NIFTY ENDS BELOW 25K AS BANKS DRAG

The domestic equity benchmarks closed lower on Friday, amid mixed global cues. The Nifty50 settled below 25,000 mark, weighed down by selling in banks and financial stocks. Pharma, healthcare, and metal shares outperformed. The market undertone remains fragile as FIIs continue to sell amid concerns about earnings downgrades and attractive valuations in other markets.

In the barometer index, the barometer index, the S&P BSE Sensex was down 230.05 points or 0.28% to 81,381.36. The Nifty 50 index lost 34.20 points or 0.14% to 24,964.25.

TCS (down 1.84%), Mahindra & Mahindra (down 1.83%) and ICICI Bank (down 1.64%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.44% and the S&P BSE Small-Cap index added 0.44%.

The market breadth was positive. On the BSE, 2,143 shares rose and 1,751 shares fell. A total of 117 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 1.24% to 13.33.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.80% to 6.898 as compared with previous close 6.887.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0900, compared with its close of 83.9800 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement rose 0.70% to Rs 75,825.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% to 102.90.

The United States 10-year bond yield shed 0.05% to 4.093.

In the commodities market, Brent crude for December 2024 settlement lost 58 cents or 0.73% to $78.82 a barrel.

Global Markets:

Most European stocks advanced on Friday as assess U.K. gross domestic product (GDP) figures and look ahead to highly anticipated fiscal stimulus from China.

Britain economy rose by 0.2% in monthly terms in August, according to figures from the Office for National Statistics. Britain`s economy grew in August after two consecutive months of stagnation,

Asian stocks ended mixed on Friday. The Bank of Korea (BoK) lowered its benchmark rate by 25 basis points to 3.25%, marking its first rate reduction in over four years.

While South Korean stocks rallied, China`s markets retreated as investors cautiously awaited policy announcements from a scheduled finance ministry press conference. Hong Kong`s markets were closed for a holiday.

In the US, stocks ended slightly lower on Thursday as hotter-than-expected consumer inflation data dampened investor sentiment. The S&P 500, NASDAQ Composite, and Dow Jones Industrial Average each declined by less than 0.25%.

Focus shifted to the upcoming third-quarter earnings season, which was set to kick off later that day. Investors were also eagerly awaiting the unveiling of Tesla`s robotaxi and the release of producer price index (PPI) inflation data, both of which were expected to provide further insights into the US economy.

Headline US consumer price index (CPI) inflation eased slightly in September, falling from 2.5% to 2.4% year-over-year. However, core CPI inflation, which excludes volatile food and energy prices, rose to 3.3% from 3.2%.

Additionally, initial jobless claims in the US unexpectedly increased for the week ending October 4, reaching 258,000. This represented the highest level of new jobless claims since June 2023.

Stocks in Spotlight:

Tata Consultancy Services (TCS) slipped 1.84% after the IT major`s consolidated net profit declined 1.09% to Rs 11,909 crore in Q2 FY25 as against Rs 12,040 crore reported in Q1 FY25. However, revenue from operations grew by 2.63% quarter on quarter (QoQ) to Rs 64,259 crore in second quarter of FY25.

Tata Elxsi slipped 1.11%. The design led technology service provider reported 14.7% rise in net profit to Rs 229.43 crore on 8.32% increase in revenue from operations to Rs 955.09 crore in Q2 FY25 over Q2 FY24.

Indian Renewable Energy Development of India (IREDA) declined 2.27%. The company reported standalone net profit of Rs 387.75 crore in Q2 FY25, registering a growth of 36.18% as agaisnt Rs 284.73 crore posted in Q2 FY24. Revenue from operations increased 38.49% year on year (YoY) to Rs 1,629.55 crore in the quarter ended 30 September 2024.

Bandhan Bank surged 12.38% after the RBI approved Partha Pratim Sengupta as its new MD & CEO. The bank also received a payout of Rs 314.68 crore from NCGTC for loan defaults under the CGFMU scheme, following the completion of a forensic audit. Additionally, the bank is now allowed to review and submit a fresh claim to NCGTC for the remaining amount under the ECLGS scheme.

Ashoka Buildcon rallied 3.09% after the company announced that it has been declared as the lowest (L-1) bidder by Brihanmumbai Municipal Corporation (BMC) for a project worth Rs 918 crore.

Oriental Rail Infrastructure gained 3.61% after the company secured an order worth Rs 1.58 crore from North Eastern Railways (NER) at Gorakhpur, Indian Railways.

Bondada Engineering rose 1.79% after the company said that it has received letter of award (LoA) from Maharashtra State Power Generation Company (MAHAGENCO) for bulk work orders aggregating to Rs 1,132.25 crore.

Arkade Developers added 2.61% after the company`s consolidated net profit zoomed 359.47% to Rs 30.22 crore in Q1 FY25 as against Rs 6.58 crore posted in Q1 FY24. Revenue from operations surged by 102.98% year on year to Rs 125.38 crore in the quarter ended 30 June 2024.

Raghav Productivity Enhancers soared 10.02% after the company`s board meeting scheduled on 18 October 2024 to consider and approve the proposal for issue of bonus equity share.

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