It’s the start of the new week and things look dire for stock market India. As per last week’s charts, bearish forces had taken over the stock market with no hope of recovery yet.
It seems that the trend continues on this day as well, as the stock market struggles to climb up the ladder.
So what’s the strategy that traders will have to focus on in the upcoming session?
We’ll let’s get started in breaking down the analysis.
Nifty oozes high volatility within a narrow range. What’s next for the market?
Nifty FUT – Sell Around – 19500 | Stop Loss – 19600 | Target – 19400 |
During the previous session, Nifty had opened with a gap down and created high volatility within a narrow range.
This has formed a doji candlestick pattern. Traders can expect sideways to downward trends moving forward.
Bank Nifty witnesses buying pressure in recent trade. What lies ahead for the market?
Bank Nifty Fut – Sell Around – 43600 | Stop Loss – 43900 | Target – 43300 |
During the previous session, bank Nifty had opened with a gap down and it seems there was buying pressure emanating from it, however, it was rejected from the upside.
This has formed an inverted hammer candlestick pattern and hence, traders can expect sideways to downward moves incoming.
Stock Market India | Results of the Day:
It’s time to analyse the quarterly results of the various companies in stock market India. Let’s get started!!
ICICI Bank:
India’s second-largest private sector lender recorded a massive 35.8 per cent on-year growth in standalone profit at INR 10,621 crore for the quarter that ended September FY24, driven by a sharp fall in provisions, while asset quality improved on a sequential basis.
Net interest income for the quarter at Rs 18,308 crore increased by 23.8 per cent over the last year, with net interest margin rising 22 bps YoY to 4.53 per cent. Total period-end deposits increased by 18.8 per cent year-on-year to Rs 12.95 lakh crore, and total advances jumped by 18.3 per cent to Rs 11.1 lakh crore during the same period.
One 97 Communications:
The mobile payments and financial services platform Paytm operator has narrowed its net loss to INR 290.5 crore for the quarter ending September Fy24, up from a loss of INR 571.1 crore a year back.
Revenue for the quarter at Rs 2,519 crore grew by 32 per cent YoY, driven by an increase in gross merchandise value (GMV), merchant subscription revenues, and the growth of loans distributed through the platform. Contribution profit grew by 69 per cent YoY to Rs 1,426 crore during the same period.
L&T Finance Holdings:
The non-banking finance company has registered a 46 per cent on-year growth in profit at Rs 595 crore for the July-September period FY24, and total revenue from operations during the same period grew by 2.4 per cent on-year to Rs 3,214 crore.
Credit cost was down 10 per cent year-on-year at Rs 517 crore for the quarter. The company reported the highest-ever quarterly retail disbursements at Rs 13,499 crore for the quarter, growing 32 per cent YoY, with retail book size increasing 33 per cent YoY to Rs 69,417 crore in Q2 FY24.
Kotak Mahindra Bank:
The private sector lender has recorded a 24 per cent on-year growth in standalone profit at Rs 3,191 crore for the quarter ended September FY24, with operating profit growing 29 per cent on-year to Rs 4,610 crore and an improvement in asset quality numbers. Net interest income increased 23 per cent to Rs 6,297 crore, with a net interest margin expansion of 7 bps, while advances increased 18.5 per cent on-year to Rs 3.48 lakh crore and deposits jumped 23 per cent to Rs 4 lakh crore during the same period.
Stock Market India | Trending Equity Analysis:
It’s that time of the day when we talk about the companies making the headlines in stock market India today. So let’s get started!!
Samvardhana Motherson International Ltd:
The company has announced a series of acquisitions to strengthen its non-automotive businesses further. These acquisitions span the company’s aerospace, health, and medical divisions.
JSW Steel Ltd:
JSW Steel, the wholly owned US-based subsidiary of Periama Holdings LLC will acquire JSW Steel USA, Inc fully by buying out the remaining 10% stake in the company from Green Suppliers and Services Pte.
Godrej Properties Ltd:
The municipal Corporation of Delhi has fined a Godrej Properties subsidiary INR 5 lakh for not following environmental safety rules during construction in New Delhi.
That’s all for today folks!!
We’ll see you again soon with more exciting stock market India news.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease