Markets are likely to remain consolidative and take cues from global developments. Overall, analysts remain positive on the market and view the current decline as a buying opportunity
Stock-specific action can take place over the next few trading sessions. SBI, ITC, GAIL India, IndiGo among stocks to watch on Friday
State Bank of India on Thursday posted a sharp YoY rise in its Q4FY23 profit. The bank's Q4 profit surged 83.18% to Rs 16,694.51 crore from Rs 9,113.53 crore in the same period a year ago. SBI earned Rs 92,951.06 crore as interest income in Q4FY23 against Rs 70,733.25 crore in the year-ago period
ITC reported a 21.4% YoY growth in standalone net profit at Rs 5,086.9 crore for Q4FY23. Net profit stood at Rs 4,190.9 crore in the same period last year. Revenue from operations went up 5.6% YoY to Rs 16,398 crore from Rs 15,531 crore in the year-ago period
GAIL posted a profit fall of 81.5% at Rs 642.74 crore in Q4FY23 as against Rs 3,473.77 crore in the same quarter last year. It posted revenue from operations at Rs 33,264.06 crore, up 21.7% YoY in comparison to Rs 27,327.71 crore in the fourth quarter of FY22
InterGlobe Aviation (IndiGo) on Thursday reported a consolidated net profit of Rs 919.20 crore for the March quarter compared with a profit of Rs 1,422.60 crore in the December quarter and a loss of Rs 1,681.80 crore in the corresponding quarter last year. Revenue for the quarter surged 76.54% YoY to Rs 14,160 crore from Rs 8,020 crore in the same quarter last year
Punjab National Bank, India’s fourth largest public sector lender in terms of market value, is all set to report its financial results for the quarter that ended March 2023 on Friday, May 19. Analysts expect the PSU bank to clock a robust performance driven by double-digit loan growth and stable asset quality
Rategain shares will be in focus as the company will report its Q4FY23 results on Friday, May 19, 2023
“The recent swing high of 18,458 level could now be considered as a new higher top of the sequence and the current weakness seems to be in line with the new higher bottom formation as per daily timeframe chart. At the lower levels, the Nifty is expected to find support around 18000-17950 levels before showing an upside bounce from the lows in the next 2-3 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Bank Nifty has paused near its all-time high and shows some divergence in momentum indicators, suggesting a likelihood of profit booking. The immediate support level is at 43,500, while a major support base can be found at 43,000. Above the 44,152 level, the next target levels to watch for are 44,444 and 45,000, according to Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd
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