NIFTY HOVERS BELOW 24,800; BROADER MKT UNDERPERFORMS

The equity benchmarks traded with significant losses in mid-morning trade. The Nifty traded below the 24,800 level. Realty shares slipped after advancing in the past three consecutive trading sessions. Trading could be volatile due to weekly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex, slipped 477.39 points or 0.59% to 81,017.66. The Nifty 50 index declined 194.35 points or 0.78% to 24,779.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.30% and the S&P BSE Small-Cap index declined 1.10%.

The market breadth was weak. On the BSE, 1,245 shares rose and 2,337 shares fell. A total of 148 shares were unchanged.

Economy:

The Union Cabinet has approved an additional installment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 1 July 2024 representing an increase of 3% over the existing rate of 50% of the basic pay/pension, to compensate against price rise. This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission. The combined impact on the exchequer on account of both DA and DR would be Rs.9,448.35 crore per annum. This will benefit about 49.18 lakh central government employees and 64.89 lakh pensioners.

IPO Update:

The initial public offer (IPO) of Hyundai Motor India received bids for 4,67,24,209 shares as against 9,97,69,810 shares on offer, according to stock exchange data at 11:15 IST on Thursday (17 October 2024). The issue was subscribed 0.47 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.

Buzzing Index :

The Nifty Realty index fell 3.19% to 1,050.35. The index rose 0.93% in the past three consecutive trading session.

Oberoi Realty (down 4.96%), Prestige Estates Projects (down 4.2%), Macrotech Developers (down 3.46%), Godrej Properties (down 3.09%), Phoenix Mills (down 3.06%), DLF (down 3.01%), Raymond (down 2.51%), Sobha (down 2.2%), Mahindra Lifespace Developers (down 1.51%) and Brigade Enterprises (down 1.46%) edged lower.

Stocks in Spotlight :

CRISIL added 2.85% after 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. 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.

Mphasis advanced 5.21% 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.

Global Markets:

Asian stocks traded lower on Thursday, buoyed by anticipation of government stimulus measures for China`s property sector and strong earnings prospects for tech companies. Chinese shares were particularly upbeat ahead of a government briefing detailing support plans for the struggling real estate market. This briefing is part of a series of government initiatives aimed at bolstering the economy.

Asian markets received a positive boost from Wall Street`s performance, where tech stocks and strong earnings contributed to gains on Wednesday. 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.

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