MARKET TRADE LOWER; EUROPEAN MRKT DECLINE

The domestic equity benchmarks traded with limited losses in early-afternoon trade. The Nifty traded below the 25,000 level after hitting day�s high of 25,093.40 in morning trade. Barring the financial services index, all the other sectoral indices on the NSE were traded in red.

At 13:28 IST, the barometer index, the S&P BSE Sensex, declined 273.06 points or 0.33% to 81,547.06. The Nifty 50 index lost 80.15 points or 0.32% to 24,977.20.

In the broader market, the S&P BSE Mid-Cap index fell 0.25% and the S&P BSE Small-Cap index lost 0.06%.

The market breadth was negative. On the BSE, 1,810 shares rose and 2,033 shares fell. A total of 139 shares were unchanged.

Gainers & Losers:

HDFC Life Insurance Company (up 1.92%), Dr. Reddy`s Laboratories (up 1.61%), HDFC Bank (up 1.20%), Grasim Industries (up 0.84%) and Hindalco Industries (up 0.78%) were major Nifty gainers.

Trent (down 3.68%), Mahindra & Mahindra (down 2.93%), Hero MotoCorp (down 1.84%), Titan Company (down 1.76%) and JSW Steel (down 1.48%) were major Nifty losers.

Stocks in Spotlight:

Larsen & Toubro (L&T) shed 0.91%. The company said that the company�s heavy civil infrastructure vertical has secured a `significant� order from Uttar Pradesh Metro Rail Corporation (UPMRCL) for the design and construction of Agra Metro Phase 1, Line-2.

Strides Pharma Science jumped 3.83% after the firm said that its associate company, OneSource Specialty Pharma received commitment for raising Rs 801 crore ($95 million) from investors, in the pre-listing round.

Rallis soared 15.98% after the company reported 19.51% increase in net profit to Rs 98 crore in Q2 FY25 as against Rs 82 crore posted in Q2 FY24. Revenue from operations jumped 11.53% year on year (YoY) to Rs 928 crore in the quarter ended 30 September 2024.

KEI Industries dropped 5.52%. The company reported 10.41% increase in consolidated net profit to Rs 154.81 crore in Q2 FY25 as against Rs 140.21 crore posted in Q2 FY24. Revenue from operations jumped 17.21% year on year (YoY) to Rs 2,279.65 crore in Q2 FY25.

Akums Drugs and Pharmaceuticals rallied 3.76% after the company announced that it has entered into a license & distribution agreement with Triple Hair Inc, a company incorporated in New Brunswick, Canada.

BEML jumped 4.58% after the company received a contract worth Rs 866.87 from Integral Coach Factory (ICF), Chennai for design, manufacturing, and commissioning of two high-speed trainsets, each comprising eight cars.

PNC Infratech jumped 4.70% after the company received letters of acceptance from the Maharashtra State Road Development Corporation (MSRDC) for road projects on EPC mode aggregating to Rs 4,630 crore.

Ashoka Buildcon advanced 2.67% after the civil construction company received letter of acceptance (LoA) for projects totalling to Rs 1,126.58 crore from the Brihanmumbai Municipal Corporation (BMC).

RailTel Corporation of India surged 8.06% after the company informed that it has received work order from Maharashtra Housing And Area Development Authority (MHADA) amounting to Rs 79.84 crore.

Global Markets:

Most European shares declined as investors reacted to earnings season. Inflation in the U.K. dropped sharply to 1.7% in September, the Office for National Statistics said on Wednesday. The steep fall from the 2.2% print seen in August adds to expectations that the Bank of England will cut rates in November.

While most Asian stocks traded higher on Wednesday as investors will be watching for more stimulus measures to prop up the real estate sector in China with the country�s housing minister set to hold a press briefing on Thursday, according to a statement from the state council information office.

Regional markets followed Wall Street`s lead, where a drop in chipmaking stocks pulled U.S. benchmarks from record highs. At the close in NYSE, the Dow Jones Industrial Average lost 0.75%, while the S&P 500 index fell 0.76%, and the NASDAQ Composite index lost 0.98%.

ASML, a major supplier of chipmaking equipment, provided disappointing sales guidance for 2025, citing softer demand in non-AI sectors. Its U.S. shares plummeted 16% overnight.

NVIDIA, a market darling, fell 4.5%, while AMD and Intel declined by 5.2% and 3.3%, respectively. All three stocks stabilized after the market closed.

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