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Zomato and Infosys Decline, Axis Bank Rallies, and Manappuram Finance Faces Setback and Upcoming IPO Launches
Zomato and Infosys Decline, Axis Bank Rallies, and Manappuram Finance Faces Setback and Upcoming IPO Launches
Written by - Fisdom Research
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October 18, 2024
2 minutes
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Market Snapshot
Indian stocks recovered in the second half of trading on October 18, closing positively and breaking a three-day losing streak, with most sectoral indices gaining.
Nifty Metal was the top sectoral gainer, rising over 1.57% and ending its four-day losing streak.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY PRIVATE BANK
1.9
NIFTY MEDIA
1.4
NIFTY BANK
1.6
NIFTY PSU BANK
1.3
NIFTY METAL
1.6
NIFTY AUTO
0.6
NIFTY FINANCIAL SERVICES
1.5
NIFTY PHARMA
0.4
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
24,600
25,000-25,200
Bank Nifty
51,200
52,500-52,750
Top News
Zomato shares fell over 4% as its board plans to consider fundraising via QIP on October 22. The company has not disclosed the amount. The board will also approve the Q2 FY2024 financials on the same day.
Infosys shares dropped over 4% after the company reported a Q2FY25 net profit of Rs 6,506 crore, missing estimates of Rs 6,769 crore. Revenue grew 4.2% to Rs 40,986 crore, slightly below forecasts.
Axis Bank shares surged 6% after a strong Q2, with net profit reaching Rs 6,917.57 crore, fueled by robust lending income and high credit demand. Brokerages have issued bullish recommendations on the stock.
Manappuram Finance shares fell about 13% after the RBI prohibited its subsidiary, Asirvad Microfinance, and other NBFCs from issuing loans due to concerns over pricing policies. This led brokerages to downgrade their ratings on the company.
Deepak Builders and Engineers to launch IPO on October 21
Godavari Biorefineries sets IPO price band at Rs 334-352 per share
Waaree Energies IPO to open for subscription on October 21
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