Indian equity benchmark indices settled lower on Friday, due to losses index heavyweights ITC and Larsen & Toubro.
The BSE Sensex fell 231.62 points or 0.35 per cent to close down at 65,397.62. The NSE Nifty 50 fell 82.05 points or 0.42 per cent to settle at 19,542.65.
“Amidst volatility and choppy trading, markets received fresh drubbing and ended lower. Markets witnessed pessimism due to hawkish comments from the US Fed chairman, which indicated that rate hike would continue to combat inflation. Benchmark indices also stayed vulnerable amidst simmering Middle-East geopolitical tensions. Technically, Nifty could find support at the 19501 mark, while any uptick would be seen only if the index breaches its biggest hurdle at the 19887 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Weak ahead, market participants will vigilantly monitor US GDP data for insights into the Fed's interest rate trajectory. Additionally, as the earnings season gains momentum, investor sentiment will be shaped by corporate’s management commentary and bottom-up investment approach," Vinod Nair, Head of Research at Geojit Financial Services.
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The bank reported 35.8 per cent year-on-year (YoY) jump in standalone net profit to Rs 10,261 crore for the July-September quarter of FY24 compared to Rs 7,557.84 crore in year-ago period. The net interest income (NII) jumped 23.8 per cent YoY to Rs 18,308 crore in the reported quarter from Rs 14,787 crore in the year ago quarter. The net interest margin (NIM) came in at 4.53 per cent.
Sajjan Jindal-led company on Friday reported Rs 2,773 crore net profit for the September quarter against a net loss in the same quarter of previous financial year. The steel manufacturer reported a 6.71 per cent year-on-year jump in its consolidated revenue from operations to Rs 44,584 crore. Consolidated EBITDA stood at Rs 7,886 crore while EBITDA margin came in at 17.7 per cent.
One97 Communications (PAYTM)
The digital payments company reported a consolidated revenue from operations of Rs 2,519 crore in the second quarter of financial year 2023-24, up 32 per cent as against Rs 1,914 crore in the year-ago period. The company reported a net loss of Rs 292 crore during the quarter, 49 per cent lower than loss of Rs 572 crore in year-ago period.
Adani Energy Solutions
The Adani Group company received smart meter LOAs worth Rs 17,000 crore. It added 219 circuit kilometers to operational network and also sold 2,446 million units, up 9.53 per cent year-on-year.
Aditya Birla Fashion and Retail
The company’s unit will acquire a 51 per cent stake in Styleverse Lifestyle for Rs 155 crore. The acquisition is a part of the company’s expansion of digital-first brands.