Indian equities ended lower on Tuesday after giving up early gains driven by optimism over U.S. trade developments. The Sensex closed 250 points lower at 83,627, while the Nifty slipped 57 points to end at 25,732. The Nifty Bank bucked the trend, rising 128 points to 59,578. Selling pressure was seen in realty, consumer durables and pharma stocks, while selective buying emerged in IT and PSU banks. QSR and rice stocks remained in focus. ONGC, Eternal, Tech Mahindra, Hindalco and ICICI Bank were among the top gainers, while Trent, L&T, Reliance Industries, Dr Reddy’s and InterGlobe Aviation featured among the top losers.
The company attributed the robust performance to strong contributions from its India operations and a resilient showing by its US-based subsidiary, Novelis.
According to the brokerage's report, Hindalco has confirmed a rounded bottom breakout at Rs 790 and registered a new all-time high at Rs 843.70, signalling continuation of its medium-term uptrend.
JM Financial maintained its Buy rating Tata Power and JSW Energy both companies, with a target price of Rs 726 for JSW Energy and Rs 436 for Tata Power.
With a cost of production at about $1,700 per tonne, well below China’s average of $2,300 per tonne, Hindalco Industries sits on the industry’s leading cost curve.
On the moving averages front, Hindalco was trading above its 50-day simple moving average (SMA) of Rs 702.2 and also comfortably above its 200-day SMA of Rs 653.5.
The three stocks -- Hindalco Industries Ltd, Carysil Ltd and Kaynes Technology India Ltd, have seen decisive breakouts of weekly charts, and are trading above their key moving averages, supporting the positive stance.
Analysts at Religare Broking highlighted continued weakness in the banking index as a concern, though relative strength in FMCG, auto and consumer durables sectors provided support.
The stock climbed nearly 29 per cent from its 52-week low of Rs 546.25 apiece. Shares of Hindalco Industries rose over 10 per cent in the past six months.
Aluminium Upstream quarterly EBITDA stood at Rs 4,080 crore, up 17 per cent, with industry-best margins of 44 per cent. The Aluminium Downstream segment posted its highest-ever quarterly EBITDA of Rs 229 crore, surging 108 per cent YoY. Copper EBITDA came in at Rs 673 crore, in line with guidance.
Stocks including Adani Enterprises, Medi Assist, HDFC Bank, Indian Hotels Company, Hindalco, SJVN, Suzlon Energy, Inox Green Energy and more will be in the spotlight on Tuesday, August 12.
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