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markets rally as sensex gains over 1000 points amid positive sentiment

Markets surged mid-day, with the Sensex climbing 1,025.48 points to 78,181.27 and the Nifty gaining 324.90 points to 23,674.80, driven by strong performances in realty, banking, and IT sectors. Despite challenges like the Russia-Ukraine war and a prolonged selling streak by FIIs, the overall market sentiment remains positive, reflecting a correction rather than a crash.

Sensex and Nifty decline amid Adani bribery allegations and geopolitical tensions

The Sensex fell by 424.48 points (0.55%) to 77,153.90, while the Nifty dropped 165.10 points (0.70%) to 23,353.40 amid concerns over a $250 million bribery indictment against Gautam Adani and geopolitical tensions from the Russia-Ukraine conflict. Public sector banks and energy stocks were particularly hard hit, with 2,354 shares declining compared to 958 advancing. Analysts suggest that the combination of these factors is leading investors to adopt a cautious approach, further pressuring the markets.

bank stocks plunge amid adani bribery allegations and market sell-off

Bank stocks experienced a sharp decline on November 21, driven by a broad market sell-off and bribery allegations against Gautam Adani and his executives. Most banking stocks fell, with major public sector banks like State Bank of India and Bank of Baroda losing 4-8%, while private sector banks showed relatively better performance.Following the Hindenburg report in January 2023, several banks disclosed their exposure to the Adani Group, with Life Insurance Corporation reporting Rs 35,920 crore and State Bank of India revealing approximately Rs 27,000 crore in total exposure.

trading insights for sbi life axis bank and other key stocks

On Monday, traders are advised to consider strategies for stocks including SBI Life, Axis Bank, Indian Hotels, Zomato, and Aegis Logistics. Additionally, there is an option to receive push notifications for relevant content and transaction updates.

Nifty reports single-digit earnings growth for second consecutive quarter

Nifty companies reported a 4% year-on-year profit growth in Q2, marking the second consecutive quarter of single-digit growth, driven by SBI, Hindalco, ONGC, ICICI Bank, and Axis Bank. However, underperformance from BPCL, JSW Steel, and others offset gains, with consumption and asset-quality stress in BFSI sectors noted as weak spots. FY25 earnings projections have been downgraded by 7%, with a mere 5% growth expected, the weakest since FY20.

mutual funds increase investments in top stocks amid market correction

In October, mutual funds (MFs) made net purchases exceeding Rs 92,000 crore in local equities, focusing on top Nifty stocks, while foreign institutional investors (FIIs) sold over Rs 94,000 crore. Despite a market correction with major indices dropping over 7%, MFs heavily invested in Mahindra & Mahindra, HDFC Bank, Axis Bank, ICICI Bank, and SBI, with Mahindra & Mahindra attracting Rs 6,840 crore despite a 12% decline in its stock price. HDFC Bank saw inflows of Rs 5,756 crore, while Axis Bank and ICICI Bank received Rs 4,115 crore and Rs 3,897 crore, respectively.

quarterly earnings reports reveal mixed results across various sectors

The Q2 earnings season for FY25 is underway, with major companies like Apollo Hospitals, Kansai Nerolac Paints, and Trident set to release their results. While many firms have reported, the overall corporate earnings scorecard has been weak, with only 62% meeting or exceeding profit expectations, particularly in the consumption sector. Notably, GAIL's earnings missed expectations due to lower gas trading margins, while Power Grid's profit remained flat year-on-year.

sebi issues notice to axis bank over max life insurance stake acquisition

Sebi has issued a show cause notice to Axis Bank regarding its stake acquisition in Max Life Insurance, which was communicated via email on October 25. Axis Bank, along with its subsidiaries, plans to respond, asserting that the transactions were conducted with necessary regulatory approvals. Additionally, several directors and key personnel from Max Financial Services have also received notices from Sebi.

Q2 2024 earnings season gains momentum with major companies reporting results

Major companies including Coal India, JSW Steel, DLF, and Interglobe Aviation are set to release their Q2 earnings reports today, joining a wave of firms that have already reported results. Notable performances include Reliance Industries with a profit decline of 4.8%, while HCL Technologies and TCS reported profit increases of 10.5% and 5.0%, respectively. ICRA's profit rose by 15.6% to Rs 36.72 crore, and Oracle Financial Services Software saw a significant profit increase of 38.4% to Rs 577.70 crore.
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