Axis Bank Gains 9%! Results Controlling Indian Market - Post Market Analysis


NIFTY opened the day at 17,622 with a gap-up of 58 points. The index consolidated above the opening level for four hours, then fell sharply and hit a day low at 17,520. From there it moved back, thanks to 17,530. Nifty closed the day at 17,576, up by 12 points or 0.07%.

BANK NIFTY started the day at 40,370 with a gap-up of 271 pts. Yesterday, for most of the time Bank Nifty underperformed Nifty and today it was just the opposite. It was in an uptrend for most of the day and hit a day high above the 41k level. Bank Nifty closed at 40,784, up by 684 points or 1.7%.

Most of the indices closed mixed. Nifty Bank (+1.7%), Nifty Media (-1.9%), Nifty Metal (-0.92%) and Nifty PSU Bank (+1.8%) moved the most.

Major Asian Markets closed with weakness. European Markets are now trading in the red.

Today’s Moves

Axis Bank (+9%), Kotak Bank (+2.1%), and ICICI Bank (+2%) closed as Nifty 50 Top Gainers.

Axis Bank posted a 70% YoY growth in profits during the second quarter. Its stock hit an all-time high today and is testing major resistance.

Shree Cements (-4.3%) saw sharp profit booking after the recent recovery.

Bajaj Finserv (-2.3%) posted a 39% YoY growth in Q2 consolidated net profit to Rs 1560 crore. Bajaj Finance (-3.2%) also moved down after posting results yesterday.

CSB Bank (-5.8%), Karur Vyasa Bank (-1.4%), Atul (-2.5%), IDBI Bank (-1.4%), Ambuja Cements (-1%), Hindustan Zinc(+1%), Cartrade Tech (+4.3%), Route Mobile (-6%) and Laurus Labs (-7.5%) posted their Q2 results today.

HDFC Life (+0.88%) posted a Q2 standalone net profit of Rs 326 crore compared to Rs 270 crore last year. SBI Life (+1.9%) also moved up.

Mphasis (-4.8%) moved down after below-than-expected Q2 results.

Markets Ahead

Nifty PSU Bank is having an amazing rally, up by 11% this week- the biggest weekly gain in 2 years.

We are in a stable position right now with Nifty and Bank Nifty trading above 17,530 and 40k respectively. 

But always keeping the downside risk in mind.

Next week is holiday powered (Monday and Wednesday) and Muhurat trading will be on Oct 24, Monday from 6:5 PM to 7:15 PM. 

Because of the above-mentioned reasons, let's wait and see how global markets perform in the coming days.

What are your plans for Muhurat trading: fresh investments, trading, or anything else? Share your answers in the comments section of the marketfeed app. Happy Diwali!

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