Market Commentary - Quick Review
The key domestic indices ended with significant losses on Tuesday, declining for the fourth day in a row. The Nifty settled below the 23,900 level. Realty and IT shares advanced while auto, PSU bank and financial services shares declined.
As per provisional closing, the S&P BSE Sensex slipped 820.97 points or 1.03% to 78,675.18. The Nifty 50 index lost 257.85 points or 1.07% to 23,883.45.
In the broader market, The S&P BSE Mid-Cap index fell 0.98% and the S&P BSE Small-Cap index declined 1.26%.
The market breadth was weak. On the BSE, 1,542 shares rose and 2,554 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, added 2.24% to 14.59.
New Listing:
Shares of Sagility India closed at Rs 29.09 on the BSE, representing a discount of 3.03% as compared with the issue price of Rs 30.
The scrip was listed at Rs 31.06, exhibiting a premium of 3.53% to the issue price.
The stock has hit a high of 32.90 and a low of 28.95. On the BSE, over 170.75 lakh shares of the company were traded in the counter.
Buzzing Index:
The Nifty Auto index lost 1.94% to 23,269.10. The index slipped 3.59% in four consecutive trading sessions.
Bosch (down 5.18%), Samvardhana Motherson International (down 4.56%), Bharat Forge (down 3.02%), Tata Motors (down 2.51%), Bajaj Auto (down 2.44%), Maruti Suzuki India (down 2.39%), Apollo Tyres (down 2.34%), Ashok Leyland (down 1.76%), MRF (down 1.74%) and Balkrishna Industries (down 1.71%) slipped.
Stocks in Spotlight:
Britannia Industries declined 7.13% after the company's consolidated net profit fell 9.37% to Rs 531.55 crore in Q2 FY25 as compared with Rs 586.50 crore in Q2 FY24. Revenue from operations increased 4.48% YoY to Rs 4,566.23 crore during the quarter.
Oil and Natural Gas Corporation (ONGC) shed 0.33%. The company reported 17.05% increase in standalone net profit to Rs 11,984.02 crore in Q2 FY25 as compared with Rs 10,238.10 crore in Q2 FY24. However, revenue from operations declined 3.6% YoY to Rs 33,880.88 crore in the quarter ended 30 September 2024.
Jubilant FoodWorks surged 5.72% after the company's net profit rose 17.6% to Rs 71.5 crore on 1.1% increase in revenue to Rs 1954.7 crore in Q2 September 2024 over Q1 June 2024.
HLE Glascoat surged 6.27% after the company's consolidated net profit jumped 33.27% to Rs 14.42 crore on 5.06% increase in revenue from operations to Rs 235.77 core in Q2 FY25 over Q2 FY24.
Hindalco Industries fell 0.80%. The Aditya Birla Group company's consolidated net profit surged 78.01% to Rs 3,909 crore in on 7.45% increase in revenue from operations to Rs 58,203 crore in Q2 FY25 over Q2 FY24.
Shree Cement shed 0.58% after the cement maker's standalone net profit tumbled 81.05% to Rs 93.13 crore on 18.27% decrease in revenue from operations to Rs 3,727 crore in Q2 FY25 over Q2 FY24.
Zydus Lifesciences declined 1.97%. The pharma company's consolidated net profit jumped 13.80% to Rs 911.2 crore in Q2 FY25 as compared to Rs 800.7 crore posted in Q2 FY24. Revenue from operations grew 19.87% year on year (YoY) to Rs 5,237 crore in the quarter ended 30 September 2024.
Orient Technologies surged 6.59% after the company's standalone net profit rose 62.63% to Rs 15.06 crore on 49.35% increase in net sales to Rs 223.14 crore in Q2 September 2024 as over Q2 September 2023.
Hyundai Motor India fell 0.26% after the car maker's consolidated net profit decreased 15.54% to Rs 1,375.47 crore on 7.5% slide in revenue from operations to Rs 17,260.38 crore in Q2 FY25 over Q2 FY24.
Global Markets:
European market declined as investors were cautious ahead of a fresh batch of economic data this week, including US Inflation numbers and UK's Gross Domestic Product (GDP).
German inflation rose 2.4% in October, according to data published Tuesday by the country's statistics office, confirming a preliminary reading. The harmonized index of consumer prices had risen 1.8% in September.
Asian stocks declined on Tuesday, with investors exercising caution even as the Dow Jones Industrial Average's post-election rally continued to gain momentum to close at a record high.
Traders in Asia-Pacific are also parsing a swathe of economic data in the region, including a survey from the National Australia Bank on business conditions and Indonesia's retail sales in September.
Concerns about potential trade tensions between the U.S. and China, particularly regarding tariffs on Chinese goods, contributed to the market's downturn.
The US stock market closed on a high note on Monday, with all major indexes hitting record highs. The Dow Jones Industrial Average surpassed the 44,000 mark for the first time, gaining 0.69% to 44,293.13. The S&P 500 and Nasdaq also rose, up 0.10% to 6,001.35 and 0.06% to 19,298.76, respectively.
Tesla's stock surged 9%, boosting its market value to over $1.1 trillion. Microsoft, Amazon, and Meta Platforms saw slight declines of around 1% each. Nvidia's stock fell 1.6%. Bitcoin miners MARA Holdings and Riot Platforms stocks rallied 30% and 17%, respectively.
While the market has been on a strong upward trend, investors are becoming cautious ahead of the release of key consumer price index (CPI) inflation data on Wednesday.
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