Reliance, ICICI Bank, UltraTech Cement, Axis Bank, Gland Pharma, Kotak Bank, Adani group stocks in focus

Indian benchmark indices are likely to start the week on a positive note, hinted SGX Nifty on Monday. On the Singapore Exchange, Nifty futures traded 83 pts higher at 18,128

level. In the previous session, Sensex fell 237 pts to 60,622, while NSE Nifty 50 declined 80 pts to 18,028. “Nifty has been trading within the 17750-18250 zone for the last four

weeks and either side’s decisive break would help in setting the tone for the next directional move. Meanwhile, we recommend continuing with stock-specific trading approach and

focusing on overnight risk management. Participants should prefer index majors and quality midcaps over others citing the prevailing underperformance of the broader indices,” said

Ajit Mishra, VP – Technical Research, Religare Broking. Stocks in focus on 23 January, Monday Reliance Industries: RIL on Friday reported a 15% on-year decline in net

profit to Rs 15,792 crore during the October-December quarter, constrained primarily by higher finance cost, depreciation and special additional excise duty. RIL’ telecom arm

Reliance Jio and retail arm Reliance Retail each posted healthy double-digit growth in revenues on-year as more consumers used their services. Jio increased its revenue by 18.87%

on-year to Rs 22,998 crore in Q3FY23, driven by the steady increase in both the subscriber base and ARPU. Reliance Retail Ventures clocked a 17% on-year jump in revenue from

operations at Rs 67,634 crore in the quarter ended December 2022. RIL board also approved raising Rs 20,000 crore through non-convertible debentures (NCDs).