Market Preview
At 8:00 a.m. IST, the SGX Nifty Futures was trading at 10,899.00, which is 0.4% higher than its previous close. It is at a premium to the Nifty’s previous closing of 10,830.95.
On Thursday, FIIs/FPIs bought stocks worth Rs 3006.41 crore and DIIs sold stocks worth Rs 1634.32 crore.
Global stock markets: Nikkei +0.1%, KOSPI +0.2%, Hang Seng -0.1%, Shanghai Composite +0.5%.
NASDAQ +1.4%, S&P 500 +0.9%, Dow 30 -0.06%
O’Neil Market Condition Report
Out of the 24 emerging markets tracked by our institutional research team, the breakup is as follows: Confirmed Uptrend, 12; Rally Attempt, 7; Uptrend Under Pressure, 5; Downtrend, 0.
Out of the 24 developed markets, the breakup is as follows: Confirmed Uptrend, 15; Rally Attempt, 4; Uptrend Under Pressure, 5; Downtrend, 0.
We changed the market status to a Rally Attempt from a Downtrend as the Nifty managed to stay above Tuesday’s low of 10,583 (first day of an attempted rally) for two straight sessions. Also, the Nifty managed to retake its 50-DMA and closed above that level.
Q3 results today: Berger Paints India, Dr Reddys Laboratories, State Bank Of India, Jubilant Life Scis., Titan Company
Key News
Dabur India reported its Q3 FY 2019 results yesterday. Its revenue came in at Rs 2,199.2 crore, up 11.8% y/y, in line with consensus estimates. EBITDA grew 10.4% to Rs 445.4 crore and margins contracted 20bps to 20.3%. Higher employee benefit expenses (+16%) and raw material cost (+5%) were offset by advertising and publicity expenses (-4%).
Bharti Airtel reported its Q3 results yesterday. Its revenue increased 1% y/y to Rs 20,519 crore, slightly below expectations. Blended ARPU increased 4.1% to Rs 104 (sequentially). Net profit was recorded at Rs 86 crore, beating consensus estimates (net loss of Rs 905 crore).
According to the central statistics office, India’s GDP grew at 7.2% in FY 2018 compared with earlier estimates of 6.7%.
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