Stock Market LIVE Updates: Nifty opens above 19,500, Sensex up 300 pts; Maruti Suzuki, RBL Bank, PNB in focus
Sensex Today | Stock Market LIVE Updates: BPCL, Asian Paints, TCS, Hero MotoCorp and Infosys were among major gainers on the Nifty, while losers were Power Grid Corporation, Divis Labs, Axis Bank, SBI Life Insurance and HDFC Life.
Stock Market LIVE Updates | Punjab National Bank Q2 deposits grow 9.7% YoY to Rs 13.08 lakh crore, global gross advances up 13.8% at Rs 9.4 lakh crore.
The public sector lender has announced 11.3% year-on-year growth in total business at Rs 22.5 lakh crore for the quarter ended September FY24, with deposits rising 9.7% YoY to Rs 13.08 lakh crore and global gross advances increasing 13.8% YoY to Rs 9.4 lakh crore. CASA deposits grew by 2.6% YoY to Rs 5.4 lakh crore and domestic advances increased by 13.9% YoY to Rs 9.08 lakh crore.
Stock Market LIVE Updates | Marico Q2 domestic volumes grow in low-single digits YoY, international business delivers double-digit constant currency growth.
The FMCG major said domestic volumes grew in low-single digits on a year-on-year basis, with low single digit volume growth in Parachute Coconut Oil and Saffola Edible Oils, and low single-digit value growth in Value Added Hair Oils. The International business delivered double-digit constant currency growth. Consolidated revenue was marginally lower YoY, dragged by pricing corrections in key domestic portfolios over the last 12 months, which will progressively come into the base going ahead. Company expects robust gross margin expansion YoY and expects healthy operating profit margin expansion leading to low double-digit operating profit growth.
Stock Market LIVE Updates | RBL Bank Q2 deposits grow 13% YoY to Rs 89,774 crore, gross advances up 21% YoY at Rs 78,186 crore.
The private sector lender has reported total deposits at Rs 89,774 crore for quarter ended September FY24, up 13% YoY and 5% QoQ, while gross advances grew by 21% YoY & 5% QoQ to Rs 78,186 crore. CASA for the quarter increased by 12% YoY & 0.5% QoQ to Rs 32,075 crore. Retail advances grew 34% YoY and 8% sequentially, while wholesale advances grew 7% YoY and was flat sequentially for the quarter ended September 30, 2023.
Market Opens
: Indian indices opened higher on October 5 with Nifty above 19,500.
The Sensex was up 327.58 points or 0.50 percent at 65,553.62, and the Nifty was up 98.60 points or 0.51 percent at 19,534.70. About 1661 shares advanced, 296 shares declined, and 74 shares unchanged.
BPCL, Asian Paints, TCS, Hero MotoCorp and Infosys were among major gainers on the Nifty, while losers were Power Grid Corporation, Divis Labs, Axis Bank, SBI Life Insurance and HDFC Life.
Sensex Today | Aditya Gaggar, Director of Progressive Shares:
A sharp recovery was seen from the lower levels on October 4 to form a Dragonfly DOJI candlestick pattern on the daily chart. Normally, this kind of pattern after a considerable correction indicates a potential reversal of the trend. A convincing close above the high point of the candle i.e. 19,460 will confirm a short-term trend reversal and in that case, the Index is likely to soar higher to 19,700. The immediate support stands at 19,355.
Breakout on the higher side is highly reliant on the movement of heavyweights such as HDFC Bank, and Reliance.
Bank Nifty lacks momentum as heavyweights remained major laggards; however, the downside seems to be protected at 43,850 but at the same time upside is capped at 44,300.
The IT sector has formed a bullish engulfing pattern around its neckline of an Inverted HNS pattern and some of its components are also indicating the resumption of a journey toward the North. Correction in the form of a profit booking generally provides a good opportunity to reenter and the same was witnessed in the PSU Banking segment.
