INDICES OPEN ON HIGHER SIDE IN EARLY TRADE; BREADTH POSITIVE

The domestic equity indices traded with decent gains in early trade. The Nifty traded above the 24,900 level. Financial services, IT and realty shares advanced while media, FMCG and auto shares declined.

At 09:25 IST, the barometer index, the S&P BSE Sensex, advanced 377.07 points or 0.46% to 81,601.82. The Nifty 50 index jumped 60.95 points or 0.25% to 24,915.

In the the broader market, the S&P BSE Mid-Cap index added 0.15% and the S&P BSE Small-Cap index rose 0.05%.

The market breadth was positive. On the BSE, 1,592 shares rose and 1,448 shares fell. A total of 169 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,485.70 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 5,214.83 crore in the Indian equity market on 18 October 2024, provisional data showed.

Economy:

India`s net direct tax collections jumped by 182.02% over last decade to Rs 19.60 lakh crore in FY24, from 6.95 lakh crore in FY15, following strong growth in personal income tax, the latest time series data from the Income Tax Department showed. Personal income tax collections zoomed up nearly 300% to Rs 10.45 lakh crore, from 2.65 lakh crore in FY15, outpacing corporate tax collections, which rose by 112.85% to Rs 9.11 lakh crore from Rs 4.28 lakh crore in FY15.

Stocks in Spotlight:

L&T Finance declined 1.53%. The company reported 16.88% jump in consolidated net profit to Rs 695.58 crore in Q2 FY25 as compared with Rs 595.11 crore in Q2 FY24. Total income increased 15.56% YoY to Rs 4,024.02 crore during the quarter.

Tech Mahindra jumped 2.58% after the company�s consolidated net profit jumped 46.81% to Rs 1,250.1 crore on 2.36% rise in revenue from operations to Rs 13,313.2 crore in Q2 FY25 over in Q1 FY25. EBITDA stood at Rs 1,750 crore in the quarter ended 30 September 2024, up 11.9% QoQ and up 63.2% YoY.

Meanwhile, the company�s board has declared an interim dividend of Rs 15 per equity share for FY25. The record for the dividend is fixed as Friday, 1st November, 2024. The dividend shall be paid on or before 17th November 2024.

Kotak Mahindra Bank fell 3.04%. The company reported standalone net profit rose 4.78% to Rs 3,343.72 crore on 17.71% rise in total income to Rs 15,900.46 crore in Q2 FY25 over Q2 FY24. Net Interest Income (NII) for Q2 FY25 stood at Rs 7,020 crore, up 11% from Rs 6,297 crore recorded in Q2 FY24. Net interest margin (NIM) was 4.91% for Q2FY25.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.70% to 6.925 as compared with previous close 6.809.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0650, compared with its close of 84.0700 during the previous trading session.

MCX Gold futures for 31 October 2024 settlement rose 0.63% to Rs 77,643.

The United States 10-year bond yield shed 0.19% to 4.083.

In the commodities market, Brent crude for December 2024 settlement added 30 cents or 0.41% to $73.36 a barrel.

Global Markets:

Asian stocks were mixed on Monday as traders digested China`s latest loan prime rate cut and looked ahead to Japan`s upcoming general election. The People`s Bank of China lowered both the one-year and five-year LPRs by 25 basis points, signaling a continued effort to stimulate the economy.

Other key economic indicators this week include Tokyo`s October inflation data and South Korea`s preliminary third-quarter GDP figures. These releases will provide insights into the region`s economic health and potential policy responses.

Global financial markets remain influenced by a complex interplay of factors. On one hand, investors are closely watching the economic prospects of the United States and China. On the other, geopolitical tensions in the Middle East and other regions continue to create uncertainty.

In the United States, major stock indices closed at record highs on Friday. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted gains, driven by strong earnings reports and optimism about the tech sector. Notably, Netflix`s post-earnings surge contributed significantly to the Nasdaq`s performance.

The broader market benchmark, the S&P 500, advanced 0.40% on Friday. The Dow Jones Industrial Average gained 0.09%, while the Nasdaq Composite closed up 0.63%. This marks the sixth consecutive week of gains for all three major indices, the longest such streak since late 2023.

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