Stock Market Today: Nifty, Sensex End At Nearly Two-And-A-Half Month Low As IndusInd Bank Slumps 19%

The S&P 500 futures rose 0.24% to 5,862.75 and the Nasdaq 100 futures rose 0.26% to 20,434.00 as of 3:30 p.m. The Dow Jones Industrial Average rose 0.21% to 42,695.00.

• US: Core Durable Goods Orders m/m

• US: Durable Goods Orders m/m

• US: Revised University of Michigan Consumer Sentiment

• US: Revised University of Michigan Inflation Expectations

• US: FOMC Member Collins Speaks

-Rupee depreciated by 1 paisa to close at 84.081 against the US dollar.

-It closed at 84.077 on Thursday.

Source: Bloomberg

• Nifty and Sensex fell in fourth consecutive week, their longest streak in since five weeks ended August 24.

• Nifty and Sensex end lower for a fifth consecutive session

• Nifty and Sensex recorded their lowest close since August 14

• Nifty ends 0.90% or 218.60 points down at 24180.80

• Sensex ends 0.83% or 662.87 points lower at 79402.29

• Intraday, Nifty fell as much as 1.3% and Sensex fell as much as 1.2%

• Broader indices underperformed; Nifty Midcap 100 ended 1.9% down and Nifty Smallcap 250 closed 2.28% lower

• All sectoral indices ended lower except Nifty Pharma

• ITC and Axis Bank were top Nifty gainers

• IndusInd Bank and Adani Enterprises fell the most

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IndusInd Bank Sees Worst Session In Over Four Years As Rising Slippages Hit Earnings

At pre-open, the Nifty 50 was at 24418.05, up by 0.08% or 18.65 points and the Sensex was at 80187.34, up 0.15% or 122.18 points.

Coal India, Bank Of Baroda, BPCL And HPCL Q2 Results Today — Earnings Estimates

The yield on the 10-year bond opened Filat at 6.82%.

It closed at 6.82% on Thursday.

Source: Bloomberg

Rupee opened flat at 84.07 against the US dollar.

It closed at 84.07 on Thursday.

Source: Bloomberg

Nuvama has downgraded IndusInd's rating to 'hold' and its target price to Rs 1,290 from Rs 1,690 earlier. It said that the bank's Q2 earnings were all round miss, weakest earnings in sector so far. Asset quality deteriorated especially in MFI and net interest income fell QoQ with fee income being weak.

Citi has lowered its target price to Rs 1,630 from Rs 2,010 earlier while maintaining a 'buy'. It said the lender's Q2 earnings missed estimates sharply in terms of credit cost, NIMs, fees surprise negatively. It noted that unless MFI starts outpacing loan growth, margins will remain at 4.1%. The brokerage has also cut growth expectations and earnings estimates by 18-22% for FY25-27.

Bernstein, however, has outperform rating for the stock and a target price of Rs 1800. It said that sharp decline in the RoA was due to rise in credit costs and contingent provisions and asset quality deteriorated across the consumer portfolios. The only positive according to the brokerage was better than system deposit growth was only positive.

Jefferies has raised its target price for Laurus Labs' stock to Rs 300 from Rs 250 earlier, while maintaining an 'underperform' rating. It said that its has cut 3%/2% cut in FY25/26 EPS estimates due to unclear growth levers in non-CDMO business and volatile sales.

The new target price implies downside potential of 33%. In Q2, the company missed estimates again due to operating deleverage affecting margins and despite improved CDMO sales. The company's management maintained 20% EBITDA margin target for FY25.

Morgan Stanley, in a report said that FY24 return on equity rose to a 13 year high of 16.9% in FY24 driven by margin expansion and that private capex cycle is underway that gives confidence that ROE is set for higher levels in next 3-4 years. Rising ROE means rising share prices, it explained and that this rise can be attributed to consumer discretionary and industrials.

Godrej Properties has emerged as the highest bidder for luxury group housing plot in Gurugram. The Gurugram project is expected to have revenue potential of over Rs 5,500 crore, an exchange filing said.

IndusInd Bank Q2 Results: Profit Slumps 39% On Higher Provisions, Asset Quality Weakens

As of 7:47 a.m., futures of both Brent and Nymex Crude were up 0.3% at $74.57 a barrel and $70.38 a barrel respectively. On Thursday, they ended lower on concerns of slow economic growth in Europe.

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