.8 pct vs 6.1 pct YoY.
- EIH – EBITDA up 68.8 pct, margin at 27 pct vs 21.1 pct YoY.
- Greaves Cotton – To sell its Pune land for Rs 2840 mn.
- Data Patterns – Posted profit at Rs.337 mn vs Rs.210 mn, up 60.5 pct YoY.
- Zomato – Management says profitability improves further to Rs.360 mn; Sales up YoY in Q2 FY24.
Negative Read through
- BOB – NIM At 5-qtr low, declines 20 bps QoQ, NIM guidance cut.
- Havells – Rev Intelligence Conducted search at offices.
- Bharat Forge – North America class 8 truck slip 10 pct mom & 35 pct yoy.
- Delhivery – Loss expands, sales flat QoQ.
- Gati – EBITDA declined 26 pct, margin at 3.4 pct vs 4.6 pct YoY.
- Jk Paper – EBITDA declined 24.5, margin at 24.7 pct vs 32.9 pct YoY.
- PB Fintech – Loss expands, EBITDA contracts qoq.
- GMR Power – Posted Loss vs profit, sales declined 60 pct YoY.
- Krsnaa Diagnostics – EBITDA declined 25 pct, margin at 9.2 pct vs 15.5 pct YoY.
- Punjab & Sind Bank – NII declined 12.9 pct, NIM at 2.32 pct vs 3.06 pct YoY.
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