Stocks To Watch: Bajaj Finance, Indus Tower, Persistent Systems, Adani Green Energy Solutions, Reliance Infra, Paytm, Hindustan Unilever, Bajaj Finserv

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

Related Articles

Rupee fall hurts India Inc hard

The rupee inched closer to the 88-mark against the US dollar on Monday, putting companies in import-sensitive sectors on the edge. While firms fear a surge in imported inflation on account of rupee depreciation, consumer electronics companies, for instance, are taking price hikes to protect margins. In sectors such as thermal power, where the cost

Bata India Q3 profit grows marginally to Rs 58.6 crore on weak demand

Footwear major Bata India on Monday reported a marginal 1% growth in its net profit at Rs 58.6 crore during the October-December quarter, as compared to Rs 57.9 crore in the same quarter in 2023-24. Bloomberg consensus estimates had pegged the net profit during the quarter at Rs 72 crore.  The company’s revenue from operations

NFRA must separate audit review and disciplinary roles: Experts

Even the National Financial Reporting Authority (NFRA) weighs its options after the Delhi High Court’s order quashing the show-cause notices issued by the regulator against the IL&FS and DHFL auditors, legal experts argue that the regulator would need to create separate divisions for the twin functions of audit review and disciplinary action to comply with

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Rupee fall hurts India Inc hard

The rupee inched closer to the 88-mark against the US dollar on Monday, putting companies in import-sensitive sectors on the edge. While firms fear a surge in imported inflation on account of rupee depreciation, consumer electronics companies, for instance, are taking price hikes to protect margins. In sectors such as thermal power, where the cost

Bata India Q3 profit grows marginally to Rs 58.6 crore on weak demand

Footwear major Bata India on Monday reported a marginal 1% growth in its net profit at Rs 58.6 crore during the October-December quarter, as compared to Rs 57.9 crore in the same quarter in 2023-24. Bloomberg consensus estimates had pegged the net profit during the quarter at Rs 72 crore.  The company’s revenue from operations

NFRA must separate audit review and disciplinary roles: Experts

Even the National Financial Reporting Authority (NFRA) weighs its options after the Delhi High Court’s order quashing the show-cause notices issued by the regulator against the IL&FS and DHFL auditors, legal experts argue that the regulator would need to create separate divisions for the twin functions of audit review and disciplinary action to comply with

Reliance makes sports drinks foray with Spinner

Reliance Consumer Products on Monday entered the sports hydration drink segment with Spinner. The drink, which is being offered at Rs 10 for a 150 ml bottle, has been co-created with former Sri Lankan cricketer Muttiah Muralitharan. Reliance has disrupted the beverages market with aggressive pricing of Campa Cola, which it relaunched in 2023.  ALSO

Supertails banks on services to counter q-comm disruption in pet care

Bengaluru-based pet care startup Supertails is betting big on services like veterinary care and grooming to set itself apart from quick commerce majors like Zepto, Blinkit, and Instamart, which are aggressively expanding their pet supply offerings. Backed by Fireside Ventures, the startup plans to launch offline centres in select cities that will function as both