Stock Market Today: GIFT The Nifty on the NSE IX rose 0.5 point, or 0.00%, to 19,984.50, indicating that Dalal Street will have a quiet start on Thursday. Nestle, BEL, Macrotech, and Shriram Finance, among others, will report first-quarter earnings today. On Thursday, Asian stocks rose and the dollar sank as a well-anticipated rate hike in the United States offered no big shocks, though authorities in Europe and Japan might pose threats to markets with their own interest rate choices.
Tokyo’s stock market opens lower
Tokyo markets opened down on Thursday as US stocks ended mixed following the Federal Reserve’s much-anticipated rate hike, with the market weighed down by a stronger yen.In early trade, the Nikkei 225 index was down 0.50 percent, or 164.65 points, at 32,503.69, while the wider Topix index was down 0.38 percent, or 8.63 points, at 2,274.46.
Nifty downside support getting stronger
Nifty ended with a 98-point gain, forming a shooting star-like candle on the daily chart, but is encountering resistance near the 19,800-level.On the daily chart, the positive chart pattern of higher tops and bottoms continued, and the low of Tuesday at 19615 levels might now be deemed a new higher bottom of the sequence. However, a decisive up move from here is expected to confirm this upper bottom reversal pattern, according to HDFC Securities’ Nagaraj Shetti.
Stock Market Today: Stocks in focus
Axis Bank
The private sector lender reported profit of Rs 5,797.1 crore for the quarter ended June FY24, up 40.5% year on year despite a steep increase in provisions, led by a surge in other revenue and pre-provision operating profit. Net interest income increased by 27.4% year on year to Rs 11,959 crore, with net interest margin increasing by 50 basis points to 4.1%, while loan growth was 22% year on year and deposit growth was 17% year on year. In terms of asset quality, gross non-performing assets fell 6 basis points sequentially to 1.96%, but net NPA jumped 2 basis points QoQ to 0.41%.
Tech Mahindra
The IT services provider began the fiscal year 2023-24 on a disappointing note, as profit fell 38% sequentially to Rs 692.5 crore, with Rohit Anand, Chief Financial Officer, stating that the quarter was challenging due to revenue growth facing strong headwinds, which impacted profitability. Revenue declined 4% year on year at Rs 13,159 crore. Revenue in dollar terms fell 4% year on year to $1,601 million for the quarter, while revenue in constant currency terms fell 4.2%, falling short of analysts’ expectations. New deal wins totaled $359 million during the quarter, down from $592 million the prior quarter.
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