Saturday, 20 January 2024

Indian Markets Slips on Results Disappoint I Kotak mahindra bank I IREDA I Tejas Network I PVR Inox I NHPC HUL I Reliance

India's benchmark indices dipped on Tuesday, weighed down by weak results from blue-chip giants Hindustan Unilever (HUL) and Reliance Industries (RIL). Both Nifty 50 and Sensex lost around 0.3%, extending their recent consolidation phase.


Key Points:

·  Indices: Nifty 50 down 0.23% at 21571.80, Sensex down 0.36% at 71423.65.

·  Volatility: Market remained volatile throughout the day, reflecting uncertainty and indecision.

·  Technical Analysis: Consolidation likely to continue within the 21500-21700 range. Breakouts above or below these levels could signal further directional movement.

·  Top Losers: HUL, RIL, IndusInd Bank, TCS, HDFC Bank dragged the indices down.

·  Top Gainers: ICICI Bank, Bharti Airtel, Axis Bank, Coal India, L&T provided some support.

·  Sectoral Performance: Nifty PSU Bank gained the most, while Nifty FMCG suffered due to HUL's performance.

·  Broader Markets Outperform: Midcap and Smallcap indices edged higher, outperforming the benchmarks.

   Analysts' Views:

·  The current phase of consolidation is likely to continue for a few days until a decisive breakout occurs.

·  A breakdown below 21500 could trigger a correction towards 21300. Conversely, a breakout above 21700 is needed for a resumption of the uptrend.

·  Weak results from HUL and RIL contributed to the selling pressure, but positive performances from other companies like ICICI Bank and Bharti Airtel helped cushion the fall.

Looking Ahead:

·  Upcoming events like corporate earnings, global cues, and technical signals will be crucial for determining the market direction.

·  Investors should exercise caution and closely monitor individual stock performances within the current volatile environment.

 

Indian stock market news



IREDA stock surged 10 percent to get locked in an upper circuit after the company’s net profit grew 67.2 percent to Rs 335.5 crore on the robust loan book growth and reduction in bad debt


Tejas Networks fell 5.69 percent after the company posted a net loss of Rs 44.9 crore in the December quarter, widening the loss from Rs 15.20 crore in the year-ago period, impacted by higher input costs. Its revenue grew 104 percent on-year to Rs 560 crore.


PVR Inox gained 1.32 percent with strong volumes after the company got a ‘buy’ upgrade from Elara Securities, which also raised the target price to Rs 1,900 citing a favourable risk-reward ratio.

NHPC stock rallied 9.45 percent, a day after the company successfully closed an offer force sale during which the government offloaded 3.5 percent stake in the company at a floor price of Rs 66.

RITES jumped 13.65 percent after the company won a Rs 414-crore project from IIT- Bhubaneswar.


Kotak Mahindra Bank gained 2.41 percent after the bank reported a 7.6 percent increase in profit at Rs 3,005 crore in Q3. The bank’s net interest income went up by 15.9 percent from the year-ago quarter to Rs 6,554 crore.


IRCON gained 17.25 percent along with other railway stocks as they extended their upward trend ahead of the interim budget on February 1. Analysts expect a high allocation for the rail sector in the budget.

Paytm gained 1.15 percent after the company’s revenue grew 38 percent to Rs 2,850 crore in the third quarter. Revenue increased due to accelerated gross merchandise value growth, higher device addition, and growth of financial services business.

RBL Bank jumped 1.3 percent despite Q3 result missing the street’s estimates. RBL Bank’s net profit grew 2 percent YoY to Rs 233 crore. But, excluding the contingent provision on AIF investment of Rs 115 crore, net profit swelled 53 percent YoY to Rs 319 crore.

HFCL gained 12.59 percent after the company said it won a Rs 623 crore order for supplying 5G equipment.


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