Stock Market Today: Nifty, Sensex Close Lower For Second Week Led By Titan, Tata Steel Fall

Futures of US benchmarks were trading lower as traders await the country's PPI data as well as quarterly results of JP Morgan Chase and Wells Fargo. S&P 500 futures contract fell 0.2%, those of Dow Jones fell 0.1% and Nasdaq Composite's futures fell 0.3% as of 3:38 p.m.

• US: Core PPI month-on-month

• US: PPI month-on-month

• US: FOMC Member Goolsbee Speaks

• US: FOMC Member Logan Speaks

• US: FOMC Member Bowman Speaks

-Rupee weakened by 8 paise to close at 84.07 against the US dollar.

-Rupee hit an all-time low of 84.09 during the day.

-It closed at 83.98 on Thursday.

Source: Bloomberg

• Nifty and Sensex recorded a second consecutive week of fall

• On Friday, both the indices fell

• Nifty ends 0.10% or 24.15 points down at 24974.30

• Sensex ends 0.22% or 176.01 points lower at 81435.40

• Intraday, both of them fell around 0.3%

• Broader indices outperformed; Nifty Midcap 100 and Nifty Smallcap 250 closed 0.4% higher

• Sectoral indices were mostly higher at close; Nifty Pharma rose the most and Nifty Realty was top loser

• Trent and Hindalco were top Nifty gainers

• TCS and M&M fell the most

Container Corp. of India Ltd. reported a 5.9% yearly growth in total throughput in the July-September quarter, according to provisional business updates released on Friday. Throughput refers to the total time it takes to develop and deliver goods or services to the customer.

Total throughput stood at 13.03 lakh twenty-foot equivalent units (TEUs) in the second quarter, as compared to 12.30 lakh TEUs.

Export-import throughput rose 3.71% year-on-year to 10.05 lakh TEUs, while domestic throughput soared 14.03% to 2.97 lakh TEUs.

According to Bloomberg, China is studying opening stock index futures to foreign investors and it will invest transparent futures in the market by 2035.

European markets traded with little change as markets await China's finance ministry's press conference Saturday morning to provide clarity on further stimulus for the economy.

Spain's IBEX, France CAC 40, and Germany's DAX all traded flat at 2:32 p.m. Pan European Euro Stoxx 50 fell 0.1% and UK's FTSE 100 traded 0.3% lower.

Click here to find out what analysts have to say.

Noel Tata has been appointed as the Chairman of Tata Trusts, people familiar with the development told NDTV Profit. With an experience of 40 years under his belt, he will take up the mantle after the group's patriarch Ratan Tata passed away. The unanimous decision was made during a board meeting of Tata Trusts in Mumbai, where discussions focused on the succession plan for the philanthropic organ

Find out more here.

Find out how other Noel Tata-linked stocks are doing here.

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Bigbloc Constructions unit Starbigbloc Building Material will install 800 KW solar rooftop power project, an exchange filing said. Further 1,350 KW solar rooftop system to be installed at new unit under JV Siam Cement Bigbloc Construction

Standard Chartered 'Overweight' On India's Blue Chips Despite Valuation Woes—Here's why

Most indices in the Asia pacific region recorded a negative close Friday with China's CSI 300 losing the most by nearly 3% ahead of the press briefing of country's finance ministry due Saturday.

However, Japan's Nikkei closed 0.6% higher at 39,605.8 points and Taiwan's Taiex added 1.1% to close 22,905.45 points.

South Korea's Kospi and S&P ASX 200 both closed 0.1% down. Bank of Korea cut its benchmark interest rate for the first time since 2020.

Read here.

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Rupee Breaches 84-Mark To Hit A New Low As Equity Outflows Weigh

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Tata Elxsi Q2 Results Review - Mixed Vertical Trends: HDFC Securities

The Indian rupee rose as much as 0.02% to hit Rs 83.9912, its lowest level against the US dollar, according to Bloomberg. At open, it strengthened 0.02% against the US dollar to Rs 83.96.

Cipla Share Price Falls After Chinese Rival Eats Into Cancer Drug Opportunity

Cummins Share Price Falls As Goldman Sachs Downgrades To 'Sell'

Aurionpro Solutions has signed a multi-million dollar deal With Saudi Arabia Bank and has introduced next-generation transaction banking platform in Saudi Arabia, an exchange filing said.

Aditya Gaggar, director of Progressive Shares said, "The markets ended the weekly expiry day on a flat note at 24,998. Nothing has changed; support and resistance are very well-placed, at 24,900 and 25,200, and a breakout on either side will provide a clear picture."

-The yield on the 10-year bond opened flat at 6.77%.

-It closed at 6.78% on Thursday.

Source: Bloomberg

-Rupee strengthened by 2 paise to open at 83.96 against the US dollar.

-It closed at 83.98 on Thursday.

Source: Bloomberg

Revenue up 102.97% at Rs 125.38 crore vs Rs 61.77 crore

Ebitda up 328.32% at Rs 41.95 crore vs Rs 9.79 crore

Margin at 33.45% vs 15.85%

Net profit up 359.51% at Rs 30.22 crore vs Rs 6.58 crore

Citi has maintained 'sell' with target of Rs 3,935 implying 7% downside. It said EBIT was 4% below estimates and expects modest and gradual recovery, forward indicators looking weak. Margin levers are close to optimal, according to Citi as it expects cost pressures going forward. It said that it prefers Infosys over TCS.

HSBC has maintained 'Buy' with target of Rs 4,540, upside 6.7%. It said that 2Q reflected painful slow demand recovery and demand for discretionary projects remain weak while margins were a rare miss. 2Q performance and mediocre medium term outlook led to minor cuts in estimates and it believes TCS is best managed in the sector.

HDFC Securities has lowered the target price of Tata Elxsi to Rs 6,925, from Rs 7,120, implying downside of 11%. The brokerage maintains its 'Reduce' rating for the stock after the company announced its Sept. quarter results.

It said that strength in transportation (56% of revenue) was offset by weakness in Media & Communications, Healthcare. It expects healthcare vertical to recover by FY25 end but media & communications could take longer to recover.

The brokerage believes that T1 client growth, transportation will drive growth over FY24-26 and growth trajectory is expected to improve ahead while valuations are still a stretch.

At 8:05 a.m., the December futures contract of Brent Crude traded $78.97 a barrel and November contract of WTI Futures was $75.52 a barrel. On Friday, the commodity had risen over 3% amid hurricane Milton in US and rising tensions in the middle east.

In Florida a quarter of fuel stations sold out of gasoline, knocking out power to more than 3.4 million homes and businesses.

Jefferies has maintained a 'buy' with a target price of Rs 240 per share, an upside of 27% from the previous close. It said that the new chief executive officer comes with a strong background and recovery from credit guarantees adds to credibility. The brokerage expects the lender's asset quality to behave better than other microfinance institutions and a 15% return on equity in the business. Valuations look attractive at 1.1 times the financial year 2026 price-to-book value, it said.

CLSA has also lowered target to Rs 4094 from Rs 4187, implying downside of 3.1%. It said that the miss in margins due to sharper than expected ramp up in BSNL deal leading to high pass through costs. It also noted few client specific issues in UK/US, which further deteriorated revenue growth

However, Demand commentary remains cautious in the near term, Optimistic in medium term and it assume ramp down on BSNL to happen by Q1FY26 from prior assumption of Q3FY26.

The brokerage finds the stock's valuation stretched and it remains cautious on the IT sector .

Asian indices were mostly higher in the early trade even as US markets fell. Investors will look forward to the South Korea central bank decision.

At 7:30 a.m., Nikkei was trading 0.6% higher and South Korea's Kospi rose 0. 4%, however, CSI 300 fell more than 1% and Australia's ASX 200 traded down 0.1%.