Stocks to watch: Paytm, Reliance Industries, HDFC Bank among shares in focus today; check list here
AI Summary
The Indian stock market experienced a significant rally on Friday, with the BSE Sensex rising 1.25% and the NSE Nifty 50 climbing 1.09%, driven by strong buying ahead of Q1 earnings. However, a cautious sentiment is expected as the market may open lower on Monday due to geopolitical tensions and mixed earnings reports from major banks. Key stocks to watch include Paytm, UltraTech Cement, and Indian Overseas Bank, which are set to announce their Q1 results today.
Stock market today: The Indian stock market closed sharply higher, driven by strong buying in index heavyweights ahead of the ongoing Q1 earnings season, on Friday.
The BSE Sensex surged 964.58 points, or 1.25%, to settle at 78,151.45, while the NSE Nifty 50 climbed 261.55 points, or 1.09%, to end at 24,334.30.
However, the market is likely to open lower as trends in the Gift Nifty index signalled a negative start on Monday, 20 July. Gift Nifty was trading near the 24,293 mark, down over 29 points from the previous close of Nifty futures.
“Indian equity markets are expected to open on a largely flat note, with GIFT Nifty trading around 24,345, marginally above Friday's Nifty close of 24,334, indicating a subdued start to the session. Investor sentiment is likely to remain cautious as escalating geopolitical tensions in the Middle East continue to cloud the global risk environment, with market participants closely assessing the risk of a broader regional conflict and its potential impact on global energy supplies. The heightened uncertainty has prompted a more defensive stance across financial markets, limiting investors' willingness to take aggressive directional bets,” said Ponmudi R, CEO of Enrich Money.
As the market is pointing towards a negative start, some stocks are likely to remain in focus on Monday due to their own positive/negative triggers.
Shares of One 97 Communications Paytm, UltraTech Cement, Indian Overseas Bank will remain in focus as companies will declare Q1 results today.
Reliance Industries (RIL) kicked off FY27 on a solid footing, posting consolidated revenue of ₹3.09 lakh crore in the June quarter, up 5.1% quarter-on-quarter and 26.6% year-on-year, driven by strong growth in its oil-to-chemicals (O2C), oil & gas, and digital services segments.
HDFC Bank delivered a mixed set of June quarter earnings, with net profit rising 5% YoY to ₹19,059 crore, while net interest income (NII) increased 6.7% to ₹33,534 crore.
Yes Bank posted June quarter results largely in line with expectations, reporting a 33.5% year-on-year jump in net profit to ₹1,070 crore, while NII grew 17.5% to ₹2,786.3 crore.
Axis Bank reported an in-line performance for the June quarter, with net profit increasing 22.5% year-on-year to ₹7,113 crore and NII rising 8% to ₹14,646.1 crore.
ICICI Bank posted a 16% year-on-year rise in net profit to ₹14,804.50 crore for the June quarter, compared with ₹12,768.21 crore in the year-ago period.
IDBI Bank posted a stable performance in the June quarter, with its net profit rising 5% year-on-year to ₹2,115 crore, while net interest income (NII) grew 10% to ₹3,486 crore.
The bank's outgoing CEO, Ashok Vaswani, announced that he will step down after leading the lender for more than three years, citing personal reasons. He said the bank's transformation journey has been completed and also mentioned the birth of his first grandchild as a factor behind his decision.
Meanwhile, Punjab & Sind Bank delivered a strong June quarter performance, reporting a 23.2% year-on-year increase in net profit to ₹332 crore, while net interest income (NII) rose 15.4% to ₹1,038.7 crore.
The company on Friday announced a fresh litigation matter, stating that 3i Infotech Limited has initiated arbitration proceedings against it over the Wi-Fi Monetisation Project.
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