SENSEX SLIDES 225 PTS; EUROPEAN MKT OPENS HIGHER

The key equity indices continued to trade with minor losses in afternoon trade. The Nifty traded below the 25,100 level. Pharma, metal and media shares advanced while realty, bank and private bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex was down 221.25 points or 0.27% to 81,388.21. The Nifty 50 index lost 32.10 points or 0.13% to 24,966.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index added 0.40%.

The market breadth was positive. On the BSE, 2,010 shares rose and 1,734 shares fell. A total of 150 shares were unchanged.

Gainers & Losers:

Hindalco Industries (up 2.10%), Trent (up 1.82%), Tech Mahindra (up 1.53%), HCL Technologies (up 1.29%) and Oil and Natural Gas Corporation (up 1.14%) were major Nifty gainers.

Mahindra and Mahindra (down 2.06%), Tata Consultancy Services (down 1.97%), Cipla (down 1.46%), ICICI Bank (down 1.25%) and Axis Bank (down 1.16%) were major Nifty losers.

Stocks in Spotlight:

Tata Elxsi shed 0.45%. 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) fell 0.11%. The company reported standalone net profit of Rs 387.75 crore in Q2 FY25, registering a growth of 36.18% as against 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.

Oriental Rail Infrastructure was locked in 5% upper circuit after the company secured an order worth Rs 1.58 crore from North Eastern Railways (NER) at Gorakhpur, Indian Railways.

Mazagon Dock Shipbuilders shed 0.93%. The ship building company announced that it has received a purchase order worth Rs 121.67 crore from Maharashtra State Power Generation Company (MAHAGENCO) infrasecure project.

Bondada Engineering advanced 2.24% 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.

Bandhan Bank jumped 9.89% after Reserve Bank of India (RBI) granted approval for the appointment of Partha Pratim Sengupta as managing director & chief executive officer (MD& CEO) of the bank.

Menwhile, the bank said that forensic audit related to its insurance claims to the national credit guarantee trustee company (NCGTC) under the credit guarantee fund for micro units (CGFMU) and emergency credit line guarantee scheme (ECLGS) has been completed. Bank received Rs 314.68 crore from NCGTC for loan defaults under the CGFMU scheme. This payout is part of larger claim of Rs 1,231.29 crore assessed by NCGTC for defaults on loan disbursed in FY 2020-21.

In addition to the above, the bank had raised a claim of approx. Rs.508 crore to NCGTC under the ECLGS scheme so far, out of which an amount of Rs 161.13 crore had been settled by NCGTC. The remaining amount of approx. Rs.347 crore was kept on hold, pending the outcome of the forensic audit. As the audit is now completed, NCGTC has allowed to review and submit a fresh claim to NCGTC for its consideration,� the bank stated in exchange filing.

Global Markets:

Europeans stocks advanced on Friday. Most Asian stocks traded lower buoyed by South Korea`s central bank decision to cut interest rates. 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. The move signaled a shift away from its restrictive monetary policy stance in response to slowing economic growth and easing inflation.

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.

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