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Informist, Thursday, Jan. 30, 2025

By Akash Mandal

MUMBAI – Benchmark indices are expected to open higher Friday but may remain range-bound throughout the session, as investors stay cautious ahead of Saturday's Union Budget, analysts said. According to Riyank Arora, technical analyst at Mehta Equities, the Nifty 50 is unlikely to cross 23500 points Friday, with market volatility anticipated in the lead-up to the Union Budget. "It is always difficult to predict the market before the Budget... however, it (Nifty 50) is expected to open higher," Arora said. Despite the persistent volatility in the market over the week, it seems like the bearish trend seen in the market is reversing, he said. However, in case of a fall, the Nifty 50 is expected to take support at 23100 points. 

Ahead of the Budget, the market is expected to focus on corporate earnings released after market hours Thursday and during the session Friday. Shares of index heavyweight Larsen & Toubro will be in focus. The company reported a consolidated net profit of INR 33.59 billion for the December quarter, missing analysts' expectations of INR 36.72 billion. Meanwhile, Bank of Baroda shares may see a rise after the lender's net profit for the quarter exceeded Street expectations.

Shares of Tata Consumer Products may fall after the company's consolidated net profit of INR 2.79 billion for the December quarter came in below analysts' expectations of INR 3.26 billion. Astral, Shree Cement, Jindal Steel & Power, Max Healthcare, and GAIL (India) also reported their earnings after market hours. Biocon, Kalyan Jewellers, The Phoenix Mills, PB Fintech, and Prestige Estates Projects were among the other Nifty 200 companies due to report their earnings later Thursday. All these stocks are likely to see action Friday.

Friday will be another heavy day on the earnings front, with four Nifty 50 companies scheduled to announce their earnings for the December quarter--Nestle India, IndusInd Bank, Oil & Natural Gas Corp., and Sun Pharmaceutical Industries. Nestle's top line and bottom line are expected to rise on year but fall 5% and 8%, respectively, sequentially. This expected decline is because of subdued consumer demand and higher prices of raw materials impacting the company's volume growth in the December quarter. ONGC, IndusInd Bank, and Sun Pharma are also expected to report subdued earnings for the quarter.

Cholamandalam Investment and Finance Co., Punjab National Bank, Vedanta, IRB Infrasructure Developers, UPL, Bandhan Bank, LIC Housing Finance, Marico, and Poonawalla Fincorp are the other companies from the Nifty 200 constituents that will announce their earnings Friday.  End

Edited by Subhojit Sarkar

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