Stock Market Live Updates on October 19, 2023: Gift Nifty indicates 100 pts gap-down opening for Nifty

Stock market live updates: Gift Nifty indicates 100 pts gap-down opening for Nifty futures

Domestic markets are likely to witness another turbulent day, tracking global markets which are under tremendous pressure due to geopolitical tensions between Israel and Hamas in Gaza.

Gift Nifty at 19570 indicates another 100 points gap down opening for Nifty futures which closed at 19683. Major global markets are down between 1 and 2 per cent.

Market updates: Mutual fund debt schemes to park ₹3,300 crore in CDMDF next week

Mutual fund houses will start parking ₹3,300 crore from next week into the Corporate Debt Market Development Fund (CDMDF) created by capital market regulator SEBI as a backstop arrangement to bailout specified debt schemes in times of market dislocation.

In June, SEBI notified rules for setting up a CDMDF in the form of a closed-ended alternative investment fund, which will be managed by SBI Mutual Fund. Asset management companies will make a one-time contribution equivalent to 2 bps of the AUM of specified debt-oriented schemes. Read more.

Stock market live updates: Bajaj Auto Q2 net jumps 20 per cent y-o-y to ₹1,836 crore

Bajaj Auto announced a standalone net profit of ₹1,836 crore for the quarter ending September this financial year, a 20 per cent increase from ₹1,530 crore reported during the corresponding quarter of the previous year.

Underpinned by double-digit volume growth, with the sustained buoyancy on the domestic front cushioning the weak, albeit improving exports performance, the revenue from operations increased 6 per cent year-on-year (y-o-y), reaching ₹10,777 crore (₹10,203 crore). Read more.

Stock market live updates| Broker’s Call: ICICI Pru LIC (Buy)

ICICI Prudential Life Insurance reported Q2FY24 net premium income growth of 4.6 per cent YoY to ₹10,022 crore, which was led by single premium, which grew by 7 per cent y-o-y to ₹3,005 crore. Annualised Premium Equivalent (APE) increased by 3 per cent YoY to ₹2,063 crore, remaining slightly below consensus.

Net commission during the quarter increased by 87 per cent y-o-y to ₹771 crore due to the regulatory norms leading to increase in overall cost ratio to 26.2 per cent from 21.6 per cent in Q2-FY23. Read more.

Stock Market live updates| Broker’s Call: Bajaj Finance (Buy)

Bajaj Finance has delivered a 2 per cent miss on our earnings expectation, underpinned by more-than-expected NIM decline. Credit cost was similar to Q1FY24, with higher flows from Stage-2 (seen in B2C and SME portfolios) and enhancement of Stage-3 coverage. RoA/RoE were maintained at higher levels of 5.2/24 per cent.

The company remains confident of adding 13-14mn new customers and about delivering a strong AUM growth in FY24, after having delivered the best growth in H1 in the past 4-5 years. Read more.

Stock market live updates: Bandhan Bank reports strong Q2FY24 performance with a focus on growth

Private sector lender Bandhan Bank on Wednesday reported over three-fold year-on-year jump in its net profit to ₹721.16 crore for the second quarter this fiscal, on the back of a 50 per cent y-o-y fall in its provisions.

In the second quarter last fiscal, the Kolkata-based lender’s net profit stood at ₹209.27 crore. Sequentially, the net profit for Q2FY24 remained flat compared with ₹721.05 crore for Q1FY24. Read more.

Stock market live updates: Bank of Baroda suspends 60 senior officials after lapses in onboarding customers to mobile app

Bank of Baroda (BoB) has suspended about 60 senior officials, including 11 Assistant General Managers and a General Manager, after the Reserve Bank of India stopped the lender from further onboarding customers onto its ‘bob World’ mobile application.

Last week, the central bank said its action (taken in exercise of its power under Section 35A of the Banking Regulation Act, 1949) against the public sector bank is based on certain material supervisory concerns observed in the manner of onboarding of customers onto ‘bob World’. Read more.

Stocks in news: IndusInd Bank consolidated PAT up 22% on strong retail loan growth

IndusInd Bank posted a consolidated net profit of ₹2,202 crore for Q2 FY24, up 22 per cent y-o-y and 4 per cent q-o-q. The consolidated results include the financials of wholly owned subsidiaries Bharat Financial Inclusion and IndusInd Marketing and Financial Services.

Net Interest Income (NII) for the quarter grew 18 per cent y-o-y and 4 per cent q-o-q to ₹ 5,077 crore. Net Interest Margin (NIM) was at 4.29 per cent, flat from a quarter ago and better than 4.24 per cent a year ago. Read more.

Stock market live updates: Bajaj Finance’s margins to compress by another 25-30 bps in FY24, says Rajeev Jain

Margins for Bajaj Finance should decline another 25-30 bps over the course of the current financial year, but the lender should be able to build operating leverage to sustain RoA (return on asset) of around 5 per cent.

RoA fell to 5.16 per cent from 5.4 per cent a year ago due to NIM compression, which is pulling RoA back to pre-Covid levels, MD Rajeev Jain said in an analyst call.

The funding environment remains volatile and cost of funds elevated, also due to high replacement demand for two-three year-old funds raised at much lower rates. Read more.

Stocks in focus: Wipro posts flat revenue growth in Q2, narrows guidance

IT major Wipro has reported a sequential decline in both revenue and profit metrics and further narrowed the guidance as uncertain macros have resulted in lower discretionary spending and slower deal conversion.

For the second quarter, profits stood at ₹2,667.3 crore, sequentially down by 7.5 per cent, and almost flat on a year-on-year (y-o-y) basis.

Revenue from operations stood at ₹22,515.9 crore, a decline of 1.38 per cent on a quarter-on-quarter (q-o-q) basis and almost flat on a y-o-y basis. In constant currency terms, revenue dipped for the third consecutive quarter, by 2 per cent, below market expectations. Read more.

Stocks in action: Hudco OFS subscribed over 2 times on Day 1

The offer for sale of Housing and Urban Development Company (Hudco) was subscribed over two times on Day 1, where only institutional investors can subscribe. The issue will open for retail investors on Thursday.

Shares of Hudco tumbled 10.65 per cent to ₹80.34. Read more.

Stocks in focus: Heritage Foods Q3 PAT up

Heritage Foods posted a net profit of ₹22.52 crore in the second quarter ended September 30, 2023, as against ₹21.10 crore in the same quarter last year.

The company’s shares closed at ₹250.75, down 1.63 per cent on Wednesday on the Bombay Stock Exchange. Read more.

Stocks in news: Bharti Airtel covers all of Telangana with 5G

Bharti Airtel, a leading telecommunications service provider, has announced that it now covers all of 33 districts in Telangana, offering 5G services to over 30 lakh customers.

“Airtel’s 5G service is now available across all districts and Union Territories in the country,” a statement said on Wednesday. Read more.

Stock Analysis| TCS, Infosys, HCLTech and Wipro: Why Q2 results imply valuation multiples can compress further

Post Wipro’s results on Wednesday, the top 4 IT majors have all reported their Q2 results. How does it look? Overall not good! While management talk across companies has been cliched — stressing on how deal wins have been good and that they executed well in a tough environment, the underlying results belie the confidence.

Further, the AI theme that every management has taken time to talk about in their post-results conferences is not a near-term game-changer. The beneficial impacts of these are likely to meaningfully impact results only in the medium to long term. Read our in-depth analysis.

Stocks to watch: ICICI Lombard H1 PAT up mere 3% on impact of one-time tax reversal

ICICI Lombard General Insurance’s net profit rose a mere 3 per cent y-o-y to ₹968 crore in Q2, due to a higher base last year, owing to a tax provision reversal. Excluding the one-time impact, the profit after tax was up 19.2 per cent for the six-month period ended September.

For Q2 FY24, the profit after tax fell 2.2 per cent to ₹577 crore, but was up 24.8 per cent excluding the impact of the provision reversal.

Gross Direct Premium Income (GDPI) grew 18.2 per cent to ₹12,472 crore, higher than the industry growth of 14.9 per cent. Read more.

Stock market live updates: Asia stocks slide, Wall Street ends lower

Asian stocks slipped following US peers lower, driven by the continued sell-off in Treasuries and increasing tensions in the Middle East.

Australian, Japanese and South Korean shares all fell over 1% in early trading while futures in Hong Kong also pointed to losses. Oil edged lower after rallying in its previous session with the US suspending some sanctions on Venezuelan output while gold extended gains amid demand for safe-haven assets. The precious metal has now risen over 4% in the last five days.

Australian and New Zealand bond yields surged while their US counterparts steadied in Asia trading following Wednesday’s gain. Fed Bank of New York President John Williams said interest rates will have to stay at restrictive levels “for some time” to bring inflation back to the central bank’s target. (Bloomberg)

Stock to buy today: Geojit Financial Services

The short-term outlook is bullish for Geojit Financial Services. The stock had surged over 5 per cent on Wednesday, when the broader market had declined. Immediate support is at ₹56.50. Below that, ₹54 is a slightly lower support.

The 21-day moving average is also poised near ₹54, and that makes it a strong support. Immediate resistance is at ₹59.50. But the chances are looking high for the stock to break this resistance and move higher. Read more.

Day trading guide for October 19, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI