GIFT Nifty ended down by 61 points or 0.25% at 24,149 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Monday, October 28, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended down by 61 points or 0.25% at 24,149 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 218.60 points or 0.15% to settle at 24,180.80 while the BSE Sensex fell 662.87 points or 0.83% to 79,402.29.
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“Markets resumed their downtrend after a two-day pause, shedding nearly 1%. Following a flat opening, Nifty gradually declined throughout the session, although a slight bounce in the last hour helped trim some losses. Ultimately, it closed at 24,180, down by 0.90%. Key sectors such as metals, autos, and energy were among the hardest hit, with broader indices also declining by almost 2% each,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the index’s movement reflects that bears are still in control, and a decisive break below 24,000 could worsen the outlook. In the event of a rebound, 24,500 will now serve as a strong resistance level. Traders should maintain a “sell on rise” strategy, as most sectors and broader indices remain under pressure. Focus should remain on earnings and Foreign Institutional Investor (FII) flows for further cues.
Stocks to Watch on October 28, 2024
ICICI Bank
The private sector lender reported a net profit of Rs 11,745.9 crore for the September quarter, surpassing Street estimates of Rs 11,029.8 crore and marking a 14.5% year-on-year increase from Rs 10,261 crore. The lender’s net interest income (NII) came in at Rs 20,048 crore, representing a 9.5% rise over the previous year’s Rs 18,307.9 crore.
CDSL
Central Depository Services Ltd (CDSL) reported a 48.8% year-on-year increase in net profit, reaching Rs 162 crore for the second quarter ended September 30, 2024. The depository also became the first to surpass 13.5 crore registered demat accounts as of September 30, with 1.18 crore new accounts opened in the quarter alone.
Coal India
Coal India reported a 21.9% year-on-year decline in net profit, posting Rs 6,289 crore for the second quarter ended September 30, 2024. The company’s revenue from operations dropped by 6.4% to Rs 30,672.9 crore, down from Rs 32,776 crore in the same period last year.
InterGlobe Aviation
The parent company of IndiGo, reported a consolidated net loss of Rs 986.7 crore for Q2, a reversal from the profit of Rs 188.9 crore recorded in the same period last year. Revenue grew 13.6% to Rs 16,969.6 crore, up from Rs 14,944 crore.
EBITDAR fell marginally by 0.5% to Rs 2,434 crore, compared to Rs 2,446.5 crore, with the EBITDAR margin dropping by 210 basis points to 14.3% from 16.4%. The board also approved an investment of up to Rs 295 crore in IndiGo Ventures Fund – I.
Bandhan Bank
The lender posted 30% year-on-year (YoY) rise in profit for Q2, reaching Rs 937 crore, compared to Rs 721 crore in the same period last year. Net interest income also grew by 21% to Rs 2,948 crore from Rs 2,443 crore, while the bank’s net interest margin expanded to 7.4% from 7.2%.
However, asset quality saw a slight decline, with gross non-performing assets (NPA) rising to 4.68% from 4.23% on a quarter-on-quarter (QoQ) basis, and net NPA increasing to 1.29% from 1.15%.
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Yes Bank
The lender reported a significant 145.6% year-on-year (YoY) surge in standalone profit for Q2, reaching Rs 553 crore compared to Rs 225 crore in the same period last year. The bank’s net interest income rose by 14.3% to Rs 2,200 crore from Rs 1,925 crore. Asset quality improved, with gross non-performing assets (NPA) declining to 1.6% from 1.7% on a quarter-on-quarter (QoQ) basis, while net NPA remained steady at 0.5%.
IDFC First Bank
The private lender reported a steep 73% year-on-year (YoY) decline in standalone profit for Q2, dropping to Rs 201 crore from Rs 751 crore. Despite this, net interest income saw a 21% increase, reaching Rs 4,788 crore compared to Rs 3,950 crore in the same period last year.
Provisions surged significantly to Rs 1,732 crore from Rs 528 crore. Asset quality showed mixed trends, with gross non-performing assets (NPA) edging up slightly to 1.92% from 1.9% on a quarter-on-quarter (QoQ) basis, while net NPA improved to 0.48% from 0.59%.
ITD Cementation
Italian-Thai Development Public Company, the promoter of ITD, has signed a Share Purchase Agreement with Renew Exim DMCC, a subsidiary of the Adani Group, to sell a 46.64% stake at Rs 400 per share. Following this agreement, Renew Exim DMCC announced an open offer to acquire an additional 26% stake in ITD at Rs 571.68 per share.
Axis Bank
SEBI has issued a show cause notice to Axis Bank and its subsidiaries, Axis Securities and Axis Capital, concerning transactions involving the purchase of shares in Max Life Insurance Company.
Axis Bank and its subsidiaries are currently reviewing the notice’s contents and intend to submit responses to SEBI, noting that the transactions were conducted with the necessary regulatory approvals.
Avenue Supermarts
Avenue Supermarts, the operator of DMart, has finalized the acquisition of a 26% stake in FP Ampere Energy, a wholly owned subsidiary of Fourth Partner Energy, for ₹2 crore. As a result of this acquisition, FP Ampere Energy has now become an associate company of Avenue Supermarts.
BPCL
The Board has approved a joint venture agreement between the company and Oil India to develop a city gas distribution (CGD) project in Arunachal Pradesh. The joint venture will have equal shareholding, with BPCL and Oil India each holding a 50% stake.
Waaree Energies
Waaree Energies is set to debut its shares on the exchanges on Monday. Ahead of the listing, the company’s shares are trading at a grey market premium (GMP) of Rs 1,225. With the upper price band set at Rs 1,503, the stock is anticipated to list at an 81% premium.
Key Earnings To Watch Today
Bharti Airtel, Sun Pharmaceutical, BHEL, Adani Power, Punjab National Bank, Aditya Birla Sun Life AMC, Ambuja Cements, Arvind, Computer Age Management Services, CarTrade Tech, Dalmia Bharat Sugar, Federal Bank, Firstsource Solutions, Ideaforge Technology, Indraprastha Gas, Indegene, Indian Bank, Indian Oil Corporation, JSW Infrastructure, KFin Technologies, Kalpataru Projects International, LIC Housing Finance, Northern Arc Capital, Paras Defence, Pfizer, Quess Corp, RailTel Corporation of India, Shree Renuka Sugars, Skipper, and Tata Technologies
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