The stock market on Thursday started on a positive note hitting a fresh record high, however, in the last hour of the trade, it lost all its momentum and closed in red. The market indices on Friday, January 22 are expected to open in negative as the SGX Nifty indicated a lower opening for the domestic market. SGX Nifty was trading 38.00 points lower at 14,605.50. On January 21, the BSE Sensex crossed the 50,000 mark in the early trade for the first time but closed in red at 49,624.76 witnessing a decline of 167.36 points or 0.34 percent. Similarly, the NSE Nifty fell 54.35 points or 0.37 percent to close at 14,590.35 after hitting a lifetime high of 14,753.55.
Top stocks to look for the day are:
HDFC Bank: The Securities and Exchange Board of India (SEBI) has imposed Rs 1 crore penalty on HDFC Bank for non-compliance with an interim order.
South Indian Bank: The company released its December quarter results on Thursday and reported loss at Rs 91.6 crore against the profit of Rs 90.4 crore in Q3FY20. The net interest income of the company also fell to Rs 596.4 crore from Rs 601.8 crore YoY.
JK Tyre: Backed by the strong recovery in demand withinthe automotive space, the company reported sharply higher consolidated profit at Rs 230.7 crore in the December quarter compared to Rs 108.9 crore in the corresponding period of the last financial year. The revenue of the company rose to Rs 2,769.3 crore from Rs 2,274.8 crore on YoY basis.
Indian Energy Exchange: Releasing the quarterly results on Thursday, the company reported sharply higher consolidated profit at Rs 58.1 crore in Q3FY21 on YoY basis. The revenue of the company jumped to Rs 85.2 crore from Rs 59.7 crore YoY.
SRF: The company’s profit fell 5.3 percent to Rs 324.7 crore in Q3FY21 against Rs 343 crore in the corresponding period of the last financial year. Revenue of the company jumped to Rs 2,146.4 crore from Rs 1,850.5 crore on YoY basis.
Cyient: The company on January 21 reported a higher profit at Rs 95.4 crore in December quarter, rising 13.7 percent against Rs 83.9 crore in Q2FY21.
Quarterly Results: Reliance Industries, Yes Bank, HDFC Life Insurance Company, SBI Life Insurance Company, Indian Bank are some of the companies who will announce their quarterly earnings on January 22.
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