MARKET SLIPS INTO NEGATIVE TERRITORY; FMCG SHARES EXTENDS LOSSES FOR 4TH DAY

The headline equity benchmarks traded with minor losses in mid-morning trade. The Nifty traded below the 24,800 level. FMCG shares tumbled for four consecutive trading sessions.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 99.25 points or 0.12% to 81,116.22. The Nifty 50 index fell 64.45 points or 0.26% to 24,789.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.19% and the S&P BSE Small-Cap index shed 0.65%.

The market breadth was positive. On the BSE, 1,397 shares rose and 2,439 shares fell. A total of 138 shares were unchanged.

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.

IPO Update:

The initial public offer (IPO) of Deepak Buidlers & Engineers India received bids for 79,78,462 shares as against 89,67,061 shares on offer, according to stock exchange data at 11:18 IST on Monday (21 October 2024). The issue was subscribed 0.89 times.

The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 192 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

The initial public offer (IPO) of Waree Energies received bids for 1,64,00,295 shares as against 2,10,79,384 shares on offer, according to stock exchange data at 11:18 IST on Monday (21 October 2024). The issue was subscribed 0.78 times.

The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 1,427 to Rs 1,503 per share. An investor can bid for a minimum of 9 equity shares and in multiples thereof.

Buzzing Index:

The Nifty FMCG index fell 1.07% to 60,386.95. The index declined 3.55% in four consecutive trading session.

Tata Consumer Products (down 8.85%), Varun Beverages (down 1.91%), Britannia Industries (down 1.46%), Radico Khaitan (down 1.39%) and Godrej Consumer Products (down 1.17%), ITC (down 0.71%), Colgate-Palmolive (India) (down 0.59%), Marico (down 0.54%), Balrampur Chini Mills (down 0.51%) and Hindustan Unilever (down 0.48%) declined.

Stock in Spotlight:

Tejas Network spurted 9.74% after the company reported consolidated net profit of Rs 275.18 crore in Q2 September 2024 as against net loss of Rs 12.64 crore in Q2 September 2023. Net sales soared 570.58% to Rs 2655.16 crore in Q2 September 2024 over Q2 September 2023.

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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