An exciting week for markets ahead of Diwali week. Waaree Energies and Deepak Builders & Engineers will be closing their IPOs on October 23. Also, investors will assess the quarterly results from Zomato and Bajaj Finance.
Meanwhile, Indian markets ended Tuesday’s trading session on a lower note after rising in the early trading hours. The Nifty 50 couldn’t defend the key level of 24,500 and closing the session 1.25% lower at 24,472. The Sensex ended the session 930 points or 1.15% lower at 80,220. The Bank Nifty concluded today’s session 705 points or 1.36% lower at 51,257.
“We are of the view that, as long as the index is trading below 24600/80500 the weak sentiment is likely to continue. On the down side market could continue the correction wave till 24350-24250/79800-79500. On the flip side, above 24600/80500 the pullback formation is likely to continue till 24700-24725/80800-81000. Short-term traders should remain cautious and be very selective as there is a risk of getting trapped at lower levels,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
IMF maintains India’s GDP forecast
The International Monetary Fund (IMF) kept its growth forecasts for India unchanged at 7% for the financial year 2024-25 and 6.5% for the financial year 2025-26, because pent-up demand accumulated during the pandemic has been exhausted as the economy “reconnects” with its potential growth.
Stocks to watch for October 23
Zomato
The food delivery company’s net profit jumped five times to Rs 176 crore in the second quarter of FY25 compared to Rs 36 crore during the same quarter a year ago. Its revenue from operations grew 69% on year to Rs 4,799 crore in the reporting quarter, against Rs 2,848 crore in the same period of the last fiscal. However, its net profit fell 30% sequentially from Rs 253 crore in Q1 FY25.
Bajaj Finance
Bajaj Finance reported a 13% on-year growth in its consolidated net profit standing at Rs 4,014 crore in Q2 FY25. The company’s NII rose 23% on yearly basis to Rs 8,838 crore, compared to Rs 7,196 crore in the same period of the previous fiscal year. However, its loan losses and provisions grew 77% on-year to Rs 1,909 crore.
Adani Energy Solutions
Adani Energy Solutions, the power transmission arm of the Adani group,
» Read More
