Morning Mint | Newsletter for January 24, 2025
Kickstart your day with the latest insights from the Indian financial markets!
📉 Market Overview: Nifty Outlook
- The Nifty is expected to trade in a rangebound manner below 23350/400 for coming days because of uncertainty lingering due to upcoming Budget day on 01 February.
- Key resistance remains at 23,350-400, while nearest support is visible at 23000.
- Analysts suggest that 23,150 will be crucial to maintain a positive trend, and a breach below could invite further selling pressure.
- Sectors to watch: IT, Metals, FMCG and Pharma.
📈 Factors Driving Today’s Market Action
- Global Trends: Mixed cues from US and European markets.
- Foreign Institutional Investors (FIIs): Foreign portfolio investors stayed net sellers of Indian equities for the 15th straight session on Thursday, as they sold stocks worth Rs 5,462.52 crore.
- Earnings Reports: Key results from Adani Green Energy, United Spirits, and Mankind Pharma are likely to influence specific stock movements.
🛠️ Stock-Specific Updates
Mankind Pharma Q3 Results
- Net Profit dropped 16% YoY to ₹385 crore, compared to ₹458 crore in Q3FY24.
- Revenue increased by 17% YoY to ₹3230 crore, driven by strong domestic performance.
- Management attributed the profit decline to higher expenses and slower international growth.
United Spirits Q3 Results
- Reported a 4.3% drop in net profit to ₹335 crore, compared to ₹350crore YoY.
- Revenue increased marginally to ₹7,732 crore against ₹6,962 crore YoY, indicating muted demand in premium segments.
Adani Green Energy Q3 Results
- Net profit surged 85% YoY to ₹474 crore vs ₹256 crore, fueled by higher solar capacity utilization.
- Revenue increased by 2.3% to ₹2,365 crore vs ₹2,311 crore, reflecting strong operational performance.
- This marks a positive sentiment for renewable energy stocks.
🌍 FII Positions Update
- The FIIs bought index futures worth Rs 717.85 crore and options worth Rs 633.05 crore.
- Call writing was noted at the 23,400 strike price, indicating resistance at higher levels.
- Strong buying in select midcaps and financials shows FIIs are betting on domestic growth.
📊 Pro-Tip for Traders
- With markets rangebound, focus on swing trades in defensive sectors like IT and Pharma.
- Watch for breakouts above 23350-23,400 for bullish trades or below 23000-22900 for bearish setups.
Stay informed, stay ahead!
Team Morning Mint
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