Will good corporate results drive up the Nifty again?

Good Morning Everyone, Yesterday the Nifty opened with a gap up opening at 18154 and went on to consolidate to a low of 18099 and then went on to a big rally to finally close the day at 18268. FIIs continue selling huge while the DIIs continue to buy at 18000 levels.

Axis Bank and Canara Bank came up with excellent results yesterday and that should support the Nifty today as banks have been outperforming now.

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On the daily chart, Nifty has formed a bullish candle that shows a positive sign for the day.

Sector Watch:

Most sectors performed well yesterday after the sell-off the previous day. The realty sector was up 3.62 % metal, media, and auto that supported the Nifty and lifted it up.

Top Gainers:

Tata Motors continued to rise in the second half of the day and were up by 5.9%, followed by Tata Steel and SBI life.

Top Losers:

Profit booking was seen in ICICI Bank and Indus Ind bank as they were down more than 1% yesterday.

Global Markets:

Stocks held on to modest gains on Wall Street Tuesday, pushing the S&P 500 and the Dow Jones Industrial Average further into record heights. The Nasdaq also rose as technology stocks gained ground. Solid earnings from several companies helped push stock prices higher.

US consumer confidence unexpectedly rose in October as concerns about high inflation were offset by improving labor market prospects, suggesting economic growth was picking up after a turbulent third quarter.

The S&P 500 rose 8.31 points, or 0.2%, to 4,574.79.

The Dow Jones Industrial Average rose 15.73 points, or less than 0.1%, to 35,756.88.

The Nasdaq rose 9.01 points, or 0.1%, to 15,235.71.

The Russell 2000 index of smaller companies fell 16.56 points, or 0.7%, to 2,296.08.

Equities in other Asian markets started Wednesday's session on a negative note despite a record high on Wall Street overnight. MSCI's broadest index of Asia Pacific shares outside Japan was down 0.8 percent in early hours. Japan's Nikkei 225 index was down 0.6 percent.

Profits at China’s industrial firms rose at a faster pace in September even as surging raw material prices and supply bottlenecks squeezed margins and weighed on factory activity.

Profits jumped 16.3 percent on-year to 738.74 billion yuan ($115.72 billion) the statistics bureau said on Wednesday, quickening from the 10.1 percent gain reported in August.

Indian Market:

Trends on the SGX Nifty indicate a flat opening to Nifty. However, with the super-duper performance from banks, we could see some power in Nifty. However, there are also major results coming in today from LT, ITC, Indus Ind Bank, Bajaj Auto, Titan, Maruti, and so on that need to be closely watched. Also, there could be huge volatility in the market with the monthly expiry coming in tomorrow.

52-week highs

Tech Mahindra, SBI, Punjab National Bank, Kotak Mahindra Bank, Bank of Baroda, Canara Bank, Indian Bank, and Shriram Transport Finance were among the 15 stocks in the BSE 500 universe that clocked 52-week highs.

52-week lows

Only one scrip in the broadest index on the bourse hit a 52-week low: Indostar Capital Finance.

Results today

Larsen & Toubro, ITC, IndusInd Bank, Bajaj Auto, Titan Company, Lupin, Maruti Suzuki India, Punjab National Bank, SBI Life Insurance Company, Zee Entertainment Enterprises, Aarti Drugs, Adani Enterprises, Adani Ports and Special Economic Zone, Aegis Logistics, Apollo Tricoat Tubes, Arvind, Asahi India Glass, Astec Lifesciences, Balaji Amines, Cummins India, Dalmia Bharat, Deepak Nitrite, Exxaro Tiles, Geojit Financial Services, Greenpanel Industries, Happiest Minds Technologies, IIFL Finance, IIFL Wealth Management, India Grid Trust, Indian Overseas Bank, JK Paper, KEC International, KPR Mill, Lakshmi Machine Works, Mahindra Logistics, Phillips Carbon Black, Poonawalla Fincorp, PSP Projects, Ramco Systems, Raymond, Reliance Power, Shriram City Union Finance, SKF India, Sona BLW Precision Forgings, Tata Chemicals, Tube Investments of India, Torrent Power, TTK Prestige, United Breweries, United Spirits, and Welspun India.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2368.66 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1385.41 crore in the Indian equity market on October 25

Stock Specific News:

Bajaj Finance | The lender's profit for Q2 came in slightly lower than estimated but the net interest margin was well above expectations.

Axis Bank | The bank's profit was higher than expected but the net interest margin fell short of expectations.

Cipla | The company reported higher-than-expected results for Q2.

ABB India | The company's net profit surpassed estimates while revenue came in slightly below expectations for Q3.

Mahanagar Gas | Even as the company's net profit missed Street's expectation, sales were higher than anticipated during Q2.

Ambuja Cements | The cement maker's revenue was above estimate but net profit for Q3 missed market expectations.

Torrent Pharma | The company reported lower-than-expected numbers for Q2.

IRB Infrastructure Developers | Ferrovial’s subsidiary Cintra Global SE will invest up to Rs 3,180 crore in IRB Infrastructure Developers, while GIC will invest up to Rs 2,166 crore.

Indian Energy Exchange | IEX will seek shareholders' approval to issue bonus shares through postal ballot notice.

Nippon Life India Asset Management | The company's profit grew by 47 percent to Rs 214 crore in Q2FY22 YoY and assets under management market share grew by 7.33 percent YoY. Operating profit at Rs 186 crore grew by 46 percent.

Dr Lal PathLabs | The company reported a higher profit at Rs 95 crore in Q2FY22 against Rs 85.3 crore in Q2FY21, revenue jumped to Rs 498.4 crore from Rs 431.9 crore YoY.

Ambuja Cements | The company posted a slightly higher standalone profit at Rs 441.2 crore in Q2FY22 against Rs 440.5 crore in Q2FY21, revenue rose to Rs 3,237.3 crore from Rs 2,852.5 crore YoY.

Entertainment Network (India) | The company reported a consolidated loss of Rs 10.8 crore in Q2FY22 against a loss of Rs 24.75 crore in Q2FY21, revenue increased to Rs 72.74 crore from Rs 48.37 crore YoY.

Angel One | International Finance Corporation FDI AC sold 2.22 lakh equity shares in the company via an open market transaction on October 21, reducing shareholding to 10.26 percent from 10.53 percent earlier.

Shemaroo Entertainment | The company reported consolidated profit at Rs 2.72 crore in Q2FY22 against a loss of Rs 9.16 crore in Q2FY21, revenue jumped to Rs 123.13 crore from Rs 59.26 crore YoY.

WABCO India | The company reported lower profit at Rs 32.25 crore in Q2FY22 against Rs 35.10 crore in Q2FY21, revenue jumped to Rs 616.53 crore from Rs 418.71 crore YoY.

Meghmani Organics | The company reported a slightly lower profit at Rs 65.25 crore in Q2FY22 against Rs 65.55 crore in Q2FY21, revenue rose to Rs 548.22 crore from Rs 426.70 crore YoY.

Birlasoft | The company reported a sharply higher consolidated profit at Rs 10.31 crore in Q2FY22 against Rs 6.91 crore in Q2FY21, revenue jumped to Rs 101.16 crore from Rs 85.74 crore YoY.

Indo Count Industries | The company reported higher consolidated profit at Rs 84.82 crore in Q2FY22 against Rs 80.83 crore in Q2FY21, revenue increased to Rs 766.95 crore from Rs 724.05 crore YoY.


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