NIFTY Financial News

Godrej Properties subsidiary ₹5 lakh for not following environmental safety rules during construction in New Delhi, PTI reported.In a statement on Saturday, Godrej Properties said that its subsidiary, Godrej Vestamark LLP, was served this penalty on October 16 under the Delhi Municipal Corporation Act 1957.The violation by the subsidiary pertains to not complying with the National Green Tribunal's (NGT) order from April 10, 2015, and the Ministry of Environment and Forests Guidelines from 2010 regarding safety measures during their New Delhi project's construction. (Read More)In the second quarter of fiscal year 2023-24, ICICI Bank demonstrated substantial growth, with its standalone net profit climbing by 35.8% year-on-year (YoY) to reach ₹10,261 crore.

«We expect the earning season to pick up pace in a truncated week which would direct the market trend along with global cues,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal. Here's breaking down the pre-market actions: STATE OF THE MARKETS GIFT Nifty (Earlier SGX Nifty) signals a positive start GIFT Nifty on the NSE IX traded higher by 83.5 points, or 0.43 per cent, at 19510, signaling that Dalal Street was headed for positive start on Monday.

Buy or sell stocks for today: Following weak global market cues, Indian stock market ended lower on third day in a row on Friday last week. Nifty 50 index fell 82 points and closed at 19,542 levels, 30-stock index BSE Sensex corrected 231 points and ended at 65,397 mark whereas Bank Nifty index finished 31 points lower at 43,723 levels.

analysts have identified 19,500 as the immediate support for the Nifty, with a subsequent swing low support at 19,330. They caution if this support is breached, there is a likelihood that the index could further decline towards the range of 19,000 to 18,900 in the coming weeks. Analysts suggest traders may want to explore potential opportunities in Reliance, HDFC Bank, IndusInd Bank, and Sun Pharma. RUCHIT JAIN LEAD RESEARCH ANALYST, 5PAISA.COM Where is Nifty headed this week? The recent pullback in Nifty resisted around the 61.8% retracement of the previous correction.

MUMBAI : Analysts expect the shares of Kotak Mahindra Bank Ltd to open higher on Monday, potentially outperforming benchmark indices, driven by the banking regulator’s approval of the managing director and chief executive candidate and quarterly earnings that met analysts’ expectations. Friday’s delivery-to-traded volume at 72.13% was the highest since 14 July (83.59%).

Kotak Mahindra Bank, may have proved his mettle on the global stage building retail businesses, but when it comes to his new role, market watchers will closely scrutinise his strategy for sustaining profitability margins while accelerating growth. Vaswani's challenges as the CEO of the country's fourth largest bank with a market value of ₹3.51 lakh crore would include ensuring management stability, building scale in commercial banking, maintaining margins while growing the balance sheet, and preserving a culture built on conservatism rather than aggressive growth, industry watchers said. Kotak Mahindra Bank's existing margins are the highest in the sector at 5.2%. «The market would like to see the new CEO further accelerate growth, increase market share, grow balance sheet and maintain profitability,» said Suresh Ganapathy, head of financial services research at Macquarie. «The market would want a little bit more acceleration on the retail deposit. Over the last 12 months, incrementally 50% of the CASA and term deposits have come above ₹5 crore.

Indiabulls Housing Finance has been put under the ban for trade on Monday, October 23, 2023 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The security has been put on ban under the F&O segment as it crossed 95 per cent of the market-wide position limit (MWPL), according to the NSE. However, the stock will be available for trading in the cash market.

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The NSE Nifty 50 index closed 0.42% lower at 19,542, while the S&P BSE Sensex fell 0.35% to 65,397. Both the benchmarks lost over 1% for the week. Here's how analysts read the market pulse: «On the daily charts we can observe that Nifty is trading at the crucial support zone of 19530 – 19500 where 61.82% Fibonacci retracement level of rise from 19333 – 19850 is placed.

Motilal Oswal Financial Services Ltd. Among the key results, Axis Bank, Bajaj Finserv, Maruti Suzuki India, and Tech Mahindra are set to announce financial numbers for the September quarter.

market sentiment. The coming truncated week is likely to bring in volatility as a plethora of companies are scheduled to release earnings and the October derivatives expiry is due. “Markets are likely to remain sideways to volatile in the coming week, and Nifty 50 may trade within a wider range of 19300-19850,” said Arvinder Singh Nanda, senior vice president, Master Capital Services. A breakout in either direction within this range has the potential to trigger a significant move, possibly spanning 200 to 400 points in one direction, Nanda said. On Friday, the Nifty 50 ended at 19542.65 points, down 82.05 points or 0.4%. The stock market will be closed on Tuesday for Dussehra.

Also Read: These 48 smallcap stocks rise 10-30% even as Sensex sheds 1% on volatile week; do you own? "Middle East tensions and elevated US bond yields steered the market to a consolidation path this week. A weak start to the earnings season, disappointment from IT sector, and a mixed bag of results from banks influenced investors to book profits from the table,'' said Vinod Nair, Head of Research at Geojit Financial Services. On Friday, Nifty 50 closed at 19,542.65, down 82 points, or 0.42 per cent while the Sensex ended the day at 65,397.62, down 232 points, or 0.35 per cent.

BSE Sensex ended October's third week with a sharp loss of one per cent after five days of volatile sessions over geopolitical concerns arising on the Israel-Hamas-Gaza conflict. Domestic equity benchmarks Nifty 50 and Sensex ended in negative territory for the third consecutive session on Friday, October 20, as concerns about potential interest rate hikes by the US Federal Reserve, and the ongoing war between Israel and Hamas kept investors on edge.

momentum indicator RSI displaying positive divergence, Kotak Mahindra Bank stock may be poised for a bullish move. «The stock has a visible support level at 1700, which is acting as a cushion for the bulls. This support level is crucial for maintaining the bullish sentiment. Given the strong buying, positive RSI divergence, and the support at Rs 1740, the stock has the potential to reach upside targets of Rs 1820 and Rs 1860,» said Rupak De, senior technical analyst at LKP Securities. Edited excerpts: The earnings season seems to be having a negative impact on both banks and IT stocks. In this situation, do you think Nifty may break below the support around 19,500-level?

Buy or sell stocks: Following sell off in global markets, Dalal Street fell for third straight session on Friday. Nifty 50 index fell 82 points and closed at 19,542 levels, 30-stock index BSE Sensex corrected 231 points and ended at 65,397 mark whereas Bank Nifty index finished 31 points lower at 43,723 levels. In broad market, mid-cap index crashed over one per cent while small-cap index went down 0.76 per cent on last session of the week gone by.

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price targets on ITC after the company announced its second quarter results. Analysts said the scope for sharp upsides from current levels is limited citing the recent runup in the share price and slowing earnings growth. ITC shares fell 2.75% to close at Rs 438 on Friday. The average price target on ITC of all analysts compiled by Bloomberg following the second quarter results is at Rs 509.33, implying an upside of almost 16% over Friday's closing. «The recent stock run-up and limited earnings surprise scope given higher base limit further rerating potential,» said HDFC Securities in a note. ITC shares have gained nearly 32% so far in 2023 as against a 13% advance in the Nifty Consumption Index. Jefferies

Reliance Industries (RIL) will meet on October 27 to consider and approve financial results for the quarter ended September 2023. «A meeting of the Board of Directors of the company is scheduled to be held on Friday, October 27, 2023, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the company for the quarter and half year ended September 30, 2023,» the company said in a filing. Analysts expect the company's operating performance to improve amid improving refining margins. While Jio is likely to show steady performance, retail segment profitability would be resilient. «We expect consolidated EBITDA to improve by 6% quarter-on-quarter (QoQ) on better standalone performance and steady growth in digital services and organized retail,» said Kotak Institutional Equities. The stock has been underperforming the benchmark index so far this year as it declined nearly 11% on a year-to-date basis.

Nifty on Friday ended 82 points lower to form a Doji candle on the daily chart and a long bear candle with an upper shadow on the weekly timeframe. The short-term trend of the Nifty remains negative. A slide below the immediate support of 19,480 could drag Nifty towards another important support of 19,350 levels in the near term.

KCP Sugar & Industries(up 4.89%), Rajshree Sugars & Chemicals(up 3.74%), Bannari Amman Sugars(up 1.04%), Uttam Sugar Mills(up 0.38%) and Balrampur Chini Mills(up 0.24%) stood among the top gainers. Simbhaoli Sugars(down 2.60%), Triveni Engineering & Industries(down 2.55%), Dhampur Sugar Mills(down 2.39%), Ponni Sugars(Erode)(down 2.09%), Ugar Sugar Works(down 2.09%), DCM Shriram Industries(down 1.88%), K.M.Sugar Mills(down 1.71%), Shree Renuka Sugars(down 1.69%), Mawana Sugars(down 1.32%) and Dalmia Bharat Sugar & Industries(down 1.31%) were among the top losers of the day.

Domestic benchmark index NSE Nifty ended 82.05 points down at 19542.65, while the BSE Sensex closed 231.62 points down at 65397.62. On the other hand, Dhunseri Invst, Bombay Burmah, GKW Ltd, Summit Sec and Prajay Engg stocks hit their fresh 52-week highs today.