Market watch: Q4 Earnings day for leading companies

As the financial season unfolds, investors and stakeholders eagerly anticipate the quarterly results of key players in various sectors. Today marks an important day as 42 companies including Dr Reddy's Labs, Voltas, JSW Energy, Pidilite Industries, and United Breweries are unveiling their performance for the fourth quarter.

Markets experienced a mixed performance as sectors like banking, IT, real estate, and automobiles saw selective buying, pushing the Sensex marginally higher. However, gains were offset by significant declines in oil & gas, power, consumer durables, and capital goods stocks. Prashanth Tapse from Mehta Equities Ltd noted that investors are likely to approach trading cautiously amid uncertainty regarding rate cuts and persistent inflation concerns.

Meanwhile, the BankNifty index traded sideways, finding strong support in the 49,000-48,900 range. Kunal Shah, a Senior Technical & Derivative Analyst at LKP Securities, highlighted that bulls defended the support zone successfully, with resistance seen at 49,300. A breakthrough could lead to short-covering moves towards 49,500, while breaching 48,900 may trigger further selling pressure towards 48,400, where the 20-day moving average is positioned.

The Q4 results 42 companies present a snapshot of their performance amidst challenging market conditions. Whether it's innovation in healthcare, engineering solutions, clean energy, adhesive products, or alcoholic beverages, these companies play a pivotal role in shaping India's economy and consumer landscape.