Max Financial shares gain 1.05% as Sensex falls

Shares of Max Financial Services Ltd. traded 1.05 per cent higher in Wednesday's session at 10:00AM (IST). The stock opened at Rs 710.05 and has touched an intraday high and low of Rs 726.05 and Rs 707.85, respectively, during the session so far.

The stock quoted a 52-week high of Rs 1081.0 and a 52-week low of 627.8. About 17,731 shares changed hands on the counter so far.

Benchmark Nifty50 was down 100.9 points at 18131.65, while the BSE Sensex traded 331.54 points lower at 60962.66 at the time of writing of this report.

In the Nifty pack, 9 stocks traded the day in the green, while 41 were in the red.


Key Financials
For the quarter ended 30-Sep-2022, the company reported consolidated sales of Rs 9322.59 crore, up 184.58 per cent from the previous quarter's Rs 3275.89 crore and up 0.05 per cent from the year-ago quarter. The company reported net profit of Rs 51.29 crore for the latest quarter.

Promoter Holdings
Promoters held 14.72 per cent stake in the company as of 30-Sep-2022, while FIIs held 45.62 per cent and MFs 28.05 per cent.

Technicals
On the technical charts, the 200-Day Moving Average (DMA) of the stock stood at Rs 760.74 on January 04, while the 50-DMA was at Rs 690.69. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades well below 50-DMA and 200-DMA both, it is considered as bearish trend and if trades between these averages, then it suggests the stock can go either way.