Stock Market Highlights: Nifty50 rises for 6th straight day to cross 17,800 as market clocks fresh 4-month peaks

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No time to get bearish on banking stocks yet: Jai Bala

Jai Bala of Cashthechaos.com believes it is not time yet to have a bearish on the banking basket. He suggests playing the trend in the short term. HDFC Bank is languishing a little bit but is fine as long as it avoids the Rs 1,410 level, he says. "But if it does print Rs 1,410, it is trouble for the banking sector. I don't see too much upside from here. But let's see," he adds. 

Market At Close | Sensex and Nifty50 at fresh 4-month closing highs

Here are some highlights: 

--Market has clocked gains in 22 of 30 sessions

--Midcap outperformance keeps market breadth in favour of the bulls

--Auto stocks rise amid demand uptick and new launches — Nifty Auto up more than two percent

--Eicher, M&M, Bajaj Auto hit fresh 52-week highs — Maruti Suzuki and Escorts rise up to nine percent

--HDFC AMC surges 11 percent after block deal of six percent equity — Standard Life likely seller

--Adani Ports among top Nifty gainers following earnings — stock up four percent

--Samvardhana Motherson up more than five percent after 1:2 bonus issue announcement

--Muthoot Finance slumps 12 percent after weak earnings

--Max Health rises eight percent despite 27 percent stake sale by KKR

--DFM Foods surges 20 percent as parent company announces delisting plan

--UTI AMC surges 16 percent as sources say Tata MF looking to buy stake in company

Banking demonstrated upbeat growth and credit cost outlook in April-June: ICICI Securities

"Earnings of SBI, HDFC Bank and Kotak Mahindra Bank lagged ICICI Securities expectations due to higher-than-anticipated treasury loss and elevated opex. For these banks, we revised FY23E/24E earnings a tad downwards. Bandhan Bank landed into a series of events in Q1FY23 and revised MFI regulations; Assam floods and declassification of loans under certain PSL categories led to earnings miss," the brokerage says.

ICICI Securities has Axis Bank and IndusInd Bank as its preferred picks from the space. "Consistent earnings delivery will gradually drive rerating in SBI and HDFC Bank as well," it adds. 

Expect margin to move higher in coming year: Matrimony.com's Murugavel Janakiraman

Murugavel Janakiraman, Founder and CEO of Matrimony.com, tells CNBC-TV18 the company expects revenue growth to come in at "a little over 10 percent or in low teens" for the year ending March 2023. "As we progress, when all the initiatives start moving up, we'll expect the margin to move up in the coming year. In terms of the outlook for this year, we had double-digit growth last year, and we do expect the double-digit growth momentum to continue," he says. 

"We taking steps to move growth to much higher levels but our current outlook probably may be for double-digit growth in the low teens only," he adds. 

SBI shares under pressure

Vaishali Parekh, Head of Tech Research at Prabhudas Lilladher, believes SBI shares have taken a breather on account of an overall consolidation in the entire banking basket, which in her view has moved too much.

She suggests investors to continue to hold the SBI stock for a longer-term target of Rs 620.

Insecticides India eyes better margin from September quarter

Rajesh Aggarwal, Managing Director at Insecticides India, tells CNBC-TV18 that the company expects its margin to improve from the second quarter of the financial year ending March 2023. He also says the company's expansion at its Rajasthan and Gujarat operations will aid its revenue in the coming quarters.

Insecticides India should clock exports revenue of around Rs 150 crore in instead of its previous target of Rs 200 crore, he adds. 

Nifty Auto up over 2% led by Maruti Suzuki, Mahindra & Mahindra and Tata Motors

Cautious on the market: Mirae's Rahul Chadha

Rahul Chadha, Chief Investment Officer at Mirae Asset Global Investments, has a cautious view on the market. "Most investors have been pleasantly surprised by this rally. If we go 30 or 40 days back, everybody was uniformly bearish and somewhere there were fears that oil would go to $150-175 per barrel because of these shortages from Russia. The worst case scenario didn't play out on oil," he tells CNBC-TV18. 

"What we've seen is good set of results. A mix of low investor positioning and the worst case was not playing out... Strong earnings has led to what we see now," he adds. 

Glenmark Pharma voluntarily recalls tubes of skin medication from US 

Mother Dairy, Amul to hike milk rates by Rs 2 a litre from Wednesday

Ujjivan Small Finance Bank hikes rates by 30-150 bps across 3 tenures

Bajaj Electricals near day's low