GIFT Nifty ended down by 139.50 points or 0.56% at 24,720.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Friday, October 18, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Friday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended down by 139.50 points or 0.56% at 24,720.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 221.45 points or 0.89% to settle at 24,749.85 while the BSE Sensex fell 494.75 points or 0.61% to 81,006.61.
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“The markets remained under pressure for the third consecutive session, losing nearly 1%. The negative sentiment persisted from the start, primarily due to a steep decline in auto stocks following Bajaj Auto’s numbers. The situation worsened as banking heavyweights also came under pressure, though resilience in the IT sector helped limit the decline. By the close, the Nifty index ended near the day’s low at 24,749.85. Broader indices also struggled, losing nearly 1.5% each,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the Looking ahead, participants will react to the results from major companies like Infosys and Axis Bank, as any negative surprises could further dampen market sentiment. On the technical front, Nifty is nearing the previous swing low around 24,700, and a breach of this level could trigger further selling, with the next key support at 24,450. If the market rebounds, resistance is now seen at 25,050-25,200 zone. Traders are advised to adjust their positions accordingly and manage leveraged trades carefully.
Stocks to Watch on October 18, 2024
Infosys
India’s second-largest IT services exporter posted a 4.7% year-on-year increase in net profit for the second quarter, driven by a broad-based recovery in demand, especially from its key financial sector clients. The company reported a consolidated net profit of ₹6,506 crore for the July-September period of the 2024-25 fiscal year, up 2.2% from the previous quarter.
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Wipro
The IT company reported a 21.2% rise in consolidated net profit to Rs 3,208.8 crore for the second quarter of FY25, compared to Rs 2,646.3 crore in the same period last year. However, revenue from operations dipped slightly by 0.95% to Rs 22,301.6 crore, down from Rs 22,515.9 crore in Q2 FY24.
In addition, the company’s board approved a 1:1 bonus share issue, granting 1 equity share with a face value of Rs 2 each for every fully paid-up equity share held by eligible shareholders, including ADS holders, as of the record date.
Axis Bank
The bank reported an 18% rise in net profit to Rs 6,918 crore for the second quarter ended September 2024, compared to Rs 5,864 crore in the same period last year. Total income for the private sector lender increased to Rs 37,142 crore during the quarter, up from Rs 31,660 crore a year ago. Interest income also saw a boost, climbing to Rs 30,420 crore, compared to Rs 26,626 crore in the corresponding quarter of the previous year.
Kotak Mahindra Bank
A private sector lender has slashed its savings account interest rates by 50 basis points for account balances under Rs 5 lakh, bringing the rate down to 3% from the earlier 3.5%, according to media reports. Previously, the bank offered two interest rate slabs for savings accounts: 3.5% for balances below Rs 50 lakh and 4% for those above Rs 50 lakh. The interest rate for account balances exceeding Rs 5 lakh remains unchanged.
LTIMindtree
The company reported a consolidated net profit of Rs 1,251 crore for the quarter, marking a 7.7% year-on-year increase from Rs 1,161.8 crore in the same period last year. Sequentially, the profit rose by 10.33%. The Mumbai-based IT services provider also posted consolidated revenue from operations of Rs 9,432.9 crore, reflecting a 6% increase from Rs 8,905.4 crore in Q2 FY24 and a 3.2% growth compared to Rs 9,142.6 crore in the previous quarter.
Tata Chemicals
The Company has reported a 46.1% year-on-year (YoY) drop in net profit for the second quarter ending September 30, 2024, with earnings falling to Rs 267 crore, compared to Rs 495 crore in the same period last year, according to a regulatory filing. Revenue from operations remained almost flat at Rs 3,999 crore, marginally higher than the Rs 3,998 crore posted during the corresponding quarter of the previous fiscal.
Reliance Industries
Reliance Brands Holding UK, a subsidiary of Reliance Brands, has expanded its collaboration with Mothercare Plc by establishing a new joint venture that will take ownership of the Mothercare brand and its intellectual property across India, Nepal, Sri Lanka, Bhutan, and Bangladesh.
Reliance Brands first secured the rights to the UK-based Mothercare brand for the Indian market in 2018. In the new venture, Reliance Brands Holding will hold a 51% stake, while Mothercare will retain a 49% share.
Tata Communications
The company reported a 3% year-on-year (YoY) rise in net profit, reaching Rs 227.2 crore for the second quarter ending September 30, 2024. This compares with a net profit of Rs 220.6 crore in the same quarter last year, according to the company’s regulatory filing. Revenue from operations saw a significant increase of 18.4%, rising to Rs 5,767 crore, compared to Rs 4,872.5 crore in the corresponding period of the previous fiscal year.
Zomato
The company has announced that its board will consider raising funds through qualified institutional placements (QIP) in a meeting scheduled for October 22, according to a regulatory filing. On the same day, the board will also approve the company’s second-quarter financial results.
Adani Enterprises
The company has successfully completed a Qualified Institutional Placement (QIP) worth Rs 4,200 crore (approximately $500 million). The funds raised from this QIP will be allocated towards capital expenditures, debt repayment, and general corporate purposes.
Larsen & Toubro
L&T has secured an order valued between Rs 1,000 crore and Rs 2,500 crore for its hydrocarbon business. The project involves the License, Engineering, Procurement, and Construction (L-EPC) of a 1,200 MTPD NPK fertilizer plant, based on DAP specifications, along with related utilities and off-site facilities for Rashtriya Chemicals and Fertilizers Limited (RCF). This facility will be constructed at RCF’s Thal unit, located approximately 100 km from Mumbai in Raigad district.
Key Earnings To Watch Today
Tata Consumer Products, Jio Financial Services, ICICI Lombard General Insurance Company, Zee Entertainment Enterprises, Aether Industries, L&T Finance, Manba Finance, Mastek, Jindal Saw, Oberoi Realty, Hindustan Zinc, Tejas Networks, Kesoram Industries, Ashapuri Gold Ornament, Benares Hotels, Best Agrolife, Duncan Engineering, Elecon Engineering, Ganesh Housing Corporation, GNA Axles, Indostar Capital Finance, Mangalore Refinery & Petrochemicals, Mudra Financial Services, Ponni Sugars (Erode), Sarveshwar Foods, Supreme Infrastructure India, and Tree House Education.
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