“Friday was a good day and over the next few days, any investor with a time horizon of one year and above can go and buy into these stocks because these companies are doing well and will continue to do well. The banks clearly stand out in that sense because they are down pretty sharply today. "

The 30-share index was trading 535 points or 0.89% lower at 59,669 at around 9.20 AM. Similarly, Nifty50 was trading at 17,769, down 122 points or 0.68%.

The index remained below the 50-day exponential moving average on the daily timeframe, confirming the bearish trend.

Banks have benefited largely due to a quick rate transmission under the external benchmark regime and will lose out on net interest margin (NIM) growth in the coming quarters as they are forced to increase deposit rates to fund credit growth here on

Emkay Global Financial is bullish on AXIS Bank has recommended buy rating on the stock with a target price of Rs 1300 in its research report dated January 23, 2023.

When it comes to banks, we are dealing with the problem of plenty. What is happening is that most of the banks are delivering good numbers and the issue is because of the over ownership.

"Transformation is in the right direction...We expect the discount to larger private sector peers to narrow as Axis Bank starts reporting strong operating performance on a more sustainable basis," JM Financial said in a client note.

Sharekhan is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 1140 in its research report dated January 23, 2023.

Markets continued to remain indecisive, and this is the typical characteristic of the consolidation phase. Niftys broader trading band of 17,800-18,300 remains intact, hence decisive breakthrough above 18,300 is essential to regain required momentum on upside,” said Amit Trivedi, CMT, Technical Analyst - Institutional Equities, YES Securities.

The NSE Nifty index closed 0.25 points down at 18118.3

Axis Bank, Dr. Reddys, Hindalco, Power Grid and Grasim Inds. were among the top losers on NSE in today's trade.

RBM Infracon Ltd., Radhika Jeweltech, Nitiraj Engineers, Gravita India and Mahickra Chemicals, hit their fresh 52-week highs during the day.

The BSE midcap and smallcap indices shed 0.3-0.4 percent.

The BSE Sensex index ended 37 points or 0.06% higher at 60,979, while Nifty50 closed at 18,118

The NSE Nifty index closed 0.25 points down at 18118.3

Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 278591.10 Crore).

Axis Bank, Power Grid, Dr. Reddys, Bharti Airtel and SBI Life were among the top losers on NSE.

"Beat was across operating metrics, especially with NIMs soaring as much as 30 bps QoQ to 4.26%," ICICI Securities said. Kotak Institutional Equities, on the other hand, doesn't see material risk to its earnings forecast as the bank has higher provisions made in recent years.

RBM Infracon Ltd., Radhika Jeweltech, Gravita India, Tapi Fruit Processing Ltd. and Upsurge Seeds of Agriculture Ltd., hit their fresh 52-week highs at 11:06AM.

The NSE Nifty index was trading 40.25 points up at 18158.8

​The multiples are close to their growth rates, about anywhere between 16 to 20 times. So the downside is not that and any hint that an inflation is slowing down, the economy is reviving in the US will take these stocks up so I think this is the time to actually buy the stocks.

Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 284741.01 Crore).

The NSE Nifty index was trading 31.15 points up at 18149.7

Global brokerage houses such as CLSA maintained a Buy rating on M&M, while Motilal Oswal has a Buy call on Tata Consumer, and Morgan Stanley raised the target price for Axis bank post Q3 results.

​Among the Sensex stocks, Tata Motors, ICICI Bank, Infosys, IndusInd Bank, HDFC Bank, Tech Mahindra rose about 0.5-1%. Bajaj Finserv, Asian Paints, SBI, M&M, and Maruti also opened with gains.

Since November 2022, the stock has remained in pressure and is currently oscillating around a 20-month EMA. The stock may witness near-term volatility, as its quarterly result is scheduled on 24th January 2023.

Axis Bank Q3: Net interest income rose 32 percent year-on-year to Rs 11,459 crore on the back of a strong 15 percent loan growth and an expansion in net interest margins.

Net interest income grew 32.4% YoY to Rs 11,459 crore

​So, I would think that Kotak Bank results were good, its value of subsidiaries expanded but it is still more expensive than the other banks. With respect to ICICI Bank results, it was difficult to find out anything negative except for the lower deposit growth vis-a-vis credit growth and as they try to gain more deposits how that impacts their margins that is something we need to see.

Oil-to-telecom conglomerate Reliance Industries Ltd's net profit fell 15% to Rs 15,792 crore in the December quarter, while revenue from operations rose 15% to Rs 2.20 lakh crore. The net profit was below the estimates. The weak performance in the oil-to-chemicals (O2C) segment was partly offset by growth in the consumer businesses.

Kotak has estimated about 30% growth in operating profit, led by normalization of operating expenses. While slippages are seen at Rs 3,500 crore (2% of loans), led by small-ticket loans, the brokerage expects strong commentary on the asset-quality performance and an improvement in NPL ratios, aided by stronger recovery/upgradation.

With earnings of index heavyweight Reliance out of the way, some major companies, including Axis Bank, Maruti Suzuki, Tata Motors, Bajaj Auto, Cipla, Bajaj Finance, Vedanta, and NTPC, among others, are slated to announce their third-quarter results this week. The markets on Monday will also react to RIL's earnings, which disappointed the Street, as well as other index majors ICICI Bank and Kotak Bank.

Net Interest Income (NII) is expected to increase by 30.8 percent Y-o-Y (up 9.3 percent Q-o-Q) to Rs. 11,320.2 crore, according to Prabhudas Lilladher.

Amid impressive credit growth, banks remain the top pick of most brokerages despite the FII selling. On IT, however, many analysts have a cautious stance saying they expect more pain ahead due to global macro factors.

The BSE Sensex index ended 187 points or 0.31% lower at 60,858, while Nifty50 fell 57 points or 0.32% to settle at 17,108

Indias valuation premium to Asian peers has come off the peak but remains well above historical average. “Since 2015, as interest rates moderated, we have seen a large P/E expansion in the Indian market and we think some more time correction is likely.

The NSE Nifty index was trading 67.1 points down at 18098.25

“The crucial issue influencing equity markets globally is whether the US will succeed in containing inflation without falling into a recession. There is no consensus on this,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

2023 will be a strong year of earnings for Indian banks, Morgan Stanley said in a note. Traders can deploy a Barbell strategy that could bring better outcomes this year, said the global brokerage.