Sensex, Nifty trade flat at open; HDFC Bank, HCL Tech in focus
Shares of companies like UltraTech Cement, Angel One, Tata Steel Long Products, Tatva Chintan Pharma Chem, Hathway, and KPI Global Infra will be in focus as they announce their December quarter earnings today. The stock market’s momentum will be guided by the ongoing quarterly earnings season, with Reliance Industries, HUL and Bajaj Finance among those scheduled to announce their results this week
Sensex stocks at this hour
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ADD HDFC Bank: YES Securities
Weakness in fees from payments business a new niggle to contend with
(1) Payments business’ fees de-grew YoY despite credit card spends rising 24% YoY.
(2) Asset quality issues eased on sequential basis, with credit costs including contingent provisions declining to 94 bps, down ~36 bps QoQ.
(3) Growth has been more broad-based than has been generally observed over the past ~2 years.
(4) We maintain ‘Add’ rating on HDFCB with a revised price target of ₹1735.
Most active stocks on Nifty
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HCL Tech shares slump post Q3 results as margins disappoint
IT firm HCL Technologies Ltd on Friday reported a 13.6% fall in net profit to ₹3,442 crore for the December 2021 quarter and said it expects to see a strong deal pipeline on the back of a robust demand environment. Shares of HCL Tech tanked over 6% to ₹1,25 apiece on the BSE in Monday’s opening trade.
What should investors do?
Nifty at open
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Markets at open
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Sensex trades above 61.2k; Nifty above 18.2k
Sensex in pre-open
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Nifty in pre-open
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Read More: Sensex, Nifty trade flat at open; HDFC Bank, HCL Tech in focus