“Weak global market sentiment triggered a collapse in local equities as investors shunned banking, realty, oil & gas and metal shares. Rising US bond yields and the dollar index have been weighing on the sentiment, which is leading to sharp corrections in emerging market indices. Technically, after a muted opening the index breached the important support level of 19,450 and post breakdown it intensified the weak momentum,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Going forward, markets will take cues from BOE interest rate decision outcome along with the important macro data like US Jobless Claims, Service PMI, and non- manufacturing PMI, which were released on Thursday. Adani Power, SBI, M&M, Zomato, Adani Enterprises, Axiscades Technologies, Tatva Chintan Pharma are among stocks to watch out for on Friday
Adani Power’s net profit jumped 83.30 per cent to Rs 8,759 crore in Q1 FY24 as against Rs 4,780 crore in the corresponding period last year. Consolidated total revenue climbed 16.80 per cent to Rs 18,109 crore in Q1 FY24 over Rs 15,509 crore in the year-ago period, mainly due to improved volumes, higher one-time revenue recognition on account of regulatory claims and late payment surcharge
Pharma major Sun Pharmaceuticals Industries reported a marginal decline in net profit for June quarter at Rs 2,203 crore, hurt by a rise in expenses. The firm reported consolidated net profit of Rs 2,061 crore in the year-ago period. Revenue climbed 11% to Rs 11,941 crore for the quarter ending June 30, 2023 as against Rs 10,762 crore in the year-ago period. In Q1FY24, the firm reported a one-time loss of Rs 323 crore
The online food delivery platform turned profitable for the first time in the last quarter of this fiscal. Zomato reported a consolidated net profit of Rs 2 crore for the June quarter against a net loss of Rs 186 crore in the year-ago quarter. Consolidated revenue from operations surged 71 percent year-on-year to Rs 2,416 crore compared to Rs 1,414 crore in the corresponding quarter of last fiscal
Adani Enterprises, the flagship entity of Adani Group, reported a 43.55 per cent rise in its June quarter profit at Rs 673.93 crore for the financial year 2023-24 (Q1 FY24). The firm reported profit of Rs 469.46 crore in the corresponding period last year. Total income fell sharply on a year-on-year (YoY) basis. Total income, which includes revenue from operations and other income, came at Rs 25,809.94 crore in Q1 FY24, down 37.15 per cent from Rs 41,066.43 crore in the year-ago period. Income slipped by 18.62 per cent quarter-on-quarter (QoQ)
Aptech, Axiscades Technologies, Binani Industries, Century Plyboards, CESC, Delhivery, M&M, Rain Industries, Tatva Chintan Pharma, SML Isuzu, SBI, Nucleus Software, JK Tyre & Industries and more
“A small negative candle was formed on the daily chart with upper and lower shadow. Technically, this pattern indicates a formation of high wave type candle pattern, which reflects ongoing volatility in the market. Having declined in the last few sessions and the formation of lower tops and bottoms on the daily chart indicates a possibility of minor upside bounce in the market towards the new lower top formation. On the upper side, 19,550-19,600 is expected to be a sell on rise opportunity. Immediate support is placed at 19,300 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“The Bank Nifty index remains under the control of the bears, leading to a correction with the index reaching the 44,500-44,400 zone. This zone holds critical importance as it acts as a crucial support level for the index. If the index fails to sustain this level, further downside movements might be expected towards 44,000 levels. However, there is a possibility of a pullback if the index manages to sustain the current support zone. In that case, the index could potentially move towards 45,000 or 45,200 levels,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
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