The Daily PulseBusiness
Indian Stock Market Expected To Open Higher Following Previous Decline
Reported by Vivek Joshi (Copy Editor) · Livemint - Markets ·
Reported by one source so far
Photo: Wikimedia CommonsIndian stock markets are expected to open higher on Friday, October 23, with the GIFT Nifty indicating a positive start after trading near 22,800. This follows three straight sessions of losses for the Sensex and Nifty 50, driven by rising crude oil prices and tensions in West Asia. The BSE Sensex fell 460.30 points to close at 73,249.39, while the NSE Nifty 50 dropped 123.70 points to 22,687.65 on Thursday.
Corporate Results And Stock Focus
Several major companies will remain in focus due to corporate updates and quarterly earnings reports. Swiggy reported a consolidated loss after tax of ₹922 crore for the September quarter, an improvement from ₹1,092 crore last year though wider than the ₹792 crore loss in the June quarter. Cyient posted a quarter-on-quarter revenue increase to ₹2,235 crore with a net profit of ₹132.5 crore. Adani Energy Solutions saw a 148% year-on-year jump in consolidated net profit to ₹1,323 crore, alongside revenue surging 53% to ₹10,076 crore. Colgate-Palmolive India reported a net profit of ₹341.5 crore, while Adani Total Gas posted a net profit of ₹167 crore. BlueStone Jewellery and Lifestyle narrowed its net loss to ₹3.2 crore compared to ₹52 crore previously. HPCL reported a net profit of ₹3,482.6 crore, recovering from a net loss in the preceding quarter. CreditAccess Grameen posted a net profit of ₹502 crore, marking a significant year-on-year surge.
Other Key Updates
eMudhra has chosen to voluntarily exit the global SSL/TLS certificate business due to rising compliance requirements, higher costs, and limited growth prospects. Meanwhile, total bids for Reliance Industries' Jio Platforms IPO crossed ₹1 lakh crore by the halfway point of its second day of bidding.
Context
Stock market movements are frequently influenced by international factors like crude oil prices alongside domestic corporate earnings results. Companies release their quarterly financial numbers regularly to give investors a clear picture of their business health.
