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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.
Traders are optimistic about a positive start for Indian equities this week, coinciding with the Hindu festival of lights. Nifty futures suggest a rebound after four weeks of losses, bolstered by ICICI Bank's strong earnings and oversold conditions in the Nifty 50, likely attracting bargain hunters.
ICICI Bank has garnered positive attention from brokerages following a strong Q2 performance, leading to a surge in 'buy' recommendations and target price upgrades. CLSA has issued an 'outperform' rating, setting the highest target price at Rs 1,600 per share, highlighting the bank's superior asset provisioning compared to its competitors.
Ajit Dayal, founder of Quantum Asset Management Company, is striving to revitalize the mutual fund house, which has slipped from its promising start in 2006 to 37th place among 43 fund houses. In a bid to protect investor interests, he is challenging ICICI Bank over the delisting of ICICI Securities, while also focusing on expanding the investor base.
Indian markets continued their decline for the fifth consecutive session on October 25, with the Nifty dropping to 24,180.80, down 0.90%, and the Sensex falling 662.87 points to 79,402.29. All sectors, except FMCG, faced losses, with notable declines in auto, capital goods, and metal. For the week, both BSE Sensex and Nifty50 recorded losses exceeding 2%.
ICICI Bank, Waaree Energies, IndiGo, Inox Wind, DLF, Lodha, Bandhan Bank, Coal India, and ITD Cementation are set to be in focus on Monday. Additionally, Bharti Airtel, Sun Pharmaceutical, BHEL, Adani Power, Punjab National Bank, and several others will report their quarterly earnings on October 28.
ICICI Bank reported a 14.5% year-on-year increase in net profit for Q2FY25, reaching Rs 11,746 crore, exceeding market expectations. Net interest income rose 9.5% to Rs 20,048 crore, although net interest margin dipped to 4.27%. Management is optimistic that margin pressures have stabilized, with limited further erosion anticipated as retail deposit rates have peaked.
ICICI Bank reported a 14.5% year-on-year increase in Q2 FY25 standalone net profit, reaching Rs 11,746 crore, surpassing expectations. Net interest income rose 9.5% to Rs 20,048 crore, though it fell short of forecasts, while non-interest income grew 10.8% to Rs 6,496 crore. The bank's domestic loan portfolio expanded by 15.7% to Rs 12.43 lakh crore, with total deposits also up 15.7% at Rs 14.98 lakh crore.
Over 30 companies, including ICICI Bank and YES Bank, are set to release their Q2 FY25 earnings today, October 26. Analysts expect ICICI Bank to report a 14% year-on-year increase in net interest income to ₹20,845 crore, with profit rising 7% to ₹10,667 crore, driven by strong loan and deposit growth. The bank is anticipated to maintain stable asset quality with minimal margin contraction.
IndusInd Bank has fallen out of the top 10 most valuable lenders in India after reporting a weak quarter characterized by increased provisions, declining other income, and slower growth in higher-yielding loans. The bank's stock plummeted 18% to a one-year low of Rs 1,065, resulting in a market capitalization drop to Rs 81,000 crore, placing it in 12th position. Meanwhile, HDFC Bank remains the most valuable lender with a market cap of Rs 13.25 lakh crore, followed by ICICI Bank and State Bank of India.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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