Q3 Results Today: Bajaj Healthcare, Pfizer, Tata Power, Hero Motor, among 351 companies to post earnings on February 9

Following the anticipated outcome of the RBI policy meeting, bears regained control at Dalal Street, pushing the Nifty 50 below its 10-day EMA, which had previously provided support. On February 8, the market witnessed a downturn driven by banking & financial services, auto, and FMCG stocks. The BSE Sensex plummeted by 724 points or 1 per cent to 71,428, while the Nifty 50 declined by 212.5 points to 21,718.

The Indian equity markets started on a positive note, just above the 22000 mark on the eventful day of weekly settlement and MPC outcome. However, a sense of tentativeness was always there, and surprisingly, after the commentary, the market witnessed an intense bout of sell-off, eroding all the positive developments and sentiments of the previous session. After a small span of breather, the sell-off aggravated and dragged Nifty lower to conclude the session around 21700 levels, eroding nearly a per cent from the last closure, according to Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One.

The strong bearish candle formation on the daily chart might negate the intermediate bullish undertone, though the index’s placement is still within the consolidation zone. The 20 DEMA is very much in the vicinity and a breach below could further disrupt the chart structure, and we might witness 21500 in the comparable period. The broader structure remains sideways, with Nifty hovering within a broad range of 500-600 odd points. On level specific front, 21500 should be acting as a strong support zone, and till the market sustains above the same, we might witness some buying traction. On the higher end, 21800-21900 is likely to act as an intermediate resistance zone, with a sturdy hurdle placed at the 22000 mark, Krishan further added.

Selling intensified after the RBI’s monetary policy announcement in the first half with heavy selling in private banking scrips leading the slump. The banking industry has been facing liquidity issues in recent times and with the central bank’s decision showing no signs of an interest rate cut in the near term, investors slashed their positions in financial stocks. However, sharp gains in IT and oil & gas stocks helped markets pare losses, although underlying sentiment remains sluggish to negative,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, added.

Q3 Results 2024 List: Over 350 Companies to post earnings on February 9

Bajaj Healthcare Ltd, Bajaj Hindusthan Sugar Limited, Caplin Point Laboratories Ltd, Emami Ltd, Inox Wind Ltd, Pfizer Ltd, PI Industries Ltd, Saregama India Ltd, Shalimar Paints Ltd, TV Today Network Ltd, United Drilling Tools Ltd, Vindhya Telelinks Ltd, WABAG Ltd (VA TECH WABAG LTD.), Zydus Lifesciences Ltd, A.K. Capital Services Ltd, Alkem Laboratories Ltd, Bandhan Bank Ltd, Hero MotoCorp Ltd, Indigo Paints Ltd, ITC Ltd (if it refers to Indian Tobacco Company), Jubilant Industries Ltd, Max Estates Ltd, MRF Ltd, PI Industries Ltd, Reliance Infrastructure Ltd, Sterlite Technologies Ltd, Tata Power Co. Ltd, TV Today Network Ltd, Vippy Spinpro Ltd and Windsor Machines Ltd are among 351 companies scheduled to post their earnings today.

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Published: 09 Feb 2024, 08:27 AM IST