Sensex zooms 760 pts, Nifty tops 16,250; IT index up 3%, HDFC Bank dips 1%

CLOSING BELL: The frontline indices climbed on the back of gains in Infosys, ICICI Bank, Kotak Bank, TCS, Axis Bank, L&T, SBI, and Reliance Industries

9:35 AM

Profit-booking in HDFC Bank after net profit rises 19% YoY in Q1

9:30 AM

Britannia, M&M, HDFC Bank top Nifty50 laggards

9:28 AM

Infosys, Hindalco, Tech Mahindra top Nifty50 gainers

9:24 AM

Smallcaps outperform Midcaps; India Vix up 1%

9:22 AM

All sectors trade positively; IT, Metal stocks in demand

9:19 AM

Opening bell: Only 3 out of 30 Sensex stocks open in red

9:17 AM

Opening bell: Sensex jumps over 450 points

9:16 AM

Opening bell: Nifty50 opens above 16,150 levels

9:10 AM

Pre-open session: Sensex climbs 300 points

9:09 AM

Pre-open session: Nifty50 moves above 16,100 levels

9:02 AM

CURRENCY ALERT: Rupee opens 9 paise stronger at 79.79/$

8:59 AM

Stocks to Watch Today: HDFC Bank, ICICI Pru, Jindal Steel, Spandana, LTTS

HDFC Bank: The bank reported a 19 per cent YoY increase in its standalone net profit at Rs 9,196 crore in Q1FY23, after providing Rs 2,984 crore for taxation. The bank’s net interest income, rose 14.5 per cent to Rs 19,481.4 crore.

 

Meanwhile, the country’s largest private-sector lender also said that it lost to competition wholesale loans of around Rs 50,000 crore after it increased interest rates in May. 

 

Telecom: Telecom companies participating in the upcoming 5G spectrum auction at the end of July expect the auction to be a short affair. They expect only a fourth of the value of spectrum on offer to be sold. 

 

ICICI Prudential Life Insurance: The company a net profit of Rs 156 crore in the June 2022 quarter when compared with a loss of Rs 186 crore in the year-ago period, aided by significantly lower claims and provisions due to Covid-19. The firm saw value of new business (VNB) increase by 32 per cent YoY to Rs 471 crore in Q1FY23. READ MORE

 

8:56 AM

Pre-open view: Key support for Nifty at 15,900

Benchmark indices are expected to open on a positive note as suggested by early trends on SGX Nifty with a 167-point gain.

 

On Friday, benchmark indices finished on a positive note after four straight sessions of losses.

US stocks rallied on Friday with better-than-expected retail sales data and a surprise earnings beat from Citigroup.

Some stock specific actions can be seen in HDFC Bank (reported a standalone profit growth of  19% on a yearly basis at 9,196 crore for Q1FY23 led by fall in provisions for bad loans. Net interest income rose 14 percent YoY to Rs 19,481.4 crore, driven by loan growth of 22.5 percent and deposits increased to 19.2%.

Bharat Electronics (The defence company recorded a consolidated profit of Rs 366.33 crore for Q1FY23 driven by strong operating income),

Aviation industry stocks (OMCs reduced ATF prices). HeidelbergCement India, Bank of Maharashtra, Bhansali Engineering Polymers, Alok Industries, Onward Technologies among others will be declaring their quarterly results today.

On the technical front, key support and resistance for Nifty 50 are 15,900 and 16,150, respectively, while key support and resistance for Bank Nifty are 34,450 and 35,100 respectively.

Views by Mohit Nigam, Head - PMS, Hem Securities. 

8:52 AM

On radar: Blue Dart, GOCL Corp, Laxmi Organics turn ex-dividend today

8:49 AM

FX view: Rupee may reverse to up to 79.25/$ this week

We had gone into last Friday expecting reversal moves aiming 79.86, followed by 79.58.

The second leg of this move is expected to unfold this week, which could even get extended to 79.25, after consolidation initially.

Alternatively, a pullback above 79.95 will negate the bear move, but we do not expect extended rallies today.

Views by Geojit Financial Services