Market Overview
On Thursday, September 26, 2024, Indian markets are anticipated to open higher, drawing inspiration from a positive trend in global markets, particularly in the Asia-Pacific region. GIFT Nifty futures are trading above 26,000, approximately 50 points ahead of the Nifty futures’ last close at 25,998.
In the Asia-Pacific markets, there is a notable rebound, with expectations that Chinese markets will maintain their upward trajectory. Hong Kong’s Hang Seng index futures are currently at 19,336, surpassing the previous close of 19,129.1.
In Japan, the Nikkei 225 is up 1.7% in early trading, with the broader Topix gaining 1.2%. South Korea’s Kospi leads the region with a 1.77% increase, while Australia’s S&P/ASX 200 has risen by 0.68%.
Overnight in the U.S., benchmark indices closed with mixed results. The S&P 500 and Dow Jones retreated from record highs, ending lower, while the tech-heavy Nasdaq managed a slight gain. The S&P 500 fell by 0.19%, and the Dow Jones dropped 0.7%, while the Nasdaq Composite closed up by 0.04%.
Stocks in Focus
State Bank of India (SBI): SBI is setting ambitious targets to become the first Indian financial institution to achieve a net profit of ₹1 trillion within the next 3-5 years, as stated by Chairman C. S. Setty. The bank reported a standalone net profit of ₹61,077 crore for FY24, reflecting a year-over-year growth of 21.59%. SBI aims to balance profit growth with a customer-centric approach, anticipating a robust credit pipeline of ₹4 trillion, primarily from corporate clients in infrastructure sectors.
Vedanta: Investors will be keeping an eye on Vedanta amid ongoing developments in the mining sector and commodity prices.
HDFC Bank: As one of India’s leading private sector banks, HDFC Bank’s performance will be closely monitored in light of recent financial results and market movements.
Piramal Pharma: Following recent announcements, Piramal Pharma is expected to attract attention as investors evaluate its growth prospects.
Bank of India: As the bank navigates through various strategic initiatives, market participants will be looking for updates on its financial health and operational strategies.
These stocks are likely to be pivotal in Thursday’s trading session as investors digest market trends and company-specific developments.
Related topics: