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3% to 5%

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/pesticidesagro-chemicals/bharatrasayan/BR01">Bharat Rasayan</a> jumped on October 20 after the company announced that the its board is set to meet on October 24 (Friday) to consider the proposal to announce stock split and bonus issue of shares.

The stock closed 3.59 percent higher at Rs 10,186.70 per share on Monday. Earlier during the day, the stock had surged nearly 12 percent to hit an intraday high of Rs 10,990 per share.

In an exchange filing released on Friday, Bharat Rasayan said, "A meeting of the Board of Directors of Bharat Rasayan Limited is scheduled to be held on Friday, October 24, 2025, to consider interalia, the proposal of Sub-Division of equity shares and proposal for issuance of Bonus issue of Equity Shares of the Company."

What is a stock split?

A company announces stock split to increase the overall liquidity of the stock. While this increases the total number of shares, it does not change the market capitalization of the company. This makes it more affordable for other investors to add shares of the company to their portfolio, creating strong upside potential for the stock.

What is bonus issue?

While the issue of bonus shares increases the total number of shares issued and owned, it does not change the market capitalization of the company. This increases the overall liquidity of the stock, and makes it more affordable for other investors to add to their portfolio, creating strong upside potential for the stock.

Bonus issue essentially are free shares offered by a company from its reserves. Such issue is perceived to reflect on a firm's strong financials and growth potential.

Bharat Rasayan share price:

Bharat Rasayan shares have surged more than 5 percent in the past five days. The stock however dropped nearly 10 percent in the past one year, and increased only 14 percent in the past five years.

After hitting a 52-week high of Rs 12,300 per share in November last year, the stock dropped 28.5 percent to hit a 52-week low of Rs 8,798.5 per share in May this year. The stock has now recovered nearly 16 percent since then.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Ownership, Material Conflicts of Interest and Disciplinary History

MCD is a wholly owned subsidiary of Network 18 Media & Investments Ltd ("Network18"), in which Independent Media Trust (IMT) holds 56.89% stake. Reliance Industries Limited ("RIL") is the sole beneficiary of IMT. Network18 and RIL and their subsidiaries, joint ventures and associates can be considered as associates of MCD.

Details of Associate

Receipt of Compensation

Third-Party Compensation

Employment History

Market-Making Activities

Use of Artificial Intelligence

Bharat Rasayan shares jump up to 12% as firm set to consider stock split, bonus issue

The shares of Bharat Rasayan jumped on October 20 after the company announced that the its board is set to meet on October 24 (Friday) to consider the proposal to announce stock split and bonus issue of shares.

The stock closed 3.59 percent higher at Rs 10,186.70 per share on Monday. Earlier during the day, the stock had surged nearly 12 percent to hit an intraday high of Rs 10,990 per share.

In an exchange filing released on Friday, Bharat Rasayan said, &quot;A meeting of the Board of Directors of Bharat Rasayan Limited is scheduled to be held on Friday, October 24, 2025, to consider interalia, the proposal of Sub-Division of equity shares and proposal for issuance of Bonus issue of Equity Shares of the Company.&quot;

What is a stock split?

A company announces stock split to increase the overall liquidity of the stock. While this increases the total number of shares, it does not change the market capitalization of the company. This makes it more affordable for other investors to add shares of the company to their portfolio, creating strong upside potential for the stock.

What is bonus issue?

While the issue of bonus shares increases the total number of shares issued and owned, it does not change the market capitalization of the company. This increases the overall liquidity of the stock, and makes it more affordable for other investors to add to their portfolio, creating strong upside potential for the stock.

Bonus issue essentially are free shares offered by a company from its reserves. Such issue is perceived to reflect on a firm's strong financials and growth potential.

Bharat Rasayan share price:

Bharat Rasayan shares have surged more than 5 percent in the past five days. The stock however dropped nearly 10 percent in the past one year, and increased only 14 percent in the past five years.

After hitting a 52-week high of Rs 12,300 per share in November last year, the stock dropped 28.5 percent to hit a 52-week low of Rs 8,798.5 per share in May this year. The stock has now recovered nearly 16 percent since then.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/cables-powerothers/polycabindia/PI44">Polycab India</a> jumped around 3 percent on October 20 after the company released its results for the second quarter of the financial year 2026. The stock has now snapped a two-session losing streak.

Polycab India shares rose over 3.5 percent to hit a day’s high of Rs 7,700 apiece. The shares then closed at Rs 7,661 apiece. The company had released its Q2 results during the market hours of October 17. The stock had then dropped 2 percent at close on Friday.

Polycab India Q2 Results:

The wire and cable-maker reported a net profit of Rs 685.5 crore for July-September quarter of the financial year 2026. This marks a nearly 56 percent year-on-year rise from the Rs 439.8 crore net profit reported in the corresponding quarter of the financial year 2025.

The firm’s revenue from operations meanwhile rose nearly 18 percent YoY to Rs 6,477 crore in Q2 FY26. The company had reported revenue from operations at Rs 5,498 crore in Q2 FY25. EBITDA rose 62 percent YoY to Rs 1,020.7 crore.

Speaking about the company’s performance during the quarter, Polycab India Chairman and Managing Director Inder T. Jaisinghani said, “Our performance in Q2 FY26 marks another strong step forward in Polycab’s growth journey. We delivered our highest-ever second quarter and half yearly revenue and profitability, reflecting the continued strength of our core Wires &amp; Cables business and the improving traction in the FMEG business.”

“The domestic demand environment remains healthy, supported by government infrastructure spending and improving private capex sentiment, while our international business continues to scale steadily. As we advance on our Project Spring agenda, we remain committed to driving industry-leading growth and creating long-term value for all stakeholders,” he added.

What brokerages say?

PL Capital kept a ‘Buy’ rating on the stock, with a target price of Rs 8,808 per share. This implies an upside potential of more than 18 percent from the stock’s previous closing price of Rs 7,439.5 apiece.

The domestic brokerage noted that the company’s wires and cables (W&amp;C) segment reported volume growth in high teens, with cables bit higher than wires. Domestic W&amp;C business grew by 20.6 percent YoY, driven by high government spending and improved project execution. The company's international business grew by 25 percent YoY in Q2 FY26, and contributed 6.5 percent to the total revenue.

“In EPC segment reported an EBIT margin of 18.1% in Q2FY26, supported by a one-time gain of Rs 300mn. The company aims to increase export contribution to 10% by FY30. Its FMEG segment delivered another quarter of positive EBIT led by solar products and is expected to be the major contributor to the FEMG portfolio. Its new plant is expected to be commissioned by Q3FY27 and accordingly, revenue contribution from EHV sales is likely to commence from FY28,” the brokerage said.

PL Capital expects revenue, EBITDA and PAT CAGR of 18.6 percent, 22 percent and 20.9 percent respectively over FY25-28E.

JM Financial Institutional Securities kept a ‘Buy’ call on the stock, with a target price of Rs 8,900 per share. This implies an upside potential of nearly 20 percent from the stock’s previous closing price. “Polycab once again delivered a strong performance in Q2. Polycab’s adjusted revenue, EBITDA, and PAT registered a YoY growth of 17%, 57%, and 51% respectively. This growth was largely driven by strong performance in the C&amp;W segment from both domestic and export markets, with growth in exports outpacing that in the domestic market…Our EPS estimates remain largely unchanged. Maintain BUY with a target price of INR 8,900 set at 42x Sep’27E EPS,” it added.

Motilal Oswal kept a ‘Buy’ rating on the stock, with a target price of Rs 8,900 apiece. This implies an upside potential of nearly 20 percent from the stock’s previous closing price. “Polycab India posted yet another strong quarter… Polycab reported strong earnings in Q2 FY26, above our estimates, supported by higher-than-estimated margin in both the C&amp;W and FMEG segments, while revenue was in-line. Demand in C&amp;W remains robust, led by higher government capex, strong real-estate demand, and signs of recovery in private capex. Export also witnessed strong momentum. In FMEG, the company reported its third consecutive quarter of positive segment margin and reiterated its goal to achieve 8-10% margin by FY30,” it said.

“We estimate a CAGR of 18%/22%/21% in POLYCAB’s revenue/EBITDA/PAT over FY25-28. We estimate OPM to stand at 14.6%/14.2%/14.4% in FY26/FY27/FY28 vs. 13.2% in FY25. Cumulative FCF during FY26-28E is expected to be at INR43.4b, which will further improve its liquidity position (estimate net cash to improve to INR48.3b in FY28E vs. INR24.3b as of Sep’25),” it added.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-20-10-2025-liveblog-13624116.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Polycab India shares jump 3% after firm posts bigger-than-expected Q2 profit

Polycab India shares jump 3% after firm posts bigger-than-expected second quarter profit

The shares of Polycab India jumped around 3 percent on October 20 after the company released its results for the second quarter of the financial year 2026. The stock has now snapped a two-session losing streak.

Polycab India shares rose over 3.5 percent to hit a day’s high of Rs 7,700 apiece. The shares then closed at Rs 7,661 apiece. The company had released its Q2 results during the market hours of October 17. The stock had then dropped 2 percent at close on Friday.

Polycab India Q2 Results:

The wire and cable-maker reported a net profit of Rs 685.5 crore for July-September quarter of the financial year 2026. This marks a nearly 56 percent year-on-year rise from the Rs 439.8 crore net profit reported in the corresponding quarter of the financial year 2025.

The firm’s revenue from operations meanwhile rose nearly 18 percent YoY to Rs 6,477 crore in Q2 FY26. The company had reported revenue from operations at Rs 5,498 crore in Q2 FY25. EBITDA rose 62 percent YoY to Rs 1,020.7 crore.

Speaking about the company’s performance during the quarter, Polycab India Chairman and Managing Director Inder T. Jaisinghani said, “Our performance in Q2 FY26 marks another strong step forward in Polycab’s growth journey. We delivered our highest-ever second quarter and half yearly revenue and profitability, reflecting the continued strength of our core Wires &amp;amp; Cables business and the improving traction in the FMEG business.”

“The domestic demand environment remains healthy, supported by government infrastructure spending and improving private capex sentiment, while our international business continues to scale steadily. As we advance on our Project Spring agenda, we remain committed to driving industry-leading growth and creating long-term value for all stakeholders,” he added.

What brokerages say?

PL Capital kept a ‘Buy’ rating on the stock, with a target price of Rs 8,808 per share. This implies an upside potential of more than 18 percent from the stock’s previous closing price of Rs 7,439.5 apiece.

The domestic brokerage noted that the company’s wires and cables (W&amp;amp;C) segment reported volume growth in high teens, with cables bit higher than wires. Domestic W&amp;amp;C business grew by 20.6 percent YoY, driven by high government spending and improved project execution. The company's international business grew by 25 percent YoY in Q2 FY26, and contributed 6.5 percent to the total revenue.

“In EPC segment reported an EBIT margin of 18.1% in Q2FY26, supported by a one-time gain of Rs 300mn. The company aims to increase export contribution to 10% by FY30. Its FMEG segment delivered another quarter of positive EBIT led by solar products and is expected to be the major contributor to the FEMG portfolio. Its new plant is expected to be commissioned by Q3FY27 and accordingly, revenue contribution from EHV sales is likely to commence from FY28,” the brokerage said.

PL Capital expects revenue, EBITDA and PAT CAGR of 18.6 percent, 22 percent and 20.9 percent respectively over FY25-28E.

JM Financial Institutional Securities kept a ‘Buy’ call on the stock, with a target price of Rs 8,900 per share. This implies an upside potential of nearly 20 percent from the stock’s previous closing price. “Polycab once again delivered a strong performance in Q2. Polycab’s adjusted revenue, EBITDA, and PAT registered a YoY growth of 17%, 57%, and 51% respectively. This growth was largely driven by strong performance in the C&amp;amp;W segment from both domestic and export markets, with growth in exports outpacing that in the domestic market…Our EPS estimates remain largely unchanged. Maintain BUY with a target price of INR 8,900 set at 42x Sep’27E EPS,” it added.

Motilal Oswal kept a ‘Buy’ rating on the stock, with a target price of Rs 8,900 apiece. This implies an upside potential of nearly 20 percent from the stock’s previous closing price. “Polycab India posted yet another strong quarter… Polycab reported strong earnings in Q2 FY26, above our estimates, supported by higher-than-estimated margin in both the C&amp;amp;W and FMEG segments, while revenue was in-line. Demand in C&amp;amp;W remains robust, led by higher government capex, strong real-estate demand, and signs of recovery in private capex. Export also witnessed strong momentum. In FMEG, the company reported its third consecutive quarter of positive segment margin and reiterated its goal to achieve 8-10% margin by FY30,” it said.

“We estimate a CAGR of 18%/22%/21% in POLYCAB’s revenue/EBITDA/PAT over FY25-28. We estimate OPM to stand at 14.6%/14.2%/14.4% in FY26/FY27/FY28 vs. 13.2% in FY25. Cumulative FCF during FY26-28E is expected to be at INR43.4b, which will further improve its liquidity position (estimate net cash to improve to INR48.3b in FY28E vs. INR24.3b as of Sep’25),” it added.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of Tejas Networks, UTI Asset Management Company and Havells India dropped in trade on October 20 after the firms released their results for the July-September quarter of the ongoing financial year 2026.

UTI Asset Management Company shares plunged around 10 percent to hit a more than three-month low of Rs 1,263.30 apiece. Tejas Networks shares dropped nearly 9 percent to a fresh 52-week low of Rs 539 apiece. Havells India shares meanwhile fell around 3.5 percent to a six-month low of Rs 1,439.70 apiece.

UTI AMC Q2 Results:

UTI AMC on October 18 reported a consolidated net profit of Rs 113 crore for the July-September quarter of the financial year 2026. This marks a 53 percent year-on-year drop from the Rs 239 crore net profit reported in the corresponding period for the previous financial year.

The firm’s revenue from operations meanwhile fell more than 22 percent YoY to Rs 418.55 crore in Q2 FY26, from Rs 538.40 crore in Q2 FY25. PAT margin declined to 42 percent in the quarter under review, from 48 percent in the same period last year.

JM Financial downgraded the stock to ‘reduce’ from ‘hold’, and cut its target price to Rs 1,350 apiece from Rs 1,500 earlier. The domestic brokerage said that the company continues to lose market share in SIP inflows and stock equity AUM.

Tejas Networks Q2 Results:

Tejas Networks reported a net loss of Rs 307 crore in Q2 FY26, as against a net profit of Rs 275 crore in Q2 FY25. The firm’s revenue from operations declined nearly 91 percent YoY to Rs 261.82 crore during the quarter under review.

“We had a net loss of Rs. 307 crore, largely due to lower revenue and provisions due to manufacturing process losses, warranty and inventory obsolescence (approximately 190 crore),” said Tejas Networks CFO Sumit Dhingra.

Havells India Q2 Results:

Havells India reported a net profit of Rs 319.80 crore for Q2 FY26, marking a 20 percent YoY increase from the Rs 267 crore net profit reported in Q2 FY25. The firm’s revenue from operations rose 5 percent YoY to Rs 4,779.33 crore during the quarter under review.

Citi flagged weakness in Lloyd and electrical consumer durables businesses, adverse mix and costly valuations. It cuts its target price for the stock to Rs 1,600 apiece from Rs 1,750 apiece, while maintaining its ‘neutral’ rating. The latest target price implies an upside potential of more than 7 percent from the stock’s previous closing price.

Nomura retained its 'Buy' rating, but cut its target price for the stock to Rs 1,769 apiece, saying weak demand marred the quarterly results. The latest target price implies an upside potential of nearly 19 percent from the stock’s previous closing price.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-20-10-2025-liveblog-13624116.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Q2 Results impact: Tejas Networks, UTI AMC shares plunge up to 10%, Havells India at six-month low

The shares of Tejas Networks, UTI Asset Management Company and Havells India dropped in trade on October 20 after the firms released their results for the July-September quarter of the ongoing financial year 2026.

UTI Asset Management Company shares plunged around 10 percent to hit a more than three-month low of Rs 1,263.30 apiece. Tejas Networks shares dropped nearly 9 percent to a fresh 52-week low of Rs 539 apiece. Havells India shares meanwhile fell around 3.5 percent to a six-month low of Rs 1,439.70 apiece.

UTI AMC Q2 Results:

UTI AMC on October 18 reported a consolidated net profit of Rs 113 crore for the July-September quarter of the financial year 2026. This marks a 53 percent year-on-year drop from the Rs 239 crore net profit reported in the corresponding period for the previous financial year.

The firm’s revenue from operations meanwhile fell more than 22 percent YoY to Rs 418.55 crore in Q2 FY26, from Rs 538.40 crore in Q2 FY25. PAT margin declined to 42 percent in the quarter under review, from 48 percent in the same period last year.

JM Financial downgraded the stock to ‘reduce’ from ‘hold’, and cut its target price to Rs 1,350 apiece from Rs 1,500 earlier. The domestic brokerage said that the company continues to lose market share in SIP inflows and stock equity AUM.

Tejas Networks Q2 Results:

Tejas Networks reported a net loss of Rs 307 crore in Q2 FY26, as against a net profit of Rs 275 crore in Q2 FY25. The firm’s revenue from operations declined nearly 91 percent YoY to Rs 261.82 crore during the quarter under review.

“We had a net loss of Rs. 307 crore, largely due to lower revenue and provisions due to manufacturing process losses, warranty and inventory obsolescence (approximately 190 crore),” said Tejas Networks CFO Sumit Dhingra.

Havells India Q2 Results:

Havells India reported a net profit of Rs 319.80 crore for Q2 FY26, marking a 20 percent YoY increase from the Rs 267 crore net profit reported in Q2 FY25. The firm’s revenue from operations rose 5 percent YoY to Rs 4,779.33 crore during the quarter under review.

Citi flagged weakness in Lloyd and electrical consumer durables businesses, adverse mix and costly valuations. It cuts its target price for the stock to Rs 1,600 apiece from Rs 1,750 apiece, while maintaining its ‘neutral’ rating. The latest target price implies an upside potential of more than 7 percent from the stock’s previous closing price.

Nomura retained its 'Buy' rating, but cut its target price for the stock to Rs 1,769 apiece, saying weak demand marred the quarterly results. The latest target price implies an upside potential of nearly 19 percent from the stock’s previous closing price.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Bank Nifty hit a fresh record high on October 20, fueled by sharp rally in private lender stocks post-strong second quarter results. The sectoral index rose over 500 points, or around 1 percent, to 58,242.50.

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/ausmallfinancebank/ASF02">AU Small Finance Bank</a> shares were the top gainer on the index, rallying nearly 8 percent to trade at Rs 854.10 apiece. While the bank's net profit dropped around 2 percent on-year to Rs 561 crore in Q2 FY26, its net interest income rose nearly 9 percent YoY to Rs 2,144 crore.

Federal Bank and <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/idfcfirstbank/IDF01">IDFC First Bank</a> shares surged around 7 percent each on strong September quarter results.

Punjab National Bank (PNB), <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/axisbank/AB16">Axis Bank</a> and Canara Bank shares jumped more than 2 percent each, while IndusInd Bank, State Bank of India (SBI) and Bank of Baroda shares were up around 2 percent each. Heavyweights Kotak Mahindra Bank and <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/hdfcbank/HDF01">HDFC Bank</a> shares were also trading in the green with marginal gains.

Bucking the trend, <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/icicibank/ICI02">ICICI Bank</a> shares dropped more than 2 percent after the private lender reported moderate loan growth in the second quarter of the financial year 2026.

'Cautiously optimistic outlook'

“If selling pressure re-emerges and the index decisively slips below 57,500, it could trigger a correction towards 57,000 and 56,850. On the upside, immediate resistance is placed at 58,000, followed by 58,300 and 58,683,” said Hardik Matalia, Derivative Analyst at Choice Broking.

“Technical indicators reflect a cautiously optimistic outlook. The RSI on the weekly chart, currently at 63.21 and trending higher, signals improving momentum. Moreover, the index is trading above its 20-day, 50-day, and 200-day EMAs, highlighting a supportive structure for the continuation of the uptrend. A decisive close above 58,000 would strengthen the bullish bias, while failure to sustain could invite weakness. Traders should stay constructive yet disciplined, monitoring 57,000 on the downside and 58,000 on the upside for the next directional move,” the domestic brokerage said.

The banking index scaled a new record high, backed by strong participation across private and PSU banks, said Ajit Mishra, SVP of Research at Religare Broking. The next upside targets are placed at 58,500 and 60,000, while supports are identified at 56,500 and 55,800 in case of profit-taking, he added.

Rajesh Bhosale, Equity Technical Analyst at Angel One had meanwhile said that the 57,300 – 57,000 is the support level for the index, while resistance lies at 58,300 – 58,500.

'Index to head towards 59,000 in the coming sessions'

“Bank Nifty formed a strong bull candle with a higher high and higher low signaling strength. Index in the process rallied to a fresh all-time high. Going ahead bias remain positive and index to head towards 58,500 and 59000 levels in the coming sessions. With immediate support placed at 57000-56700 levels being the recent low and recent gap area,” said Bajaj Broking.

For Bank Nifty traders, 57,000 would act as a strong support zone, said Amol Athawale, VP Technical Research, Kotak Securities. As long as it continues trading above this level, the bullish sentiment is likely to persist. On the higher side, it could move up to 58,000-58,500, he added.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-20-10-2025-liveblog-13624116.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Bank Nifty surges past 58,000-mark, led by strong Q2 results by private banks; analysts say next resistance is 58,300

Bank Nifty hit a fresh record high on October 20, fueled by sharp rally in private lender stocks post-strong second quarter results. The sectoral index rose over 500 points, or around 1 percent, to 58,242.50.

AU Small Finance Bank shares were the top gainer on the index, rallying nearly 8 percent to trade at Rs 854.10 apiece. While the bank's net profit dropped around 2 percent on-year to Rs 561 crore in Q2 FY26, its net interest income rose nearly 9 percent YoY to Rs 2,144 crore.

Federal Bank and IDFC First Bank shares surged around 7 percent each on strong September quarter results.

Punjab National Bank (PNB), Axis Bank and Canara Bank shares jumped more than 2 percent each, while IndusInd Bank, State Bank of India (SBI) and Bank of Baroda shares were up around 2 percent each. Heavyweights Kotak Mahindra Bank and HDFC Bank shares were also trading in the green with marginal gains.

Bucking the trend, ICICI Bank shares dropped more than 2 percent after the private lender reported moderate loan growth in the second quarter of the financial year 2026.

'Cautiously optimistic outlook'

“If selling pressure re-emerges and the index decisively slips below 57,500, it could trigger a correction towards 57,000 and 56,850. On the upside, immediate resistance is placed at 58,000, followed by 58,300 and 58,683,” said Hardik Matalia, Derivative Analyst at Choice Broking.

“Technical indicators reflect a cautiously optimistic outlook. The RSI on the weekly chart, currently at 63.21 and trending higher, signals improving momentum. Moreover, the index is trading above its 20-day, 50-day, and 200-day EMAs, highlighting a supportive structure for the continuation of the uptrend. A decisive close above 58,000 would strengthen the bullish bias, while failure to sustain could invite weakness. Traders should stay constructive yet disciplined, monitoring 57,000 on the downside and 58,000 on the upside for the next directional move,” the domestic brokerage said.

The banking index scaled a new record high, backed by strong participation across private and PSU banks, said Ajit Mishra, SVP of Research at Religare Broking. The next upside targets are placed at 58,500 and 60,000, while supports are identified at 56,500 and 55,800 in case of profit-taking, he added.

Rajesh Bhosale, Equity Technical Analyst at Angel One had meanwhile said that the 57,300 – 57,000 is the support level for the index, while resistance lies at 58,300 – 58,500.

'Index to head towards 59,000 in the coming sessions'

“Bank Nifty formed a strong bull candle with a higher high and higher low signaling strength. Index in the process rallied to a fresh all-time high. Going ahead bias remain positive and index to head towards 58,500 and 59000 levels in the coming sessions. With immediate support placed at 57000-56700 levels being the recent low and recent gap area,” said Bajaj Broking.

For Bank Nifty traders, 57,000 would act as a strong support zone, said Amol Athawale, VP Technical Research, Kotak Securities. As long as it continues trading above this level, the bullish sentiment is likely to persist. On the higher side, it could move up to 58,000-58,500, he added.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

HDFC Bank shares hit a fresh 52-week high on Monday after the lender reported better-than-expected earnings for the September quarter, driven by steady loan growth and higher trading income.

On the NSE, the stock rose 1.74 percent to Rs 1,020. It has advanced over 3 percent in the past four sessions. The company's market capitalization post listing of shares stood at Rs 15,45,050.35-crore on the National Stock Exchange (NSE).

The country’s largest private sector lender reported a net interest margin (NIM) of 3.27 percent for the quarter, compared with 3.35 percent in the preceding three months. Loans grew 9.9 percent year-on-year during the quarter.

Analysts at Nuvama Institutional Equities said they expect NIMs to improve from the third quarter, citing the bank’s “superior” asset quality and strengthening core earnings as key positives.

Macquarie said in a note that improvement in NIMs and sustained loan growth remain key drivers for a potential re-rating of the stock.

Following the quarterly results, at least 10 brokerages raised their price targets on <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/hdfcbank/HDF01">HDFC Bank</a>, according to data compiled by LSEG. The stock carries an average “buy” rating from 38 brokerages, with a median price target of Rs 1,150.

So far this year, the stock has gained around 15 percent.

(Inputs from Reuters) 

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

A financial journalist with over 10 years of experience, specialising in tracking stock market movements and fundamental developments that impact investors and the broader economy. A keen observer of global financial markets, I regularly engage with leading market voices to write stories. At Moneycontrol, I focus on decoding market trends, policy shifts and economic changes, driven by a constant passion to learn, analyse, and share knowledge with my readers.

HDFC Bank shares hit fresh high as Q2 results exceed expectations; brokerages raise price targets

HDFC Bank shares hit a fresh 52-week high on Monday after the lender reported better-than-expected earnings for the September quarter, driven by steady loan growth and higher trading income.

On the NSE, the stock rose 1.74 percent to Rs 1,020. It has advanced over 3 percent in the past four sessions. The company's market capitalization post listing of shares stood at Rs 15,45,050.35-crore on the National Stock Exchange (NSE).

The country’s largest private sector lender reported a net interest margin (NIM) of 3.27 percent for the quarter, compared with 3.35 percent in the preceding three months. Loans grew 9.9 percent year-on-year during the quarter.

Analysts at Nuvama Institutional Equities said they expect NIMs to improve from the third quarter, citing the bank’s “superior” asset quality and strengthening core earnings as key positives.

Macquarie said in a note that improvement in NIMs and sustained loan growth remain key drivers for a potential re-rating of the stock.

Following the quarterly results, at least 10 brokerages raised their price targets on HDFC Bank, according to data compiled by LSEG. The stock carries an average “buy” rating from 38 brokerages, with a median price target of Rs 1,150.

So far this year, the stock has gained around 15 percent.

(Inputs from Reuters) 

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