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Informist, Friday, Oct. 24, 2025

By Anjana Therese Antony

MUMBAI – Some bearish bets were added to the options chain of Kotak Mahindra Bank ahead of its likely muted September quarter earnings, due Saturday. The caution was reflected in the premiums of deep out-of-the-money put contracts which surged while those on call options declined. The lender's bottom line for the reporting quarter is likely to be the same as the year-ago period as the pressure on its net interest margins is likely to offset the impact of the growth in business operations, broking firms said.

On Friday, its stock closed almost 2% lower at INR 2,187 on the National Stock Exchange and the bank lost almost INR 770 billion in market capitalisation. The support for the stock is seen at INR 2,100 and resistance at INR 2,240, Emkay Global Financial Services said in a note.

The maximum open interest concentration is at INR 2,200 call expiring next week and INR 2,100 put options, with call addition of 662 lots at INR 2,200 strike and put addition of 491 lots at INR 2,060 strike, the broking firm said. Premiums on call options INR 2,200-INR 2,300 fell more than 35% and those on INR 2,180-INR 2,000 put contracts increased 100-120%. 

Kotak Mahindra Bank's net profit is seen flat on year at INR 33.38 billion and net interest income is seen rising nearly 4% on year to INR 73.13 billion, as per the average of estimates by 10 brokerages. This will be worse than its industry peer ICICI Bank which had reported a 5% bottom-line growth and a 7% rise in NII for the reporting quarter. 

The Indian stock market is likely to see selling pressure as valuations remain expensive. The Nifty 50 failed to cross its psychologically important 26000 level Friday after it had hit its new one-year high in the previous session. The index closed 0.4% lower at 25795.15 points, but sustained above its key support of 25500 points. The near-term resistance remains at 26000 points, but derivatives analysts believe that the index will struggle to cross this level and even the record high of 26277.35 points it had hit in September last year, which is still 2% higher than the current level. 

The September quarter earnings season is likely to provide cues for investors, along with developments related to the trade talks between the US and its trading partners. Investors will closely watch the updates with respect to independent discussions of the US with China as well as India.  

--Nifty 50 October closed at 25814.30, down 162.60 points; 19.15-point premium to the spot index

--Nifty 50 November closed at 25952.00, down 157.70 points; 156.85-point premium to the spot index

--Nifty 50 December closed at 26131.10, down 148.70 points; 335.95-point premium to the spot index

HDFC Bank, ICICI Bank, Reliance Industries, Bajaj Finance, Eternal, Axis Bank, State Bank of India, Bharti Airtel, Vedanta, Kotak Mahindra Bank, Tata Consultancy Services, Infosys, Hindustan Unilever, Sammaan Capital, Hindalco Industries, Vodafone Idea, and InterGlobe Aviation were the most actively traded underlying stocks Friday.  End

Edited by Akul Nishant Akhoury

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