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In a week marked by Middle East tensions, Indian equities experienced a downturn for the third consecutive day on Friday. The Nifty and Sensex, two of India’s major stock indices, both saw declines. Despite the overall trend, several companies bucked the trend and posted gains.
Among those that saw an increase in shares were Bombay Burmah Trading Corporation, One97 Communications, Sagar Cements, Jindal Stainless, RVNL, and Tanla Platforms. On the other side of the spectrum, ITC, HUL, IGL, and ICICI Bank experienced share declines.
RVNL, a state-owned engineering company specializing in railway projects, benefited from a new contract with the Vadodara division of Western Railways. This news boosted investor confidence and resulted in an uptick in their share price.
Tanla Platforms also saw a rise in share price following its strong September quarterly results. The cloud communications provider has been demonstrating consistent growth which has been reflected in their stock performance.
Meanwhile, IGL’s shares took a hit due to the Delhi government’s electric vehicle policy. The policy aims to increase the adoption of electric vehicles, which could potentially impact the demand for CNG supplied by Indraprastha Gas Limited (IGL).
ICICI Bank’s shares also dipped slightly ahead of its Q2 results. However, these results are expected to show strong net interest income and steady Non-Performing Assets (NPAs), indicating that this dip could be temporary.
Despite some companies managing to post gains amidst the turmoil, the overall trend for Indian equities this week was downward due to ongoing tensions in the Middle East. This geopolitical situation continues to influence investor sentiment and market performance. As always, investors will be watching closely for any changes that could impact their portfolios.
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