India’s Axis Bank reported a 10% increase in net profit for the second quarter, surpassing expectations. The growth was attributed to strong loan demand and an uptick in consumer spending. The bank’s CEO expressed optimism about continued growth in the personal loan segment and strong demand from corporate clients. The bank’s asset quality also improved, with a decrease in non-performing assets.
Indian equity indices opened higher for the second straight session on Thursday led by L&T, HDFC Bank and Reliance Industries. The S&P BSE Sensex was trading 145 points or 0.22% higher at 66,264. Nifty50 was trading at 19,755, up 39 points or 0.20% at around 9.16 a.m. Oil prices scaled one-year highs on Thursday, while world stocks eyed their longest losing streak in two years as worries deepened about persistently high interest rates, sending investors to shelter in the safety of a surging U.S. dollar.
Indian equities ended on a positive note in Wednesday’s session led by strong support from the banking and pharma space. Benchmark Sensex rose for a ninth straight session while Nifty closed above the record 20,000 mark for the first time as positive macroeconomic data triggered buying in banking, energy and telecom shares. Here are the stock recommendations for Thursday: Axis Bank, Britannia, Bank of India, Atul Auto, NIIT, PNB, and Aarti Drugs.
Indian equities continued their upward trend on Friday, with Nifty rallying 93 points and settling at 19,820. Here are the stock recommendations for Monday’s trading, including Axis Bank, Tech Mahindra, Schaeffler India, Punjab and Sind Bank, Affle (India), Deepak Fertilizers, and Bajaj Auto.
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Independent Market Expert, Hemang Jani, suggests investors consider Bajaj Finance for stable returns of around 18-20%, while recommending Axis Bank and ICICI Bank for better growth prospects. Jani highlights Bajaj Finance’s healthy growth in assets and parameters, making it a recommended stock for investors seeking stable returns. However, for those looking for growth, Jani suggests considering banks like Axis Bank or ICICI Bank, which offer better growth prospects due to higher valuation comfort.
