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As of 3:42 p.m., futures contract of Dow Jones was flat at 42,455.00, that of S&P 500 was 0.2% higher at 5,880.25, and Nasdaq 100 rose 0.1% to 20,721.75.
Europe: Prelimianry Flash GDP — 3:30 p.m. IST
US: ADP Non–Farm Employment Change — 5:45 p.m. IST
US: Advance July–September GDP Estimates — 6:00 p.m. IST
US: Advance GDP Price Index — 6:00 p.m. IST
US: Pending Home Sales — 7:30 p.m. IST
Germany: Deutsche Bundesbank President Joachim Nagel will give a speech at the Frankfurt Society for Trade, Industry, and Science — 11:30 p.m. IST
Market breadth was skewed in the favour of buyers. As many as 2,892 stocks rose, 1,040 stocks fell, and 79 remained unchanged on 79 remained unchanged on the BSE.
The NSE Nifty 50 and BSE Sensex reversed recovery on Wednesday as volatility spiked.
ICICI Bank Ltd. and Infosys Ltd. share prices were top losers in the Nifty 50 index.
ITC Ltd., and Maruti Suzuki India Ltd. share prices were top gainers in the Nifty 50 index.
The NSE Nifty Media rose the most while the NSE Nifty Finance declined the most.
The Nifty Midcap 150 ended 0.21% higher at 20,190.75.
The Nifty Smallcap 250 ended 1.19% higher at 17,483.80.
Zaggle Prepaid Ocean Services Ltd. approved raising of funds up to Rs 950 crore via qualified institutional placement, it said in an exchange filing.
Total income up 36.05% at Rs 10,362 crore versus Rs 761 crore
Net profit up 42% at Rs 1,000.9 crore versus Rs 705 crore (Bloomberg estimate: Rs 711 crore)
The Euro and Pound sterling gained against the greenback before Europe GDP and UK Budget release. The Euro and Pound sterling were trading 0.18% and 0.05% higher against the US unit, respectively as of 2:25 P.M. IST.
The dollar index retreated from the fresh two–and–a–half month high it hit in the previous session, which also supported the European currencies. The dollar index, which measures the strength of greenback against six major currencies, was trading 0.22% down at 104.09 as of 2:19 p.m.
Revenue down 19.4% at Rs 1,044 crore versus Rs 1,295 crore (Bloomberg estimate: Rs 1,299 crore)
Net profit down 21% at Rs 256 crore versus Rs 324 crore (Bloomberg estimate: Rs 301 crore)
Ebitda down 28% at Rs 276 crore versus Rs 382 crore (Bloomberg estimate: Rs 344 crore)
Ebitda margin at 26.4% versus 29.5% (Bloomberg estimate: 27%)
Quick commerce exciting category, still in early days of evolution of category, going through quick transformation. Consumer response has been exciting so far, think the industry is still in early days, said management of the company to NDTV Profit
P&G Hygiene Q2 Results (YoY)
Net Profit down 0.4% at Rs 73.5 crore vs Rs 73.8 crore
Revenue down 0.29% at Rs 1,135 crore vs Rs 1,138 crore
EBITDA up 2% at Rs 291 crore vs Rs 285 crore
Margin At 25.6% Vs 25%
Revenue down 5% at Rs 1,413 crore versus Rs 1,494 crore
Net loss of Rs 14 crore versus profit of Rs 32 crore
Ebitda down 30% at Rs 151 crore versus Rs 216 crore
Ebitda margin at 10.7% versus 14.5%
JTL Industries Ltd. expanded Raipur plant capacity to 2 lakh metric tonn per annum. The company intends to accelerated growth towards 1 million MTPA goal, it said in an exchange filing.
IndusInd Bank Ltd. partnered with Trustmore (Escrowpay) to offer secure digital escrow services across India, it said in an exchange filing.
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Shares of Elcid Invest Ltd. surged nearly 50% on Wednesday, following a dramatic relisting on the Bombay Stock Exchange the previous day. The small-cap stock saw an astonishing increase of over 450,000% after being relisted on October 29, highlighting a turn in investor interest.
Siemens Ltd. received final assessment order from Income Tax Department Of Rs 136.9 crore for assessment year 2022, it said in an exchange filing.
Voltas Share Price Falls To Over Two-Month Low As Q2 Profit Slumps Sequentially
Shriram Properties Share Price Gains On New Pune-Based Development Project
Bharti Airtel Share Price Falls Amid Mixed Brokerage Reaction To Q2 Earnings
Market breadth was skewed in favour of buyers. Around 1,977 stocks advanced, 785 stocks declined, and 100 remained unchanged on BSE.
At pre–open, the NSE Nifty 50 was trading 0.39% down at 24,371.45, and the BSE Sensex was trading 0.14% down at 80,255.51.
The yield on the 10-year bond opened 2 basis points lower at 6.84%. It closed at 6.86% on Tuesday, according to data on Cogencis.
Rupee Opens Flat Against US Dollar, May Trade In Tight Narrow Range
Maintain Outperform with a target price Rs 1,764, which implied a 28% upside.
H1FY25 Mundra traffic is up 18% vs all ports growth of 9% YoY
Diversified mix helps resurgence of Mundra
Several moves on strategy with delivery on deleveraging
Expect EBITDA to be at higher end of the band of 17-18k crore despite challenging global environment
Maintains Buy with a target price Rs 16,500 vs Rs 14,250 earlier, which implied a 15.8%
Solid operational performance in H1FY25, margin uptick remains key
Expect operating margins recovering to ~14% by FY27E (vs peers 18–20% levels)
Factor strong execution over FY26–27E given all-time high order book
Revise FY25E/FY26E/27E EPS by (7%)/(2%)/16%
Maintain Buy with TP 918 vs 960 earlier, Upside 41%
Volume growth at 3% vs 8.5% for market leader Kajaria
Margins at 8.4% is lower than estimates of 9%
Given the challenging demand scenario, Co has cut volume growth guidance to 5–6% in FY25 from low double digit earlier
Cut FY25E/26E/27E EPS by 9% each for Somany
Still sees improvement in EBITDA margins by 100–150bps
Despite challenging times, Co maintained working capital strength at 13 days
Retain Buy on balance sheet discipline and increased focus on value-added share to aid margin expansion
NTPC Ltd. commissioned operation of a new solar plant in Bikaner, Rajasthan, which may result in some movement in its share price. The Shambu Ki Burj–2 (Kolayat) solar power plant has a capacity of 32.90 megawatt. To read more click here.
Asian currencies were trading on a mixed note against the greenback as market participants assess mixed set of data from US.
The Japanes yen was trading flat against the US dollar. The South Korean Won and Philippine Peso also remained flat against the greenback as of 08:09 a.m. IST, according to data on Bloomberg.
The Indonesian rupiah rose 0.22%, while the Malaysian Ringgit declined 0.18% down against the US dollar, according Bloomberg data.
The dollar index rose 0.31% to 104.64 on Tuesday following mixed set of data. Data showed that job openings in the US fell to 7.443 million in September, from 7.861 million in August. Analysts expected job openings to remain unchanged at 7.99 million.
Meanwhile consumer confidence in the world's largest economy rose to the highest in nine months. The Conference Board’s Consumer Confidence Index rose to 108.7 in October, from 99.2 in September.
The dollar index was trading 0.04% down at 104.72 as of 08:05 a.m. IST, according to data on Bloomberg.
Crude oil future prices snapped two–day losing streak on Wednesday on signs of easing in geopolitical situation in the Middle–East. The December contract of brent crude was trading 0.45% higher at $71.44 a barrel as of 7:48 a.m. IST.
Israel is seemed to end the war with Hezbollah by year end after its retaliatory strike missed Tehran's oil and nuclear facilities, Bloomberg reported.
Upgrade to BUY from HOLD at price target of Rs 1756; upside potential 19%
Key Catalysts:
Approvals for gAbraxane, respiratory, and peptide assets in U.S.
Revival of growth in domestic branded formulation
Net cash of ~$1 billion supports potential acquisitions for long-term growth.
Medium-to-long-term outlook bolstered by strategic initiatives.
The yield on the benchmark 10–year US Treasury was trading with little change in Asian session after mixed set of economic data from the US. While the number of job openings in the world's largest economy fell to the lowest level in 2021, and consumer confidence rose.
The yield on the 10–year US treasury note was trading 0.03% down at 4.24% as of 7:27 a.m. IST.
Asian Stocks Mixed With Gains In Nikkei; Trump Prospects Hit China
Bharti Airtel Q2 Results Review - Time Correction Likely; Reiterate ‘Reduce': Dolat Capital
Gold prices scaled fresh highs in Asian trade Wednesday as job openings in the US touch the lowest level since 2021. The US Job Openings and Labor Turnover Survey data came in contrast to non–payroll data earlier in October, which foreced traders to take back their bets on aggressive rate cuts.
The Gold December future price rose 0.40% to a record high of $2,792.10. The Bloomberg spot gold rose 0.18% to a fresh high of $2,779.86 an ounce.
The Gold December future contract was trading 0.30% higher at $2,790.10 as of 6:45 a.m. IST. The spot gold was trading 0.11% higher at $2,777.74 an ounce.
Most stocks in the US ended higher on Tuesday as earnings from mega technology companies uplifted investors sentiment. Google's parent Alphabet Inc rose after beating street estimates and pushed the Nasdaq Composite to fresh high, Bloomberg reported.
The Nasdaq Composite rose 1.00% to a record high of 18,753.19.
Reddit Inc. also beat sales expectation for third quarter, while McDonald's sales fell short of Wall Street expectations, Bloomberg reported.
The Nasdaq Composite ended 0.78% higher at 18,712.75, and the S&P 500 settled 0.16% higher at 5,832.92. Meanwhile, the Dow Jones Industrial Average ended 0.36% down at 42,233.05.
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