In the second session of the week, bears have taken hold of the market. On Tuesday, both the major indexes closed with a decline of about 1%. Nifty got support at the level of 24,100 and it closed at the level of 24,139, falling 208 points. Experts say that the sentiment of weakness has now formed in the market. As long as Nifty maintains 24,000, there will be hope of consolidation in the index. It will be important to reach 24,500.
HDFC Bank contributed the most to yesterday's decline. After the information about the change in the MSCI index came out, this stock showed weakness yesterday and closed down by about 3.4%. This stock has slipped 11% since its peak on July 3. This stock contributed the most to the Nifty's decline yesterday. Apart from HDFC Bank, SBI, ITC and Bajaj Finance also showed weakness.
Nifty and Nifty Bank have weekly expiry. On Thursday, the domestic market will be closed on the occasion of Independence Day and Parsi New Year. In today's session, the impact of the results of companies including Hero MotoCorp, Apollo Hospitals, Manappuram Finance, Muthoot Finance, SJVN, MTAR Tech will be seen.
companies results today
No company is releasing its results in Nifty today. Glenmark Pharma and HAL are releasing their results in the futures market. Results of other companies including Bajaj Healthcare, Borosil, EID Parry, Hinduja Global, Mazagon Dock, MTNL, NFL, Ola Electric, Red Tape, SpiceJet, Suprajit Engineering and Tarsons Products will be released from the cash market.
global markets
After the release of WPI data for the month of July, the US market saw a rise and bond yields softened. This indicates that the Fed may cut rates due to a decrease in inflation. Yesterday, the Dow Jones closed up 409 points, S&P 500 90 points and Nasdaq 407 points. WPI in the US increased by 0.1% for the month of July. It had increased by 0.2% in June. There has been no change in core PPI. Inflation data will be released here today.Asian markets are also witnessing a rise today. Japan's Nikkei index was seen trading with a gain of 1%. South Korea's Kospi index also showed a similar rise. Similar signals are being seen from Hang Seng as well.
Put Call
Nifty's put-call ratio (PCR) has come down to 0.78 on August 13 from 1.03 a day earlier. PCR indicates the mood of the market. PCR being more than 0.7 or crossing 1 means that traders are selling more put options than call options. If this ratio is below 0.7% or moving towards 0.5, it means that call options are being sold more than put options.
Stocks banned by F&O
Aarti Industries, Chambal Fertilisers and Chemicals have been included in the F&O ban today. Apart from this, Aditya Biral Capital, Adity Birla Fashion & Retail, Bandhan Bank Biocon, Birlasoft, Granules India, India Cements, IndiaMART, LIC Housing Finance, Manappuram Finance, PNB, RBL Bank, SAIL, Sun TV remain banned. Hindustan Copper has come out of the ban.
Nifty for today
Nagaraj Shetti of HDFC Securities says that the index has formed a big negative candle on the daily chart and it has slipped below 24,300. There was important support for the index at this level. He said that after slipping below 24,000 - 23,900, a decent correction can be seen in the Nifty. There will be resistance at the level of 24,350 on the upside.
Rajesh Bhoslane of Angel One said that Nifty will test the 50-DEMA support of 24,040 - 24,000. Potentially, this index can also show the level of 23,900. He has advised traders to keep positions light. The zone of 24,350 - 24,500 will act as resistance for the index.
Shrikant Chauhan of Kotak Securities says that the reversal formation and bearish candle on the daily chart are indicating weakness at the current level. 24,000 is going to be very important for today. After slipping below this, the selling pressure in the index will increase and it can also go up to the level of 23,850 - 23,775.
Today's Nifty Bank
The effect of the fall in HDFC Bank was also seen on Nifty Bank. Apart from this, the effect of Fin Nifty expiry was also seen. Nifty Bank failed to maintain 50,000 but is trying to save 49,750. Today it will be seen whether this index crosses 50,000 or not.
Om Mehra of SAMCO Securities says that Nifty Bank is swinging between the levels of 49,700 and 50,000. The daily RSI is at 36, which is indicating weakness. The key support for Nifty has now shifted to 48,800.
Rishikesh Yedve of Asit C Mehta Investment Intermediates says that Nifty Bank is trying to cross the 50-DEMA i.e. 50,830 level. Support is being found at the level of 49,660 for the recent swing. After slipping below this, the index can show a level of up to 49,000.
FIIs - DIIs
Foreign institutional investors have once again made net sales in the cash market on Tuesday. Whereas, domestic institutional investors have bought on this day. FIIs have sold shares worth ₹ 2,107 crore in the cash market yesterday. DIIs have bought net shares worth ₹ 1,240 crore in the cash market on this day.
stocks to watch today
Hero MotoCorp: Profit grew 36.1% year-on-year to ₹1,122.6 crores, while it was estimated to be ₹1,201 crores. Revenue fell 15.7% to ₹10,143 crores. It was estimated to be ₹10,565 crores. EBITDA grew 21% to ₹1,459.7 crores. It was estimated to be ₹1,576 crores. EBITDA margin increased 60 basis points to 14.4%. But, it was also lower than the estimate of 14.8%. Volume in the June quarter was 15.35 lakh units as against 13.53 lakh units. Positive trend was seen in domestic, EV and global business. Preparations are on to launch many products in ICE and EV category. Revenue managed to cross ₹10,000 crore for the first time.
Apollo Hospitals: Net profit rose 83.2% to ₹305.2 crore from the estimate of ₹274 crore. Revenue fell 15.1% to ₹5,085.6 crore from the estimate of ₹5,077.7 crore. EBITDA rose 2.6% to ₹675.1 crore from the estimate of ₹677.6 crore. EBITDA margin was 13.3% against the estimate of 11.5%.
NBCC: Net profit rose 38.5% to ₹107.2 crore and revenue rose 11.3% to ₹2,144.2 crore. EBITDA rose 60.6% to ₹91.7 crore. EBITDA margin increased to 4.3% from 3%. Project management income increased to ₹1,493 crore from ₹1,396 crore. EPC income increased to ₹84.9 crore from ₹61.6 crore.
SJVN: Net profit increased by 31.4% to ₹357.1 crore. Revenue increased by 29% to ₹870.4 crore. EBITDA increased by 33% to ₹667.5 crore. EBITDA margin increased to 76.7% from 74.5%.
MTAR Tech: Net profit increased by 78.3% to ₹4.4 crore. Revenue decreased by 15.9% to ₹128.3 crore. EBITDA decreased by 51.9% to ₹16.6 crore. EBITDA margin increased to 12.9%. It was 22.6% in the same quarter last year. The company is expected to generate the highest ever income in the second quarter.
Vedanta: The board has approved the sale of 11 crore shares of Hindustan Zinc. This sale will be done through OFS. The total shares to be sold will be around 2.6% of the total equity. Information about the date and price of OFS has been given now.
HEG: Net profit fell 83.5% to ₹ 23 crore. Income fell 14.9% to ₹ 571.5 crore. EBITDA fell 74.3% to ₹ 38.8 crore. EBITDA margin fell from 22.5% to 6.8%. The board has approved the splitting of shares with a face value of ₹ 10 into 5 shares of ₹ 2 each.
Ratnamani Metals: Net profit fell 21.5% to ₹ 105.1 crore. Revenue remained flat at ₹1,183.7 crore. EBITDA declined 20.5% to ₹164 crore. EBITDA margin stood at 13.9% against 17.6%.
NMDC Steel: Net loss in the June quarter narrowed to ₹547.3 crore from ₹860.8 crore on a quarter-on-quarter basis. Revenue rose 9.6% to ₹2,022.9 crore. EBITDA loss stood at ₹401.1 crore.
GNFC: Net profit declined 34.1% to ₹118 crore. Revenue fell 22.3% to ₹2,021 crore. EBIDA rose 45.7% to ₹153 crore. EBITDA margin stood at 7.6% against 6.4%. Industrial Chemical segment margins improved. Production may start in Dahej complex in August itself. This will help in normalizing the supply in the domestic market. Contribution to the fertilizer segment was also positive.
Anupam Rasayan: Net profit fell 76.6% to ₹12.2 crores. Income fell 34.2% to ₹254.1 crores. EBITDA fell 47.7% to ₹53 crores. EBITDA margin stood at 20.9% as against 26.2%. Some challenges are expected in the agrochemical industry.
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