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Indian equity markets are experiencing a significant downturn, with the Nifty 50 and Sensex both dropping 3% last week. The Nifty has fallen below the 100-day EMA and the critical level of 24,200, prompting experts to predict a potential decline to 23,894 and further to 23,455. A "sell on rally" strategy is recommended, with particular attention on ICICI Bank's earnings reaction, alongside reports from Bharti Airtel, Sun Pharma, and Ambuja.
On October 28, around 180 companies, including Bharti Airtel, Sun Pharma, and Indian Oil, are set to report their Q2 earnings, impacting market sentiment. The Sensex fell by 663 points to 79,402.29, while the Nifty 50 dropped 219 points to 24,180.80, amid increased volatility. Analysts suggest that the Nifty may find support in the 23,900–23,950 range, with resistance levels at 24,500 and 24,700.
On Monday, October 28, over 170 companies, including major players like Bharti Airtel, Adani Power, and Indian Oil, are set to release their Q2 results. Investors will closely monitor key financial metrics for the September quarter from these prominent firms, alongside others such as Pfizer and Sun Pharma.
The Nifty 50 index has declined approximately 7 percent over the past month, driven by foreign portfolio investor selling and lackluster corporate earnings in India. In the upcoming week, shortened by the Diwali festival, key companies such as Bharti Airtel, Maruti Suzuki, and Sun Pharma will report their earnings for the September 2024 quarter.
Yes Bank, Tata Power, and Reliance Power experienced significant declines in shareholder numbers, with Tata Power losing over 64,000, Yes Bank 54,000, and Reliance Power more than 47,000. In contrast, Tata Steel gained nearly 800,000 new investors, followed by Tata Motors with 700,000 and Vodafone Idea with 600,000. Other notable increases included IRFC (390,000), NHPC (260,000), and Jio Financial Services (55,000).
Indian telecom operators, including Bharti Airtel and Vodafone Idea, are urging the government to reduce the license fee from 8% to 0.5-1% of Adjusted Gross Revenue (AGR). They argue that lowering these fees would allow for reinvestment in network upgrades and expansion, promoting faster digital inclusion, especially in remote areas. The Cellular Operators Association of India (COAI) supports this initiative, emphasizing its potential to enhance services for the public.
At the NDTV World Summit, Sunil Mittal, chairman of Bharti Enterprises, shared a concerning experience where AI cloned his voice in a fraudulent call, attempting to deceive a senior executive into transferring funds. He emphasized the dual nature of AI, acknowledging its transformative benefits for operations at Bharti Airtel while warning of its potential misuse for creating deepfakes and manipulating digital identities. Mittal called for safeguards to protect society from the risks associated with advancing AI technologies.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Indian markets face steep selloff as Nifty approaches critical support level
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