Indian equity markets were expected to open higher on Tuesday, October 21, as GIFT Nifty traded at 23,011.50, up 77 points or 0.33%, at around 7:30 a.m.
However, selling pressure in the previous trading session, weak signals from global markets and elevated crude oil prices remained key factors for investors. Quarterly earnings announcements and new business agreements could also influence trading activity, with Bajaj Finance, L&T Technology Services, Hindustan Zinc, Infosys and other companies in focus.
At around 7:30 a.m. on Tuesday, October 21, GIFT Nifty was trading at 23,011.50, up 77 points or 0.33%. The movement indicated a potentially higher opening for Indian equity markets. The actual market direction would depend on trading activity after the opening and global market cues.
On Monday, Indian equity markets again faced selling pressure. Profit-booking in private banking and information technology stocks affected the recent recovery in the benchmark indices. Uncertainty in international markets, firm crude oil prices and geopolitical tensions also weighed on investor sentiment.
From a technical perspective, the 23,175 level was considered important for the Nifty. If the index managed to sustain above this level, a recovery towards 23,300 could become possible. Further selling pressure could keep market volatility elevated.
Several companies were scheduled to announce their second-quarter financial results for the current financial year on October 21. These included Eternal, Aditya Birla Sun Life AMC, Adani Green Energy, Indian Hotels Company, KEI Industries, Mahindra & Mahindra Financial Services, PC Jeweller, SRF, Vishal Mega Mart, International Gemmological Institute, Indosolar and Welspun Specialty Solutions.
The results will provide financial information on the companies' business performance, profitability and outlook for upcoming quarters. Market reactions will depend on reported profit and revenue, as well as company guidance and performance relative to analysts' expectations.
Bajaj Finance reported a 29% increase in profit to Rs 6,367 crore, compared with Rs 4,948 crore in the previous comparative period. Net interest income rose 24% to Rs 13,335 crore from Rs 10,785 crore.
L&T Technology Services reported a 66.8% increase in profit to Rs 548.2 crore, compared with Rs 328.7 crore in the previous comparative period. Revenue increased 12.1% to Rs 3,040.4 crore from Rs 2,713.3 crore.
Hindustan Zinc reported a 142.1% increase in profit to Rs 6,412 crore, compared with Rs 2,649 crore in the previous comparative period. Revenue rose 76.5% to Rs 15,093 crore from Rs 8,549 crore.
Delta Corp reported a loss of Rs 106.4 crore, compared with a profit of Rs 25.1 crore in the previous comparative period. Revenue declined 12.85% to Rs 159.5 crore from Rs 183.1 crore.
Waaree Renewable Technologies reported a 30% decline in profit to Rs 81.5 crore, while revenue increased 36.5% to Rs 1,057.8 crore.
Piramal Finance reported a 67% increase in profit to Rs 545 crore. Its net interest income rose 35% to Rs 1,530 crore.
Infosys announced a partnership with US financial services company Truist. The collaboration aims to support the development of Truist's AI-first global capability centre in Hyderabad.
Dhampur Bio Organics entered into a technology licensing agreement with Switzerland-based Planetary SA for the exclusive production of mycoprotein in India.
Jam Khambhalia Jamnagar Power Transmission Limited, a subsidiary of Ceigall India, signed a transmission services agreement with Central Transmission Utility of India. The agreement relates to the development and operation of the interstate electricity transmission system.
