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Informist, Friday, Feb. 7, 2025

MUMBAI – Benchmark indices are expected to be range-bound next week with a downward bias as indices face persistent selling pressure at higher levels, analysts said. The direction of headline indices will be decided by specific stocks, with corporate earnings playing a major role. 

Friday, the Nifty 50 ended at 23559.95 points, down 43.40 points, or 0.2%, and the BSE Sensex closed at 77860.19 points, down 197.97 points, or 0.3%. Both indices had fallen 0.7% during the session as investors were unimpressed by the Reserve Bank of India's 25-basis-point cut in the RBI repo rate. 

The Nifty 50 will remain sideways until it crosses 23700, Osho Krishan, senior technical and derivatives analyst at Angel One, said. "The chart (for the Nifty 50) looks very challenging for the next week...it will be a buy on dip market with no major upside," Krishan said. Krishan pegged the support for the index at 23384 points.

However, the Nifty Bank is at a crucial level, and if it breaches 50200 points and 50500 points, then it might rise to as high as 52000 points, Krishan said. Friday, the index closed 0.4% lower at 50158.85 points. Krishan said he was bullish about the Nifty 50 on Monday, but stressed that global factors such as the performance of the US market and any news regarding tariffs from the US would play a key role. 

Other analysts also believed that the Nifty 50 was in a "buy-on-dips" range. While the underlying sentiment remains bullish, a sustained close below 23,300 points could weaken sentiment, and could shift the momentum in favour of bears, Ashish Sherigar, technical analyst at NVS Brokerage, said. The Nifty 50 could take support at 23,300 points, and said the index could face selling pressure at 23,800 points, Sherigar said. 

Shares of Delhivery might fall Monday, after the company reported a consolidated net profit of INR 249.88 million for the December quarter after market hours Friday, missing analysts' estimates of INR 686 million. Investors will also react to the earnings of LIC, which reported an 8% on-year rise in its net profit for the quarter. The market will also react to the commentary by the managements of Mahindra & Mahindra, LIC, PI Industries, Mazagon Dock Shipbuilders, and Delhivery.

On the earnings front, Apollo Hospitals Enterprise, Grasim Industries, and Eicher Motors will all report their earnings for the December quarter Monday. The consolidated net profit of Apollo Hospitals is seen rising 40% on year to INR 3.4 billion in the reporting quarter. Eicher Motor is expected to report a 20% on-year rise in consolidated net profit to INR 11.91 billion. Meanwhile, Grasim Industries is likely to report a standalone net loss of INR 42 million for the quarter against a net profit of INR 2.36 billion a year ago. Varun Beverages, FSN E-Commerce Ventures, Escorts Kubota, and Patanjali Foods are some of the other big names that will report their quarterly earnings Monday.  End

Edited by Deepshikha Bhardwaj

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