Markets activity on Wednesday turned subdued with Sensex oscillating in mere 200 points to finally end on a flat note while midcaps and small cap counters put up a strong show. Markets have reached crucial juncture with Sensex re-testing the neckline of head & shoulder top placed at 65,200 and we expect the next leg of decline to occur from the similar zone. From trend reversal point of view, as long as Nifty spot trades below 19,500, the outlook remains cautious, and selling is likely to accelerate on close below 19,250.
Result Today – APSEZ, ABB, Apollo Hospitals, Samvardhana Motherson, Bosch, Abbot, Ashok Leyland, Zee Ent, Lemon tree, BEML,
Sensex 30 Chart
Stocks to watch
Positive Read through
- Tata Power – EBITDA increased by 75.5 pct, Margin came at 19.6 pct vs 12.5 pct YoY.
- Patanjali Foods – Novelis Q2 Volume Rise QoQ to 933 kt, EBITDA/t increased by 1 pct YoY.
- Ramkrishna Forg – Launches QIP to raise upTo Rs.10,000 mn via QIP.
- Pidilite – Consumer business volume growth above estimates at 8 pct YoY, Q2 in-line with Est.
- Lupin – US Sales At USD 213 mn Vs USD 181 m QoQ, Q2 above Estimates.
- PI Ind – Posted Q2 above estimates, EBITDA increased by 167 bps YoY.
- United Spirits – EBITDA increased by 21 pct, gross profit margin rise 280 bps YoY.
- Biocon/Eris – Biocon to divest 2 non-core formulations India business units to Eris.
- Phoenix Mills – Margin came 59 pct Vs 58 pct, EBITDA increased by 35 pct YoY.
- BRIGADE ENT – Q2 Residential net sales increased by 24.3 pct QoQ at Rs. 12,330 mn, Sales vol rise.
- MAZAGON DOCK – EBITDA increased by 50 pct, Margin rises 280 bps YoY.
Negative Read through
- Gujarat Alkalies – Loss of Rs 184 mn vs profit of Rs 605 mn, sales down 13.8 pct at Rs 9713 mn.
- Bata – Q2 largely below estimates, Profit decreased by 38 pct YoY.
- BHEL – EBITDA loss expands, sales declined by 1.5 pct YoY.
- GNFC – sales declined by 19.6 pct, margin came at 8 pct vs 12 pct YoY.
- Shree Renuka – Loss of Rs 2056 mn Vs Rs 1416 mn loss, Sales up by 16.8 pct (YoY).
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