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Persistent FII selling has caused domestic markets to falter and a mixed trend could be seen in the near to medium term, said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.
On the stock-specific front, Hero MotoCorp, Adani Wilmar, Nestle, SBI Cards, Cyient, Ambuja Cements and some other counters will be in focus today.
Shares of Hero MotoCorp fell 0.63% to close at Rs 3,090.35 in the previous trading session. The stock will be in focus today as the company will announce its second-quarter (Q2 FY24) results.
Shares of Adani Wilmar slipped 0.44% to end at Rs 327.20. The company will also declare its Q2 FY24 earnings today.
Ambuja Cements is the second company from the Adani Group which will report its Q2 results today. The stock settled with 0.63% gains at Rs 424.50 on Tuesday.
In addition, companies such as Britannia, Godrej Consumer Products, Indraprastha Gas, JK Tyre, Relaxo, Tata Steel, Unichem Labpratories and Thomas Cook (India) will announce their respective quarterly results today.
Bharti Airtel reported a drop in second-quarter profit, hurt by a one-time exceptional loss. Consolidated net profit fell to Rs 1,341 crore for the quarter ended September 30, from Rs 2,145 crore a year ago. The results included an exceptional cost of Rs 1,570 crore. The Q2 earnings were declared after-market hours. The stock was down 1.26% at Rs 914.20.
Adani Total Gas recorded an 8 per cent year-on-year (YoY) growth in consolidated net profit to Rs 173 crore for the July-September quarter. The company's consolidated revenue from operations declined by 1 per cent YoY to Rs 1,179 crore. The stock rose 0.20% to settle at Rs 564.80.
Jindal Steel and Power's consolidated net profit after tax surged more than six-fold to Rs 1,390 crore in the second-quarter. The stock fell 1.54% to end the session at Rs 634.15.
Shares of SBI Cards and Payment Services slipped 0.53% to close at Rs 746.55. SBI Card and Reliance Retail have come together to launch co-branded 'Reliance SBI Card'.
Shares of Inox Wind Energy surged 3.10% to settle at Rs 2,878.55. The company said it sold 3,83,62,000 equity shares of its subsidiary, Inox Wind Ltd (IWL) through block deals and raised Rs 800 crore. Post the said transaction, the company's shareholding in its subsidiary, IWL, decreased from 50.20% to 38.43%.
Shares of Nestle India edged 0.29% higher to settle at Rs 24,239.30. The stock will also trade ex-dividend today. The dividend amount is Rs 140 per share.
Shares of Cyient rose 0.25% to close at Rs 1,589.75 on Tuesday. The scrip will trade ex-dividend too. And, the dividend amount is Rs 12 per share.
"Nifty has formed a bearish candle indicating further weakness from the current levels. We are of the view that the market is likely to consolidate within the range of 18,980 to 19,220. Below 18980, traders could prefer to exit from long positions," said Shrikant Chouhan from Kotak Securities.
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