Author: Cherian Varghese

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Recovery Seen in Nifty and Bank Nifty! – Post-Market Analysis

NIFTY started the day flat at 19,053. Right after opening, the index came crashing down till Friday’s low— a fall of nearly 145 points. After taking support at 18,940, the index bounced back/moved up with strength to 19,160 levels. It recovered nearly 220 points from the day’s low. Nifty closed at 19,140, up by 93 points or 0.49%.

Nifty chart October 30 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,721.40 with a small gap-down of 60 points. After falling 420 points initially till the previous day’s close, the index recovered 720 points— touching a high of 43,110 levels. BNF closed at 43,039, up by 501 points or 1.19%.

Bank Nifty chart October 30 - post-market analysis | marketfeed

All indices except Nifty Auto (-0.9%) and Nifty FMCG (-0.42%) closed flat-to-green.

Major Asian markets closed mixed (Japan’s Nikkei fell 0.95%). European markets are currently trading in the green.

Today’s Moves

BPCL (+3.57%) was NIFTY50’s top gainer. The company reported a net profit of ₹8,243.55 crore for Q2 FY24 as marketing margins improved.

Shares of Vodafone Idea (+6.8%) rallied over 8% to a two-week high ahead of its quarterly earnings call. On Friday, the telco said it will make significant investments to roll out 5G network and expand 4G coverage.

Supreme Industries (+7.4%) reported strong Q2 financial performance.

UPL (-3.58%) was NIFTY50’s top loser. The company reported a net loss of ₹189 crore for Q2 and cut FY24 revenue & EBITDA guidance.

SBI Cards (-5.07%) fell sharply over 7% after most market analysts cut its FY24 earnings estimate. 

Markets Ahead

The Indian stock markets have been volatile lately. Today, we witnessed a sharp fall followed by a recovery. We can see that buyers are trying to support the markets, but there are major resistance levels ahead that have to be taken out for the markets to turn bullish again.

Nifty: The immediate resistance for Nifty is near 19,160 levels. If that is breached, the index may move up to the 19,240 resistance level. Meanwhile, a breakdown from the previous swing support of 19,090 could bring the index down to 19,000 and 18,950 levels, which would indicate major bearishness again.

Bank Nifty: The immediate resistance for BNF is near 43,050. A breakout from this level might take the index up to 43,350. On the other hand, the immediate support to watch out is near the previous swing of 42,900. A breakdown from there could bring the index back to 42,700 and 42,400.

Both indices are near their respective Fibonacci rejection levels. So if there’s a negative price action tomorrow, the index can turn bearish again. For a bullish reversal, 50% fib rejection levels of 43,350 in Bank Nifty and 19,350 in Nifty have to be crossed.

Market sentiment remains cautious in the short term, with investors closely monitoring geopolitical tensions in West Asia, upcoming corporate earnings, and key economic data, (including PMI figures for October).

How did trading in November go? Are you in net profit or loss?

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Nifty Finds Support, Reclaims 19,000! What Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 18,928 with a gap-up of 71 points (above the resistance level of 18,900). The index continued to move up 150 points by crossing the key resistance of 19,000 round levels till Wednesday’s low of 19,080 levels. Nifty closed at 19,047, up by 190 points or 1.01%.

Nifty chart October 27 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,555 with a gap-up of 275 points (above the 42,500 resistance zone). BNF gradually continued the up-move till Wednesday’s closing levels of 42,840 levels— making a nearly 360-point intraday movement on the upside! BNF closed at 42,782, up by 501 points or 1.19%.

Bank Nifty chart October 27 - post-market analysis | marketfeed

All major indices closed in the green. Nifty PSU Bank (+4.1%), Nifty Media (+2.58%), and Nifty Realty (+1.95%) moved up the most.

Major Asian markets closed well in the green. France’s CAC40 is currently trading in the red, while the UK’s FTSE100 and Germany’s DAX are trading in the green.

Today’s Moves

Axis Bank (+3.16%) was NIFTY50’s top gainer for the second day in a row. The lender reported robust Q2 FY24 results on Wednesday.

Jubilant Pharmova (+16.9%) surged on the back of strong volumes. The pharma company will post its Q2 results today.

Swan Energy (+12.2%) rallied up to 19% to hit a 52-week high. The company has completed the upfront payment for acquiring Reliance Naval & Engineering Ltd through the National Company Law Tribunal’s resolution plan.

Dr Reddy’s Labs (-0.45%) was NIFTY50’s top loser. 

Sterlite Tech (-9.25%) fell sharply after the company reported a 59% YoY decline in net profit to ₹28 crore in Q2.

Shares of Westlife Food (-6.7%) fell after the QSR operator posted mixed Q2 earnings.

Markets Ahead

After the continuous selling pressure over the last six trading days, the Indian markets retraced a bit today. Major indices moved back up from good support zones, but this doesn’t confirm or guarantee the change in the trend. It can just be a retracement, and markets can continue to fall in the upcoming days if yesterday’s low levels are breached!

Nifty: The index is currently taking resistance from the 23% Fibonacci retracement levels. The immediate resistance to watch out will be at 19,080 levels. A breakout from these levels can take Nifty up to 38% retracement levels at 19,250 and 50% retracement levels at 19,350. Meanwhile, the supports to watch out for are near 19,000 and 18,900 levels. A breakdown from there can take the index further down to 18,650 levels.

The trend can change only if Nifty crosses the 50% retracement level.

Bank Nifty: The index is also near its 23% fib retracement level of 43,100. That level can act as immediate resistance. On the other hand, 42,600 can act as immediate support and there’s a major support zone at 42,000 round levels. A breakdown from these support zones can take the index down to 40,800 in the coming weeks or months. But if the markets take support and move back up, 38% and 50% fib retracement levels of 43,700 and 44,200, respectively, can be the targets.

Bank Nifty has to cross 44,200 for a trend reversal or change. If not, the selling may continue.



How did this week go? Are you in net profit or loss? Let us know in the comment section below!

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Nifty Closes Below 19,000 On Monthly Expiry! – Post-Market Analysis

NIFTY started the day at 19,027 with a gap-down of 95 points.  Then, it fell sharply by 195 points to 18,850 levels. Post 11:30 AM, the index mostly consolidated in a nearly 70-point range. Nifty closed at 18,857, down by 264 points or 1.39%.

Nifty chart October 26 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,708 with a gap-down of 124 points.  Initially, the index crashed 610 points to 42,105. For the rest of the day, BNF traded in a 270-point zone (with a positive bias) to close at 42,280, down by 551 points or 1.29%.

Bank Nifty chart October 26 - post-market analysis | marketfeed

All major indices closed in the red. Nifty Metal (-1.6%), Nifty Auto (-1.59%), and FIN NIFTY (-1.57%) fell the most.

Major Asian markets closed in the red (Japan’s Nikkei fell 2.1%). European markets are currently trading up to 1% in the red.

Today’s Moves

Axis Bank (+1.7%) was NIFTY50’s top gainer. The lender reported a 10% YoY rise in net profit to ₹5,863 crore in Q2; beating street estimates.

Prism Johnson (+12.02%) jumped on the back of strong volumes.

Sonata Software (+8.2%) hit a 52-week high after the IT services provider announced its Q2 FY24 earnings.

Mahindra & Mahindra (-4.06%) was NIFTY50’s top loser. It fell amid huge selling pressure in auto stocks.

Bajaj Finance (-3.54%) and Bajaj Finserv (-3.16%) fell today. Bajaj Finserv Mutual Fund launched its banking and PSU fund today.

Delta Corp (-5.45%) fell sharply after yesterday’s strong up-move. The Bombay High Court provided interim relief to the company by retraining tax notices worth over ₹16,000 crore it received from the Directorate General of GST Intelligence (DGGI).

Markets Ahead

Nifty has fallen for the sixth straight session, its longest losing streak since February 2023! India VIX, a measure of market volatility, jumped by 10% on the monthly F&O  expiry day, signalling a sense of unease in our markets.

As long as Nifty stays below 19,000, we can expect bearish sentiments to continue, possibly reaching levels between 18,800 and 18,725. However, if the index manages to break through the 19,000 mark, there could be a small bounce back, potentially pushing it towards 19,100-19,150.

The Israel-Hamas conflict remains a significant challenge for geopolitical stability, which can impact global stock markets. Elevated US Treasury bond yields are also posing a major threat.

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Market News Top 10 News

Axis Bank Posts 10% YoY Rise in Q2 Net Profit – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Axis Bank Q2 Results: Net profit rises 10% YoY to ₹5,863 crore

Axis Bank reported a 10% YoY increase in net profit to ₹5,863.56 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 18.8% YoY to ₹12,315 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 1.96% in Q2 FY23 to 1.73% in Q2 FY24. 

Read more here.

IOCL starts producing ‘reference’ petrol, diesel

Indian Oil Corporation Ltd (IOCL) has begun producing specialised ‘reference’ petrol and diesel that are used for testing automobiles. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India.

Read more here.

Tech Mahindra Q2 Results: Net profit falls 28% YoY to ₹505 crore

Tech Mahindra reported a 28.1% YoY decline in net profit to ₹505.3 crore for the quarter ended September (Q2 FY24). The IT company’s revenue fell 2.25% YoY to ₹12,863.9 crore during the same period. Earnings before interest & tax (EBIT) stood at ₹457.1 crore, down 48.7% YoY. Tech Mahindra’s board has declared a dividend of ₹12 per share.

Read more here.

TVS Motor extends ties with ION Mobility

TVS Motor Company is extending its partnership with Singapore-based tech startup ION Mobility to enter Indonesia’s sports scooter segment. The entry will be through Project Dynamo, ION Mobility’s conceptual adaptation of TVS Motor’s premium flagship crossover electric two-wheeler TVS X.

Read more here.

Network18 Q2 Results: Net loss at ₹61 crore

Network18 Media & Investments Ltd reported a net loss of ₹61 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹34.5 crore in Q2 FY23. Its revenue from operations rose 20.4% YoY to ₹1,865.5 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY. Total expenses were up 38.61% YoY to ₹2,206.77 crore.

Read more here.

GMR Airports, affiliates to buy 11% extra stake in Hyderabad airport

GMR Airports Infrastructure Ltd and its affiliates will buy an additional 11% stake in GMR Hyderabad International Airport Ltd (GHIAL) from Malaysia Airports Holding Berhad’s unit. The deal is likely to be completed within 135 days from the date of execution of the agreement. GMR Airports currently holds a 63% stake in GHIAL. The acquisition will raise its stake to 74%.

Read more here.

Vi Business launches IoT in collaboration with C-DOT

Vodafone Idea’s enterprise arm Vi Business has launched the Internet of Things (IoT) lab-as-a-service through the telco’s collaboration with the Centre for Development of Telematics (C-DOT). The Vi C-DOT IoT lab is equipped to test 175+ scenarios that include network & functional testing, field testing, application testing, and compatibility testing.

Read more here.

Jubilant FoodWorks Q2 Results: Net profit falls 26% YoY to ₹97.2 crore

Jubilant FoodWorks reported a 26% YoY decline in net profit to ₹97.2 crore for the quarter ended September (Q2 FY24). The company’s revenue rose 5.2% YoY to ₹1,301.49 crore during the same period. This growth was driven by Domino’s delivery channel sales, which increased by 7.9%. Jubilant FoodWorks opened 60 new outlets across various brands in Q2.

Read more here.

Hinduja Group eyes $35-40 billion valuation in BFSI business

Hinduja Group is betting big on the Banking, Financial Services, and Insurance (BFSI) sector, targeting to have a value creation of $35-40 billion in the next 5-7 years by adding more verticals to fill up the gaps. The group is also looking at the mobility and energy sectors as the growth driver for the next decade.

Read more here.

Cabinet approves NPK fertiliser subsidy for 2023-24 rabi season

The Union Cabinet has approved a ₹22,303-crore subsidy for phosphatic and potassic (P&K) fertilisers and the nutrient-based subsidy (NBS) rates for nitrogen, phosphorus and potassium (NPK) fertilisers for the 2023-24 Rabi season amid falling international prices. The subsidy on P&K fertilizers will be based on approved rates to ensure adequate availability and affordable prices for farmers.

Read more here.

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Daily Market Feed Post Market Analysis

Key Levels Taken Out! Bearishness Continues – Post-Market Analysis

NIFTY started the day flat at 19,286. After an initial up-move to 19,350 levels, the index fell 270 points to 19,075. During the decline, Nifty tried taking support at 19,200 levels, took rejection near yesterday’s low, and continued the fall. The index consolidated post 1:30 PM and finally closed at 19,122, down by 159 points or 0.83%.

Nifty chart October 25 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,308 with a gap-up of 157 points.  After an initial consolidation, the index fell nearly 600 points from the intraday high (continuing the fall from yesterday). BNF closed at 42,832, down by 319 points or 0.74%.

Bank Nifty chart October 25 - post-market analysis | marketfeed

All major indices except Nifty PSU Bank (+0.17%) and Nifty Metal (+0.15%) closed in the red. Nifty Media (-1.6%) and Nifty IT (-1.03%) fell the most.

Major Asian markets closed in the green. European markets are currently trading up to 0.4% in the red.

Today’s Moves

Coal India (+1.37%) was NIFTY50’s top gainer. ICICI Securities has maintained a ‘Buy’ advisory on the stock and raised its target price from ₹325 to ₹395. 

Welspun India (+11.2%) hit a one-year high after the company posted strong Q2 results on the back of higher demand for home linens.

Amber Enterprises (+6.49%) jumped after several analysts raised the stock’s target price even as the company’s losses for Q2 FY24 widened over last year.

Infosys (-2.7%) was NIFTY50’s top loser. The stock turned ex-dividend today.

Shares of Jubilant Pharmova (-7.7%) fell sharply today.

Markets Ahead

Bearishness continues in the Indian market! Nifty and Bank Nifty have broken down major supports. After this fall, the indices might undergo volatility or a small retracement.

Nifty: The important support for the index is near 18,900 levels, which is a bit far from the spot. It is a major target that could be expected in the coming days. The index may retrace a bit in between. Meanwhile, the major resistance will now be 19,200 levels (the earlier support levels). If that level is crossed, the targets could be 19,260 and 19,350.

Bank Nifty: The next major support to consider in BNF is 42,500. The major resistance level to watch out for will be 43,000. If that level is breached, we can expect the index to move up to 43,180 and 43,450 levels. But for a major trend reversal, the index has to cross 43,700.

Major indices have stretched a lot on the downside over the past few days. So a retracement or some profit booking could be seen going forward, which can take the markets up a little. But look for sell-on-rise opportunities only till major resistances are crossed.

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Fin Nifty Falls 200 Points in 10 Mins on Expiry Day! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,521 with a gap-down of 21 points. After a small consolidation initially, the index broke the round level support of 19,500 and continued to move down strength to 19,255 level— a fall of nearly 300 points from the day’s high! Nifty closed at 19,281, down by 260 points or 1.34%.

Nifty chart October 23 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,822 with a small gap-up of 99 points (near the resistance zone of 43,800). The index initially fell to the 43,600 swing low (created last Friday). Then, it mostly consolidated till 2:30 PM, post which there was a fall of more than 575 points to 43,000 levels. The intraday fall was 800 points from the day’s high to the day’s low! BNF closed at 43,151, down by 571 points or 1.31%.

Bank Nifty chart October 23 - post-market analysis | marketfeed

All major indices closed in red. Nifty Media (-4.98%), Nifty PSU Bank (-3.7%), and Nifty Metal (-3.26%) fell the most.

Major Asian markets closed in the red. European markets are currently trading in the red.

Today’s Moves

Mahindra & Mahindra (+0.4%) was NIFTY50’s top gainer.

BSE (+7.52%) moved up sharply after the exchange said it would increase transaction charges on the equity derivatives segment, with effect from November 1.

Shares of CreditAccess Grameen (+7.4%) hit a 52-week high on the back of strong Q2 results and a rise in FY24 revenue guidance.

LTI Mindtree (-3.97%) was NIFTY50’s top loser. The stock has been witnessing a correction since the IT firm reported its Q2 results last week.

Laurus Labs (-9.6%) fell sharply after the pharma company reported a decline in net profit and revenue in Q2.

Markets Ahead

The Indian stock markets were under severe selling pressure post 2:30 PM today— there was a fall of more than 550 points in Bank Nifty, 200 points in Fin Nifty, and 150 points in Nifty! Now, all these indices are at major long-term support zones. If those supports are breached, we could see more bearishness in the markets.

Nifty: As you can see in the chart below, Nifty is at a very important support zone of 19,200-250 levels. If that level is breached, the index may fall to 18,800 levels. On the other hand, the important hurdle to cross on the upper side would be 19,500 levels.

Bank Nifty: Bank Nifty broke the important support zone near 43,500. Now, the 43,000 round level can still be considered as support. If that level is breached, we could expect a further decline to 42,600 levels. Meanwhile, the important resistance to watch out for will be 43,600 levels.



Our markets fell sharply today after the benchmark 10-year US treasury note rose above 5%. Moreover, deepening conflict in the Middle East has hurt investor sentiments in the overall Asian markets.

The Indian markets will be closed tomorrow (Oct 24) on account of Dussehra!

marketfeed wishes all our readers a very happy and prosperous Dussehra!

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Sharp Recovery After Gap Down. Bearishness to Continue? – Post-Market Analysis

closing bell | marketfeed

NIFTY started the day at 19,545 with a big gap-down of 126 points. The index took support near the round levels of 19,500, moved up to 19,600, consolidated, and gave a breakout till yesterday’s closing levels of 19,680. After taking rejection there, the index fell back to 19,600 levels. Nifty closed at 19,624, down by 46 points or 0.24%.

Nifty chart October 19 - post-market analysis

BANK NIFTY (BNF) started the day at 43,616 with a gap down of 272 points. After the big gap-down opening, the index rose sharply till yesterday’s closing levels of 44,000, took rejection, fell to 43,750 levels, and shot back up to 44,060. Then, the index gradually fell to 43,750 levels again. BNF closed at 43,754, down by 134 points or 0.31%.

Bank Nifty chart October 19 - post-market analysis

All indices except Nifty Auto (+0.5%), Nifty Media (+0.14%), and Nifty FMCG (+0.14%) closed flat-to-red. Nifty Metal (-0.88%) fell the most.

Major Asian markets closed mixed (Japan’s Nikkei fell 1.9%). European markets are currently trading in the red.

Today’s Moves

Bajaj Auto (+6.7%) was NIFTY50’s top gainer. The stock hit a 52-week high of ₹5,495 after the two-wheeler manufacturer reported strong Q2 results.

Shares of PSU civil construction company NBCC (India) Ltd (+9.5%) have zoomed over 60% in 3 months.

LTI Mindtree (+6.6%) jumped after the IT major posted Q2 earnings yesterday.

Wipro (-2.98%) was NIFTY50’s top loser. The company reported flat overall growth in Q2 due to the macroeconomic slowdown and cutbacks in discretionary spending in global markets.

MMTC (-9.95%) fell sharply today. The stock has crashed nearly 20% in 2 days on reports that the govt may shut down the company.

Markets Ahead

Bank Nifty made very volatile moves today. Meanwhile, Nifty tried recovering from the lows but faced rejection from the resistance zones.

Nifty: The important support to watch out for is 19,600. A breakdown from there may take the index down to 19,500 levels. The earlier resistance in Nifty will now act as support. The resistance to look out for will be 19,680 levels, and a breakout from there could give us targets of 19,720 and 19,800.

Bank Nifty: The immediate support in BNF is near today’s low and round levels of 43,500. This is an important long-term support zone as you can see in the chart below. A closing below that zone on a daily or weekly time frame could confirm long-term bearishness. On the other hand, the resistance zone is 44,000, and BNF needs to close above that for some bullishness or reversal.

Premiums in Nifty contracts today and Bank Nifty contracts yesterday experienced insane gamma spikes in Out of the Money (OTM) options. The premiums shot up from ₹1 to ₹25-20 in Nifty today and ₹15 premiums spiked to ₹300 yesterday in Bank Nifty! This creates panic situations for option sellers, whereas such moves reward option buyers if they’re in the right direction.

How was Nifty expiry? Are you in net profit or loss? Let us know in the comments below!

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Indecision in the Markets! – Post-Market Analysis

NIFTY started the day at 19,737 with a small gap-down of 14 points. The index moved up to the 19,780 resistance zone and consolidated between 19,730 and 19,780 (a 50-point range) for most part of the day. Nifty closed at 19,731, down by 19 points or 0.1%.

Nifty chart October 16 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,204 with a gap-down of 87 points. After falling and taking support at 44,045 levels, the index rose nearly 310 points to 44,350 levels. After 11:30 AM, BNF consolidated with a negative bias to close at 44,225, down by 62 points or 0.14%.

Bank Nifty chart October 16 - post-market analysis | marketfeed

All indices except Nifty Metal (+0.0%), Nifty PSU Bank (+0.72%), and Nifty Auto (+0.45%) closed in the red. Nifty Pharma (-0.46%) fell the most.

Major Asian markets closed in the red (Japan’s Nikkei fell 2%). European markets are currently trading flat-to-green.

Today’s Moves

Hero MotoCorp (+2.02%) was NIFTY50’s top gainer. The company said it aims to sell more than 13 lakh bikes this festive season.

Fertilizer stocks surged today as a result of increased prices due to the Israel-Hamas war. FACT (+19.99%), GSFC (+9.69%), RCF (+6.5%), GNFC (+5.3%), Deepak Fertilisers (+5.2%), and others closed well in the green.

Divi’s Labs (-2.15%) was NIFTY50’s top loser.

Shares of Delta Corp (-8.5%) a hit 3-year low after its subsidiary, Deltatech Gaming,  was notified of a substantial tax liability amounting to ₹6,384 crore on Saturday.

Sterling & Wilson Solar (-5%) continued its decline after the company missed payments to lenders due to liquidity issues.

Markets Ahead

Nifty is taking a pause after creating gaps on a daily time frame. A breakout or breakdown from these levels will give us clarity on which side the Indian markets are headed. India Vix is up by 5% today despite consolidation, which indicates that fear is rising in the overall markets, and a trendy move can be expected.

Nifty: The immediate support is near today’s low of 19,700 levels. A breakdown from there could give us targets of 19,675 and 19,630. The next resistance level to watch out for is 19,780. Between this zone, the index can be choppy. A breakout from there may give us targets of 19,840 and 19,880. Nifty is also at the edge of a trendline breakdown (as shown below). So watch this trendline.

Nifty chart post-market analysis | marketfeed

Bank Nifty: The immediate support to look out for is near 44,200. A breakdown from there might give us a target of 44,020. Meanwhile, BNF has a resistance near 44,300, and a breakout could give us a target of 44,460.

India’s largest private sector lender, HDFC Bank, has reported a 51% year-on-year (YoY) rise in net profit to ₹15,976 crore for the quarter ended September, beating street estimates!

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Market News Top 10 News

HDFC Life Posts 15% YoY Rise in Q2 Net Profit – Top Indian Market Updates

market updates | marketfeed

Here are some of the major updates that could move the markets tomorrow:

HDFC Life Q2 Results: Net profit rises 15% YoY to ₹378 crore

HDFCL Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹378 crore for the quarter ended September 2023 (Q2 FY24). Its net premium rose 13% YoY to ₹14,797 crore during the same period. Revenue remained almost unchanged at ₹23,018 crore. Total assets under management (AUM) stood at ₹2.64 lakh crore, a rise of 18% YoY.

Read more here.

India’s trade deficit eases in September

India’s merchandise deficit eased amidst a sharper decline in imports. According to data released by the Ministry of Commerce & Industry, the merchandise trade deficit fell to $19.4 billion in September, compared to $24.2 billion in August. Exports fell by 2.6% YoY to $34.5 billion. Imports fell by 15% annually to $53.8 billion.

Read more here.

Ashok Leyland bags order for 1,666 buses from Tamil Nadu STU

Ashok Leyland Ltd has secured an order for 1,666 diesel buses from Tamil Nadu State Transport Undertakings (STU). The order is for the procurement of BS VI bus chassis. This is the single-largest order received from the state transport undertaking. Currently, Tamil Nadu’s STU has more than 18,000 Ashok Leyland buses operational in its fleet.

Read more here.

Glenmark Pharma’s biotech arm licences its immunology portfolio

Glenmark Pharmaceuticals Ltd.’s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc., has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio. Astria Therapeutics will pay Ichnos up to $320 million (~₹2,700 crore) in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties.

Read more here.

Zydus unit recalls 7,248 bottles of Oxybutynin Chloride tablets in US

A unit of Zydus Lifesciences is recalling over 7,000 bottles of Oxybutynin Chloride tablets in the US due to manufacturing issues. The drug is used to treat overactive bladder and urinary conditions. The lot was produced in Ahmedabad and distributed in the US by Zydus Pharmaceuticals (USA) Inc.

Read more here.

Tata Steel plans to meet 25% of energy needs via green sources

Tata Steel plans to meet at least a fourth of its energy requirements through green energy by FY30 on its path to becoming net neutral on carbon emissions by 2045. It plans to do so using a mix of hydrogen injections and renewable energy (including solar and wind) at its plants across India. Tata Steel is also exploring the use of syngas as a replacement for coke in blast furnaces.

IndiGo co-founder in talks to buy ‘sizable’ stake in SpiceJet

As per reports, IndiGo co-founder Rakesh Gangwal is in talks to buy a “sizable” stake in troubled domestic airline SpiceJet. Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99%, respectively, in IndiGo operator InterGlobe Aviation. Cash-strapped SpiceJet has been struggling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.  

Read more here.

Bajaj Electricals secures ₹564 crore order from Power Grid

Bajaj Electricals Ltd. has secured an order worth ₹564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh. The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool. The projects will be completed within 21 months. 

Read more here.

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Bank Nifty Falls Sharply! What Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,654 with a gap-down of 140 points (near the 19,650 support levels, which also coincides with the 38% Fibonacci retracement levels). It moved up 100 points and then gave a 70-point fall. After some consolidation, the index rallied nearly 140 points to 19,800 levels and took rejection there. Nifty closed at 19,751, down by 42 points or 0.22%.

Nifty chart October 13 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,322 with a gap-down of 276 points. The index consolidated near 44,200 levels and then tried moving up gradually. But at 2 PM, the index gave a strong breakout of the day’s high and moved up to 44,550 levels. Then, BNF fell sharply by 360 points to close near the day’s low. BNF closed at 44,287, down by 311 points or 0.7%.

Bank Nifty chart October 13 - post-market analysis | marketfeed

All indices except Nifty Auto (+0.8%), Nifty Realty (+0.43%), Nifty Pharma (+0.3%), and Nifty FMCG (+0.3%) closed in the red. Nifty PSU Bank (-1.39%) fell the most.

Major Asian markets closed in the red. European markets are currently trading up to 0.9% in the red.

Today’s Moves

Tata Motors (+4.7%) was NIFTY50’s top gainer. The shares hit a fresh 52-week high of ₹669 as investors cheered Jaguar Land Rover’s highest-ever sales performance in H1FY24.

Midcap telecom stock ITI Limited (+19.98%) hit a new 52-week high of ₹271.1 amid high volumes.

Ircon International (+10.23%) surged after the Department of Public Enterprise granted ‘Navratna’ status to the company.

Axis Bank (-2.4%) was NIFTY50’s top loser. UBS has downgraded the stock to ‘Neutral’.

Infosys (-2.34%) fell over 4.4% as several leading brokerages did not support the company’s decision to reduce its revenue guidance for the third consecutive quarter.

Markets Ahead

The Indian markets were dragged by banking and IT stocks today, and inflation concerns in the U.S. also weighed on investor sentiment. While Nifty was trying to move higher, Bank Nifty faced strong selling pressure and is currently at a crucial support zone. If Bank Nifty moves further down, it can pull down Nifty as well.

On a weekly time frame, Nifty has crossed the hammer high from last week’s candle. However, Bank Nifty is looking weak and moving in a zone.

Nifty: The immediate support for the index is near 19,720 levels and there’s a major support near 19,640 levels. A breakdown from 19,720 may give us targets of 19,680, 19,640, and 19,600 eventually. A major resistance to watch out for is near 19,800 levels. A breakout from there could take the index up to 19,840 and 19,880 (gap-filling levels).

Bank Nifty: The immediate support to watch out for is near 44,200 levels. A breakdown from there might take the index down to 44,000 and 43,850 levels. BNF has an immediate resistance near 44,350 levels, and a breakout can be slowed up to 44,500 and 44,750 levels.

How did this week go? Are you in net profit or loss? Let us know in the comments section below!

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

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Market News Top 10 News

Infosys Posts 3% YoY Rise in Q2 Net Profit – Top Indian Market Updates

infosys | market updates

Here are some of the major updates that could move the markets tomorrow:

Infosys Q2 Results: Net profit rises 3% YoY to ₹6,212 crore

Infosys Ltd reported a 3% YoY increase in consolidated net profit to ₹6,212 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 7% YoY to ₹38,994 crore. Infosys adjusted its revenue guidance for FY24. The company now anticipates revenue growth in the range of 1-2.5% in constant currency terms. The IT major has announced a dividend of ₹18 per equity share.

Read more here.

India’s CPI inflation eases to three-month low at 5.02% in Sept

India’s retail inflation eased to a three-month low in September, led by lower vegetable prices. The Consumer Price Index (CPI)-based inflation stood at 5.02% in September, compared to 6.83% in August. Food inflation fell to 6.56% in September, against 9.67% in August.

Meanwhile, India’s industrial output as measured by the Index of Industrial Production (IIP) stood at 10.3% in August 2023.

Read more here.

RBI likely to complete vetting bidders for IDBI Bank by Oct-end

The Reserve Bank of India (RBI) is expected to accelerate a key process of vetting IDBI Bank’s potential buyers and complete it by October end, helping speed up the sale of a majority stake in the lender. The Central Govt, which holds 45.48% of IDBI Bank, and LIC, which owns 49.24%, plan to sell 60.7% of the lender. RBI began the vetting process known as ‘fit and proper criteria’ in April.

Read more here.

HCL Tech Q2 Results: Net profit rises 9.8% YoY to ₹3,832 crore

HCL Technologies Ltd reported a 9.8% YoY increase in consolidated net profit to ₹3,832 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹26,672 crore. In USD terms, HCL Tech’s revenue grew to $3,225 million, up 0.8% QoQ and 4.6% YoY. The IT major’s board has declared an interim dividend of ₹12 per share.

Read more here.

JLR sales grew two-fold to 2,356 units in H1 FY24

JLR India reported a 105% year-on-year (YoY) increase in total sales to 2,356 units in the first half of the financial year 2023-24. Of these, 1,000 units were of the Defender which is currently the brand’s best-selling model. The strong half-yearly growth was driven by record sales in both quarters, with Q2 witnessing a 108% YoY growth and retails of 1,308 units.

Read more here.

Maruti Suzuki to consider equity issue to parent Suzuki

Maruti Suzuki India Ltd will consider issuing equity shares on a preferential basis to its parent company, Suzuki Motor Corp., in a board meeting on October 17. The move is for acquiring a 100% stake in Suzuki Motor Gujarat Pvt Ltd, subject to the approval of the members through postal ballot and all regulatory compliance. At present, Suzuki Motor Corp. holds 100% of the Gujarat manufacturing facility.

Read more here.

Ircon granted ‘Navratna’ status

Ircon International Ltd. was granted the status of a ‘Navratna’ by the Department of Public Enterprises on Thursday. It’s the 15th central public sector enterprise to receive the status of a ‘Navratna’. Ircon is a Central Public Sector Enterprise (CPSE) under the Ministry of Railways, with an annual consolidated turnover of ₹10,750 crore and a net profit of Rs 765 crore for FY23.

Read more here.

RBI imposes ₹5.39 cr penalty on Paytm Payments Bank

The Reserve Bank of India (RBI) has imposed a penalty of ₹5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms. RBI also found non-compliance with certain provisions related to ‘RBI Guidelines for Licensing of Payments Banks’, ‘Cyber security framework in banks’ and ‘Securing mobile banking applications including UPI ecosystem’.

Read more here.

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Daily Market Feed Post Market Analysis

Calm Nifty Weekly Expiry! IT Stocks Fall – Post-Market Analysis

NIFTY started the day at 19,822 with a small gap-up of 11 points. Right from opening, the index moved in a 75-point range between 19,770 and 19,845. Nifty closed at 19,794, down by 17 points or 0.09%.

Nifty chart October 12 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,571 with a gap-up of 55 points. Throughout the day, the index consolidated in just a 110-point range between 44,550 and 44,660. BNF closed at 44,599, up by 82 points or 0.18%.

Bank Nifty chart October 12 - post-market analysis | marketfeed

All indices except Nifty IT (-1.67%) and Nifty Realty (-0.18%) closed flat-to-green. Nifty Media (+3.02%) moved up the most.

Major Asian markets closed up to 1.8% in the green. European markets are currently trading in the green.

Today’s Moves

Coal India (+1.7%) was NIFTY50’s top gainer. The company said a three-day strike called by five central trade unions has been deferred.

Aster DM Healthcare (4.9%) surged over 9% following reports that private equity firms BPEA EQT and Ontario Teachers’ Pension Plan Board have shown interest in acquiring the company’s assets, including its India business.

MMTC (+19.95%) rose sharply following the Central Govt’s nod to royalty rates of 3% each for lithium and niobium and 1% for Rare Earth Elements (REEs).

Tech Mahindra (-2.72%) was NIFTY50’s top loser. 

All stocks in Nifty IT fell after the Q2 results reported by TCS yesterday were weaker than analysts’ estimates. 

Laxmi Organics (-5.7%) fell sharply after rallying over 11% yesterday.

Markets Ahead

Major indices held the upper levels and consolidated in a small range today. A breakout or a breakdown from these zones can give us good directional moves.

Nifty: The immediate support in the index is near 19,780. Meanwhile, the immediate resistance to watch out for is the 19,880 level. A breakout from there could take Nifty up to 19,945 and 20,000 levels eventually.

Bank Nifty: The immediate support is near 44,400. A breakdown from this level might take the index down to 44,180 and 44,080. On the other hand, 44,750 is the immediate resistance to watch out. A breakout from there may give us targets of 45,000 and 45,100.

How was Nifty expiry day? Are you in net profit or loss? Let us know in the comments section below!

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.