BAROMETERS TRIM LOSSES; FMCG SHARES SLIDE

The benchmark indices pared most of the early losses and traded with small cuts in mid-morning trade. The Nifty traded above the 24,750 level. FMCG shares extended losses for the third consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 153.82 points or 0.19% to 80,852.79. The Nifty 50 index shed 30.50 points or 0.12% to 24,728.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.15% and the S&P BSE Small-Cap index declined 0.29%.

The market breadth was weak. On the BSE, 1,477 shares rose and 2,229 shares fell. A total of 149 shares were unchanged.

Economy:

Indian Railways has cut down Advance Reservation Period from current 120 days to 60 days w.e.f. 01.11.2024; excluding the date of the journey. The Ministry of Railways has announced this change in the Advance Reservation Period (ARP) for train bookings by Indian travelers in order to promote genuine passengers. The decision will help the Railway Board to improve the visibility of genuine demand for rail travel in India. It was being noticed that about 21 percent of reservations done for 61 to 120 day periods were getting cancelled. Further, 5% of passengers were neither canceling their tickets nor were they undertaking the journey. This No Show trend was also one of the factors behind the decision, which will help Indian Railways in better planning of special trains during peak seasons.

Buzzing Index :

The Nifty FMCG index fell 0.99% to 60,743.15. The index declined 0.2.97% in three consecutive trading sessions.

Radico Khaitan (down 2%), ITC (down 1.93%), Nestle India (down 1.58%), Tata Consumer Products (down 1.3%), Dabur India (down 1.14%), Britannia Industries (down 1.11%), United Breweries (down 0.92%), United Spirits (down 0.86%), Godrej Consumer Products (down 0.69%) and Hindustan Unilever (down 0.65%) edged lower.

On the other hand, Colgate-Palmolive (India) (up 1.65%) ,Varun Beverages (up 1.64%) and Balrampur Chini Mills (up 0.43%) edged higher.

Stocks in Spotlight :

Tata Chemicals fell 1.03% after the chemical maker�s consolidated net profit from continuing operations declined 46.06% to Rs 267 crore in Q2 FY25 as compared to Rs 495 crore posted in Q2 FY24. Revenue from operations rose marginally to Rs 3,999 crore in Q2 FY25 as against to Rs 3,998 crore recorded in Q2 FY24.

Axis Bank rallied 4.78% after the private lender reported 17.97% rise in standalone net profit to Rs 6,917.57 crore on 17.31% increase in total income to Rs 37,141.71 crore in Q2 FY25 over Q2 FY24.

Global Markets:

Asian stocks traded mixed on Friday, as investors assessed key economic data from China and Japan�s inflation numbers.

Chinese GDP grew 4.6% year-on-year in the three months to September 30, but slowing from the 4.7% seen in the prior quarter. GDP grew 0.9% quarter-on-quarter, slightly missing expectations of 1%. This brought year-to-date GDP growth to 4.8%, still below Beijing�s 5% annual target.

Separate data on Friday showed China�s industrial production and retail sales both grew more than expected in September, while the country�s unemployment rate fell to 5.1% against expectations it would remain at 5.3%. Meanwhile, China�s house prices fell 5.8% year-over-year in September, a larger drop than 5.3% in August.

Japan`s Core CPI, which excludes volatile fresh food items, grew 2.4% year-on-year in September, government data showed on Friday. The reading eased from the 2.8%- a 10-month high- seen in the prior month. A core reading that excludes both fresh food and energy prices, and is watched closely by the Bank of Japan as a gauge of underlying inflation, rose to 2.1% in September from 2% in the prior month. Headline CPI inflation fell to 2.5% from 3% in the prior month.

In the US market, the Dow Jones Industrial Average rallied to a new record close after strong economic data eased lingering fears of a potential recession. The blue-chip index rose 0.37% to 43,239.05, helped by a 9% gain for Travelers on the back of strong quarterly results. The Nasdaq Composite inched higher on Thursday after getting a boost from semiconductor names, and ultimately added 0.04%. The S&P 500 closed down 0.02%.

The technology sector, particularly chip stocks, led the market`s rally, with companies like Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC) posting significant gains. Positive US retail sales figures and lower-than-expected jobless claims further supported market sentiment.

September�s US retail sales figures showed that consumer spending was still robust, with monthly spending rising 0.4%. Sales excluding autos shot up 0.5%, much hotter than the 0.1% forecast. Jobless claims in the US for the week that ended Oct. 12 were also lower than expected.

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