GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended 50 points or 0.20% up at 24,575 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 309 points or 1.25% to settle at 24,472.10 while the BSE Sensex fell 930.56 points or 1.15% to 80,220.72.
“The markets continued their downward trend, losing over a percent in an ongoing corrective phase. After a flat opening, Nifty gradually declined and approached a crucial support level at the 100-day exponential moving average (DEMA). The selling pressure was broad-based, with realty, metal, and auto sectors among the worst affected. Notably, the midcap and smallcap segments saw a sharp decline, shedding between 2.75% and 3.65%,” said Ajit Mishra – SVP, Research, Religare Broking.
Also ReadWhat to watch for trade on October 23? Focus on Zomato, Bajaj Finance, IMF, and Adani Energy Solutions
Mishra also added that Nifty has now corrected by around 7% from its record high, reaching the critical moving average support at the 100 DEMA i.e. 24,485 level. The outlook suggests further downside, particularly in the midcap and smallcap spaces. On the index front, the next major support is around 24,000, with potential resistance between 24,700 and 25,000 in case of a rebound. We recommend adjusting trades accordingly and advise against adding to losing positions.
Stocks to Watch on October 23, 2024
Bajaj Finance
The company reported a 13% year-on-year (YoY) increase in net profit for Q2 FY25, reaching Rs 4,013.7 crore, compared to Rs 3,550.8 crore in the same quarter last year. The rise in profit was bolstered by a one-time gain of Rs 2,544.11 crore from the sale of its stake in Bajaj Housing Finance Ltd (BHFL).
Net interest income (NII) saw a significant jump of 22.8%, reaching Rs 8,837.7 crore, up from Rs 7,196.3 crore in Q2 FY24. Additionally, net total income grew by 24%, standing at Rs 10,946 crore for the quarter.
Indus Tower
Telecom infrastructure firm Indus Towers reported a 71.7% year-on-year (YoY) surge in net profit, reaching Rs 2,223.5 crore for the second quarter ending September 30, 2024. In the same quarter last fiscal,
» Read More
