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Margin is seen at 8.4 per cent against 4.6 per cent YoY. Ebitda is seen surging 166 per cent YoY to Rs 2,182 crore from Rs 821 crore YoY. New product launches and demand outlook for FY23 will be keenly watched. Inventory levels, discounting trends, impact of commodity inflation in H1, will also be closely followed.

On the technical charts, the RSI of the stock stood at 55.61.

The stock quoted a 52-week high of Rs 449.8 and a 52-week low of Rs 294.75.

“Non-merit subsidies in the country as a percentage of GDP are growing. Also, there are some states which tend to offer much more by way of subsidies and some which give less. Yes in the runup to the elections and this is true across all political parties. The fact is all political parties are guilty of offering freebies.”

Sectorally, buying was seen in capital goods, realty, public sector, healthcare and oil & gas stocks while selling was seen in consumer durables and telecom stocks.

Promoters held 0.22 per cent stake in the company as of 30-Jun-2022, while FII and DII ownership stood at 39.18 per cent and 21.42 per cent, respectively.

Stocks that were in focus include Vinati Organics which rose over 3 per cent to hit a fresh 52-week high, Zomato plunged more than 12 per cent to another life low and Tanla Platforms was locked in the lower circuit of 20 per cent.

Bajaj Finance, Maruti Suzuki India, Tata Motors, United Breweries, Colgate-Palmolive, Biocon, CG Power, APL Apollo Tubes, Blue Dart Express and VIP Industries are among companies that will announce their quarterly earnings today.

There had been hope that a recent rally across markets indicated the long-running sell-off may have come to an end, and that signs of an economic slowdown could allow the Fed to ease off its tightening by next year and start cutting rates in 2023.

"With US inflation running at 9.1%, ~4.5x the target of 2%, Fed is likely to run a restrictive monetary policy even if Inflation peaks by August. USD is likely to remain well bid in such an environment, which is a negative for non-dollar assets in the near term. Also, India has outperformed China by almost 30% over the last 12 months. Thus, redemption pressures in the EM funds can lead to continued FII selling, especially from passive funds linked to indices."