INDICES SLIDE FOR 3RD DAY, NIFTY BELOW 24,750; AUTOS, CONSUMER DURABLES DRAG

The domestic equity indices extended their losing streak for the third consecutive session on Thursday, with major indices closing significantly lower despite a promising start to trading. The Nifty50 index, which opened strong above the 25,000 mark, quickly reversed course in early trading hours. The benchmark eventually closed below 24,750 points. Sector-wise, realty, automobile, and consumer durables stocks led the downward trend. However, IT and public sector bank shares showed resilience, emerging as outliers in an otherwise bearish market. Market volatility was particularly pronounced due to the scheduled expiry of weekly index options.

The S&P BSE Sensex, declined 494.75 points or 0.61% to 81,006.61. The Nifty 50 index slipped 221.45 points or 0.89% to 24,749.85. The 50-unit index has fallen 1.50% in three sessions.

The broader indices slumped. The S&P BSE Mid-Cap index dropped 1.65% and the S&P BSE Small-Cap index tumbled 1.42%.

The market breadth was weak. On the BSE, 1,272 shares rose and 2,690 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, added 2.56% to 13.39.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.15% to 6.895 as compared with previous close 6.885.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0725, compared with its close of 84.0275 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.41% to Rs 76,978.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 103.53.

The United States 10-year bond yield grew 0.48% to 4.035.

In the commodities market, Brent crude for November 2024 settlement gained 19 cents or 0.26% to $74.41 a barrel.

Global Markets:

European shares traded higher on Thursday as traders geared up for the upcoming monetary policy decision from the European Central Bank.

The ECB on Thursday is expected to deliver its third interest rate cut of the year as inflation risks in the European Union ease faster than expected. Price rises in the euro area cooled to 1.8% in September, below the central bank�s 2% target. A cut on Thursday would see the ECB reducing rates at consecutive meetings for the first time since December 2011.

Asian stocks ended mixed after China�s housing ministry briefing failed to impress investors. Japan�s exports fell 1.7% in September compared to the same period last year. September�s import growth came in at 2.1% as compared with 2.3% in August 2024.

China will expand its �whitelist� of real estate projects and speed up bank lending for these unfinished developments to 4 trillion yuan ($561.8 billion) by the end of the year, the country�s housing ministry said Thursday.

US stocks climbed on Wednesday where tech stocks and strong earnings contributed to gains. Investors are now focused on upcoming earnings reports and economic data. At the close in NYSE, the Dow Jones Industrial Average gained 0.79% to hit a new all time high, while the S&P 500 index added 0.47%, and the NASDAQ Composite index gained 0.28%.

On Thursday, investors will be watching U.S. retail sales and industrial production data for insights into the economy`s health. As expectations for a slower pace of interest rate cuts by the Federal Reserve grow, these economic indicators will be closely monitored.

Stocks in Spotlight:

Reliance Industries (RIL) added 0.20%. The company set Monday, 28 October 2024, as the record date for the proposed 1:1 bonus share issue.

Nestle India slipped 3.35%. The FMCG major`s standalone net profit rose 8.62% to Rs 986.36 crore on 1.33% increase in revenue from operations to Rs 5,104 crore in Q2 FY25 over Q2 FY24. During Q2 FY25, domestic sales grew by 1.23% YoY to Rs 4,883.14 crore, while export sales gained 3.13% YoY to Rs 191.62 crore.

Larsen & Toubro added 1.02% after company said that its hydrocarbon business (L&T Energy Hydrocarbon) has secured a `significant` order under its AdVENT Business Vertical from a Government of India (GoI) undertaking. As per L&T`s internal classification, the value of the aforementioned contract lies between Rs 1,000 crore and Rs 2,500 crore.

Mphasis rallied 5.83% after the company`s consolidated net profit grew 4.65% to Rs 423.33 crore in Q2 FY25 as compared with Rs 404.50 crore in Q1 FY25. Revenue from operations rose 3.32% to Rs 3,536.14 crore in Q2 FY25 as against Rs 3,422.46 crore posted in Q1 FY25.

CRISIL declined 0.50%. The company reported 12.9% rise in consolidated net profit to Rs 171.55 crore in Q3 CY2024 from Rs 151.99 crore in Q3 CY2023. Consolidated total income was up 7.9% to Rs 833.2 crore in 03 2024, compared with Rs 771.8 crore in the corresponding quarter of the previous year.

Aditya Birla Money hit an upper circuit of 2% after the company reported 123.90% surge in net profit to Rs 26.69 crore in Q2 FY25 as compared with Rs 11.92 crore posted in Q2 FY24. Revenue from operations jumped 30.39% year on year (YoY) to Rs 125.66 crore in the quarter ended 30 September 2024.

Pondy Oxides & Chemicals hit an upper circuit of 5% after the company�s standalone net profit surged 112.85% to Rs 17.39 crore in Q2 FY25 as compared with Rs 8.17 crore in Q2 FY24. Revenue jumped 45.73% to Rs 572.43 crore during the quarter as compared with Rs 392.80 crore posted in same quarter last year.

Central Bank of India gained 2.75% after the bank reported 50.91% jump in net profit to Rs 913 crore on a 17.08% increase in total income to Rs 9,849 crore in Q2 FY25 as compared with Q2 FY24.

Rail Vikas Nigam gained 2.03% after the company informed that it has emerged as the lowest bidder (L1) for a contract worth Rs 270 crore from Maharashtra Metro Rail Corporation (Maha Metro) for metro station contract.

Kolte-Patil Developers rallied 4.68% after the company�s sales value jumped 21.84% to Rs 770 crore in Q2 FY25 as compared with Rs 632 crore in Q2 FY24.

IPO Update:

The initial public offer (IPO) of Hyundai Motor India received bids for 23,63,29,191 shares as against 9,97,69,810 shares on offer, according to stock exchange data at 17:21 IST on Thursday (17 October 2024). The issue was subscribed 2.37 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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