SGX Nifty Indicates Higher Opening; Maruti and Titan to Announce Results Today
Market Pulse: Confirmed Uptrend
Nifty50: Three Nifty Midcap100: Four Nifty Smallcap100: Five
Global stock markets: Dow 30, +0.04%; Nasdaq, +0.06%; S&P 500, +0.2%; Nikkei, -0.6%; Kospi, -0.8%; Shanghai Composite, -1.1%.
Yesterday, Nifty retained its positive momentum. The index made a high of 18,265 and continued to trade near the highs for most of the day. Following the broader market’s dismal performance in the last few trading sessions, Nifty Midcap and Smallcap advanced 1.8% and 2.6%, respectively. On the sectoral front, it was a one-way journey for almost all sectoral indices. Nifty Realty and Metal remained the top performers for the day, gaining 3.6% and 2.7%, respectively. FIIs remained net sellers (Rs 2,368 crore), while DIIs net buying was worth Rs 1,385 crore.
The distribution day count currently stands at three. The market remains in a Confirmed Uptrend, but if the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.
Results Today: Adani Enterprises (Nse), Adani Ports and Special Economic Zone, Arvind, Bajaj Auto, Dalmia Bharat, Kei Industries, Kpr Mill, Larsen & Toubro, Lupin (Nse), Maruti Suzuki India, Sbi Life Insurance Co, Titan Company, Tata Chemicals, and others.
Key News
Cipla’s Q2 FY22 PAT and revenue exceeded estimates. PAT grew 11.4% y/y to Rs 712 crore. Revenue grew 9.6% y/y to Rs 5,519 crore. Margin contracted 120bps y/y to 22.2%.
Abb India’s Q2 FY22 PAT and margin beat estimates. Revenue was briefly below estimates. PAT grew 40.4% y/y to Rs 120 crore. Revenue grew 10.3% q/q to Rs 1,778 crore.
Axis Bank Q2 FY22 PAT came above estimates. PAT grew 86% y/y to Rs 3,133 crore. NII grew 7.8% y/y to Rs 7,900 crore. GNPA was down 32bps y/y to 3.53%.
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