Indian equities rise as Nifty approaches 23,500, earnings reports mixed
The Nifty index closed near a key resistance level while companies such as ITC, Marico and Container Corp posted divergent quarterly results.
Indian equity benchmarks extended gains on Monday, with the Nifty index finishing close to the 23,500 resistance zone and eyeing its 100-day moving average around 23,700. Technical analyst Vatsal Bhuva of LKP Securities said the index’s immediate support lies between 23,150 and 23,100, while resistance is seen at 23,500 and 23,700.
Among the stocks under focus, ITC reported an 18.5% year-on-year decline in consolidated net profit to Rs 4,229 crore for the September quarter, citing a sharp drop in earnings from its cigarette business despite a 5% rise in total revenue to Rs 20,454 crore.
Marico posted a 31% increase in net profit to Rs 550 crore, with revenue from operations up 12% to Rs 3,897 crore and EBITDA margin expanding to 18.2% from 16.2% a year earlier.
Container Corporation of India recorded a 6.8% fall in net profit to Rs 353 crore, while revenue grew marginally by 1% to Rs 2,379 crore.
Other corporate updates included Lloyds Engineering Works’ plan to invest Rs 100 crore in its subsidiary SISCOL via a private-placement share issue, and IDBI Bank employees beginning a two-day strike to protest a proposed sale to Canada’s Fairfax Financial Holdings.
Petronet LNG posted a sequential profit rise of 9.1% to Rs 1,235.4 crore, and PTC India saw net profit drop 24.8% to Rs 143.68 crore. Granules India reported a 39.2% profit increase to Rs 182 crore, while Sun Pharmaceutical clarified that a previously reported halt to eye-care drug production related to an August 2026 event and required no new disclosure.
Investors will watch upcoming September-quarter results from State Bank of India, the National Stock Exchange, Bajaj Finserv and several other firms scheduled for release later today.