Indian markets are poised for a day of high anticipation as major companies, including heavyweights like HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, and others, are set to release their earnings for the third quarter of FY24 on January 16. The results from these companies will offer crucial insights into sector performance and provide indications of the broader economic recovery.

On January 15, the BSE Sensex witnessed a surge of 759 points, reaching 73,328, primarily driven by gains in the technology sector, banking stocks, and Reliance Industries. Simultaneously, the Nifty 50 experienced a substantial increase of 203 points, crossing the 22,098 mark, as expected.

Companies Releasing Q3 Results Today

A total of 31 companies are scheduled to release their Q3 results today, including HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, Federal Bank, Bank of Maharashtra, ICICI Securities, and others. Analysts and brokerage firms anticipate overall positive numbers for HDFC Bank in the third quarter, although there may be pressure on net interest margins (NIMs) due to the high cost of funds.

Earlier this month, HDFC Bank reported gross advances of ₹24,69,500 crore as of December 31, 2023, showing growth of approximately 62.4% compared to ₹15,20,500 crore as of December 31, 2022.

Market Overview:

On Tuesday, Nifty and Sensex soared to fresh record highs, supported by favorable macroeconomic and geopolitical factors. Nifty gained 203 points to end at 22,097, while Sensex surged 847 points to close at 73,327, with Bank Nifty contributing to the upbeat trend with a 1% gain for the day.

“From a technical standpoint, Nifty is targeting the psychological level of 22,500, with a crucial support level identified at 21,507.”. Despite potential headwinds such as rising retail inflation and a slowdown in industrial growth, the market maintains a positive trend, targeting an immediate upside of 22,300. Traders should keep a close eye on profit booking within the 22,200-22,300 zone, acknowledging the prolonged one-sided rally,” recommended Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.

Live Market Updates

For real-time updates on the market, investors can follow live updates as companies announce their Q3 results today.

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