Q3 results today: HDFC Bank, ICICI Lombard, L&T Technology among 31 companies to announce Q3FY24 earnings today

Q3 results today: Indian markets are primed for a day of high anticipation as a slew of major companies will release earnings for the third quarter of FY24 on January 16, including heavyweights like HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, and several others. These results will provide crucial insights into the performance of various sectors and offer clues about the broader economic recovery.

On January 15, the Sensex experienced a surge of 759 points, reaching 73,328, primarily driven by gains in the technology sector, banking stocks, and Reliance Industries. Simultaneously, the Nifty 50 saw a substantial increase of 203 points, crossing the 22,098 mark, as expected. Companies releasing Q3 results today: A total of 31 companies are scheduled to release their Q3 results today.

These include HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, , , , Himadri Speciality Chemical, Jindal Saw, Network18 Media & Investments, Newgen Software Technologies, TV18 Broadcast, C.E. Info Systems, Credo Brands Marketing, Hathway Cable & Datacom, Lotus Chocolate Company, National Standard (India), Gallantt Ispat, India Steel Works, Binani Industries, Next Mediaworks and RO Jewels.

Analysts and brokerage firms are anticipating the bank will report overall good numbers for the third quarter. However, the net interest margins (NIMs) could see the pressure of the high cost of funds. | Earlier this month HDFC Bank announced its gross advances aggregated to 24,69,500 crore as of December 31, 2023, registering a growth of around 62.4% over 15,20,500 crore as of December 31, 2022, Mint reported earlier.

Meanwhile, on Tuesday, Nifty and Sensex soared to fresh record highs today, led by favorable macroeconomic and geopolitical factors. Nifty gained 203 point sto end at 22,097, while Sensex surged 847 points to close at 73,327, showcasing the dominance of bullish momentum. Bank Nifty also contributed to the upbeat trend, registering a 1% gain for the day.

“From a technical perspective, Nifty eyes the psychological 22,500 mark, with a critical support level at 21,507. Despite potential headwinds such as rising retail inflation and a slowdown in industrial growth, the market maintains a positive trend, targeting an immediate upside of 22,300. Traders are advised to monitor profit booking in the 22,200 22,300 zone, recognizing the sustained one sided rally," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

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