• Tue. Feb 27th, 2024
ICICI, Kotak Mahindra Bank may support Nifty 50;  19,700 key level

Summary

The Nifty 50 fell sharply on Friday, down 234 points to close at 19,745, following disappointing guidance from Infosys. Today we start a new week with good returns from ICICI Bank, Kotak Mahindra Bank and Reliance. Here are the top five things you need to see before we start the week:

1/5

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Strong earnings from ICICI Bank and Kotak Mahindra Bank will help market sentiment. ICICI Bank recorded very strong earnings with 18 percent deposit growth and improved asset quality. Kotak Mahindra Bank recorded annual loan growth of 17.5 percent. NIM remained strong at 5.57 percent.

2/5

Reliance Industries reported improvement in operational performance led by its consumer facing businesses. Subscriber additions from Reliance Jio were strong in the regular quarter as retail business revenue rose 20 percent.

3/5

US markets closed flat on Friday, but the Dow Jones edged higher. The longest rally since 2017, it ended the 10th day in the green on Friday.

4/5

All eyes will be on the US Fed meeting on July 25 and 26. After pausing in June, the US Federal Reserve is widely expected to raise interest rates again on Wednesday, taking its tightest monetary stance in 22 years despite recent signs of slowing inflation.

5/5

Top gainers for the week include Tata Motors and Bajaj Auto on Tuesday, July 25, Axis Bank, Cipla, Dr Reddy’s Laboratories, Tech Mahindra and Bajaj Finance on Wednesday, July 26.

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