Market Morning Notes For 24th October 2024
Markets extended losses with Nifty recouping earlier gains to finally settle below the psychological support of 24500 despite oversold Nifty. There is minor round of support seen in range of 24,200-24,250 and below same we may see another round of selling getting activated for target towards 22,800. The declining trend in consumption stocks suggests that the markets are poised for a broad-based selling and any rebounds are likely to be short lived. Markets have already activated major breakdown for a target 22,800 in Nifty.Nifty 50 ChartStocks to watchPositive Read throughNavin Fluorine – Sales grew 10 pct, ‘strong order visibility based on orders’.Piramal Pharma – Sales jumped 15 pct, CDMO business growth at 24 pct YoY.Fedbank Financial – Q2 NII rose 31.3 pct, profit up 12.2 pct YoY.Escorts Kubota – To sell rail business to Sona BLW, deal at an EV of Rs. 16 bn.Kalpataru Projects – To consider raising funds via QIP on October 28.TVS Motor – Co outperforms industry’s 4 pct growth in festive so far, outlook positive.Pidilite – Operating numbers in-line, volumes up 6 pct vs poll of 8-10 pct.Mas Financial Services – Q2 profit jumped 27.7 pct, NII grew 24.7 pct YoY.Thyrocare Tech – Q2 net profit grew 31.5 pct, sales increased 20 pct YoY.Dr Lal – Earnings in-line with estimates, guidance maintained.Aster DM – Sales up 17 pct, margin improves by 460 bps YoY.Birlasoft – CC sales growth at 2.6 pct, margin in-line at 12.1 pct.AU SFB – Slippages rise while NIM guidance raised to 6 pct.Rites – In collaboration with NMDC for rail connectivity works.Negative Read throughMetro Brands – 4th straight quarter of sub- 10 pct sales growth.HUL – Weak macros impact performance, volume growth 3 pct vs poll of 4-5 pct.Schaeffler India – Q3 sales grew 14 pct, margin slipped 90 bps YoY.USL – Weak topline, miss on volumes, EBITDA in-line at Rs. 5.02 bn.Nuvoco Vistas – EBITDA slipped 34 pct, margin tumbled 320 bps YoY.VIP Industries – Posted loss at Rs. 331 mn vs profit of Rs. 133 mn YoY.Birla Corp – Reported loss of Rs. 250 mn vs profit of Rs. 584 mn YoY.Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
