Indian benchmark indices snapped their six-day losing streak with Nifty closing above the crucial 19,000 level. Sensex was up 635 points at 63,782, and the Nifty was up 190 points or at 19,047. The biggest gainers on the index were Axis Bank, Coal India, HCL Technologies, SBI and Adani Enterprises, while losers were Dr Reddy's Laboratories, SBI Life Insurance, UPL, ITC and Asian Paints. All sectoral indices ended the trading session in the green with PSU Bank index up 4%.
Maruti Suzuki India stock rallied 0.94% ahead of its earning report today to Rs 10,523.95 apiece at 12:08 pm.
Meanwhile, shares of HDFC Bank, Canara Bank, Shriram Finance, and Axis Bank emerged as the most active shares on the NSE today.
Reliance Industries' share price will be in focus as the company will deliver its Q2FY24 numbers along with subsidiaries Reliance Jio and Reliance Retail for the same quarter.
Nifty 50 which erased the 19,000 critical mark on Thursday, is expected to have support between 18,600 to 18,700, while resistance of the benchmark is likely to be around 18,900 to 19,000.
Asian shares were up despite US stocks tumbling overnight. . The US economy accelerated at its fastest pace in nearly two years with GDP growth coming at 4.9% in the third quarter of 2023. While tensions in Middle East continues to escalate as Israel is now facing a two-front war from both south and north region, while possiblity of ground invasion into Gaza strip continues to be on card.
Indian benchmark indices snapped their six-day losing streak with Nifty closing above the crucial 19,000 level. Sensex was up 635 points at 63,782, and the Nifty was up 190 points or at 19,047. The biggest gainers on the index were Axis Bank, Coal India, HCL Technologies, SBI and Adani Enterprises, while losers were Dr Reddy's Laboratories, SBI Life Insurance, UPL, ITC and Asian Paints. All sectoral indices ended the trading session in the green with PSU Bank index up 4%.
The shares of Godrej Consuer Products climbed more than 2% to snap their three-day losing streak. The stock is currently trading at Rs 983 per share and has recorded gains of more than 10% on a year-to-date basis.
Maruti Suzuki India reported a strong set of second quarter earnings with healthy operational performance led by a better product mix and volume growth. The auto giant reported a net profit of Rs 3,716.5 crore, which is 80% higher compared to the same period last year. The shares of Maruti Suzuki are trading with gains of more than 3% at Rs 10,714 per share.
Oct 27, 2023, 1:41 pm IST
Aditya Birla Sun Life AMC Q2 Profit Falls 7% YoY to Rs 176.5 Crore, Revenue Rises 8%
Aditya Birla Sun Life AMC announced its standalone profit at Rs 176.5 crore for quarter ended September FY24, down 7.1% compared to year-ago period, due to lower other income. But , revenue from operations soared 7.7% year-on-year to Rs 329.2 crore in Q2FY24. Aditya Birla Sun shares declined nearly 1.6% to Rs 437.15 per share.
Oct 27, 2023, 1:40 pm IST
Vodafone Idea Q2 Loss Widens To Rs 8,738 Cr
Vodafone Idea declared its net loss of Rs 8,738 crore for July-September period of FY24, widening from loss of Rs 7,596 crore in corresponding period preceding fiscal. Revenue from operations soared by nearly 1% YoY to Rs 10,716 crore, while EBITDA jumped by 4.5% on-year to Rs 4,283 crore with margin expansion of 140 bps at 40% for the quarter.
Average revenue per user surged to Rs 140 in Q2FY24, up from Rs 131 in Q2FY23 and Rs 139 in Q1FY24.
Despite such results, Vodafone shares gained 0.93% to Rs 10.85 per share.
Punjab National Bank (PNB) gained nearly 5% today morning after the PSU lender announced a strong set of numbers for the July-September quarter. The bank’s slippages fell and brokerage firm CLSA appeared upbeat as asset quality continued to improve. Global brokerage firm CLSA assigned an “outperform” rating on the stock and increased the target price to Rs 80 a share. Current market price of PNB share on BSE is Rs 73.11 apiece with intraday surge of 4.73%.
Oct 27, 2023, 12:14 pm IST
Sonata Software Hits 52-Week High After Declaring Healthy Q2, Dividend, & Bonus Issue
Sonata Software shares hit fresh 52-week high in trade on Friday as Sensex gained 583 points to 63,731 till 11:28 am. Sonata Software stock witnessed nearly 4% surge yesterday when BSE Sensex tanked nearly 900 points. Sonata Software stock has been witnessing strong rally ever since the company declared robust quarterly performance, interim dividend of Rs 7/share, and bonus issue in the ratio of 1:1 implying shareholders will get 1 free share for every 1 share held as on the record date. Current market price of Sonata Software share on BSE is Rs 1159.95 per share with intraday surge of 2.32%/. Sonata Software shares offered a rally of 100% year-to-date (YTD) to shareholders thus nearly doubling their investment.
Oct 27, 2023, 12:00 pm IST
Shriram Finance Shares Surge 9% After Q2 PAT Climbs 13% To Rs 1,751 crore
Following the company's 13% PAT rise in Q2, Shriram Finance's shares were trading 9% higher at Rs 1,956 on Friday, October 27. According to an exchange filing released on Thursday, the company's net profit grew by 13% YoY to Rs 1,751 crore in the quarter that ended in September. The quarter's total income climbed 15.44% YoY to Rs 8,564.45 crore. From Rs 4,104.86 crore during the same time last year to Rs 4,818.18 crore in the quarter under review, net interest income jumped by 17.38%. Total assets under management as of September 30 jumped by 19.65% YoY to Rs 2.03 lakh crore from Rs 1.69 lakh crore in Q2FY23.
Oct 27, 2023, 11:52 am IST
NLC India Shares Jump 7% After Q2 Net Profit Zooms 205% YoY
After the firm declared a net profit of Rs 1,121 crore for the second quarter of 2023–24, an enormous jump from Rs 367 crore in the same period of the previous year thus a rise of 205%, NLC India was trading around 7% higher in the morning trade on October 27.
Nonetheless, revenue dropped by 14.66 per cent for the quarter to Rs 2,978 crore. From the same quarter last year, the company's EBITDA decreased by 29.2 per cent to Rs 834.6 crore.
Oct 27, 2023, 11:20 am IST
TTK Prestige Plunges 4% After Weak Q2 Results
TTK Prestige's shares were down 4% at Rs 755 on Friday following the company's release of poor financial results for the quarter that ended on September 30, 2023. TTK Prestige reported a Q2 net profit of Rs 59.30 crore, down 29.3 per cent YoY, while sales dropped 13.4 per cent to Rs 729.50 crore.
Oct 27, 2023, 11:07 am IST
Suzlon Energy Shares Surge 4% On Securing Order From Juniper Green Energy
Following the company's acceptance of a 50.4 MW agreement from Juniper Green Energy Private Limited for its 3 MW series turbines, Suzlon Energy's shares were trading 4% higher on the NSE on Friday at Rs 32.50. 16 wind turbine generators (WTGs) with a hybrid lattice tower (HLT) of Suzlon's new product, which has a rated capacity of 3.15 MW each, will be installed. The project is located in Gujarat's Dwarka area and is scheduled for commissioning in 2025. According to the terms and conditions of the deal, Suzlon will deliver the wind turbines (equipment supply), carry out the project, including its construction and commissioning, and offer full operations and maintenance services after the turbines are put into service.
Oct 27, 2023, 10:58 am IST
Suzlon Energy Secures Order For 3 MW Series Turbines From Juniper Green Energy Private Limited
Suzlon Energy informed on Friday that it has secured an order of the 3 MW product series for the development of a 50.4 MW wind power project for Juniper Green Energy Private Limited. This is the repeat order for the company’s largest turbine rated 3.15 MW, S144‐140m from the 3 MW series. Suzlon Energy shares traded 3.11% higher at Rs 32.45 per share at 10:51 am IST today.
Oct 27, 2023, 10:14 am IST
Karnataka Bank Approves Allotment Of Equity Share Capital Of Rs. 800 Crores On Preferential Basis, Shares Up 4%
Karnataka Bank shares rose 3.92% at Rs 230.70 per share on Friday after the Committee of Directors of the Board of Karnataka Bank approved the allotment of 3,34,00,132 equity shares of the face value of Rs 10/- each for Rs 239.52/- per equity share amounting to an aggregate of Rs 799,99,99,616.64 on a preferential basis.
Oct 27, 2023, 9:19 am IST
Oberoi Realty To Announce Interim Dividend Today
The board of directors of Oberoi Realty is expected to consider and approve an interim dividend proposal in its board meeting on Friday. At 9:17 am IST today, the stock was up 0.35% at Rs 1074.15 per share.
Oct 27, 2023, 9:12 am IST
RIL Shares To Remain In Focus Ahead Of Q2 Results
The share price of Reliance Industries Limited will remain in focus on Friday as the company will release its quarterly earnings update today. On Thursday, RIL shares closed 0.71% higher at Rs 2242 per share.
Oct 27, 2023, 9:02 am IST
Crude Oil Prices Outlook
Rahul Kalantri, VP Commodities, Mehta Equities said, "Anticipating the week ahead, we foresee continued volatility in crude oil prices, influenced by fluctuations in the dollar index and ongoing tensions in the Middle East. In today's trading session, crude oil finds support at the range of .20–82.40, with resistance at .00-85.70. In terms of Indian Rupees (INR), crude oil has a support level at Rs 6,875-6,820 and resistance at Rs 7,065-7,150."
Oct 27, 2023, 9:02 am IST
Bank Nifty Outlook Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "Banknifty after breaching below the 200 period MA made another weak candle to touch the 42100 zone with heavy profit booking seen with most of the frontline banking stocks stepping into their weak trend. We have the next support zone visible near 41500 levels below which the matter can turn worse. BankNifty would have the daily range of 41800-42700 levels."
Oct 27, 2023, 9:01 am IST
Rupee Outlook
Rahul Kalantri, VP Commodities, Mehta Equities said, "Based on the daily technical chart, the pair has support at 83.15-83.00 and resistance at 83.35-83.50. If the pair maintains levels above 83.22, it could exhibit further strength, potentially reaching the 83.35-83.50 range. In today's session, we anticipate that the pair may trade within the range of 83.15-83.45.”
Oct 27, 2023, 9:01 am IST
Gold Outlook Today
Rahul Kalantri, VP Commodities, Mehta Equities: Expect continued volatility in gold and silver prices during today's session. Gold has a support range at ,970 to ,958 and faces resistance between ,996 and ,010. Silver's support lies at .64 to .52, with resistance at .10 to .28. In terms of INR, gold has support between Rs 60,450 and Rs 60,220, and resistance at Rs 61,050 to Rs 61,260.”
Oct 27, 2023, 9:01 am IST
Nifty Outlook Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "Nifty has indicated “Three Black Crows” on the daily chart extending the slide further to touch the 18850 zone achieving the initial downside target as mentioned earlier, with sentiment and bias maintained cautiously. The index would have the crucial support maintained near 18600 levels of the important 200 period MA below which the matter can turn worse with 18200 level as the next major base zone. The support for the day is seen at 18700 levels while the resistance is seen at 19100 levels."
Oct 27, 2023, 8:45 am IST
Market Outlook Today
Aditya Gaggar, Director of Progressive Shares said, "By breaching the psychological level of 19,000 in the morning trade itself, bears showed their intent but bulls took charge with a swift recovery in the Mid and Small caps. With three black crows candlestick pattern (bearish), the maximum damage has already been done and the markets are currently in the oversold territory. Pullback/bounce or a relief rally is warranted and an early indication from the GIFT Nifty suggests the same; however, sustainability at the higher levels will be a key factor to watch out for. At present, Nifty and BankNifty stand at their 3-year-old trendline support which is also indicating a reversal. The immediate support arrives at 18,830 and 42,000 respectively while a higher side is capped at 19,040 and 42,700. After a steep fall, Mid and Smallcap indices have made a bullish candle which suggests that a short-term bottom has been placed. Among the sectors, PSU Banks and Realty have made a bullish hammer pattern which indicates a trend reversal."
Oct 27, 2023, 8:32 am IST
Reliance Stock In Focus
Reliance Industries' share price will be in focus as the company will deliver its Q2FY24 numbers along with subsidiaries Reliance Jio and Reliance Retail for the same quarter.
Oct 27, 2023, 8:18 am IST
Gift Nifty
In the early trade, Gift Nifty traded in red at 18,975.5 down by 63 points or 0.33%. The index broadly ranged from 18,975.5 to 18,933.0 respectively.
Oct 27, 2023, 8:17 am IST
Asian Shaes Today
Asian shares rose while holding a cautious optimism of a rebound in Wall Street after solid tech earnings. US futures also advanced in the early trade. Japan's Nikkei 225 climbed 279.23 points or 0.96%, and South Korea's KOSPI index edged higher by 0.44%. Also, Australian shares inched up by 0.39%, while Hong Kong's Hang Seng outperformed with an upside of 1.23%, and that of China's mainboard SSE Composite was marginally up.
Oct 27, 2023, 8:17 am IST
US Stocks
At Wall Street, overnight, soft earnings in tech biggies dragged the market, coupled with economic resiliency which is likely to keep higher interest rates longer than expected. The US economy accelerated at its fastest pace in nearly two years with GDP growth coming at 4.9% in the third quarter of 2023.
The Dow Jones Industrial Average dipped 0.76%, while the S&P 500 index shed 1.18%. It would be the tech-heavy index Nasdaq Composite that took the most hit with a downtrend of 1.76%.
Oct 27, 2023, 8:16 am IST
Markets Performance Yesterday
Domestic equities continued to record a sharp selloff on Thursday with Sensex and Nifty 50 falling below 64,000 and 19,000 psychological levels. The 30-scrip benchmark ended at 63,148.15, nosediving by 900.91 points or 1.41%, while Nifty 50 slipped by 264.90 points or 1.39% to settle at 18,857.25. Bank Nifty shed 551.85 points or 1.29% to end at 42,280.15.
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