Morning Mint Newsletter
Good Morning Readers, ☕
Here’s a quick roundup of the top business and market stories to kickstart your day: 🚀
Markets at a Glance 📊
- Sensex Gains Momentum: Sensex surged by 319 points, while Nifty maintained a strong position above 23,300, signaling positive investor sentiment. Stay tuned for updates as corporate earnings season continues.
- Breakout Stocks to Watch: Keep an eye on BSE, GMDC, and HDFC Life as analysts identify these as potential breakout opportunities for Friday’s trade.
Corporate Highlights 💼
- Axis Bank Posts Growth: Axis Bank reported a 4% increase in Q3 net profit, amounting to ₹6304 crore. The bank’s steady performance reflects robust growth in its core banking operations.
- Infosys ADRs Plunge: Despite an upward revision in revenue guidance, Infosys ADRs dropped over 6% post-Q3 earnings. The market responded to concerns over operating margins.
- Adani Group in Focus: Shares of Adani Group surged as the founder announced the disbanding of Hindenburg Research’s allegations, signaling restored investor confidence.
- Reliance Q3 Results: Reliance Industries reported a 7.4% rise in net profit for Q3, driven by a rebound in retail and higher telecom earnings.
Sectoral Updates
- Textile and Apparel Exports Rise: Despite global challenges, the Indian textile and apparel industry has managed to register growth. Strong demand from key markets contributed to this performance.
Economic Insights 📊
- Impact of a Weakening Rupee: The Indian rupee’s depreciation continues to affect various sectors, from imports to inflation. Export-driven industries, however, stand to benefit from the trend.
FII Positions to Note 📈
- Foreign portfolio investors sold stocks worth Rs 4,342 crore, as they remained net sellers for the 10th session in a row.
- Domestic institutional investors have been buyers for 22 consecutive sessions and bought stocks worth Rs 2,928.7 crore, as per the provisional data shared by the National Stock Exchange.
Key Levels for Nifty50 and Bank Nifty 📉📈
- Nifty50:
- Support: 23265 / 23155
- Resistance: 23350 / 23460
- Bank Nifty:
- Support: 49000 / 48600
- Resistance: 49754 / 49900 / 50000
These levels could guide intraday trading strategies as the markets react to global and domestic factors.
That’s all for this morning! Keep an eye on the markets and stay updated with Morning Mint for your daily business insights. Have a productive day ahead! 🙌
Leave a Reply