business

Live: HDFC Bank Q2 profit beats estimate; buy, sell or hold? Bajaj Finance, Jio Fin & Ceat in focus

Indian equity market consolidated in a narrow range throughout session before ending with moderate losses and also remained within previous day's trading range on October 16. For the Nifty50, 19,700 which coincides with 20-day EMA can be an immediate support for the Nifty50 followed by 19,600, whereas on the higher side, 19,800-19,850 will remain a key resistance area for further upside going ahead, experts said. The market will be awaiting the speech by the US Federal Reserve Chair Jerome Powell later this week. The BSE Sensex fell 116 points to 66,167, while the Nifty50 declined 19 points to 19,732. However, the broader markets outperformed benchmarks, as the Nifty Midcap 100 and Smallcap 100 indices gained 0.2 percent and 0.4 percent respectively, while the India VIX, which measures the expected volatility for next 30 days in the Nifty50, jumped by 5 percent to 11.07 levels. This morning global cues are fairly encouraging with Wall Street rallying over a percent last night and Asian markets off to a strong start. The GIFT Nifty is implying a start above the 19,800 mark. Stocks to watch today are HDFC Bank and Jio Financial post their Q2 results. Also in focus will be Bajaj Finance as it reports its quarterly earnings today. Catch Nandita Khemka in conversation with Sacchitanand Uttekar, Vice president- Research (Derivatives And Technicals), TradeBulls Securities and Kaitav Shah, Lead BFSI Analyst, Anand Rathi Institutional Equities

first published: Oct 17, 2023 08:33 am