Today’s Market News :
Giftnifty opens up 0.16%, adding 39.50 points to 24190.50. Indian Market set for a 100-200 point gap-up; Midcpnifty and Bankex monthly expiry today-big moves expected.
Nifty is facing immediate support at 24,100 and 24,000, with resistance levels identified at 24,450-500 and 24,700-750, indicating a consolidation phase in the market.
* Investor sentiment has turned negative due to geopolitical tensions and foreign investor sell-offs, although domestic macroeconomic indicators remain strong, including positive PMI data and RBI’s growth forecast for FY25.
* Foreign portfolio investors were net sellers, while domestic institutional investors made significant purchases, reflecting a mixed market sentiment ahead of the US presidential election.
* Airtel, Sun Pharma, Adani Power, IDFC First Bank, YES Bank, and ICICI Bank are in focus due to their earnings announcements and significant profit changes reported for the September quarter.
* ICICI Bank reported a 14.5% rise in net profit, while YES Bank saw a remarkable 145% jump, contrasting with IDFC First Bank’s 73% drop in profit.
* The overall market sentiment remains cautious as markets resumed a downtrend, shedding nearly 1% amid these earnings reports.
* Infosys has declared an interim dividend of Rs 21 per share, with October 29 set as the record date for eligibility.
* The company reported a 5% increase in Q2 net profit to Rs 6,506 crore and revised its FY25 revenue guidance to 3.75%-4.5%.
* Despite a slight decline in share price, Infosys continues to show strong financial performance and growth potential.
* Ambuja Cements is expected to report a significant year-on-year profit drop of 43%-61% in its Q2 earnings, attributed to lower realizations and price weakness.
* Revenue forecasts indicate a flat to 3% decline, with estimates suggesting a revenue of Rs 7,215 crore for Q2FY25, reflecting a 3% YoY decrease.
