Over the next few weeks, market participants can expect sector or stock specific action depending on second-quarter (Q2 FY24) financial performance and management commentary, said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.
On the stock-specific front, Dalmia Bharat, DMart, Texmaco Rail, CEAT, HDFC Bank, Jio Financial Services, Cyient DLM, Bank of Maharashtra, Mahindra & Mahindra and Federal Bank will be in focus today.
Shares of Dalmia Bharat fell 0.38% to close at Rs 2,293 in the last trading session. The company reported a net profit of Rs 123 crore for the quarter ended September 2023 (Q2 FY24), indicating 161.7% year-on-year (YoY) jump. Dalmia Bharat has also declared an interim dividend of Rs 4 per share.
Shares of Avenue Supermarts (DMart) rose 1.78% to end at Rs 3,932.75. The company's consolidated net profit for Q2 FY24 stood at Rs 623.35 crore, marking a 9.09 decrease from Rs 685.71 crore recorded in the same quarter last year.
Texmaco Rail & Engineering shares jumped 5.94% to end at Rs 133.85. The company has reported total income of Rs 810.41 crore during the period ended September 30, 2023 as compared to Rs 692.56 crore during the period ended June 30, 2023. It has posted a net profit of Rs 24.65 crore for the period Q2 FY24 as against a profit Rs 12.75 crore for the period ended June 30, 2023.
Other companies such as Ceenik Exports, GTPL Hathway, Texmaco Infrastructure Holdings, Ultracab (India), Vivid Mercantile and Darshan Orna declared their respective Q2 FY24 numbers. These may also see some action on Monday.
Shares of HDFC Bank fell 0.85% to end at Rs 1,536.75. The lender has reappointed Sandeep Parekh and MD Ranganath as independent directors for a three-year period.
Shares of CEAT slipped 0.22% to settle at Rs 2,137.60. The company will declare its Q2 earnings today.
Cyient DLM shares settled with 0.67% losses at Rs 686.75. The company will also announce its Q2 results today.
Federal Bank shares rose 0.07% to close at Rs 149.50. The lender will report its September 2023 quarter results today.
Jio Financial Services shares fell 0.40% to settle at Rs 224.25. The NBFC will announce its first-ever quarterly results today.
Shares of Mahindra & Mahindra slipped 0.34% to close at Rs 1,561.75. The carmarker said its production rose to 79,410 units in September 2023 from 65,154 uniits in the year-ago period.
Shares of Bank of Maharashtra settled with 1.45% gains at Rs 46.83 on October 13. The lender is scheduled to declare its Q2 earning today.
"Bulls were able to protect the level of 19,600 on Friday, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19,600. Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favor the market. On the higher end, resistance is visible at 19,850. Above 19850, the index might move towards 20,000," said Rupak De, Senior Technical Analyst at LKP Securities.
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