Today is an important day for Indian financial markets as several big companies will announce their earnings for the third quarter (Q3) of the financial year 2024. Some major companies in this announcement include HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, and others. These reports will give us valuable information about how different sectors are performing and what this means for the economy as a whole.
The BSE Sensex, a primary stock market index, increased by 759 points, reaching 73,328. This increase was mainly because of gains in technology, banking, and stocks from Reliance Industries. At the same time, the Nifty 50, another key index, also went up by 203 points, surpassing the 22,098 level.
In total, 31 companies are set to share their Q3 results today. This list includes names like 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 are expecting good overall performance but are also keeping an eye on the net interest margins, which might be under pressure due to high funding costs.
Earlier, HDFC Bank reported a significant growth in its gross advances, showing a 62.4% increase compared to last year. Meanwhile, both Nifty and Sensex have recently hit record highs, indicating strong positive momentum in the market. Nifty ended at 22,097 and Sensex at 73,327. The market looks optimistic, aiming for an immediate target of 22,300, but traders are advised to be cautious about profit booking in the 22,200-22,300 range.
