Market Morning Notes 22nd July 2024

Markets witnessed selling on the final day of the week, which wiped out most of the weekly gains and forced markets to settle with meager gains as traders avoided to take any fresh positions ahead of union budget. The coming week will be an eventful one with Budget on Tuesday which will likely dictate the next stage of the market move. Anticipation is high for continued government focus on infrastructure spending, rural development, and initiatives to support lower-income groups. Additionally, tax breaks for the middle class are also a possibility, all of which could provide a significant economic stimulus. There could be increased taxes on speculative income as regulators are getting extremely worried about heightened speculative activity in the market.Despite volatility, the outlook for market remains robust and last round of selling is expected to get exhausted in a day or two as monthly candle has turned a bullish one.Nifty 50 ChartStocks to watchPositive Read throughReliance Ind – Sales increased by 12 pct, EBITDA grew slightly 1 pct YoY.HDFC Bank – NII & profit higher than estimates, NII rose 2.6 pct QoQ.JSW Steel – Posted earnings higher than estimates, Indian EBITDA/tonne at Rs. 8,399.Vedanta – Declared preferred bidder for nickel chromium block in Bihar.Poonawalla Fin – Disbursements grew 4.8 pct, AUM rose 51.7 pct YoY.JK Cement – Realisations weak, volumes jumped by 6 pct YoY, EBITDA up 19 pct YoY.RBL Bank – Headline numbers higher than estimates, NII jumped 36 pct YoY.Oberoi Realty – EBITDA increases 72 pct, margin up 600 bps YoY.Yes Bank – NII in-line with estimate, provisions down 55 pct QoQ.HDFC Life – Tax, interest demand for AY20-21 reduced to Rs 18.68 bn vs Rs. 41.78 bn previously.Zydus Life – Gets Mexico regulator nod to market bevacizumab biosimilar in Mexico.Tejas Networks – EBITDA at stood at Rs. 1.63 bn vs EBITDA loss of Rs. 460 mn YoY.RPG Life – Margin improves YoY & QoQ, back to around 24 pct level.JSW Energy – Profit jumped 80 pct, margin rose 750 bps YoY.Patanjali Foods – Oil business boosts earnings, margin increases 350 bps YoY.Supreme Petchem – Profit increases 76 pct, margin up 280 bps YoY.Negative Read throughKotak Bank – NIM falls 26 bps QoQ, restructured book falls 17 pct.Wipro – Weak Q1 & muted guidance, CC sales slipped 1 pct QoQ.ICICI Lombard – Net earned premium up by 16 pct, combined ratio falls to 102.3.Route Mobile – Margin slipped 150 bps to 11.2 pct, profit down 15 pct YoY.Credit Access – Disbursals fell 44 pct, AUM down 1.5 pct QoQ.Union bank – NII grew 8 pct YoY, NIM fell YoY & QoQ.Can Fin Homes – Disbursements slipped 15 pct, NIM down 40 bps QoQ.PVR Inox – Occupancy fell to 20.3 pct, average ticket price fell by 5 pct YoY.Indian Hotels – Seasonally weak quarter, wedding biz sales down 25 pct YoYFinancial 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.