Piramal Falls, SJVN Rises on Strong Earnings, Hero MotoCorp Slips on Missed Estimates

Written by - Fisdom Research

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August 14, 2024 3 minutes

Indian markets overview:

Indian indices ended positively on August 14, breaking a two-day losing streak, primarily driven by a 1.5% rise in IT stocks.
However, selling in sectors like capital goods, healthcare, and oil & gas limited gains, with most sectoral indices closing in the red.
Both the BSE midcap and smallcap indices fell by 0.5%.
The Sensex and Nifty 50 closed mixed amid a slightly volatile session, with the Nifty IT index outperforming following positive US economic data.

The benchmark index had a dull session but held above 24,100. It’s trading in a rising channel and found RSI (14) support at 40.
The index is below the 10 and 20 DEMAs, which act as resistance, but remains above other key DEMAs, indicating an overall positive trend.
On the weekly chart, the index is above the major EMA and consolidating between 23,900 and 24,500.
The short-term outlook is negative to sideways, with support at 24,000 and 23,900, and resistance at 24,250 and 24,350.

The banking index had a flat and dull session, holding above 49,650 despite a slip.
It is hovering near the 100-DEMA and approaching the lower band of a rising channel, trading in a consolidation zone between 49,650 and 50,850.
The 10 DEMA is acting as strong resistance, while on the weekly chart, the index is near the 20 EMA.
The MACD shows a negative crossover on both the daily and weekly charts, indicating weakening momentum. Upcoming resistance levels are at 50,000 and 50,300, with support at 49,600 and 49,400.

Piramal Enterprises’ stock dropped 10.4 percent after the diversified NBFC reported its Q1 FY25 earnings. The company’s net profit plummeted 64 percent year-on-year to Rs 181 crore in Q1FY25, largely due to a high base effect from a one-off item in the previous year.

SJVN shares climbed 3.7 percent as investors welcomed the PSU firm’s strong June 2024 quarter results. The hydropower company reported a 31 percent year-on-year increase in consolidated net profit to Rs 357 crore for Q1FY25, driven by higher income. Total income surged 29 percent YoY to Rs 958.47 crore.

Hero MotoCorp shares dropped 3.2 percent after the company’s net profit, which grew 36 percent year-on-year to Rs 1,122.6 crore, came in below analysts’ estimates. The company’s revenue, up 16 percent YoY to Rs 10,144 crore, also fell short of expectations.

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