February 28, 2024

Results on January 20: ICICI Bank, Kotak Mahindra Bank, Union Bank of India, IDBI Bank, IDFC First Bank, Indian Renewable Energy Development Agency, Persistent Systems, Aarti Surfactants, Can Fin Homes, Jammu & Kashmir Bank, JK Cement, LKP Securities, Rossari Biotech, Seshasayee Paper & Boards, Sportking India, Tatva Chintan Pharma Chem, and Waaree Renewable Technologies will be in focus ahead of quarterly earnings on January 20.

The benchmark Sensex and Nifty indices are likely to open with marginal gains on the back of positive global cues. The indices broke their three-day losing streak and ended on a positive note on with buying seen across the sectors on January 19.

At the close, the Sensex was up 496.37 points or 0.70 percent at 71,683.23, and the Nifty was up 160.10 points or 0.75 percent at 21,622.40.

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The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,586, followed by 21,564, and 21,527 levels, while on the higher side, it may see immediate resistance at 21,631, followed by 21,682 and 21,718 levels.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.

US Markets

Tech shares helped power the S&P 500 to its first record high close in two years on Friday to confirm a bull market, while European stocks registered weekly declines amid fading expectations for central bank interest rate cuts.

The Dow Jones Industrial Average rose 394.99 points, or 1.05 percent, to 37,863.6, the S&P 500 gained 58.86 points, or 1.23 percent, to 4,839.8 and the Nasdaq Composite added 255.32 points, or 1.7 percent, to 15,310.97.

Zee says unaware of board meeting held by Sony, reiterates commitment to merger

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Zee Entertainment on January 19 said that the company is not aware of, and cannot comment on, any board meeting held or proposed to be held by Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited), given that these are internal matters of Sony.

In an exchange filing, the media company further said that it is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger and is engaging in good faith negotiations with Sony with a view to discuss the extension of the date required to make the (merger) scheme effective, by a reasonable period of time.

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Reliance Industries posts 10.9% rise in Q3 profit; EBITDA up 16.7%

Reliance Industries Ltd (RIL) beat analysts’ estimates to report a 10.9 percent increase in net profit from a year earlier to Rs 19,641 crore for the fiscal third quarter.

Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 16.7 percent to Rs 44,678 crore from a year earlier, with growth across all key operating businesses.

Gross revenue from operations of India’s most valuable company rose 3.2 percent to Rs 2.48 lakh crore in the December quarter from Rs 2.41 lakh crore in the year-ago period.

HUL Q3 net profit flat at Rs 2,519 crore, revenue falls marginally, misses estimates

Hindustan Unilever Limited (HUL) on January 19 reported a standalone net profit of Rs 2,519 crore for the December quarter of FY24, registering an increase of just 0.55 percent from Rs 2,505 crore in the same quarter of the previous financial year.

The net profit came below Street estimates. According to a poll of six brokerages, HUL’s Q3 net profit was likely to be at Rs 2,678 crore.

Further, the company reported a 7.28 percent fall in profit sequentially from Rs 2717 crore in the previous quarter. The total revenue of the company is Rs 14,928 crore, falling 0.38 percent from Rs 14,986 crore in the year-ago quarter, the FMCG major said in a regulatory filing. It reported 0.6 percent fall in revenue sequentially from Rs 15,027 crore in the previous quarter.

Paytm Q3 revenue rises 38%, losses narrow to Rs 222 crore

One97 Communications, the parent company of fintech major Paytm, on January 19, reported a consolidated revenue of Rs 2850 crore, up 38 percent for the third quarter that ended December 2023, as against a revenue of Rs 2062 crore in the corresponding quarter last year, mainly on account of the growth led by the festive season.

The firm’s losses narrowed to Rs 222 crore, compared to Rs 392 crore reported in the last financial year.

Compared to the previous quarter, the revenue was up by 13 percent from Rs 2518.6 crore while the loss narrowed by 23 percent.

Dollar

The US dollar edged lower on Friday, pausing after five straight sessions of gains but still poised for a weekly climb, as recent economic data and comments from Federal Reserve officials dampened expectations of rapid cuts in interest rates.

The dollar index, which tracks the greenback against a basket of six currencies, was down 0.08 percent at 103.26, on pace to snap a five-session win streak, but was up 0.8 percent on the week.

Oil Prices

Oil prices settled slightly lower on Friday but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies.

Brent futures settled 54 cents lower at $78.56 a barrel. U.S. West Texas Intermediate crude fell 67 cents to settle at $73.41.

For the week, Brent gained about 0.5 percent, while the US benchmark rose over 1 percent.

Gold Prices

Gold firmed on Friday but was poised to record its biggest weekly decline in six, as comments from Federal Reserve policymakers through the week lowered expectations of an early rate cut.

Spot gold rose 0.2 percent to $2,027.49 per ounce by 2:02pm ET (1902 GMT), but was down 1 percent so far in the week.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 3,689.68 crore, while domestic institutional investors (DIIs) bought Rs 2,638.46 crore worth of stocks on January 19, provisional data from the NSE showed.

Stock under F&O ban on NSE

A total of 11 stocks are in the F&O ban list for January 20. The NSE has added Oracle Financial Services Software, and RBL Bank to the said list while retaining Aditya Birla Fashion & Retail, Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indian Energy Exchange, National Aluminium Company, Polycab India, SAIL and Zee Entertainment Enterprises to the said list. Ashok Leyland, Bandhan Bank, Metropolis Healthcare, and PVR INOX were removed from the said list.

With inputs from Reuters and other agencies