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SGX Nifty Indicates Negative Opening; Godrej Consumer Products and Hindustan Aeronautics to Announce Results Today

Posted Date: November 11 2021 | Reading Time: 2 Minutes
At 8:20 am IST, SGX Nifty Futures were trading at 17,953, compared with Nifty’s close of 18,017 yesterday.

Market PulseConfirmed Uptrend

Distribution Day Count:

Nifty50: Four Nifty Midcap100: Three Nifty Smallcap100: Six

Global stock markets: Dow 30, -0.7%; Nasdaq, -1.7%; S&P 500, -0.8%; Nikkei, +0.8%; Kospi, -0.5; Shanghai Composite, +0.6%.

Yesterday, Nifty gapped down at the start of the trading session and remained range-bound for most of the day. It made an intraday low of 17,915, then staged an upward recovery in the latter half of the day. However, it failed to close on a positive note. Metal stocks remained key laggards, with Hindalco and Tata Steel declining 3.4% and 2.9%, respectively.

Most sectoral indices succumbed to selling pressure, with Nifty PSU Bank and Nifty Metal declining 2.4% and 1.8%, respectively. On the other hand, Nifty Auto and Nifty Pharma closed 0.6% and 0.4% higher, respectively. The distribution day count currently stands at four. If the market succumbs to selling pressure and breaches its 50-DMA, 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 TodayGodrej Csm.Products(Nse)Hindustan AeronauticsIndiabulls Housing FinNatco Pharma,  Endurance TechnologiesAstral, and others

Key News

Pidilite Industries(Nse)’s Q2 FY22 results beat estimates. PAT increased 5.1% y/y to Rs. 374.6 crore, revenue increased 39.7% y/y to Rs. 2,626.3 crore. EBITDA  increased 7.2% y/y but EBITDA margins contracted 640bps y/y to 20.9%.

Metropolis Healthcare’s Q2 FY22 results missed estimates on all fronts. PAT declined 3.5% y/y to Rs. 58.4 crore, revenue increased 4.9% y/y to Rs. 302.6 crore. EBITDA declined 0.9% y/y and margins contracted 170bps y/y.

Berger Paints India’s Q2 FY22 results beat estimates. PAT decreased 0.8% y/y to Rs. 219.2 crore, revenue increased 27.7% y/y to Rs. 2,225 crore. EBITDA  increased 5.6% y/y but EBITDA margins contracted 330bps y/y to 15.9%.

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