The company's consolidated net profit after tax rose 38.1% to 5.27 billion rupees ($64.24 million) from a year earlier, while analysts on average had expected a profit of 4.35 billion rupees.

Underperformed Nifty and recently has breachedthe crucial level of Rs 860 giving a fresh breakdown.

Nifty formed a Bearish Engulfing candle on weekly frame and gave a range breakdown. Now, till the index holds below 17777 zones, bounce could be sold for the downside move towards 17500 then 17350 zones whereas hurdles are placed at 17777 and 17850 zones.

Key levels would be 17,770-17,800 on the downside and 18,250 zone on the upside which if breached decisively can trigger for fresh upside move

"The Nifty50 index has been showing lower top formation patterns on the daily chart since the last one month which suggests a bearish biased view and with the onset of result season, one can anticipate for fluctuations and swings this month. Currently, the 17,780-17,800 levels would be crucial which if decisively broken can trigger for fresh sell-off, with next downside targets visible near the 17500 and 17250 (200-DMA levels) zone."

“As Nifty is retracing earlier gains, weak stocks become weaker. Chambal Fertiliser has breached the rising channel on the lower side which was bearish development on the weekly charts,” Kapil Shah, Technical Analyst, Emkay Global Financial Services and Trainer- FinLearn Academy, said.

HDFC, Adani Enterprises, HPCL, Coromandel, Vodafone Idea, Bank of India, Devyani International, SKF, Ajanta Pharma, UCO Bank, Sanofi, Blue Star, Sapphire Foods and Amara Raja are among the companies that will announce their results for September 2022 quarter today.

"A truncated week, with monthly expiry, also falling in, is a recipe for volatility. But this may not lead to large trading ranges, given the sustained fall in VIX in the last week. Traders would do well to apportion a part of their winnings into a long-term investment on this auspicious accession."

“Cement has benefitted from the fall in raw material cost and that 30-40% drop will add to the EBITDA level. Clearly volumes are going to pick up and the largest amount of uptick will happen in the South which means companies like Dalmia Bharat, Ramco Cements as well as national players like UltraTech will benefit. JK Lakshmi will benefit from sheer valuation comfort.”

For Coromandel Agro, the record date for determining shareholders eligibility for the dividend payout is also September 12, 2022. Today is the record date for Suven Pharmaceuticals Rs 5 per share special dividend and Re 1 per share interim dividend.

“The entire auto space looks very good. Being a services economy, India is all about opening up and people want transportation. All that will translate into higher sales of two-wheelers and low-end cars. Against that backdrop, Hero MotoCorp, TVS still look very good. Ashok Leyland, in the CMV segment, is picking up pace.”

The stock has recently made a higher bottom formation pattern on the daily chart taking support near the Rs 990 zone and given a decent pullback with improving bias moving past the significant 50 EMA level of Rs 1,002.67, Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, said.

Wall Street's main indexes rose more than 1% on Wednesday after data showing a slower-than-expected rise in inflation in July prompted traders to cut their bets on a third straight 75-basis-point interest rate hike in September.

Coromandel International Ltd., incorporated in the year 1961, is a Mid Cap company (having a market cap of Rs 30826.76 Crore) operating in Fertilisers sector.

The Oriental Hotels Ltd has seven hotels including Taj Coromandel in Chennai, Taj Fishermen's Cove Resort and Spa Chennai, Taj Malabar Resort and Spa, Cochin, Vivanta, Coimbatore, The Gateway Hotel, Pasumalai, Madurai, The Gateway Hotel Old Port Road, Mangalore and Gateway Coonoor which is an IHCL SeleQtions hotel.

Mazhar Mohammad of Chartviewindia.in said that the index appears to be finding some buying support in the bullish gap area of 16,490 and 16,359 levels and post the Fed outcome, the ongoing strength should expand towards its 200-day SMA, whose value is placed around 17,033 levels.

The Nifty Pharma index closed 2.33 per cent up at 12628.95.

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.

Asian stocks opened mostly lower on Wednesday with investors taking cues from a cut to profit estimates by US retail giant Walmart, which helped drag down US markets. MSCI's index of Asia-Pacific shares outside Japan was down by 0.74 per cent.

Bajaj Finance, Maruti Suzuki, Tata Motors, United Breweries, Colgate Palmolive, Schaeffler, Biocon, CG Power, Laurus Labs and SKF are among the companies that will announce their earnings for the quarter ended June 2022.

Axis Bank, Tata Steel, Tech Mahindra, Macrotech Developers, Canara Bank, Glaxo, KPIT Tech, Tanla Platforms, IEX, Century Textiles, Anupam Rasayan, Tejas Networks.

Rupak De, Senior Technical Analyst at LKP Securities said that Nifty found resistance at the upper band of the rising channel, leading to brief profit-taking during the day.

Deepak Jasani, Head of Retail Research, HDFC Securities, said the 16,487-16,514 band is the next resistance for Nifty while the support has shifted to 16,070-16,140. “Positive global sentiments keep buoying the Nifty, and hence one will have to watch them closely.”

Bank Of Maharashtra, Alok Industries, Metropolis Healthcare, Heidelberg Cement, Ganesh Housing Corporation, Nelco, Onward Technologies and Elixir Capital are among the companies that will announce their quarterly earnings today. Onward Technologies will have its annual general meetings (AGM) while the board of Parag Milk Foods will meet to consider the preferential issue of shares.

Shares of Radhe Developers will also go ex-split today. The company had announced the splitting of shares into face value of Re 1 from the face value of Rs 10. Raymond and Surya India will hold their annual general meetings (AGM) today.

European markets fell as the shutdown of a major gas pipeline from Russia to Germany for annual maintenance brought concern Russia might not resume the flow of gas as scheduled.The pan-European Stoxx 600 index opened 1.03% lower with all sectors in negative territory apart from healthcare stocks.

The BJP top brass at the party's national executive in Hyderabad targeted south India, where barring Karnataka it won only four out of 101 seats of four states in 2019, as the region for its next round of growth.

“The market is now showing signs of witnessing a decisive upside breakout of the important resistance of 15,900 levels in the next 1-2 sessions. A sustainable upmove above 15,900-15,950 is expected to pull the Nifty towards the next resistance of 16,300 in the short term. Immediate support is placed at 15,750,” he said

“Purely from a monsoon perspective, some of the names where we have a positive view are Coromandel International, United Phosphorus and UPL. These are the companies where we like the core business and if we have good traction on the monsoon over the next few weeks, then these companies will see renewed buying interest.”