GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Friday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended down by just 3 points or 0.01% up at 24,456 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 36.10 points or 0.15% to settle at 24,399.40 while the BSE Sensex fell 16.82 points or 0.02% to 80,065.16.
“Markets remained subdued on the weekly expiry day, ending largely flat amid mixed signals. After a brief early gain, the Nifty hovered within a narrow range, closing virtually unchanged at 24,399.40 levels. Sector-wise, the trend was mixed, with gains in banking and pharma, while FMCG, realty, and auto sectors declined. Broader indices also mirrored the benchmark and finished the session flat,” said Ajit Mishra – SVP, Research, Religare Broking.
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Mishra also added that the past two days of stagnation in the Nifty index reflect indecision following a recent downturn, though the overall sentiment remains negative. Some oversold heavyweight stocks may prompt a short-term bounce, but the upside appears limited. Investors are advised to maintain a “sell on rise” strategy for the index while being selective with individual stocks.
Stocks to Watch on October 25, 2024
ITC
ITC reported a net profit of Rs 5,078.3 crore for the second quarter of the financial year 2024-25, marking a 3.1% year-on-year (YoY) growth compared to Rs 4,927 crore in the corresponding period last year. The company’s revenue saw a robust surge of 16.8%, reaching Rs 19,327.8 crore, up from Rs 16,550 crore in Q2 FY24.
IndusInd Bank
The private sector lender reported a 39.2% year-on-year (YoY) drop in standalone profit for the second quarter, with net profit falling to Rs 1,325.5 crore from Rs 2,181.5 crore in the same period last year. The bank’s net interest income (NII) grew by 5.3%, reaching Rs 5,347.3 crore compared to Rs 5,076.7 crore YoY.
However, provisions and contingencies surged 87% to Rs 1,820.1 crore from Rs 973.8 crore last year. The bank’s gross non-performing assets (NPA) ratio rose to 2.11% from 2.02% QoQ,
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