Market Morning Notes 16th August 2024

Markets activity remained lacklustre on Wednesday, with Nifty ending unchanged while Bank Nifty continued to extend losses. The short-term support for Nifty is seen at 24,100 below which we expect selling to extend towards 22,500. The recent rebound in USDJPY has provided some short-term relief for the Indian markets but the larger setup of global markets is still positioned for a major correction in the near term.Nifty50 ChartStocks to watchPositive Read throughVedanta – Increased Hind Zinc OFS size tο 3.31 pct, floor price Rs. 486/ sh.Ola Elec – Q1 sales jumped 32.3 pct YoY, launches roadster EV bike portfolio starting at Rs. 74,999.Power Mech – Bags order worth Rs. 1.14 bn from Coastal Energen.M&M – Launches 5-door Thar Roxx starting at Rs. 1.29 mn.RHI Magnesita – EBITDA grew 16 pct, margin at 17.6 pct vs 14.3 pct YoY.Suprajit Engg – EBITDA jumped 21 pct, margin at 11.7 pct vs 10.5 pct YoY.Madras Fert – Posted positive EBITDA vs EBITDA loss, sales registered uptick of 24 pct YoY.Glenmark – US sales above estimates, India business sales grew 11.9 pct YoY.KNR Constructions – EBITDA jumped 29.1 pct, margin at 28.3 pct vs 22 pct YoY.Pitti Engg – EBITDA up 32.7 pct, profit rose 46.4 pct YoY.Paras Defence – Associate company bags Rs. 3.05 bn order from LT.Polyplex – Margin at 9.6 pct vs 3.8 pct, posted profit vs loss YoY.Negative Read throughHind Zinc – Promoter Vedanta increased OFS size to 3.31 pct (140 mn shares).SBI – Karnataka government to suspend banking with company on allegations of misappropriated funds.Spicejet – Sales fell 14.7 pct; profit down 19.9 pct YoY.PNB – Karnataka government to suspend banking with company on allegations of misappropriated funds.Hinduja Global – EBIDTA tumbled 78.3 pct, margin at 1.5 pct vs 6.8 pct YoY.HDFC Life – Gets tax demand, penalty order worth Rs. 1.12 bn.Max India – loss expands, sales decreased by 35 pct 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.