Bikaji Foods Surges on Strong Q2, Bank Stocks Dive as IndusInd Leads Selloff, DCB Bank Gains on Profit Growth

Market Snapshot

• Selling pressure intensified on Dalal Street during Friday’s session, with benchmark indices falling over 1%.
• The Nifty 50 index experienced a nearly 3% decline over the week, with broader markets taking a sharper hit.
• Several factors contributed to the negative market sentiment, including continuous selling by foreign institutional investors (FIIs), weak Q2 earnings, and global uncertainties.
• These elements led to an extended selloff in the market.

Sectoral Trends

Technical Outlook: Key Indices

Top News

• Bikaji Foods International surged nearly 10% after reporting a 14.7% YoY rise in net profit to Rs 68.6 crore and a 19% increase in revenue to Rs 721.2 crore for Q2 FY25.
• Bank stocks, led by a 20% plunge in IndusInd Bank due to stress in its micro-finance portfolio, were under pressure, with AU Small Finance Bank, Canara Bank, PNB, IDFC First Bank, and Bank of Baroda falling 2-6%.
• DCB Bank surged 10% after posting a 22.6% YoY increase in Q2FY25 net profit to Rs 155.5 crore, with NII up 7% and slight improvement in asset quality metrics.
• IPO bound Swiggy slashes valuation target by 10-16%
• 21 stocks made debut on Dalal street in October 2024 so far
• Afcons Infrastructure IPO subscribed 0.8x on Day 1

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