KEY HIGHLIGHTS
US Futures Gain Ahead Of Comments From Fed Officials
December futures of the US indices rose as the markets await comments from FOMC Member Bostic and trade balance data. The S&P 500 futures rose 0.36% to 5,765.75, and the Dow Jones Industrial Futures rose 0.10% to 42,285.00 as of 3:29 P.M. The Nasdaq 100 futures rose 0.43% to 20,077.75 as of 3:41 p.m
Economic Data To Be Released On Later Tuesday
US: Trade Balance
US: FOMC Member Bostic Speaks
Europe: German Buba President Nagel Speaks
Nifty, Sensex Close Higher Ahead Of MPC Outcome As HDFC Bank, Infosys, RIL Gain: Closing Bell
Benchmark equity indices came out of their six-session losing streak and ended higher as heavyweights HDFC Bank, Infosys, and Reliance Industries led the gains.
They ended higher even as most global markets fell and investors now await the outcome of the monetary policy committee meeting due on Wednesday.
The Nifty 50 closed at 25013.15 up 0.88% or 217.40 points and the Sensex was at 81634.81, up 0.72% or 584.81 points. Intraday, both the indices gained 1% and 0.88% respectively.
"The oversold condition played its part well and after a knee-jerk reaction in the opening trade, one-way up-move was seen throughout the day," according to Aditya Gaggar, director of Progressive Shares. "A firm move above 25,140 will confirm the trend reversal while on the downside, 24,950 will serve as immediate support."
Shares of HDFC Bank Ltd., Reliance Industries Ltd., Infosys Ltd., Trent Ltd., and Mahindra & Mahindra Ltd. contributed the most to the gains.
While those of Tata Steel Ltd., Titan Company Ltd., SBI Life Insurance Co. Ltd., Bajaj Finserv Ltd., and JSW Steel Ltd. capped the upside.
Except Nifty Metal, all indices ended higher with Nifty Media rising the most.
Market breadth was skewed in favour of buyers. Around 3,020 stocks rose, 924 stocks declined, and 101 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 1.86% and 2.44%, higher respectively.
On BSE, 19 sectors advanced and one declined out of 20. The BSE Services rose the most, and the BSE Metal declined the most.
Rupee Strengthens Against US Dollar
Rupee strengthened by 2 paise to close at 83.96 against the US dollar.
It closed at 83.98 on Monday.
Source: Bloomberg
Markets At Close
Nifty and Sensex came out of their six-session losing streak ahead of MPC outcome
Nifty ends 0.97% or 239.65 points higher at 25035.40
Sensex ends 0.8% or 673.3 points up at 81723.30
Broader indices outperformed benchmarks; Nifty Midcap 100 ended 2.3% up and Nifty Smallcap 250 closed 2.25% higher
Except Nifty Metal, all indices ended higher
Trent and Bharat Electronics were top Nifty gainers
SBI Life and Tata Steel fell the most
Olectra Greentech Clarifies On HP Govt Order Win
Olectra Greentech, in an exchange filing said that the Himachal Pradesh Road Transport Corp is yet to declare least quoted bidder. The company has clarified on reports of getting order to supply 327 electric buses to HP government.
Tata Motors September Quarter Business Update
In the September quarter, Tata Motors' global wholesales fell 11% year-on-year to 3.04 lakh units and passenger vehicle global wholesales fell 6% to 1.31 lakh units, an exchange filing said.
European Market Opens: Indices Fall Amid Tensions In Middle East
European indices opened lower as investors closely monitored the conflict in the middle east. Shares of luxury brand owners including Kering and LVMH fell after analysts said that the latest rally in these stocks due to lack of further stimulus in China.
Pan-European Stoxx 50 traded 1% lower, UK's FTSE 100 and France CAC 40 fell over 1% as of 2:37 p.m. Germany's DAX was 0.8% down and Spain's IBEX 35 lost 0.3%.
Asia Market Closing: Hang Seng Falls Over 9%; CSI 300 Adds 6%
Most of the indices in the Asia-Pacific regions closed Tuesday on a negative note except CSI 300, which added nearly 6%, extending its gains for another session after the news of government's measures to boost the economy. Intraday, the index had climbed 10% but it pared gains after country’s National Development and Reform Commission gave less details on further stimulus in a press breifing.
Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng fell 9%, South Korea's Kospi fell 0.6%, and Australia's S&P ASX 200 was 0.35% lower at close.
Nifty, Sensex On Path To Break Six-Day Losing Streak, HDFC Bank, RIL Gain: Midday Market Update
India's benchmark stock indices are on track to reverse their six-day losing streak by trading higher through midday on Tuesday, led by gains in index heavyweights HDFC Bank Ltd. and Reliance Industries Ltd.. The indices were among the top gainers in the Asia-Pacific region on Tuesday.
If Nifty 50 and Sensex managed to hold their gains till Tuesday's session concludes, they will snap their six-day losing streak. The benchmarks declined over 5% and posted their worst six-day loss on Monday.
As of 12:39, the Nifty was trading 135.40 points, or 0.55%, higher at 24,931.15, and the Sensex was trading 386.68 points, or 0.48%, higher at 81,436.68.
So far today, the Nifty 50 rose 0.78% or 194.10 points to 24,989.85, and the Sensex rose 0.70% or 567.06 points to 81,617.06.
According to Vikas Jain, head of research at Reliance Securities, the Nifty 50 failed to gain momentum, closing at a two-month low on Monday due to profit booking in the pivotal index and a higher drawdown in the mid-cap and small-cap indices.
The 20-week average at 24,530 will serve as the next support level, while a crossover above 25,200 will initiate positive momentum in broader markets, Jain said.
HDFC Bank Ltd., Reliance Industries Ltd., Trend Ltd., Mahindra & Mahindra Ltd., and Axis Bank Ltd. added to the gain in Nifty.
Infosys Ltd., Tata Consultancy Services Ltd., Tata Steel Ltd., Tata Motors Ltd., and Titan Co. Ltd. weighed on the index.
On NSE, 10 sectors advanced and two declined. The NSE Nifty Media rose the most, and the NSE Nifty Metal declined the most.
HDFC Bank Ltd., and Reliance Industries Ltd. share prices contributed the most to the index.
HDFC Bank Ltd., and Reliance Industries Ltd. share prices contributed the most to the index.
Most sectoral erased early losses to trade higher through midday.
Most sectoral erased early losses to trade higher through midday.
Broader markets outperformed benchmark indices. The BSE Midcap and and Smallcap indices were trading 1.02% and 1.36% higher, respectively, through midday market on Tuesday.
On BSE, 17 sectors advanced and three declined. The BSE Services rose the most, and the BSE Metal declined the most.
Market breadth was skewed in favour of buyers. Around 2,657 stocks rose, 1,160 stocks declined, and 113 stocks remained unchanged on BSE.
Transformers & Rectifiers Share Price Locked In Upper Circuit After Q2 Results
Revenue up 80% at Rs 462 crore vs Rs 257 crore
Ebitda up 255% at Rs 70 crore vs Rs 20 crore
Ebitda margin at 15.1% vs 7.7%
Net profit up 142% at Rs 46 crore vs Rs 19 crore
Shyam Metalics Q2 Business Update
Stainless steel sales volume for the quarter ended September grew 11% quarter-on-quarter and aluminium foil sales volume grew 12% while sponge iron sales volume were 1% up.
Allied Digital Share Price Surges On Order Win
Allied Digital Services Ltd.'s share price surged over 12% on Tuesday after falling consecutively in three sessions following the news of a Rs 430-crore order for Pune safe city project, an exchange filing said.
Goldiam International Share Price Locked In Upper Circuit
Goldiam International Ltd.'s share price surged to hit its 10% upper circuit limit on Tuesday. The stock has risen 100.06% on a year-to-date basis and 171% in the last 12 months.
SpiceJet Share Price Surges As It Acquires 7 Aircraft On Lease By November-End, Unground Three
SpiceJet share price surged over 8%, snapping a three-day fall, after it acquires seven aircraft on lease by the end of November. The low-budget carrier also plans to unground three previously grounded planes to increase the fleet by 10 planes.
Vakrangee Share Price Locked In Upper Circuit On Private Label Apparel Products Launch
Vakrangee share price was locked in 5% upper circuit limit after it announced the sourcing and distribution of its own private label Apparel products under the e-commerce business category.
"The company has successfully launched the pilot phase in the apparel segment and would leverage the extensive network of Vakrangee Kendra outlets, including both franchisee and master franchisee channels," an exchange filing said.
Stock Market Live: Trent Share Price Extends Gains
Trent share price rose 5.78% to Rs 7,880, the highest level since Sept 27. The share price was trading 4.88% higher at Rs 7,805.00 as of 11:19 a.m., as compared to 0.58% advance in the NSE Nifty 50 index.
Zomato Share Price Rises As Analysts Positive
Zomato Ltd. continues to hold its edge in India’s highly competitive food delivery and quick commerce markets, with two brokerages reaffirming their confidence in the company's growth potential. HSBC Global and Kotak Institutional Equities have both maintained their 'buy' ratings on Zomato, highlighting the company’s robust performance.
Polycab Likely To See Most Revenue Growth In Cable & Wires Space; KEI To Outperform On Profit Front
Polycab India Ltd. is likely to report the highest revenue growth compared to peers in cable and wires space, while the KEI Industries Ltd. may post highest profit growth, HSBC Global Research said in note on Tuesday.
Nirmal Bang, Kotak Securities, Angel One, Zerodha Among 120 Stock Brokers Received SEBI Notices
SEBI has issued notices to over 120 stockbrokers for their association with Tradetron, an algo trading platform. The regulator is investigating stockbrokers associated with Tradetron for possible violations. Some trading strategies on Tradetron promised assured returns, violating SEBI rules.
Source: People in the know and review of notice contents
Flipkart, Accel-Backed Blackbuck Gets SEBI Nod For IPO
SEBI said Blackbuck will raise up to Rs 550 crore from a fresh issue and sell 2.16 crore shares in the offer-for-sale portion. Selling shareholders include Peak XV Partners, Accel, Flipkart, Tiger Global, and International Finance Corp.
Dalal Street Braces For More Jitters As Earnings Likely To Falter Amid Outflow Woes
As India's blue-chip companies will kick-start reporting the results of their second-quarter earnings from Oct. 10, led by Tata Consultancy Services Ltdd. investors in Indian stocks might be in for more turbulence amid economic concerns and foreign flows as India Inc. will likely post muted earnings for the second quarter.
Nifty Bank Gains After Falling In Six Sessions Led By Gains In HDFC Bank, SBI Share Price
Nifty Bank snapped its six-session fall and rose with most of its constituents rising. Share prices of HDFC Bank and State Bank of India contributed the most to the index's gain.
| NAME | LASTPRICE | CLOSE | CHANGE | %CHANGE? | 52WKHG | 52WKLW |
|---|---|---|---|---|---|---|
| HDFC Bk | 1643.75 | 1617.8 | 25.95 | 1.60% | 1794 | 1363.55 |
| SBI | 781.6 | 770.65 | 10.95 | 1.42% | 912 | 543.2 |
| Axis Bk | 1161.35 | 1145.7 | 15.65 | 1.37% | 1339.65 | 951.4 |
| Bk of Baroda | 245.94 | 242.67 | 3.27 | 1.35% | 299.7 | 187.85 |
| Bandhan Bk | 186.45 | 184.34 | 2.11 | 1.14% | 263.1 | 169.15 |
| Federal Bk� | 186.2 | 184.2 | 2 | 1.09% | 206.59 | 137.25 |
| IndusInd Bk� | 1364.9 | 1350.85 | 14.05 | 1.04% | 1694.5 | 1329.2 |
| IDFC First | 72.96 | 72.22 | 0.74 | 1.02% | 93.35 | 70.41 |
| ICICI Bk | 1239.55 | 1233.9 | 5.65 | 0.46% | 1362.35 | 899 |
| Kotak Mah Bk | 1795 | 1790.25 | 4.75 | 0.27% | 1942 | 1543.85 |
| PNB | 102.02 | 102.07 | -0.05 | -0.05% | 142.9 | 67.35 |
| AU Small Fin Bk | 728.55 | 733 | -4.45 | -0.61% | 813.4 | 553.7 |
NSDL IPO Gets Green Light From SEBI
India's securities market regulator approved the initial public offering of National Securities Depository Ltd. on Monday. The maiden issue of the Mumbai-based securities depository will consist only of an offer for sale component.
Tata Motors Share Price At Four-Month Low; Weighs On Nifty
Tata Motors share price fell after Jaguar Land Rover Ltd. (UK), a subsidiary of Tata Motors Ltd., announced that it anticipates a significant increase in production and wholesale volumes in the second half of the fiscal year.
According to an exchange filing by Tata Motors, JLR's retail sales, which include the Chery Jaguar Land Rover China Joint Venture, declined by 3% year-on-year to 103,108 units for the quarter ending September 2024.
Skipper Share Price Jumps Nearly 7% As Nuvama Initiates Coverage
Nuvama has initiated coverage on the stock with a 'buy' and a target price implying 44% upside at Rs 650. It said that the company's presence across the T&D ecosystem is poised for a powerful performance and high-voltage macro tailwinds for it include domestic and international drivers. The brokerage also likes the company's doubling tower capacity which is only backward-integrated player in India. According to the brokerage, key risks are execution and order award delays, sharp price movement of raw material and working capital management.
Ola Electric Share Price Slips After Show Cause Notice
Ola Electric share price opened more than 5% lower on Tuesday following a show cause notice received by the company from the central government on Monday due to thousands of complaints filed by customers for poor quality of scooters. However, the stock recovered later.
Nifty Metal Falls For Fourth Session; Tata Steel, JSW Steel, Hindalco Drag
Nifty Metal fell for a fourth consecutive session on Tuesday, losing more than 5% in the fall as shares of Tata Steel, JSW Steel, and Hindalco Industries dragged the most.
| NAME | LASTPRICE | CLOSE | CHANGE | %CHANGE | 52WKHG | 52WKLW Adani Ent | 3007.05 | 3018 | -10.95 | -0.36% | 3743.9 | 2142 APL Apollo� | 1517.15 | 1562.95 | -45.8 | -2.93% | 1788.35 | 1305 Hindalco� | 711.8 | 731.3 | -19.5 | -2.67% | 772.65 | 448.75 Hind Copper� | 311.9 | 311.6 | 0.3 | 0.10% | 415.8 | 135.65 Hind Zinc� | 503 | 495.4 | 7.6 | 1.53% | 807.7 | 284.6 JSPL | 970.95 | 1000.6 | -29.65 | -2.96% | 1097 | 581.6 Jindal Stain | 744.7 | 758.5 | -13.8 | -1.82% | 848 | 427.15 JSW Steel | 987.05 | 1018.75 | -31.7 | -3.11% | 1063 | 723 NALCO | 206.72 | 214.89 | -8.17 | -3.80% | 227.39 | 88.6 NMDC� | 214.6 | 228.74 | -14.14 | -6.18% | 286.35 | 140.65 Ratnamani | 3490 | 3552.55 | -62.55 | -1.76% | 3978.5 | 2525.25 SAIL | 130.52 | 132.19 | -1.67 | -1.26% | 175.35 | 81.8 Tata Steel | 157.1 | 164.36 | -7.26 | -4.42% | 184.6 | 114.6 Vedanta� | 491.95 | 500.3 | -8.35 | -1.67% | 523.65 | 211.2 Welspun Corp� | 675.95 | 686.45 | -10.5 | -1.53% | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nifty, Sensex Flat After Higher Open As Tata Steel, Tata Motors Drag: Stock Market Update At Open
Benchmark equity indices traded flat after a higher open as gains in the shares of HDFC Bank offset some of the impact of losses in those of Tata Steel and Tata Motors. The market is expected to see a muted session today tracking the fall in most global indices.
At pre-open, the Nifty was at 24832.2, higher by 0.15% or 36.45 points and the Sensex was at 81035.00, down 0.02% or 15.00 points.
According to Sameet Chavan, head of research of technical and derivative at Angel One, "The Bulls have taken the back seat as Nifty continued to plunge lower for the sixth consecutive session and plummeted below the 50-day exponential moving average on the daily chart."
He added that decoupled with the positive momentum in global markets, our domestic sentiments have turned a bit skeptical as the benchmark cooled down over 5% from its peak. "Technically, Nifty is now placed at a crucial zone, which historically has acted as a strong support," he said. "Therefore, any decisive breakdown below the 24800 zone is likely to disrupt the short-term chart structure, potentially leading to further correction."
Shares of HDFC Bank Ltd., Mahindra & Mahindra Ltd., Hindustan Unilever Ltd., State Bank Ltd., and Axis Bank Ltd. contributed the most to the gains.
While those of Tata Motors Ltd., Tata Steel Ltd., Hindalco Industries Ltd., Power Grid Corp. Of India Ltd., and TCS capped the upside.
Vodafone Idea Clarifies On Bank Guarantee Report
Share price of Vodafone Idea will remain in focus today as it clarified on the report of not submitting bank guarantees. The company said it has made detailed representations to telecom department and that it continues to engage with DoT on removal for bank guarantee, an exchange filing said.
Nifty Higher, Sensex Flat At Pre-Open: Share Market Update
At pre-open, the Nifty was at 24832.2, higher by 0.15% or 36.45 points and the Sensex was at 81035.00, down 0.02% or 15.00 points.
"Market is expected to open on a weak note due to significant declines in global markets," said Vikas Jain, head of research at Reliance Securities.
Yield On The 10-Year Bond Opens Lower
The yield on the 10-year bond opened 2 basis points lower at 6.83% after it closed at 6.85% on Monday, according to Cogencis.
Rupee Strengthens Against US Dollar At Open
The local currency opened 2 paise higher against the US dollar at 83.96 on Tuesday after the Indian unit closed at 83.98 a dollar on Monday, according to Cogencis.
Morgan Stanley On India Equity Strategy
Morgan Stanley said that it is incrementally more concerned on oil price and global growth risk to cyclical markets an China policy easing is important but valuations have re-rated substantially. It said that geopolitical risks, US elections, 2025 policy uncertainty prime concerns. According to the brokerage, India remains largest overweight and it has scale back underweight China position for pan asia/ EM investors to -50 bps.
China Market Update: CSI 300 Pares Gains After 10% Jump; Hang Seng Down 6%
China's CSI 300 pared gains after jumping nearly 10% in the early trade as traders assessed the comments from country's economic planner national development and reform commission in a press briefing. At 8:38 a.m. CSI 300 was at 4,253.99, up 236.14 points or 5.88% and Hong Kong's Hang Seng was at 21,546.49, down 7%.
According to Arvind Sanger, founder and MD of Geosphere Capital China's valuations will see some fund flow in short term but in long term India growth story has solid underpinning. He added that it is very hard to call China's next move depending on their policy measures and question is how much is China willing to do in the short term to shift the paradigm.
Stocks To Watch On Tuesday
Shares of Ola Electric Mobility are likely to extend its fall to another session as it was served a notice by Central Consumer Protection Authority for alleged violation of consumer rights, misleading advertisement, and unfair trade practices. Those of Hi-Tech Pipes and Jubilant Ingrevia will react to the news of fundraise.
HDFC Bank's stock will move as investors assess the sale of HDFC Edu to Vama Sundari Investments for Rs 192 crore and that of Bharat Electronics and Nuvoco Vistas are expected to rise on order wins.
Puravankara's stock will move on news that it will acquire a three-acre land parcel in North Bangalore for a residential project. Share price of Tata Motors will react to JLR quarterly numbers, Nykaa and Sobha Realty will also move after the release of quarterly business update.
CLSA Upgrades M&M Share Price Rating To 'Outperform'
CLSA had upgraded its rating for shares of Mahindra & Mahindra Ltd. to outperform and had hiked its target price to to Rs 3,400 implying 11% upside. The brokerage said improved scale, superior mix and better pricing drove auto margins and going ahead it expects better scale and average selling price given new models. CLSA also expects domestic tractor industry to revive and has raised expectations of earnings per share by 5% each for FY25 & FY26.
Ola Electric Gets Show Cause Notice Consumer Body
Ola Electric has received show cause notice from central consumer protection authority for alleged violation of consumer rights. The authority has provided the company with 15 days to respond to show cause notice, an exchange filing said.
Stock Market Live: Gold Futures Decline Slightly In Asian Trade
Gold Futures declined slightly in Asian trade as investors rethink their bets on bigger rate cuts by the US Federal Reserve after stronger than expected jobs report.
The Bloomberg Spot Gold was trading 0.06% down at $2,641.01 an ounce as of 07:49 a.m.
US Market Close: Wall Street Ends Lower
Indices in the US ended lower on Monday amid middle east tensions and as traders expectations of 50-bps rate cut in November waned following stronger than expected jobs report. S&P 500 closed down 0.96% at 5,695.94, Dow Jones down 0.94% at 41,954.24, and Nasdaq Composite down 1.18% at 17,923.91.
Oil Price Update: Crude Falls After Rally On Geopolitical Tensions
December futures contract of brent crude traded 0.6% lower at $80.4 a barrel as of 7:22 a.m. This was as traders booked profits after a rally in oil prices amid fears of a war in middle east.
Asia Market Open: Nikkei Falls On Japan Data; CSI 300 Jumps 10%
Indices in Asia opened lower on Tuesday, taking cues from an overnight decline on Wall Street and Japan's pay. China's CSI 300 surged 10% after a week-long holiday.
At 7:17 a.m., CSI 300 was at 4,284.18, up by 266.32 points or 6.63%, while Japan's Nikkei was 0.7% lower and South Korea's Kospi fell 0.8%.
GIFT Nifty Trades Below 24,900; BEL, Puravankara, Tata Motors, ICICI Bank Shares In Focus
The GIFT Nifty was at 24,859.50 down by 28.5 pts or 0.1% as of 06:46 a.m. Share prices of Ola Electric Mobility Ltd., Bharat Electronics Ltd, Puravankara Ltd., Tata Motors, along with Sobha Realty will be in focus among others tracking news flow.
On Monday, India's benchmark stock indices closed lower for the sixth straight day, shedding over 5% to over one-month low on Monday, led by losses in HDFC Bank Ltd., Reliance Industries Ltd. and Axis Bank Ltd. This was its worst six-day decline since March 2022. The state election results kept the market jittery.
The Nifty 50 ended 218.85 points or 0.87% lower at 24,795.75, and the Sensex closed 638.45 points or 0.78% lower at 81,050.00.
Overseas investors stayed net sellers of Indian equities for the sixth straight day on Monday, while domestic institutional investors record the highest single-day buying so far in 2024.
Foreign portfolio investors offloaded stocks worth Rs 8,293.41 crore, according to provisional data from the National Stock Exchange. This is the eighth highest single-day sales by the FPIs so far this year.
The Indian rupee closed flat at 83.98 against the US dollar.
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