In this holiday-shortened week, market participants will vigilantly monitor US GDP data for insights into the Fed's interest rate trajectory, said Vinod Nair, Head of Research at Geojit Financial Services. "Additionally, as the earnings season gains momentum, investor sentiment will be shaped by corporate’s management commentary and bottom-up investment approach," Nair stated. Domestic benchmarks will be closed on Tuesday to mark Dussehra.
On the stock-specific front, YES Bank, Paytm, Balkrishna Industries, JSW Steel, ICICI Bank and some other counters will be in focus today.
Shares of Balkrishna Industries fell 1.21% to close at Rs 2,539.15 in the previous trading session on Friday. The stock will be in focus today as the company's second-quarter profit (Q2 FY24) slipped 8.98% to Rs 347.94 crore from Rs 382.26 crore in year-ago period. Balkrishna has also declared an interim dividend of Rs 4 for the financial year 2023-24 (FY24).
Shares of One 97 Communication, Paytm's parent, rose 1.93% to close at Rs 987.35. The digital payments firm posted an operating profit for the fourth straight quarter. Paytm said revenue increased 32% to Rs 2,519 crore in the second quarter, from Rs 1,914 crore a year earlier.
JSW Steel shares slipped 1.39% to end at Rs 770. The steelmaker reported a consolidated net profit of Rs 2,760 crore in the quarter ended September 30 from Rs 848 crore loss a year earlier.
Shares of ICICI Bank fell 0.28% to settle at Rs 932.45. The private lender has reported a 35.8% increase in net profit for the July-September quarter.
Shares of YES Bank rose 1.23% to close at Rs 17.28. The private lender has recorded a 47% increase in quarterly net profit.
Shares of Torent Pharmaceuticals slipped 1.54% to settle at Rs 1,888.95. The pharma company will announce its Q2 FY24 earnings today.
Shares of CSB Bank moved 1.96% down to settle at Rs 357.75 on Friday. The lender's Q2 FY24 profit came at Rs 133 crore as against Rs 121 crore in the year-ago period.
Shares of RBL Bank slipped 0.85% to settle at Rs 243.65. The lender's Q2 profit jumped 46% on a year-on-year (YoY) basis.
Shares of Lloyds Metals & Energy closed 1.89% lower at Rs 555.45. The company will announce its Q2 FY24 earnings today.
Shares of Mahindra Logistics edged 0.07% higher to settle at Rs 381.25 on Friday. The company will also declare its Q2 FY24 earnings today.
Companies such as PNB Housing, Mahindra Holidays, NDTV, Kewal Kiran Clothing and Poddar Housing and Development will also announce their respective quarterly results today.
"Immediate support situated at 19,500. A further decline below this level could potentially lead the index towards the range of 19,150 to 19,000. On the upside, the zone between 19,600 and 19,650 is expected to act as a strong resistance. A move above 19,650 could trigger short-covering in the market," said Rupak De, Senior Technical analyst at LKP Securities.
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