Indian Markets Extend Slide: HDFC Bank I LTIMindtree I ICICI bank I Reliance I Asian Paint I Axis Bank I Gainer & loser I Sentiment

India's benchmark indices extended their losing streak for the third consecutive day, dragged down by weak results from HDFC Bank and LTIMindtree. Both Nifty 50 and Sensex have shed nearly 3% in the last three days, raising concerns about a potential trend reversal.

Key Highlights:

·  Nifty 50: Down 0.49% to 21,465.25.

·  Sensex: Lower by 0.44% at 71,186.86.

·  Technical Outlook: Spinning top candlestick pattern on the Nifty 50 suggests a potential reversal, which needs confirmation by breaching 21,530 resistance.

·  Top Laggards: HDFC Bank, LTIMindtree, NTPC, Titan, and Asian Paints.

·  Top Gainers: Sun Pharma, ICICI Bank, Reliance, L&T, and Axis Bank.

·  Sectoral Performance: Nifty Pharma rose the most, while Nifty Financial Services declined.

·  Broader Markets: Midcap and Smallcap indices outperformed, but still closed slightly lower.

·  Market Breadth: Negative, with more stocks declining than rising.

Analyst Take:

Also read :12 Reason Why Nifty and Bank Nifty remain volatile for the day l Top nifty gainer and loser

The recent weakness in the market can be attributed to several factors:

·  Disappointing results: HDFC Bank's deposit growth lag and LTIMindtree's missed expectations raised concerns about broader sectoral outlook.

·  Technical formation: The spinning top pattern indicates indecision at current levels, and a breach below 21,285 support could confirm a further downturn.

·  Profit-taking: After a strong rally earlier in the month, some investors might be booking profits, contributing to the decline.

Looking Ahead:

The near-term market direction remains uncertain. Investors will be closely watching for:

·  Global cues: Developments in the US Fed policy and global economic growth will influence sentiment.

·  Corporate earnings: Upcoming results from key companies will provide fresh guidance on sector prospects.

·  Technical signals: A breach of key support or resistance levels on the Nifty could provide clearer directional cues.

   Indian Stock Market News

Also read :10 News Which led Nifty and bank nifty trade Low and high in same day l IPO listing of Inox India

1. Aarti Industries went up 5.1 percent after the company signed a long-term contract worth Rs 6,000 crore with a multinational conglomerate for the supply of a niche specialty chemical.

2. Oracle Financial Services rallied 27.4 percent after the company's net profit jumped nearly 70 percent on-year to Rs 740.8 crore, and revenue from operations jumped 26 percent to Rs 1,823.6 crore.

3. ICICI Prudential Life Insurance stock fell 5.43 percent after disappointing Q3 results. The insurer’s Q3 VNB (value of new business) declined 29.5 percent YoY to Rs 436 crore.

Also read :11 News of Indian Stock that change the trend of Nifty bearish l Top gainer and Losers

4. Cochin Shipyard gained 2.11 percent after the company opened a new dry dock and the international ship repair facility (ISRF) in Kochi.

5. Balaji Amines fell 2.22 percent even after the company received BIS Certification for the product 'Morpholine' from the Bureau of Indian Standards. This certification will help the company regulate the quality of the product which is mandatory for the supply of Morpholine in India.

6. Railtel Corporation closed 0.37 percent lower despite the company receiving a work order from South Central Railway worth Rs 82.41 crore. The order includes comprehensive ground infrastructure works for provisions of 4G LTE-R in 523 RKM of the Secunderabad division in South Central Railway.

7. Sanghi Industries stock fell 9.69 percent, extending its downfall for a third straight session after concerns regarding their profitability after signing an agreement with Ambuja. Under a new agreement, Sanghi will sell its cement supply to Ambuja and ACC at a fixed markup of 10 percent over the production cost.

8. Nazara Tech fell 2.59 percent, reversing the gains in the early morning after the company’s board of directors approved a preferential allotment of equity shares to raise to Rs 250 crore from Nikhil Kamath of Zerodha, and other investors.

Also read :11 News that pull nifty for all time high from day low l Mover & shakers for the day

9. LTI Mindtree stock fell 10.73 percent after Q3 earnings missed estimates and weak management commentary which caused more brokerages to have a cautious outlook.

 10. NHPC fell 3.15 percent after the government plans to divest a 3.5 percent stake in the PSU through Offer For Sale at a floor price of Rs 66 per share.

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