Indian stock markets are expected to trade cautiously on Friday, October 30, following Thursday’s sharp rally. Weakness across Asian markets and rising crude oil prices are likely to remain key factors influencing market sentiment. Shares of Coal India, Trent, IndiGo and Sagility are among those expected to remain in focus amid quarterly earnings announcements and major block deals.
Indian equity markets recorded a sharp recovery on Thursday. The BSE Sensex surged 905.01 points, or 1.24%, to close at 74,151.04. Meanwhile, the NSE Nifty gained 237.90 points, or 1.05%, to settle at 22,936.75.
Buying interest in banking, FMCG and IT stocks supported the market rally. However, whether the upward momentum continues on Friday will depend on movements in global markets and domestic buying activity.
Asian markets faced selling pressure amid investor concerns over earnings from US technology companies and increasing expenditure on artificial intelligence. South Korea’s KOSPI, Japan’s Nikkei and Taiwan’s stock market recorded declines during early trading.
Meanwhile, rising crude oil prices remain a concern for India, one of the world's major oil-importing countries. Higher crude prices can increase companies' operating costs and add to inflationary pressures, potentially contributing to greater volatility in the domestic stock market.
Shares of Coal India could remain in focus after the company reported a 53% year-on-year increase in second-quarter profit to Rs 6,516.1 crore. Revenue increased 20.9% to Rs 44,178.7 crore.
Tata Group's retail company Trent reported a profit of Rs 468.1 crore, marking a 25.4% increase compared with the corresponding period last year. Revenue rose 21.9% to Rs 5,873.1 crore.
InterGlobe Aviation, the parent company of IndiGo, reported a reduction in its quarterly loss to Rs 1,879.1 crore. However, revenue increased 25.9% to Rs 23,363.8 crore. The company's EBITDAR also rose 121% to Rs 2,460 crore.
Godrej Consumer Products reported a 13.8% increase in profit to Rs 522.9 crore, while revenue stood at Rs 4,413.1 crore.
Blue Star reported a profit of Rs 123.9 crore, with revenue reaching Rs 2,931 crore.
Capital Small Finance Bank recorded a 30.7% increase in profit to Rs 45.6 crore. The bank's gross NPA declined to 2.36%, while net NPA stood at 1.12%.
Brigade Enterprises reported a profit of Rs 218.8 crore. However, its revenue declined 13.5% to Rs 1,196.4 crore.
Garware Technical Fibres reported an 83.4% increase in profit to Rs 58.6 crore. CAMS recorded a profit of Rs 131.5 crore.
Vedanta Power reported a profit of Rs 83 crore, compared with a loss of Rs 1,689 crore in the corresponding period last year.
Sagility shares could witness significant trading activity following reports that promoter Sagility BV may sell a 12% stake in the company through a block deal.
The proposed transaction is estimated to be worth approximately Rs 2,377 crore, with a reported floor price of Rs 42.45 per share.
Separately, Theleme Partners sold 31.24 lakh shares in IIFL Capital Services for Rs 108.7 crore.
In Birlasoft, Societe Generale purchased 16.47 lakh shares worth approximately Rs 56.31 crore.
Investors will also track quarterly earnings from Reliance Industries, Jio Platforms, Bharat Electronics, Sun Pharma, GAIL and Bank of Baroda on Friday.
Several other companies are also scheduled to announce their financial results, including PB Fintech, Aditya Birla Capital, Delhivery, Dixon Technologies, Indian Oil, LIC Housing Finance, Max Healthcare, Lodha Developers and Navin Fluorine.
