On January 15, the BSE Sensex experienced a surge of 759 points, reaching 73,328, primarily driven by gains in the technology sector, banking stocks, and Reliance Industries. Simultaneously, the Nifty 50 saw a substantial increase of 203 points, crossing the 22,098 mark, as expected.
Read HDFC Bank Q3 Results LIVE Updates here
Companies releasing Q3 results today:
A total of 31 companies are scheduled to release their Q3 results today. These include HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, Federal Bank, Bank of Maharashtra, ICICI Securities, Himadri Speciality Chemical, Jindal Saw, Network18 Media & Investments, Newgen Software Technologies, TV18 Broadcast, C.E. Info Systems, Credo Brands Marketing, Hathway Cable & Datacom, Lotus Chocolate Company, National Standard (India), Gallantt Ispat, India Steel Works, Binani Industries, Next Mediaworks and RO Jewels.
Analysts and brokerage firms are anticipating the bank will report overall good numbers for the third quarter. However, the net interest margins (NIMs) could see the pressure of the high cost of funds.
Earlier this month HDFC Bank announced its gross advances aggregated to ₹24,69,500 crore as of December 31, 2023, registering a growth of around 62.4% over ₹15,20,500 crore as of December 31, 2022, Mint reported earlier.
Also Read | Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 16
Meanwhile, on Tuesday, Nifty and Sensex soared to fresh record highs today, led by favorable macroeconomic and geopolitical factors. Nifty gained 203 point sto end at 22,097, while Sensex surged 847 points to close at 73,327, showcasing the dominance of bullish momentum.
Bank Nifty also contributed to the upbeat trend, registering a 1% gain for the day.
“From a technical perspective, Nifty eyes the psychological 22,500 mark, with a critical support level at 21,507. Despite potential headwinds such as rising retail inflation and a slowdown in industrial growth, the market maintains a positive trend, targeting an immediate upside of 22,300. Traders are advised to monitor profit booking in the 22,200-22,300 zone, recognizing the sustained one-sided rally,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 16 Jan 2024, 07:43 AM IST
