As we approach the penultimate week of earnings reports, approximately 249 companies are poised to release their Q2 results today. Investors are closely monitoring the market’s overall sentiment and the performance of individual stocks. However, it’s worth noting that the Q2 results, which cover the quarter ending in September, fell short of market expectations. Amid a surge in Asian markets and positive movement in US stocks, Indian benchmark indices are expected to open strong on Monday, reflecting a bullish global trend. The Gift Nifty indicator suggests a positive start, trading at around 19,455 compared to the previous Nifty futures close of 19,296. On November 3, Indian benchmark equity indices continued their upward trajectory for the second consecutive day. The Nifty 50 gained 97.35 points, closing at 19,230.60, while the Sensex closed 282.88 points higher at 64,363.78.
According to Arvinder Singh Nanda, Senior Vice President at Master Capital Services Ltd, An accomplished professional with a strong focus on Business Development and Operations, Sales Marketing, and Digital Marketing. Skilled in creating, shaping, and executing annual business strategies to drive revenue growth and achieve profitable sell-through. benchmark indices have rebounded after a two-week decline. Most sectoral indices ended the week in positive territory, with the exception of the Auto sector. Notably, the Realty sector showed the strongest performance, gaining approximately 10% during the week. As the Q2 earnings season progresses, results have largely met expectations. The IT sector posted weaker results, while banks, which have a significant contribution to the Nifty50 index, reported strong results with robust asset quality and healthy margins. However, the consumer category underperformed due to a demand slowdown, and the auto sector companies exceeded expectations due to improved margins.
Looking ahead, Nifty prices are expected to fluctuate within the range of 19,000 to 19,300 with a sideways to slightly positive bias. If the upper range is decisively breached, the Nifty may advance towards 19,500. Conversely, a sustained drop below the psychological 19,000 level could trigger additional selling pressure towards 18,800-18,700. Regarding Bank Nifty, prices are anticipated to trade within the range of 42,000 to 44,000. Based on ongoing technical developments, there may be accumulation from lower levels to watch for. Today, several significant companies are set to announce their Q2 results, with a few notable names on the list, such as Bajaj Electricals Ltd, Nykaa, HPCL, Divi’s Laboratories, Max Healthcare Institute Ltd, Radico Khaitan Ltd, and several others.