BENCHMARKS SETTLE LOWER ON MIXED GLOBAL CUES, NIFTY ENDS BELOW 25,100

Domestic equity benchmarks ended lower on Tuesday amid mixed global cues, with the Nifty50 index closing below 25,100. The market failed to hold onto the opening gains, reversing course in the early hours of trading and spending the rest of the day in negative territory. Leading the declines were shares in the auto, metal and pharma sectors. However, there were some bright spots, with shares in the realty, media and consumer durables sectors gaining ground.

The S&P BSE Sensex was down 152.93 points or 0.19% to 81,820.12. The Nifty 50 index fell 70.60 points or 0.28% to 25,057.35.

HDFC Life Insurance Company (down 3.54%), Bajaj Finance (down 2.73%) and Reliance Industries (down 2.09%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index gained 1.05%.

The market breadth was positive. On the BSE, 2068 shares rose and 1894 shares fell. A total of 102 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.05% to 13.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.10% to 6.887 as compared with previous close 6.894.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0325, compared with its close of 84.0500 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.19% to Rs 76,194.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.20% to 103.09.

The United States 10-year bond yield slipped 1.46% to 4.065.

In the commodities market, Brent crude for November 2024 settlement lost $3.70 or 4.78% to $73.76 a barrel.

Global Markets:

Most European shares declined on Tuesday. The UK`s statistics agency said average wages excluding bonuses rose 4.9% year on year across June to August, cooling slightly from 5.1% in May to July.

Most Asian stocks ended higher tracking record highs on Wall Street as the third-quarter earnings season approached, while Chinese stocks fell amid waning optimism over new fiscal stimulus.

Investors assessed trade data out of South Korea, which showed trade surplus surging to $6.7 billion in September, up from $3.7 billion in August.

Japanese shares climbed as sentiment was buoyed by reports that Tokyo Metro raised $2.3 billion in the country�s biggest initial public offering in six years.

A rally in technology shares spurred record highs on Wall Street on Monday, with focus turning to a string of key upcoming earnings and economic readings. The S&P 500 rose 0.77% to a record high of 5,859.85 points, while the Dow Jones Industrial Average rose 0.47% to a record high of 43,065.22 points on Monday. The NASDAQ Composite rose 0.87% to 18,502.64, and was back in sight of peaks hit earlier this year.

Investors will watch for crucial economic data this week, notably the September retail sales figures, for clues on the financial health of U.S. consumers.

Stocks in Spotlight:

Reliance Industries (RIL) declined 2.09% after the company reported 3.6% fall in consolidated net profit to Rs 19,101 crore in Q2 FY25 from Rs 19,820 crore in Q2 FY24. Gross revenue rose by 0.8% year-over-year to Rs 258,027 crore in the second quarter. EBITDA decreased by 2% to Rs 43,934 crore in Q2 FY25 from Rs 44,809 crore in Q2 FY24. EBITDA margin in Q2 FY25 was 17% in Q2 FY25 as against 17.5% in Q2 FY24.

HCL Technologies rose 0.76%. The company�s consolidated net profit fell 0.52% to Rs 4,237 crore in Q2 FY25 as compared with Rs 4,259 crore in Q1 FY25. Revenue from operations increased 2.87% YoY to Rs 28,862 crore during the quarter.

Angel One soared 18.38% after the company reported 39.05% jump in consolidated net profit (from continuing operations) to Rs 423.38 crore in Q2 FY25 as against Rs 304.46 crore recorded in Q2 FY24. Revenue from operations increased 44.55% YoY to Rs 1,514.70 crore in Q2 FY25.

International Travel House (ITHL) jumped 4.81% after the company�s standalone net profit jumped 31.97% to Rs 7.43 crore in Q2 FY25 as against Rs 5.63 crore posted in Q2 FY24. Revenue from operations grew 14.93% year on year (YoY) to Rs 60.94 crore in the quarter ended 30 September 2024.

Sunteck Realty jumped 7.53% after the company recorded 32.66% increase in pre-sales to Rs 524 crore in Q2 FY25 from Rs 395 crore in Q2 FY24.

RPP Infra Projects hit an upper circuit of 5% after the company said that it has received letter of acceptance worth Rs 217.61 crore from Chief Engineer, Konkan & Project Director (EAP) Mumbai.

KPI Green Energy rose 0.96%. The company announced that it has signed power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam (GUVNL) for 620MW AC (917MW DC) renewable energy project.

Lupin rose 0.31%. The pharma major has announced the launch of the first generic version of Prednisolone Acetate Ophthalmic Suspension in the United States.

Landmark Cars added 2.03% after the company reported 13.84% increase in total revenue from operations to Rs 1,275 crore in Q2 FY25 from Rs 1,120 crore in Q2 FY24. Revenue from after-sales service and spare parts and others aggregated to Rs 234 crore (up 10.90% YoY), vehicle sales revenue amounted to Rs 1,013 crore (up 15.24% YoY) and earnings from sales of pre-owned vehicle (including commission) added up to Rs 28 crore (down 6.67% YoY).

New Listing:

Shares of Garuda Construction and Engineering closed at Rs 106.83 on the BSE, a premium of 12.45% as compared with the issue price of Rs 95.

The scrip was listed at Rs 103.20, a premium of 8.63% to the issue price. The stock has hit a high of 120.73 and a low of 100.30. On the BSE, over 32.50 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Hyundai Motor India received bids for 1,77,89,457 shares as against 9,97,69,810 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (15 October 2024). The issue was subscribed 0.18 times.

The issue opened for bidding on Tuesday (15 October 2024) and it will close on Thursday (17 October 2024). The price band of the IPO is fixed between Rs 1,865 to Rs 1,960 per share. An investor can bid for a minimum of 7 equity shares and in multiples thereof.

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