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As of 3:30 p.m. IST, the Dow Jones Industrial was 048% down at 42,153.00. The S&P 500 futures fell 0.76% to 5,807.25. The Nasdaq 100 futures declined 1.03% to 20,322.75.
Europe: Core CPI Flash Estimate
Europe: CPI Flash Estimate
Europe: Italian Prelim CPI
Europe: Unemployment Rate
US: Core PCE Price Index
US: Employment Cost Index
US: Unemployment Claims
US: Personal Income
US: Personal Spending
US: Chicago PMI
US: Natural Gas Storage
The India rupee closed at 84.0837 a dollar
The currency hit an all time low of 84.1000 against the greenback intraday
On Wednesday, the Indian unit closed at 84.0863 a dollar.
Source: Bloomberg
Nifty and Sensex fell for a second consecutive session but snapped four-week losing streak.
Nifty 50 ended at 24237.00, down 0.4% or 103.85 points
Sensex closed at 79389.06, lower by 0.69% or 553.12 points
Intraday, Nifty fell as much as 0.7% and Sensex fell as much as 0.8%
Among broader indices, Nifty Smallcap 250 outperformed and closed 1.5% higher but Nifty Midcap 100 ended 0.4% down
Most sectoral indices fell. Nifty IT was top loser and Nifty Pharma rose the most.
Cipla and L&T were top Nifty gainers
Tech Mahindra and HCL Tech fell the most
The rupee fell 2 paise against the US Dollar to record low 84.1000 on Thursday, according to Bloomberg. On Wednesday, the Indian unit closed at 84.0863 a dollar.
The US Presidential elections are in the final leg, with the preliminary result expected on Nov. 6 morning for Indian markets. While the Wall Street has positioned itself for 'Trump Trade', the results could spring a surprise, based on how the swing states tilt this elections. Pollsters predict a neck-to-neck race between Republican candidate Donald Trump and Democrat rival Kamala Harris, bulls are positioning themselves to a rising market, but the electorate will decide whether the bets are on the right side on Nov. 5.
DAM Capital has initiated coverage on Jindal Steel & Power Ltd., JSW Steel Ltd., Tata Steel Ltd., and Steel Authority of India with a 'buy' rating, saying that steel prices have likely bottomed out and demand growth in India is expected to rise. The set target price on the four companies implies a potential upside in the range of 12-42%, based on the previous closing prices.
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IIFL Finance has approved raising up to Rs 2,500 crore via non-convertible debentures in one or more tranches, an exchange filing said.
The subsidiary of HDFC Bank, HDB Financial Services Ltd. filed its draft red herring prospectus with the Securities and Exchange Board of India to raise up to Rs 12,500 crore through an initial public offer. The offer entails both fresh issue and offer for sale.
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A list of the top performing mutual fund schemes of any given year will usually contain thematic funds or a category of schemes that has outperformed in the recent past. For example, defence-focused, infrastructure, and manufacturing would make the cut. But are their fund managers the best in the business? A better way to judge a fund manager's performance, however, is to look at the degree of outperformance they achieved over the benchmark. This is further exemplified by measuring this across various fund categories and allocation guidelines.
Dabur India Gets Target Price Cuts From Brokerages On Weak Performance In Q2
Biocon Share Price Recovers From Four-Month Low After Q2 Profit Beats Estimates
At pre-open, Nifty 50 was at 24349.85, up 0.04% or 9 points and Sensex was at 80044.95, up 0.13% or 102.77 points.
-The local currency opened 1 paise higher against the US dollar at 84.0800 on Thursday.
-On Wednesday, the Indian unit closed at 84.0863 a dollar.
Source: Bloomberg
-The yield on the 10-year bond opened flat at 6.84%.
-It closed at 6.83% on Wednesday.
Source: Bloomberg
Bernstein has retained its 'Outperform' rating on L&T's stock with target of Rs 3,891 implying 14% upside. It said overall execution and working capital makes up for margins and order inflow and revenue growth is better than management guidance of 15% for FY25. Management has retained FY25 guidance but sees it as tough ask. Risk involves softening crude prices unless spending in both M.East and India aid, according to Bernstein.
BoJ has keeps overnight call rate at 0.25%. It said that it will raise interest rate and adjust the degree of easing if outlook is realised. Price risks are on upside for FY25
Source: Bloomberg
Acme Solar India has set IPO price band at Rs 275-289/share and it will open for subscription on November 6, close on November 8, according to Bloomberg.
Nuvama has maintained 'buy' on Dabur India with lower price target implying 19% upside at Rs 650 from earlier Rs 760. It said muted Q2 results due to inventory rationalisation in general trade denting domestic sales. Weak showing, subdued urban demand, and rising risk from ‘Campa’.
Biocon Q2 FY25 (Consolidated, YoY)
Revenue up 3.69% at Rs 3590 crore versus Rs 3462 crore (Bloomberg estimate Rs 3,623 crore)
Ebitda down 7.54% at Rs 686 crore versus Rs 742 crore (Bloomberg estimate Rs 741 crore)
Ebitda margin down 232 bps at 19.1% versus 21.43% (Bloomberg estimate 20.5%)
Net profit down 84.3% at Rs 27 crore versus Rs 172 crore (Bloomberg estimate Rs 24 crore)
Larsen & Toubro Q2 FY25 (Consolidated, YoY)
Revenue up 20.63% at Rs 61554 crore versus Rs 51024 crore (Bloomberg estimate Rs 57,622 crore)
Ebitda up 12.94% at Rs 6362 crore versus Rs 5633 crore (Bloomberg estimate Rs 6142 crore)
Ebitda margin down 70 bps at 10.33% versus 11.03% (Bloomberg estimate 10.7%)
Net profit up 6.69% at Rs 4113 crore versus Rs 3855 crore (Bloomberg estimate Rs 3,205 crore)
Tata Power Q2 FY25 (Consolidated, YoY)
Revenue down 0.26% at Rs 15698 crore versus Rs 15738 crore (Bloomberg estimate Rs 16,957 crore)
Ebitda up 21.19% at Rs 3746 crore versus Rs 3091 crore (Bloomberg estimate Rs 3,117 crore)
Ebitda margin up 422 bps at 23.86% versus 19.64% (Bloomberg estimate 18.4%)
Net profit up 7.47% at Rs 1093 crore versus Rs 1017 crore (Bloomberg estimate Rs 1052 crore)
IRB Infrastructure Developers Q2 FY25 (Consolidated, YoY)
Revenue down 9.12% at Rs 1586 crore versus Rs 1745 crore
Ebitda margin down 3.4% at Rs 767 crore versus Rs 794 crore
Ebitda margin up 285 bps at 48.36% versus 45.5%
Net profit up 5.26% at Rs 100 crore versus Rs 95 crore
TCI Express Q2 FY25 (Consolidated, YoY)
Revenue down 2.5% at Rs 312 crore versus Rs 320 crore (Bloomberg estimate Rs 328 crore)
Ebitda margin down 25.84% at Rs 37.3 crore versus Rs 50.3 crore (Bloomberg estimate Rs 43 crore)
Ebitda margin down 376 bps at 11.95% versus 15.71% (Bloomberg estimate 13.1%)
Net profit down 30.55% at Rs 25 crore versus Rs 36 crore (Bloomberg estimate Rs 31 crore)
DCM Shriram Q2 FY25 (Consolidated, YoY)
Revenue up 9.09% at Rs 2940 crore versus Rs 2695 crore
Ebitda up 62.37% at Rs 164 crore versus Rs 101 crore
Ebitda margin up 183 bps at 5.57% versus 3.74%
Net profit up 96.87% at Rs 63 crore versus Rs 32 crore
Approved Rs 310 crore capex proposal for 100 TPD aluminium chloride facility and 225 TPD calcium chloride facility.
Automotive Axles Q2 FY25 (Consolidated, YoY)
Revenue down 15.24% at Rs 495 crore versus Rs 584 crore (Bloomberg estimate Rs 497 crore)
Ebitda down 20.91% at Rs 51.8 crore versus Rs 65.5 crore (Bloomberg estimate Rs 49 crore)
Ebitda margin down 75 bps at 10.46% versus 11.21% (Bloomberg estimate 9.8%)
Net profit down 20% at Rs 36 crore versus Rs 45 crore (Bloomberg estimate Rs 34 crore)
Protean eGov Technologies (Consolidated, QoQ)
Revenue up 11.8% at Rs 220 crore versus Rs 197 crore (Bloomberg estimate Rs 231 crore)
EBIT at Rs 24.5 crore versus Rs 8.3 crore
EBIT margin at 11.1% versus 4.2%
Net profit down 33% at Rs 28 crore versus Rs 21.09 crore (Bloomberg estimate Rs 29 crore)
Prudent Corporate Advisory Services Q2 FY25 (Standalone, YoY)
Total income up 53.9% at Rs 258 crore versus Rs 167 crore.
Net profit up 72.9% at Rs 42.8 crore versus Rs 24.8 crore.
The New India Assurance Co (Consolidated, YoY)
Net premium earned up 3.9% at Rs 8,567 crore versus Rs 8,245 crore
Net profit at Rs 73.6 crore versus loss of Rs 195 crore
Electrosteel Castings Q2 FY25 (Consolidated, YoY)
Revenue down 4.75% at Rs 1828 crore versus Rs 1919 crore (Bloomberg estimate Rs 1,882 crore)
Ebitda margin down 10.36% at Rs 268 crore versus Rs 299 crore (Bloomberg estimate 387 crore)
Ebitda margin down 92 bps at 14.66% versus 15.58% (Bloomberg estimate 20.6%)
Net profit down 11.42% at Rs 155 crore versus Rs 175 crore (Bloomberg estimate Rs 254 crore)
As of 7:32 a.m., December futures of both WTI Crude and Brent Crude were trading 0.3% higher at $68.83 a barrel and $72.79 a a barrel respectively. On Wednesday, they had risen 2% following an unexpected fall in U.S. crude and gasoline inventories last week and reports of OPEC+ delaying planned oil output increase.
Most Asian indices were lower in the early trade ahead of Bank of Japan’s rate decision and as they assessed China's official purchasing managers’ index for October came in at 50.1 and expanded for first time since April.
As of 7:15 a.m., Nikkei was down 0.4%, Australia's ASX 200 fell 0.2%, and China's CSI 300 was 0.5% lower. Hong Kong's Hang Seng was the only index which gained and traded 0.6% higher.
Tech Hit In Late Hours As Meta Fails To Inspire: Markets Wrap
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