Stock Market Today: GIFT Nifty indicates a bearish start; Kotak Mahindra, Axis Bank in focus

Stock Market Today: Dalal Street appeared to be getting off to a bad start on Thursday as the Nifty on the NSE IX trading lower by 53 points at 22,367. Aegis Logistics had a gain of more than 12%, setting a new record. Data Patterns ended the day up more than 6%, a sign of optimism among investors. Finolex Industries also had a rise of more than 7%, reaching a new high in the course of the trading day. Benchmark equity indexes closed higher on Wednesday, propelled by advances in metal and heavyweight banking firms. This week, investors' focus shifted to the impending results releases from Nifty 50 businesses. The S&P BSE Sensex and NSE Nifty50 indexes ended the day around 0.2% higher at 73,853 and 22,402, respectively.

Stock Market Today: Stocks in focus

Kotak Mahindra Bank

The Reserve Bank of India withheld new credit card issuance and prohibited Kotak Mahindra Bank from accepting new clients via its mobile and internet banking platforms due to regulatory concerns over its technological platforms. The RBI examined the bank's IT systems during the previous two years, and the bank's persistent failure to resolve issues prompted the steps.

Axis Bank

Despite increased provisions for bad loans, the private sector lender posted a standalone net profit of Rs 7,130 crore for the March FY24 quarter, up from a loss of Rs 5,728.4 crore in the same time of the previous fiscal year. With a net interest margin of 4.06 percent, net interest income increased by 11.5 percent year over year to Rs 13,089 crore for the quarter. Asset quality improved as the net non-performing assets (NPA) in Q4 FY24 dropped 5 bps QoQ to 0.31 percent and the gross non-performing assets (NPA) dropped 15 bps sequentially to 1.43 percent.

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