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Reliance Industries, ICICI Bank, Vodafone Idea, Yes Bank among stocks in focus today

Technical analysts believe there could be heightened volatility and further weakness in domestic stock markets.

Stocks in focus
SGX Nifty was in the red on Monday morning. (Image: REUTERS)

Sensex and Nifty enter Monday’s trading session after witnessing one of the worst trading week’s in recent memory. S&P BSE Sensex settled at 59,037 on Friday while NSE Nifty 50 closed at 17,617 — both falling more than 3.5%. Selling by foreign investors and weak global cues have been aiding the bearish sentiment on Dalal Street. Technical analysts believe there could be heightened volatility further. “The short term trend of Nifty continues to be weak with high volatility. Placement of support around 17600-17500 levels and a formation of doji at the swing lows on Friday pointing towards a possibility of an upside bounce from here or slightly lows,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities. 

Stocks in focus:

Reliance Industries Ltd: Index heavyweight RIL posted a stellar quarterly earnings performance on Friday. The Mukesh Ambani-led conglomerate reported strong growth in all verticals. Net profit rose 41.5% on-year basis to Rs 18,549 crore. Jio reported better Average Revenue Per User.

ICICI Bank: Private sector lender ICICI Bank said its standalone net profit rose by 25.4% on-year to reach Rs 6,193 crore. Gross Non-performing Assets (GNPAs) were down 25 basis points during the October-December quarter. 

YES Bank: The bank saw its net profit rise to Rs 266 crore in the October-December quarter, an increase of 77% on-year basis. The bank’s profits were helped by lower provisions. YES Bank’s gross advances stood at Rs 1.76 lakh crore, up mere 2% on quarter and 3.8% on year. Retail advances formed 57% of the bank’s loan portfolio while corporate loans accounted for the remaining 43%. 

ONGC: ONGC Videsh the overseas arm of Oil and Natural Gas Corporation has declared a 2019 gas discovery in deepsea block in Brazil as commercially viable and has now entered the development stage that will bring it to production.

TCS: Tata Consultancy Services (TCS) is targeting high double-digit growth in revenues from Canada in the next few years as the North American country’s economy grows across sectors and digitisation becomes an essential aspect for businesses. TCS’ Country Head Soumen Roy said that Canadian IT spends have grown at 4-5 per cent yearly.

Vodafone Idea: Struggling telco Vodafone Idea’s net loss has widened to Rs 7,234 crore during the October-December quarter on the back of higher operating expenses. While losses have widened, Vodafone Idea’s Average Revenue Per User (ARPU) has increased to Rs 115 from Rs 109.

Results today: HDFC AMC, Axis Bank, SBI Cards and Payment Services, Apollo Pipes, Apollo Tricoat Tubes, Burger King India, Cera Sanitaryware, Craftsman Automation, Deepak Nitrite, Greenpanel Industries, GRM Overseas, Indian Energy Exchange, IIFL Securities, IndiaMART InterMESH, Quick Heal Technologies, Music Broadcast, The Ramco Cements, Reliance Home Finance, Shriram Transport Finance, Steel Strips Wheels, Supreme Industries, and Zensar Technologies are some of the companies that will announce their quarterly results today.

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