Market Morning Notes For 31st May 2024
2 min read
Markets witnessed 1% cut on back of uncertainty ahead of the election outcome with risk of NDA not gaining complete majority created in a tremble in broader market but Nifty Bank managed to settle with gains of 0.4%. With Brent crude trading lower below USD 82 a bbl and weak Chinese PMI data, expectation of another stimulus from China is around the corner. For Nifty, large cap stocks are still showing good accumulation phase which could help Nifty capture levels closer to 23,800 in the coming weeks with major gains expected to be contributed from Nifty Bank. Support for Nifty is seen at 22,350 which is unlikely to be breached in the near term.
Nifty Futures Chart
Stocks to watch
Positive Read through
Apollo Hosp – Posted Q4 above estimates, ARPOB improves 5 pct QoQ.
Hero Moto – Launches Splendor+ xtec 2.0 starting at Rs. 82,911.
Muthoot Fin – Reported Q4 above estimates, AUM surged 20 pct YoY.
Bharat Dynamics – Margin came at 37 pct vs 23 pct, profit jumped 89 pct YoY.
Jio Fin – Launches beta version of ‘Jiofinance’ app.
Sunteck – Pre-sales jumped 26 pct, post highest-ever FY24 pre-sales at Rs9.15 bn.
Lux Ind – EBITDA increased by 79.3 pct, margin at 10.7 pct vs 5.9 pct YoY.
KIMS – Arm enters into lease agreement to set up super specialty hospiltal in Bengaluru.
Bectors Food – EBITDA grew 22 pct, margin at 14.4 pct vs 13.9 pct YoY.
MM Forgings – Board recommends issue of bonus shares to shareholders in ratio of 1:1.
Tube Invsts – Arm acquires 23.69 pct stake of IPL Tech Electric for Rs. 1.85 bn.
HCL Tech – Company integrates its GENAI platform HCLTECH AI force with google GEMINI.
Mahindra Logistics – Forms 50:50 JV with Seino Holdings in India for warehousing and trucking services.
Negative Read through
Mold-Tek – Profit tumbled 21.7 pct, sales declines 4.2 pct YoY.
Gateway Distri – EBITDA fell by 11 pct, margin at 22.1 pct vs 4.8 pct YoY.
Welspun Corp – EBITDA declined 21 pct, margin at 7.4 pct vs 10.3 pct YoY.
Swan Energy – EBITDA fell by 50.6 pct, margin at 8.4 pct vs 25.5 pct YoY.
Yatra – EBITDA tumbled 79.5 pct, margin at 3.5 pct vs 15.5 pct YoY.
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