The market surged to three months high on Thursday, supported by the ongoing Q4 earning season and short squeeze in monthly derivatives expiry. Analysts expect this up-move in Nifty to continue above the 18k zone. The banking sector would in focus in the next few days on the back of results from Axis Bank and Kotak Bank.
The domestic market is gradually shifting towards a positive terrain, supported by FIIs inflows and positive Q4 earnings from banks. Wipro, Raymond, HUL, Bajaj Finserv among stocks to watch on Friday.
Wipro on Thursday reported a 0.4% YoY fall in consolidated net profit at Rs 3,074 crore for Q4FY23. Consolidated revenue for the quarter rose 11.17% to Rs 23,190 crore compared. The company also approved buyback of equity shares of up to 269,662,921 shares of face value Rs 2 each.
Raymond on Thursday announced the demerger of its lifestyle business to Raymond Consumer Care Limited (RCCL) to create a listed company. This came along with RCCL selling its FMCG business to Godrej Consumer Product Ltd for a consideration of Rs 2,825 crore.
Bajaj Finserv on Thursday reported a 31% YoY rise in consolidated PAT at Rs 1,769 crore for Q4FY23. Consolidated revenue for the quarter rose 25% to Rs 23,625 crore. Its consolidated PAT, excluding mark-to-market gain or loss, stood at Rs 1,836 crore, up 48% YoY.
Tech Mahindra on Thursday reported a 26% decline in consolidated net profit at Rs 1,118 crore for Q4FY23 as challenging macroeconomic conditions prompted clients to tighten spending. However, its revenue rose 13% to Rs 13,718 crore.
Hindustan Unilever (HUL) on Thursday reported a 13% YoY rise in net profit at Rs 2,601 crore for Q4FY23. Total sales for the quarter grew 11% at Rs 14,953 crore. It proposed a final dividend of Rs 22 per share, subject to approval of shareholders at the AGM.
“The underlying trend of Nifty continues to be positive. Having sustained above the important hurdle of 17,865 levels, the Nifty is expected to move towards the next upper trajectory of 18,200-18,300 levels in the near term. Immediate support is at 17,800 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“On the daily chart, Bank Nifty has remained above the consolidation breakout point. Besides, the index has remained above the critical moving average. On the higher end, Bank Nifty might move towards 43,300/43,500 over the near term. On the lower end, support is placed at 42,750,” said Rupak De, Senior Technical Analyst at LKP Securities.
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