Q3 results 2024: India Inc. is all set to enter into the second week of ongoing October-December quarter results for fiscal 2023-24 (Q3FY24) on January 15. A majority of companies have informed their boards when they will consider their earnings reports for the October-December period or the third quarter.
For starters, Jio Financial Services, Angel One, PCBL, Choice, International, Kesoram Industries, Fedbank Financial Services, Brightcom Group, Reliance Industrial Infrastructure, Nelco, Suraj Estate Developers, Digicontent, Golkunda Diamonds & Jewellery, Emerald Finance, Excel Realty N Infra, and Virtual Global Education, are expected to post their Q3 earnings on January 15.
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Jio Financial Services has occupied the centre stage as it will announce its December quarter results on January 15. This will be the NBFC’s second-ever quarterly results announcement after its listing in August 2023.
The benchmark indices closed January 12 at new record highs, with the BSE Sensex increasing 847 points to 72,568, while the Nifty 50 increased 247 points to 21,895 and formed a bullish candlestick pattern on the daily timeframe. A gap-up opening on the same day also marked a strong break through the downwardly-sloping resistance trendline hurdle of 21,750.
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It is noteworthy that despite looming recession fears and a global economic slowdown, Indian companies have managed to report fairly strong quarterly results for the period between April and June 2023. The performance between July 2023 and September 2023 further indicated recovery in the India Inc.
Quarter 3 2024 results so far
For the previous week, many stock adjustments and sectoral rotations helped the index to sustain the pivotal support zone, especially the index-heavyweight RIL. But in the last trading session, IT Giants came as a showstopper and launched the index into uncharted territory, turning all odds out and restrengthening the bullish momentum. At the current juncture, the milestone of 22000 is just a step away, and with the structural setup, 22100 is the next potential target for this week. On the lower end, 21800-21750 should now act as a cushion for any short-term blip, while strong support lies around the 21600-21500 zone,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One.
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Last week was for the bulls, as Nifty levitated to a new horizon with strong participation from the IT space. However, the major heavyweight BANKNIFTY lacked conviction, and its participation is crucial to strengthen momentum for this week. Meanwhile, the stance remained bullish, Krishan added.
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