“The market would trade cautiously ahead of India’s inflation data (to be released on Monday) which is expected to rise in July on account of high vegetable prices. On account of the Independence Day holiday on Tuesday, market might remain lacklustre,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
“Indications are pointing towards the possibility of retesting 19,300 in Nifty again. Traders should align their positions accordingly and focus more on risk management,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd. ITC, Divi's Lab, Vodafone India, HAL, Nykaa, Eicher Motors, CAMS, Varun Beverages among stocks to watch on Monday.
FSN E-Commerce Ventures Ltd (Nykaa) on Friday reported an 8% YoY rise in net profit at Rs 5.40 crore for the June quarter on 24% rise in revenue at Rs 1,421.80 crore. EBITDA for the quarter surged 60% YoY to Rs 73.50 crore, with Ebitda margin coming in at 5.2%, up 116 bps over 4% in the year-ago quarter.
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Jindal Steel & Power Ltd on Friday reported a 14.37% YoY fall in its consolidated net profit for Q1FY24 to Rs 1,686.94 crore. The company had reported a profit of Rs 1,970.13 crore in the year-ago period. Sequentially, consolidated net profit was up 265% from Rs 462.56 crore in Q4FY23.
State Bank of India (SBI) has emerged as India's most profitable company during the April-June quarter of fiscal 2023-24 (Q1FY24), replacing Reliance Industries (RIL), according to data from Capitaline Databases.
Hindustan Aeronautics Ltd (HAL) reported a consolidated net profit of Rs 814 crore in Q1FY24, 31% higher than Rs 620 crore earned in Q1FY23. Revenue from operations, meanwhile, jumped 8% to Rs 3,915.35 crore for the June quarter from Rs 3,622 crore in Q1FY23.
ITC, Divi's Lab, Vodafone India, Hindustan Copper, AstraZeneca Pharma, Indiabulls Housing Finance, Swan Energy, Borosil, Brightcom Group, Lux Industries, Senco Gold, HMA Agro Industries, Uflex, Sanghi Industries, Gensol Engineering, Meghmani Organics, PC Jeweller, Bajaj Healthcare, and more companies will report their Q1FY24 earnings on August 14.
Amba Enterprises, Alkali Metals, Avantel, CAMS, CL Educate, Eicher Motors, Everest Industries, Fine Organic Industries, Heritage Foods, HG Infra, Hindalco, ISGEC Heavy Engineering, Kamdhenu, KPIT Technologies, Maharashtra Seamless, Mahanagar Gas, Quest Capital, REC, Steel Strips Wheels, Varun Beverages are among the stocks that are trading ex-dividend on Monday.
"The market is expected to slide down to 19,290 or lower in the coming sessions to confirm a new lower bottom of the sequence. Any upside bounce from here could encounter resistance around 19,550 levels for the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty has decisively broken the 44,500–45,000 range on the downside indicating weakness. The momentum indicator has a negative crossover which is a sell signal. Thus both price and momentum indicators are suggesting a further downside over the next few trading sessions. On the downside 44,000 is the short-term target," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.