Stock Market Today: On the daily chart, the Nifty closed 234 points down at 19,745 and produced a little red candle with an upper shadow, but it cannot yet be labelled a bearish reversal pattern. The index developed a shooting star candle formation on the weekly chart. The NSE IX GIFT Nifty was 37.5 points, or 0.19 percent, lower at 19,729, indicating that Dalal Street will have a poor start on Monday.
Tokyo stocks opened higher
After a mixed close on Wall Street, Tokyo markets began higher on Monday, with investors focusing their attention to central bank meetings this week. In early trade, the Nikkei 225 index was up 0.85 percent, or 274.06 points, at 32,578.31, while the wider Topix index was up 0.56 percent, or 12.69 points, at 2,275.00.
Stock Market Today: Stocks in focus
ICICI Bank
On July 22, ICICI Bank announced its April-June quarter results for fiscal 2023-24, reporting a 39.7% increase in net profit at Rs 9,648 crore on a standalone basis, compared to Rs 6,905 crore in the same time previous year. The net interest income (NII) of the country’s top private sector lender climbed 38% year on year to Rs 18,227 crore in the first quarter of the current fiscal, from Rs 13,210 crore in the corresponding quarter last year.
Adani Enterprises
The Adani Group’s new copper facility in Gujarat is expected to begin operations in March of next year. Kutch Copper Ltd, a subsidiary of Adani Enterprises Ltd, is constructing a greenfield copper refinery that will produce 1 million tonnes of copper per year in two phases. The $1.1 billion Mundra project is intended to be critical in the development of green energy infrastructure. According to a PTI report citing sources, the Group’s copper-producing factory will be operational in its first phase by the end of the current fiscal year.
HDFC Bank
HDFC Bank, India’s largest private sector lender, anticipates 17-18% loan growth in the current fiscal year due to adequate credit demand. The bank’s overall advances increased by 15.8% to Rs 16.15 lakh crore in the first quarter. “We are confident that there will be sufficient credit demand.” It is up to us to decide which one we want and when we would begin construction,” HDFC Bank Chief Financial Officer (CFO) Srinivasan Vaidyanathan was quoted as saying by PTI. Vaidyanathan stated that the bank will be credit-selective and will not participate in some loans.
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