Indian equity benchmark indices surged over 1 per cent on Friday after falling for six session in a row following in geopolitical uncertainties arising due to the Israel Hamas War and the resultant rise in crude oil prices, along with higher-for-longer US Fed rates.
The BSE Sensex jumped 634.65 points or 1.01 per cent at 63,789.80, and the NSE Nifty 50 ended 190 points or 1.01 per cent higher at 19,047.25.
“Markets ended their 6-day losing streak as Nifty reclaimed the psychological 19000 mark on the back of broad-based buying support. Despite the strong rebound, we suspect the benchmarks are not out of the woods yet. For markets to remain buoyant, some resolution is needed between the on-going Israel-Hamas war. Technically, confirmation of major strength in Nifty only above the 19700 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Here are the top stocks to watch on October 30:
Reliance Industries
Billionaire Mukesh Ambani-led Reliance Industries reported a 29.7 per cent year-on-year increase in consolidated profit at Rs 19,878 crore for the quarter ended September FY24. Gross revenue during the quarter jumped 1.2 per cent YoY to Rs 2,55,996 crore, on the back of strong growth momentum in consumer business. EBITDA jumped 30.2 per cent YoY to Rs 44,867 crore and EBITDA margin expanded 390 bps to 17.5 per cent. Jio Platforms revenue jumped 10.6 per cent, and Reliance Retail Ventures reported 18.8 per cent year-on-year growth.
BPCL
Bharat Petroleum Corporation Ltd, the state-owned oil marketing company has reported standalone profit of Rs 8,501.2 crore for the July-September quarter, against a loss of Rs 304.2 crore in the year-ago period. Revenue from operations during the quarter fell 10.3 per cent to Rs 1,02,986 crore. EBITDA fell 19 per cent and EBITDA margin fell by 60 basis points.
IDFC First Bank
The private bank recorded a 35 per cent YoY increase in net profit at Rs 751 crore for the July-September quarter for FY24, on the back of solid growth in core operating income that increased by 35 per cent. Net interest income (NII) increased by 32 per cent to Rs 3,950 crore. The NII margin widened 49 bps YoY to 6.32 per cent. Asset quality improved as gross NPA fell 6 bps quarter-on-quarter to 2.11 per cent. The net NPA fell 2 bps to 0.68 per cent for the quarter.
Bharti Airtel
The country’s second largest telecom operator has collaborated with Microsoft to offer Indian organizations calling services over Microsoft Teams through an integration with Airtel IQ. In addition, the Department of Telecommunication has imposed a penalty of Rs 1,63,000 for an alleged violation of subscriber verification norms.
NTPC
India’s largest power generation company witnessed 16.6 per cent YoY increase in standalone profit at Rs 3,885 crore for the quarter ended September FY24, driven by fall in Tax and fuel costs. Revenue from operations declined 0.3 per cent to Rs 40,875 crore compared to Rs 41,015 crore in the year-ago period.
