Deepak Jasani, Head of Retail Research, HDFC Securities:
Nifty extended losses for the second day on Oct 04 to end lower, though recovering from intraday low. At close, Nifty was down 0.47% or 92.7 points at 19436.1. Volumes on the NSE improved but was still below recent highs. Broad market indices fell more than the Nifty even as the advance decline ratio fell sharply to 0.42:1.
Asset classes across emerging markets took a dive on Wednesday with stocks and currencies hitting multi-month lows pressured by an ongoing rout in global bond markets (30-year yields touching 5% for the first time since 2007). US bond yields reach 16-year highs, challenging equity valuations and souring appetite for risk assets as investors bet interest rates will remain persistently high.
Nifty fell with a downgap on Oct 04, but formed a hammer like pattern raising hopes of a reversal of the present 11-day downtrend. If Nifty closes in the green on the subsequent session, a bullish reversal could get confirmed. Nifty could then face resistance in the 19529-19665 band while 19333 could offer support.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened gap down and witnessed volatile price action through the day. During the first half it fell while in the second half it witnessed an equally strong pullback and as a result it closed well above the intraday lows (19333). The zone of 19320 – 19360 is a crucial support as multiple parameters in the form of the daily lower Bollinger band and the ‘20 week’ moving average is placed. The hourly momentum indicator is on the verge of providing a positive crossover which is a buy signal indicating that the fall is likely to halt and the probability of a pullback increases. In terms of levels, 19330 – 19300 is the crucial support zone while 19520 – 19560 shall act as an immediate hurdle zone.
Bank Nifty opened gap down and witnessed volatile price action. The consolidation of the last four trading sessions broke on the downside which is a sign of weakness. The index has corrected around 5.3% in the last three weeks and is appearing oversold. We expect a relief rally over the next few trading sessions. On the downside, support is placed at 43800 – 43600 while resistance is placed at 44400 – 44500.
Aditya Gaggar Director of Progressive Shares:
Bears remained in the driver's seat as Nifty50 began the day lower at 19,450, following the weak global equities. The Index kept compounding its losses in the first half of the trading session; however, the Bulls fought back in the 2nd half with a strong recovery. The Nifty50 declined by 92.65 points and settled at 19,436.10.
Index recovery was mainly led by the IT sector followed by FMCG. After a sharp run-up, PSU Banking segment witnessed a pressure of profit booking. Broader markets underperformed the Frontline Index as Mid and Smallcap indices corrected over 1%.
The Index has formed a Dragonfly DOJI candlestick pattern which indicates a potential reversal of the trend. The immediate support stands at 19,355 while the higher side is capped at 19,560.
Rupak De, Senior Technical analyst at LKP Securities:
The Nifty exhibited volatility throughout the day but managed to recover from the lowest point of the day before closing. The overall market trend remains bearish, with the Nifty trading below critical moving averages.
Looking ahead, the market may continue to follow a bearish trend as long as it remains below 19500, with initial support likely around 19330, a fall below the said level might take the Nifty towards 19250-19200.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Overseas investors are pulling out funds from Indian equity markets as the current rally in US dollar and bond yields is making emerging market assets less attractive. Despite our strong macroeconomic growth performance, India is not insulated from global problems, and hence any correction in global markets due to worries over further rate hikes would have a rub-off effect here.
However, the Nifty has formed a Dragonfly Doji candlestick formation which is indicating a strong possibility of a relief rally from the current levels.
For day traders, 19380 would be the key support level to watch out, above which the index could see the pullback rally till 19500-19550. On the flip side, below 19380 the selling pressure is likely to accelerate and could slip till 19330-19300.
Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:
The bears in the Bank Nifty maintained their control, causing the index to break below the support at 44,200. The next immediate support level is positioned at 43,800, and a breach below this level could trigger aggressive selling pressure, potentially leading to a further 2% correction in the index.
On the upside, the immediate resistance is in the range of 44,250 to 44,300. A breakout above this range may incite some short-covering moves in the index.
Vinod Nair, Head of Research at Geojit Financial Services:
Strong US job data is reinforcing Fed's hawkish stance and multi-year high US bond yields is signalling an impending interest rate hike. Globally, investors are adopting risk-averse strategies due to inflation concerns and the strengthening US dollar. And in India, despite a robust economy, premium valuations of midcaps and recent rally is augmenting consolidation.
Interest-rate-sensitive sectors like real estate, banking, and metals are the most impacted category, while the FMCG sector is more optimistic in expectation of near-normal monsoon & festival demand. Auto is consolidating amid mixed growth numbers and in this weak period, large-cap are a trading safe to hold on.
Ajit Mishra, SVP - Technical Research, Religare Broking:
Markets remained volatile for yet another session and lost nearly half a percent. After the gap-down start, Nifty further drifted lower in the first half however recovery in select heavyweights trimmed the losses as the day progressed. Meanwhile, most sectors continued with a negative tone wherein realty, pharma and financials were among the top losers. The broader indices too felt the heat and lost over a percent each.
We may see some respite in the index after the recent slide but the upside seems capped citing feeble global cues. On the other hand, the broader indices are now showing early signs of exhaustion, which may prompt fresh fall in the midcap and smallcap space. We thus recommend focusing more on trade management and maintaining positions on both sides.
Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services:
As we had highlighted last week, the weakness in market has persisted but on account of local and global factors. Nifty decline 1.3% for the week but the bigger impact was seen in the IT space wherein the index declined almost 3% (driven by profit warnings by Accenture). The weakness in US wherein the theme of higher inflation for longer is getting traction along with record yields is further driving risk off across emerging markets. Job openings in US also increased which further supported the narrative that economy is proving to be resilient. We expect this earnings season to be of very high importance as commentary from management’s would be key especially with regard to demand and margin outlook as raw material prices increase driven by increase in crude price.
While there is no reason to panic with regard to the structure of the Indian markets there is some caution warranted in the near term. US 10-year treasury yields are closing 5% which will drive further outflows from the emerging markets.
Rupee Close:
Indian rupee ended flat at 83.23 per dollar against previous close of 83.20.
Market Close
: Benchmark indices ended lower for the second consecutive session on October 4 with Nifty below 19,450.
At close, the Sensex was down 286.06 points or 0.44 percent at 65,226.04, and the Nifty was down 92.70 points or 0.47 percent at 19,436.10. About 1255 shares advanced, 2294 shares declined, and 122 shares unchanged.
Biggest losers on the Nifty were Axis Bank, SBI, IndusInd Bank, NTPC and UltraTech Cement, while gainers included Adani Enterprises, Nestle India, HUL, Eicher Motors and HDFC Bank.
Among sectors, except FMCG and Information Technology, all other indices ended lower with auto, capital goods, power, PSU bank, capital goods, healthcare, metal, realty down 1-3 percent.
Broader indices underperform the main indices with BSE midcap index falling 1.5 percent and smallcap index down 1 percent.
Income - Tax department conducts raids at Puravankara, 40 premises being searched: ANI
Sensex Today | Oil falls $1 on demand fears, Saudi confirms cuts to year-end
Oil fell on Wednesday, as Saudi Arabia's announcement to continue crude output cuts to the end of 2023 was offset by demand fears stemming from macroeconomic headwinds.
Brent crude oil futures were down 58 cents, or 0.64%, to $90.34 a barrel at 0841 GMT, while U.S. West Texas Intermediate crude (WTI) fell 66 cents, or 0.74%, to $88.57 per barrel.
Both contracts traded more than $1 lower than Tuesday's settlement price at their intraday nadir on Wednesday, with Brent falling to $89.83 a barrel, and WTI to $88.11 a barrel.
Oil prices remain under pressure from demand fears driven by macroeconomic headwinds.
Stock Market LIVE Updates | Jefferies View On Power Grid Corporation of India
-Buy rating, target Rs 212 per share
-Company’s market share meaningfully rise in competitive bidding transmission projects
-Rs 11,000 crore has been bid out in H1FY24 versus less than Rs 5,000 crore YoY
-Projects less than Rs 1,500 crore have seen more bidders
-Larger projects tend to be restricted to 4-6 players
-In upcoming pipeline of Rs 47,500 crore, more than 90 percent of projects are upwards
-Upwards of Rs 1,500 crore pointing to PGCIL’s dominant market share trend continuing
Stock Market LIVE Updates | Kotak Institutional Equities View On Sail
-Sell rating, target Rs 50 per share
-SAIL is most vulnerable to rising coking coal prices
-Company valuable due to its high-cost/lower-margin steel business
-Spot coking coal prices are 36 percent higher vs Q1FY24 average
-SAIL’s earnings face significant downside risks
-Find Sail’s valuation expensive considering declining market share
-Find Sail’s valuation expensive considering weak growth prospects
-Find Sail’s valuation expensive considering depressed margin profile
-Depressed margin profile due to inflated fixed costs
-Risk of rising leverage in case it starts growth capex
Sensex Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas:
Indian Rupee declined on weak domestic markets and further selling by FIIs. However, softening of US Dollar cushioned the downside. US Dollar eased from a near 11-month high as investors will narrow their positions ahead of US-non-farm payrolls data later this week. The greenback surged to a fresh 11-month high on Tuesday as JOLTS job opening topped forecast and rose to 9.61 million in August versus forecast of 8.81 million and 8.92 million in the previous month. US treasury yields also rose with 30-year bond yields touched the 5% levels for the first time since 2007.
We expect Rupee to trade with a negative bias amid risk aversion in global markets and a hawkish tone of most Federal Reserve officials. US Dollar index may bounce back again if US treasury yields continue to rise. However, softening of crude oil prices may cushion the downside. Any intervention by the RBI may also support Rupee at lower levels. Traders may take cues from Services PMI, ADP non-farm employment and factory orders from US. Market participants may remain cautious ahead of RBI’s monetary policy meeting later this week. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.70.
Sensex Today | Market at 3 PM
The Sensex was down 396.07 points or 0.60 percent at 65,116.03, and the Nifty was down 121.20 points or 0.62 percent at 19,407.60. About 927 shares advanced, 2206 shares declined, and 93 shares unchanged.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Nestle | 22,978.10 | 2.86 | 7.66k |
| HUL | 2,504.00 | 1.37 | 95.29k |
| HDFC Bank | 1,523.75 | 1.05 | 495.86k |
| Infosys | 1,438.60 | 0.35 | 199.91k |
| Asian Paints | 3,168.00 | 0.04 | 13.42k |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Axis Bank | 998.45 | -4 | 891.21k |
| NTPC | 234.15 | -2.9 | 745.64k |
| SBI | 586.90 | -2.66 | 378.70k |
| IndusInd Bank | 1,398.80 | -2.57 | 60.00k |
| UltraTechCement | 8,100.00 | -2.43 | 14.23k |
| Tata Steel | 125.05 | -2.3 | 1.55m |
| Bajaj Finserv | 1,530.00 | -1.95 | 50.25k |
| Maruti Suzuki | 10,146.50 | -1.88 | 6.30k |
| JSW Steel | 756.55 | -1.77 | 24.50k |
| Sun Pharma | 1,123.00 | -1.66 | 74.80k |
Stock Market LIVE Updates | Axis Bank clarifies on fundraising plan
Axis Bank has clarified on the article with regard to Bank tapping the market to raise funds through a Qualified Institutional Placement (QIP) in the coming weeks and a decision to this effect may be taken at the board meeting ahead of the results is purely speculative and factually incorrect.
| Company | Price at 14:00 | Price at null:null | Chg(%) Hourly Vol |
|---|---|---|---|
| Saven Tech | 49.93 | 45.90 | -4.03 - |
| India Finsec | 31.76 | 29.30 | -2.46 - |
| Nutech Global | 39.11 | 36.12 | -2.99 - |
| Graviss Hosp | 54.81 | 51.05 | -3.76 - |
| Nimbus Projects | 33.70 | 31.41 | -2.29 - |
| ABC Gas | 57.75 | 54.15 | -3.60 - |
| Khazanchi Jewel | 212.00 | 200.00 | -12.00 - |
| BLACK BOX | 221.10 | 209.00 | -12.10 - |
| Sangam Finserv | 57.90 | 55.05 | -2.85 - |
| Parshva Enterpr | 177.20 | 168.65 | -8.55 - |
| Company | Price at 14:00 | Price at null:null | Chg(%) Hourly Vol |
|---|---|---|---|
| Polo Queen Indu | 41.20 | 48.90 | 7.70 - |
| Addi Industries | 46.79 | 51.55 | 4.76 - |
| Sangal Papers | 180.50 | 196.65 | 16.15 - |
| Photoquip India | 20.10 | 21.80 | 1.70 - |
| Mediaone Global | 43.25 | 46.37 | 3.12 - |
| Guj Poly AVX | 71.72 | 76.85 | 5.13 - |
| Sri Lakshmi Tex | 36.86 | 39.40 | 2.54 - |
| Vantage Knowled | 117.00 | 125.00 | 8.00 - |
| Infronics Syst | 35.40 | 37.69 | 2.29 - |
| Ceinsys Tech | 266.75 | 283.00 | 16.25 - |
Stock Market LIVE Updates | Rail Vikas Nigam emerges as lowest bidder for HP State Electricity Board’s project worth Rs 444 crore
Rail Vikas Nigam emerged as the lowest bidder for development of distribution infrastructure at north zone of Himachal Pradesh under the Revamped Reformsbased and Results-linked, Distribution Sector Scheme (loss reduction works). This project from Himachal Pradesh State Electricity Board is worth Rs 444.26 crore and is expected to be completed within 24 months.
Stock Market LIVE Updates | Citi View On Mahindra & Mahindra Financial Services
-Buy rating, target Rs 355 per share
-Q2 dealer advance further boosts AUM Growth; stage-3 stable, stage-2 improves
-Expect to report >15 percent NII YoY growth
-Expect to report more than 18 percent operating profit growth
-Credit normalization should still support RoA/RoE profile of 1.5 percent/9 percent
Stock Market LIVE Updates | Navneet Education soars on property sale announcement in Gujarat
Navneet Education's shares surged 5% following their announcement of a property sale in Gujarat, India. However, the company did not disclose the sale proceeds in its statement.
Stock Market LIVE Updates | Plaza Wires IPO Day 3: Issue booked 43 times, retail portion sees highest ever subscription
Plaza Wires' initial public offering has recorded healthy subscription numbers on third day of bidding, October 4 as the issue has been subscribed 43.22 times by the afternoon with bids coming in for 41.04 crore equity shares against offer size of 94.96 lakh equity shares.
Retail investors remained extremely aggressive, buying 175.69 times the allotted quota which is 10 percent of the IPO size. This is the highest ever subscription in the retail category by the IPO.
Stock Market LIVE Updates | HDFC Bank gains over 1% after huge block deal
Shares of HDFC Bank Ltd jumped over 1 percent after a huge block deal. Around 2 million shares changed hands in two bunches, according to Bloomberg. However, details of the buyers and sellers were not known.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY AUTO | 15765.85 -1.41 | 25.01 -3.18 | -1.11 24.23 |
| NIFTY IT | 31568.35 -0.47 | 10.30 -3.15 | -1.85 14.81 |
| NIFTY PHARMA | 15033.55 -1.62 | 19.34 -0.83 | -0.13 13.60 |
| NIFTY FMCG | 51336.60 0.03 | 16.22 -1.90 | 0.32 15.92 |
| NIFTY PSU BANK | 5242.85 -2.61 | 21.40 0.19 | 12.78 74.67 |
| NIFTY METAL | 6719.30 -1.16 | -0.06 -0.86 | -4.11 16.47 |
| NIFTY REALTY | 565.00 -2.3 | 30.85 -1.91 | -0.90 31.93 |
| NIFTY ENERGY | 26673.20 -1.11 | 3.11 -2.05 | 0.15 3.72 |
| NIFTY INFRA | 6153.20 -1.29 | 17.16 -1.08 | 1.47 22.87 |
| NIFTY MEDIA | 2246.10 -1.96 | 12.75 -0.45 | -3.71 7.19 |
Stock Market LIVE Updates | Deepak Nitrite incorporates wholly-owned subsidiary
The board of directors of Deepak Nitrite at their meeting held October 4, 2023 have approved incorporation of new wholly owned subsidiary of the company and investment up to Rs 5 Crores in the Equity Capital of proposed WOS, from time to time, in one or more tranches.
The proposed WOS shall engage in the business of providing Project Engineering, Procurement, Construction, Commissioning, Management and Consultancy services.
Stock Market LIVE Updates | Nifty Pharma index down 1 percent dragged by Aurobindo Pharma, Biocon, Alkem Laboratories
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Aurobindo Pharm | 877.15 | -3.47 | 1.75m |
| Biocon | 264.30 | -3.08 | 1.72m |
| Alkem Lab | 3,467.75 | -2.96 | 115.47k |
| Lupin | 1,147.75 | -2.25 | 494.75k |
| Zydus Life | 600.05 | -1.8 | 1.51m |
| Sun Pharma | 1,121.90 | -1.71 | 1.28m |
| Cipla | 1,165.35 | -1.48 | 742.36k |
| Divis Labs | 3,677.55 | -1.26 | 170.38k |
| Torrent Pharma | 1,858.85 | -1.14 | 147.03k |
| Dr Reddys Labs | 5,419.95 | -0.76 | 300.34k |
Stock Market LIVE Updates | APL Apollo Tubes reports highest quarterly sales volume at 6,74,761 tonnes
APL Apollo Tubes has reported sales volume at 6,74,761 tonnes in Q2FY24, growing 12% over a year-ago period. This is the highest quarterly sales volume reported by the company. For H1FY24, the company reported sales volume of 13,36,262 tonnes, an increase of 30% YoY.
Stock Market LIVE Updates | Niraj Cement JV bags project worth RS 306 crore
Niraj – Mahavir JV has received work order for “Construction of buildings overhead & underground water tanks, road etc. & P. way work in connection with augmentation of coaching facilities at Lokmanya Tilak Terminus from Central Railway value of worth Rs 13.96 Crores excluding GST.
Niraj Jandu JV has received work order for “Construction of two lane with paved shoulders road from Tamenglong to Mahur (NH-137) in the state of Manipur from km 10.000 near Dialong Village to km 31.430 near Barak River (Length- 21.43 km) on EPC mode from National Highway & Infrastructure Development Corporation Limited (NHIDCL) value of worth Rs 292.44 crores excluding GST.
| Company | Price at 13:00 | Price at null:null | Chg(%) Hourly Vol |
|---|---|---|---|
| Acrow India | 763.00 | 827.95 | 64.95 - |
| Graviss Hosp | 50.65 | 54.81 | 4.16 - |
| Simplex Papers | 991.10 | 1,069.00 | 77.90 - |
| Mac Hotels | 35.00 | 37.70 | 2.70 - |
| CaprolactumChem | 66.05 | 71.00 | 4.95 - |
| K K Fincorp | 24.62 | 26.00 | 1.38 - |
| Parshva Enterpr | 168.40 | 177.20 | 8.80 - |
| Prism Medico | 27.05 | 28.43 | 1.38 - |
| SHRYDUS IND | 28.90 | 30.35 | 1.45 - |
| Globe Commercia | 27.70 | 28.99 | 1.29 - |
| Company | Price at 13:00 | Price at null:null | Chg(%) Hourly Vol |
|---|---|---|---|
| Photoquip India | 21.84 | 20.10 | -1.74 - |
| Mediaone Global | 46.54 | 43.25 | -3.29 - |
| Sunil Health | 53.25 | 50.05 | -3.20 - |
| ABC India | 92.93 | 88.00 | -4.93 - |
| Balgopal Commer | 21.20 | 20.12 | -1.08 - |
| B2B Software | 28.71 | 27.30 | -1.41 - |
| PPAP Automotive | 254.55 | 242.60 | -11.95 - |
| EVERFIN | 61.89 | 59.00 | -2.89 - |
| Steel Str Infra | 24.75 | 23.66 | -1.09 - |
| Infronics Syst | 37.00 | 35.40 | -1.60 - |
Stock Market LIVE Updates | HSBC View On Alkem Laboratories
-Hold rating, target Rs 3,910 per share
-Expect Q2 to be a low quarter for Alkem
-Lower Q2 in view of slow pick-up for acute therapies (mainly anti-infectives)
-Recently hired CEO should help Alkem to reboot India growth strategy
-Strong volume pick-up in the India segment will be a key catalyst
Stock Market LIVE Updates | Shiva Shankar Naga Roddam resigns as COO of Subex
Shiva Shankar Naga Roddam has resigned as Chief Operating Officer of Subex due to personal reasons. He will be relieved from his duties on December 31, 2023.
Sensex Today | Nifty PSU Bank index shed nearly 3 percent dragged by Punjab & Sind Bank, Central Bank of India, PNB
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Punjab & Sind | 45.30 | -5.53 | 13.06m |
| Central Bank | 50.35 | -4.1 | 68.51m |
| PNB | 79.95 | -3.91 | 72.54m |
| Union Bank | 107.90 | -3.75 | 45.90m |
| Bank of India | 108.85 | -3.5 | 18.79m |
| Canara Bank | 371.10 | -3.47 | 8.05m |
| IOB | 47.00 | -2.89 | 212.01m |
| SBI | 586.45 | -2.74 | 16.88m |
| Bank of Baroda | 212.45 | -2.48 | 15.60m |
| UCO Bank | 43.90 | -1.9 | 75.09m |
Stock Market LIVE Updates | Titagarh Rail Systems signs contract worth Rs 857 crore with Gujarat Metro Rail Corporation
Titagarh Rail Systems has signed contract worth Rs 857 crore with Gujarat Metro Rail Corporation. The company will manufacture 72 numbers of standard gauge cars for the first phase of Surat Metro Rail. The execution of the contract is slated to commence 76 weeks after the signing the contract and is expected to be completed in 132 weeks thereafter.
Sensex Today | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
It is important to set financial goals and make investments for the realisation of those financial goals. Since financial goals vary across persons, investment strategy also has to be different. Asset allocation is the key to successful financial planning.
Stock Market LIVE Updates | Citi View On Avenue Supermarts
-Sell rating, target Rs 3,060 per share
-Q2 update shows no sign of throughput recovery yet
-Believe revenue/sq ft continues to be impacted by inferior product mix
-New store additions in smaller towns
-Store additions during the quarter was 9
-Remain cautious at current valuation given risks around earnings
Stock Market LIVE Updates | BSE Power index fell 1 percent dragged by JSW Energy, BHEL, Tata Power
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| JSW Energy | 420.10 | -4.98 | 99.27k |
| BHEL | 126.20 | -3.74 | 1.03m |
| Tata Power | 254.95 | -3.41 | 523.39k |
| NTPC | 234.05 | -2.94 | 663.38k |
| CG Power | 436.15 | -1.9 | 36.82k |
| ABB India | 4,016.90 | -1.87 | 5.68k |
| NHPC | 52.31 | -1.62 | 973.57k |
| Power Grid Corp | 196.50 | -1.4 | 185.50k |
| Siemens | 3,545.35 | -0.64 | 6.67k |
Stock Market LIVE Updates | Sasken Technologies collaborates with Qualcomm through IoT Accelerator Program
Sasken Technologies has announced collaboration with Qualcomm Technologies, Inc., a pioneer in wireless technologies, through the Qualcomm IoT Accelerator Program. This collaboration marks a significant milestone in the realm of Internet of Things (IoT) innovation and underscores both companies' commitment to shaping the future of connected devices and services.
Stock Market LIVE Updates | ADF Foods appoints Balark Banerjea as President – Indian Domestic Business
Balark Banerjea has been appointed as President – Indian Domestic Business in the category of senior management personnel of ADF Foods, with effect from October 3.
Stock Market LIVE Updates | Morgan Stanley View On Mahindra & Mahindra Financial Services
-Equal-weight rating, target Rs 300 per share
-Q2 increase in GS3 ratio from 4.2 percent to 4.4 percent likely implied a meaningful rise
-Meaningful rise in net slippages QoQ, taking a modest write-off assumption
-One possible factor could be deficient rainfall in certain parts of country
Stock Market LIVE Updates | Jefferies View On Bajaj Finance
-Buy call, target Rs 8,830 per share
-Q2FY24 pre-quarter update shows robust AUM growth of 33 percent YoY vs 32 percent in Q1
-AUM grew 29 percent YoY in Q4 & is higher than our estimate of 29 percent in FY24
-QoQ growth of 7 percent is also strong but tad lower than 9 percent in 1Q
-Growth in customer base remains strong at 22 percent YoY
-Higher growth in new loans booked of 26 percent YoY
-Deposits grew 40 percent YoY and liquidity remains adequate
Stock Market LIVE Updates | Bank of Maharashtra records 23.6% YoY growth in gross advances, 22.2% increase in deposits
Bank of Maharashtra has announced deposits growth of 22.2% year-on-year at Rs 2.39 lakh crore for the quarter ended September FY24, and gross advances grew by 23.55% YoY to Rs 1.83 lakh crore during the same period.
Sensex Today | Sumit Jain, Deputy CIO, ASK Investment Managers:
Earnings season is round the corner. We will closely look for the incoming commentary on volumes as we approach the crucial festive season. The current quarter will continue to witness capex driven businesses performing well on the earnings front. Global linked businesses like chemicals and IT will continue to report muted results while pharma is expected to be a mixed bag with domestic growth being slower while US based pharma businesses should perform well.
