During last week, equity market exhibited volatile movement with positive trend in the wake of upcoming Union Budget and quarterly earnings of companies. NIFTY gained 0.40% while Sensex rose by 0.60% on weekly basis. IT stock gained the most. On earnings side, Q3 consolidated net profit of Reliance Industries Limited came down by 15% on yearly basis. During the same quarter, standalone net profit rose by 34.2% on yearly basis while net interest income increased by 34.6%. Kotak Mahindra Bank’s net profit soared by 31% during Q3FY23 beating estimate.
Equity Market Summary:
o Wallstreet indices closed on positive note Friday driven by strong corporate earnings. On weekly basis, Dow Jones fell by 2.70% while NSDAQ rose by 0.55%.
o German DAX fell by 0.35% while UK FTSE came down by 0.94% on weekly basis.
