Markets remained under pressure after USDINR suddenly surged by 1% on concerns of the Adani debt issue and partly due to jump in the dollar index as Nifty in USD terms saw a closing lower by 1.5% wiping out Friday gains. After yesterday’s move, the S&P Dollex 30 i.e., Sensex in USD terms which is highly tracked by FII has seen a closing below 200-DMA and is likely to see a further round of intensive selling by offshore investors.
The USDINR would be the key area to focus in the coming days with the expectation of major short covering above 82.95 for a target towards 85. In an ideal case, the levels in 85 in USDINR should coincide with 17,000 levels in Nifty which may occur in a quick span of time from here on.
Results today- Bharti, Hero Moto, Adani Ports.
Nifty 50 index
Stocks to watch
Positive Read through
- Apollo Tyres- mgmt. says debt has reduced in Q3, and OEM demand remains healthy.
- Adani Transmission- EBIDTA up 64 pct, margin at 41.6 pct vs 30.9 pct YoY.
- JK Paper- Revenue up 60 pct, margin at 34.4 pct vs 24.6 pct YoY.
- IRB Infra- Record date for share split on Feb 22 (1:10).
- Ultratech Cement-commissioning of 1.5 mpta brownfield cement in Odisha.
- Dhampur Sugar-Co has completed the expansion of its distillery capacity by 130 KLPD on “C” heavy molasses.
- Deep Industries- EBIDTA up 36.4 pct, margin up 190 bps YoY.
- ACE- EBIDTA up 57 pct, margin up 200 bps YoY.
Negative Read through
- ITC-Govt weights ITC stake sale, Has 8 pct stake valued at Rs 37,390cr.
- Reports indicate Govt opposes Vedanta’s proposal to sell international assets to Hindustan Zinc.
- UPL- LIC cuts stake from 9.2% to 7.2%.
- Cipla- Co says the IT dept has conducted a search.
- Tata Steel- Q3 below estimates, India Adj. EBIDTA/ton at Rs 10,379/ton vs expected Rs 11,950.
- Hindalco- Novellis Q3 sales contract 3 pct, total FRP shipments down 2 pct.
- LIC Hsg Finance- Disbursals down 9.4 pct, profit down 37.4 pct YoY.
- Balaji Amines- EBITDA down 18 pct, margin slips 600 bps YoY.
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