Higher valuations of the domestic equity benchmarks have been a concern and the current global turmoil allowed investors to reduce their exposure, said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities.
On the stock-specific front, ACC, Dixon Technologies, RailTel, Tech Mahindra, Vodafone Idea, Jay Bharat Maruti, Ksolves India and some other counters will be in focus today.
Shares of ACC fell 0.65% to close at Rs 1,890.35 in the last trading session. The stock will be in focus today as the Adani Group firm will declare its second-quarter (Q2) earnings for the financial year 2023-24 (FY24).
Shares of Dixon Technologies rose 0.70% to end at Rs 5,445.85. The firm will also be announcing its Q2 FY24 results.
Medplus Health Services shares climbed 0.30% to settle at Rs 804.30. The company too will come up with its Q2 FY24 earnings.
Shares of RailTel Corporation of India slipped 2.31% to settle at Rs 211.05. The railway PSU will also declare its Q2 FY24 results today.
Shares of Vodafone Idea settled 0.82% lower at Rs 10.86. The company will also report its second-quarter earnings today.
Companies such as AAVAS Financiers, Aarti Drugs, Asian Paints, DB Corp, Indian Bank, Jindal Saw, Punjab National Bank and Tata Teleservices will also announce their respective quarterly results today.
Shares of Tech Mahindra fell 1.16% to settle at Rs 1,141.70. The IT firm has recorded a sharp decline in its Q2 profit. TechM posted a 61.6% year-on-year (YoY) fall in net profit, at Rs 494 crore, for the September quarter as against Rs 1,285.4 crore in the corresponding period last year. Separately, the company declared an interim dividend of Rs 12.
Shares of Jubilant FoodWorks (Domino's operator in India) rose 0.60% to settle at Rs 528.40. The company reported a 26% fall in quarterly earnings.
Shares of Axis Bank slipped 0.84% to settle at Rs 955.35. The Mumbai-based private lender's standalone net profit climbed 10% to Rs 5,864 crore in the three months to September 30 from a year earlier. The standalone numbers don't include the business of the bank's subsidiaries.
Shares of Jay Bharat Maruti dived 4.14% to settle at Rs 250.10. The stock will be going ex-split from Rs 5 to Rs 2.
Shares of Ksolves India tanked 3.18% to settle at Rs 1,038.25. The company's stock will be trading ex-dividend (Rs 7) today. TCI Express will also be turning ex-divided (Rs 3).
Rupak De, Senior Technical analyst at LKP Securities said Nifty closed below the crucial support level of 19,200, signifying a bearish trend. "The immediate support stands at 19,000 now, with the highest open interest in put option contracts, while resistance is expected in the range of 19,250-19,300, as indicated by substantial call writing during today's trading session," he suggested.
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