KEY HIGHLIGHTS
-
Bigbloc Constructions Unit To Install Solar Power Project
-
Nifty, Sensex Near Day's Low Weighed By Banking Stocks, Dismal TCS Results: Midday Stock Market Update
-
Asia Market Close: CSI 300 Falls Most But Nikkei, Taiex End Higher
-
Krsnaa Diagnostics Erases Gains After 5% Jump: Share Market Update
-
LTIMindtree Share Price Rises On Dividend Announcement
Bigbloc Constructions Unit To Install Solar Power Project
Bigbloc Constructions unit Starbigbloc Building Material will install 800 KW solar rooftop power project, an exchange filing said. Further 1,350 KW solar rooftop system to be installed at new unit under JV Siam Cement Bigbloc Construction
Nifty, Sensex Near Day's Low Weighed By Banking Stocks, Dismal TCS Results: Midday Stock Market Update
India's benchmark equity indices were trading near their day's low by midday on Friday, weighed by a fall in Tata Consultancy Service Ltd. and banking stocks. The 25,000 mark will be the inflection point for Nifty in the short term, an analyst warned.
At 12:01 p.m., the Nifty 50 was at 24,937.15, down 0.25% or 61.30 points, and Sensex traded at 81,370.01, lower by 0.30%, or 241.40 points.
Nifty has seen a lot of deviation from the mean, and this mean deviation is not healthy for the market, so some retracement can't be ruled out, according to Milan Vaishnav, founder of Gemstone Equity Research.
However, the overall uptrend remains intact for a very short-term horizon, he said. He has identified 25,000 as the Nifty's inflection point, anticipating a technical rebound prior to further index corrections.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., and Mahindra & Mahindra Ltd. pulled the Nifty lower. While those of Infosys Ltd., Tech Mahindra Ltd., Larsen & Toubro Ltd., Hindalco Industries Ltd., and Trent Ltd cushioned the fall.
Sectoral indices were mixed with Nifty Metal rising the most while Nifty Bank was the top loser.
Broader indices outperformed their larger peers with the BSE Midcap rising 0.1% and BSE Smallcap adding 0.25% through midday on Friday.
Market breadth was skewed in the favour of buyers. As many as 1,984 stocks rose, 1,731 fell, while 132 remained unchanged on the BSE.
Asia Market Close: CSI 300 Falls Most But Nikkei, Taiex End Higher
Most indices in the Asia pacific region recorded a negative close Friday with China's CSI 300 losing the most by nearly 3% ahead of the press briefing of country's finance ministry due Saturday.
However, Japan's Nikkei closed 0.6% higher at 39,605.8 points and Taiwan's Taiex added 1.1% to close 22,905.45 points.
South Korea's Kospi and S&P ASX 200 both closed 0.1% down. Bank of Korea cut its benchmark interest rate for the first time since 2020.
Krsnaa Diagnostics Erases Gains After 5% Jump: Share Market Update
The share price of Krsnaa Diagnostics had risen as much as 5% to hit Rs 902.4, its highest level since Sept 9, 2021 after the company said it has secured two agreements with the Ranchi Institute of Neuro-Psychiatry & Allied Services (RINPAS) and the Medical Superintendent of Sadar Hospital, Ranchi.
LTIMindtree Share Price Rises On Dividend Announcement
LTIMindtree Ltd.'s shares rose after board of directors announced that it may consider the declaration of an interim dividend on Oct. 17, when it will be meeting to approve the financial results of the quarter ended Sept. 30, 2024, an exchange filing said on Friday.
Tata Trusts Board Meet Underway — Noel Tata Likely New Chairman
The Tata Trust board meet is underway in Mumbai to discuss crucial succession plans with expectations that Noel Tata will be appointed as the new Chairman of Tata trust. The trust deeds provide clear guidance on the appointment of the Trust Chairperson, paving the way for this significant leadership transition.
BSE Shares Surge After NSE Discontinues Weekly Expiry: Share Market News Today
The weekly index derivatives contracts on Bank Nifty, Nifty Midcap Select, and Nifty Financial Services will be discontinued effective from Nov. 13, Nov. 18 and Nov. 19, respectively. This follows the new framework launched by the Securities and Exchange Board of India earlier this month.
Ashoka Buildcon Share Price Rises As It Gets New Order
Ashoka Buildcon share prices rose after it was selected as lowest bidder for construction project worth Rs 918 crore from Mumbai municipal body, an exchange filing said.
Rupee Update: Crosses 84 Mark For First Time Against Dollar
The rupee weakened to a fresh low against the US Dollar on Friday after opening stronger as consistent selling of stocks on Dalal Street by global funds weighed on the Indian currency.
According to Bloomberg, the domestic currency weakened to a record low of Rs 84.03 after opening at 83.96 against the US dollar.
Multibagger IREDA Rises More After Earnings: Share Market Update
Indian Renewable Energy Development Agency Ltd. rose a day after it reported a net profit of Rs 388 crore during the three months ended September, an increase of 36% from the year-ago period.
Loan disbursements rose to Rs 9,787 crore, a 56% increase from Rs 6,273 crore recorded in September 2023. Ireda's outstanding loan book was Rs 64,500 crore, a 36% increase from Rs 47,514 crore in the previous year.
A top executive told NDTV Profit that the company will likely see its earnings grow steadily in the upcoming quarters as loan sanctions have been rising in the second and the previous quarter.
Bandhan Bank Share Price Surges 9% As Partha Pratim Sengupta Appointed As New CEO & MD
Bandhan Bank share price soared more than 9% following a significant leadership change as the lender announced the appointment of Partha Pratim Sengupta as its new Managing Director and Chief Executive Officer, following approval from the Reserve Bank of India. Sengupta's banking experience spans nearly four decades, including his recent role as MD & CEO of Indian Overseas Bank until December 2022.
Tata Elxsi Q2 Result Review: Verticals' Recovery Worries, High Valuations Have Analysts Cautious
Tata Elxsi Ltd.'s net profit rose in the second quarter of fiscal 2025, beating estimates. However, brokerages are cautious on the stock due to concerns over growth in certain sectors and stretched valuations.
Tata Elxsi's share price rose as much as 2.58% before paring gains to trade 1.26% higher at Rs 7,857.25 apiece at 9:43 a.m., compared to a 0.10% decline in the benchmark Nifty 50.
The stock has risen 8.62% in the last 12 months and fallen 9.69% on a year-to-date basis. Total traded volume so far in the day stood at 4.9 times its 30-day average. The relative strength index was at 58.26.
Of the 13 analysts tracking Tata Elxsi, two have a 'buy' rating on the stock, one recommends a 'hold' and 10 suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 16%.
SEBI F&O Rules Impact: NSE To Discontinue Three Weekly Option Contracts
The weekly index derivatives contracts on Bank Nifty, Nifty Midcap Select, and Nifty Financial Services will be discontinued effective from Nov. 13, Nov. 18 and Nov. 19, respectively. This follows the new framework launched by the Securities and Exchange Board of India earlier this month.
Click here to find out more
Rupee Hits Record Low Of 83.994 Against US Dollar
The Indian rupee rose as much as 0.02% to hit Rs 83.9912, its lowest level against the US dollar, according to Bloomberg. At open, it strengthened 0.02% against the US dollar to Rs 83.96.
Cipla Share Price Falls After China Pharma Company Gets Approval For Abraxane Generic
Cipla's share price fell to hit its lowest level in over two months after China-based Pharma company Jiangsu Hengru received approval of Paclitaxel, generic of BMS’ Abraxane.
Abraxane's generic contributes 6-7% to Citi Research's earnings per share estimates excluding Revlimid for the next two fiscals. While the brokerage has maintained 'buy' with price target of Rs 1,870, with 15% upside potential, it noted that a further delay in Goa facility resolution will diminish the opportunity for the said generic.
Cummins India Falls Over 5% As Goldman Sachs Double Downgrades Stock: Share Market News Today
The brokerage has double downgraded stock to 'sell' with target of Rs 2,900, implying 23% downside. It said CPCB-IV transition has made diesel gensets 15-25% more expensive. Overall demand of diesel gensets to reduce in medium-to-long term with falling battery costs, it said adding that it expects incremental market share gains to be at expense of profitability. Downgrades due to near-term margins coming under pressure and medium-term growth moderating.
Bondada Engineering Hits Upper Circuit After Order Win
Bondada Engineering share price hit its 5% upper circuit limit after it got orders worth Rs 1,132 crore from Maharashtra State Power Generation Company, an exchange filing said.
Adani Green Business Update
H1 sale of energy increased by 20% year-on-year to 11,184 MW, operational capacity increased by 34% and growth in generation at annual growth of 49% over last 4 years. Solar Portfolio CUF for the first half was at 23.9% backed by 99.4% plant availability. H1 wind portfolio CUF was at 35.7% backed by 95.0% plant availability.
Aurionpro Solutions In Pact With Saudi Arabia Bank
Aurionpro Solutions has signed a multi-million dollar deal With Saudi Arabia Bank and has introduced next-generation transaction banking platform in Saudi Arabia, an exchange filing said.
Arkade Developers Pare Gains After 8% Jump
Arkade Developers pared gains after jumping as much as 8% to Rs 172.60, its highest level since listing day on Sept 24. Revenue of the company jumped in 102.97% at Rs 125.38 crore vs Rs 61.77 crore, Ebitda was up 328.32% at Rs 41.95 crore vs Rs 9.79 crore, margin at 33.45% vs 15.85%. Net profit for the quarter 359.51% at Rs 30.22 crore vs Rs 6.58 crore.
TCS Shares Recover After Hitting Two-Month Low
Share price of TCS erased their morning losses and traded 0.2% higher as of 9:35 a.m. The stock had hit Rs 4,139.75, its lowest level in over two months at open after several brokerages reduced the stock's target price.
Nifty, Sensex Muted At Open As ICICI Bank, TCS Drag: Stock Market Update At Open
Benchmark equity indices saw a muted opening and then slipped into losses as share of TCS and ICICI Bank dragged. TCS' stock traded lower as most analysts reduced target price for the stock.
At pre-open, Nifty 50 was at 24985.30 ,down 0.05% or 13.15 and Sensex was at 81488.10, down 0.15% or 123.31 points.
The markets ended the weekly expiry day on a flat note at 24,998. Nothing has changed; support and resistance are very well-placed, at 24,900 and 25,200, and a breakout on either side will provide a clear picture."
Share prices of HDFC Bank Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Tata Consultancy Services Ltd., and Bajaj Finance Ltd. dragged the index lower.
While those of Infosys Ltd., HCL Tech Ltd., Reliance Industries Ltd., Sun Pharmaceutical Industries Ltd., and Hindalco Industries Ltd.
Most sectoral indices were lower at open with Nifty Finance losing the most.
Nifty, Sensex Lower At Pre-Open; TCS, Ireda, Mazagon Dock Share Price In Focus
At pre-open, Nifty 50 was at 24985.30 ,down 0.05% or 13.15 and Sensex was at 81488.10, down 0.15% or 123.31 points.
Aditya Gaggar, director of Progressive Shares said, "The markets ended the weekly expiry day on a flat note at 24,998. Nothing has changed; support and resistance are very well-placed, at 24,900 and 25,200, and a breakout on either side will provide a clear picture."
Yield On The 10-Year Bond Opens Flat
-The yield on the 10-year bond opened flat at 6.77%.
-It closed at 6.78% on Thursday.
Source: Bloomberg
Rupee Strengthens Against US Dollar
-Rupee strengthened by 2 paise to open at 83.96 against the US dollar.
-It closed at 83.98 on Thursday.
Source: Bloomberg
Arkade Developers Q1FY25 (Cons, YoY)
Revenue up 102.97% at Rs 125.38 crore vs Rs 61.77 crore
Ebitda up 328.32% at Rs 41.95 crore vs Rs 9.79 crore
Margin at 33.45% vs 15.85%
Net profit up 359.51% at Rs 30.22 crore vs Rs 6.58 crore
Nirmal Bang, HSBC, Citi On TCS After Results
Citi has maintained 'sell' with target of Rs 3,935 implying 7% downside. It said EBIT was 4% below estimates and expects modest and gradual recovery, forward indicators looking weak. Margin levers are close to optimal, according to Citi as it expects cost pressures going forward. It said that it prefers Infosys over TCS.
HSBC has maintained 'Buy' with target of Rs 4,540, upside 6.7%. It said that 2Q reflected painful slow demand recovery and demand for discretionary projects remain weak while margins were a rare miss. 2Q performance and mediocre medium term outlook led to minor cuts in estimates and it believes TCS is best managed in the sector.
HDFC Securities Lowers Tata Elxsi Target Price After Result
HDFC Securities has lowered the target price of Tata Elxsi to Rs 6,925, from Rs 7,120, implying downside of 11%. The brokerage maintains its 'Reduce' rating for the stock after the company announced its Sept. quarter results.
It said that strength in transportation (56% of revenue) was offset by weakness in Media & Communications, Healthcare. It expects healthcare vertical to recover by FY25 end but media & communications could take longer to recover.
The brokerage believes that T1 client growth, transportation will drive growth over FY24-26 and growth trajectory is expected to improve ahead while valuations are still a stretch.
Gold Rises On Expectations Of Rate Cut After Inflation Data
The December futures contract of Comex Gold traded up by 0.74% at $2,658.90 an ounce as CME Fedwatch tool showed more chances of rate cut in November after US inflation data on Thursday. Additionally, tensions in the middle east along with demand from central banks uplifted the sentiment.
Oil Price Update: Brent Crude Futures Fall After 3% Rise Thursday
At 8:05 a.m., the December futures contract of Brent Crude traded $78.97 a barrel and November contract of WTI Futures was $75.52 a barrel. On Friday, the commodity had risen over 3% amid hurricane Milton in US and rising tensions in the middle east.
In Florida a quarter of fuel stations sold out of gasoline, knocking out power to more than 3.4 million homes and businesses.
Jefferies On Bandhan Bank
Jefferies has maintained a 'buy' with a target price of Rs 240 per share, an upside of 27% from the previous close. It said that the new chief executive officer comes with a strong background and recovery from credit guarantees adds to credibility. The brokerage expects the lender's asset quality to behave better than other microfinance institutions and a 15% return on equity in the business. Valuations look attractive at 1.1 times the financial year 2026 price-to-book value, it said.
JP Morgan, CLSA, Nuvama On TCS After Q2 Results
JP Morgan has maintained 'overweight' rating with a target price of Rs 5,100 per share from Rs 5,200 apiece, an upside of 21% from the previous close. The brokerage said that the company's international business weakest since covid and all growth was led by sharp margin dilutive BSNL contract. Falling revenue was the result of several clients cancelling discretionary projects simultaneously and the brokerage now sees gradual recovery across US BFS and UK Banking. It also pointed out that lengthening sales cycles and signings were unimpressive and fear lack of broad-based recovery. Consequently, it has trimmed margin estimates and earnings by 50 basis points and 2% respectively for fiscal 2025 and recommends using any sharp correction to add.
Nuvama has lowered its target price to Rs 5,100 from Rs 5,250 while maintaining its 'buy'. The new target suggests upside of 21%. The brokerage said that Q2FY25 was a modest quarter for TCS mainly due to client specific issues and management remains optimistic about demand revival in BFSI and bottoming out of the retail vertical. . Nuvama expects margin to recover with less contribution from BSNL, which is a lower-margin deal and growth for TCS and sector to see material uptick Q4FY25 onwards.
CLSA has also lowered target to Rs 4094 from Rs 4187, implying downside of 3.1%. It said that the miss in margins due to sharper than expected ramp up in BSNL deal leading to high pass through costs. It also noted few client specific issues in UK/US, which further deteriorated revenue growth
However, Demand commentary remains cautious in the near term, Optimistic in medium term and it assume ramp down on BSNL to happen by Q1FY26 from prior assumption of Q3FY26.
The brokerage finds the stock's valuation stretched and it remains cautious on the IT sector .
Asia Market Open: Indices Mixed Ahead Of BOK Rate Decision; CSI 300 Down 1%
Asian indices were mostly higher in the early trade even as US markets fell. Investors will look forward to the South Korea central bank decision.
At 7:30 a.m., Nikkei was trading 0.6% higher and South Korea's Kospi rose 0. 4%, however, CSI 300 fell more than 1% and Australia's ASX 200 traded down 0.1%.
US Market Close: Indices End Lower Post Inflation Data
In the US indices ended lower after fresh inflation data raised concerns that inflation wasn't cooling. S&P 500 was down 0.21% to close at 5,780.05, Dow Jones was down 0.14% to close at 42,454.12, and Nasdaq Composite fell 0.05% to 18,282.05.
Investors now await the the release of country's producer price index due Friday as well as quarterly results of JP Morgan Chase and Wells Fargo.
GIFT Nifty Trades Near 25,000; TCS, IREDA, Mazagon Dock Share Price In Focus: Stock Market Updates
GIFT Nifty was trading at25,084.00, up by 21.5 points or 0.1% as of 06:54 a.m.. Among other stocks, Tata Consultancy Services Ltd. and Indian Renewable Energy Development Agency Ltd. will react to their quarterly earnings and Mazagon Dock Shipbuilders Ltd. shares on order win.
On Thursday, benchmark equity indices closed with little gains ahead of TCS September quarter earnings, and inflation data from the US.
The Nifty ended 0.07%, or 16.50 points up at 24,998.45 and Sensex advanced 0.18%, or 144.3 points, to close at 81,611.4.
Overseas investors, commonly known as foreign portfolio investors, or FPIs, remained net sellers of Indian equities for nine consecutive sessions on Thursday.
Domestic institutional investors (DIIs) bought stocks worth Rs 3,878.33 crore and according to provisional data from the National Stock Exchange, FPIs offloaded stocks worth Rs 4,926.61 crore.
The Indian rupee weakened by 2 paise to close at 83.98 against the US dollar.
RECOMMENDED FOR YOU
Stock Market Today: Nifty, Sensex Close Higher Ahead Of TCS Q2 Results, US CPI Data
Oct 10, 2024
.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Stock Market Today: Nifty, Sensex Close Higher Ahead Of MPC Outcome As HDFC Bank, Infosys, RIL Gain
Oct 08, 2024
Stock Market Today: Nifty, Sensex, Nifty Bank Extend Losing Streak To Sixth Day
Oct 07, 2024
Stock Market Today: Nifty, Sensex Record Worst Week In Over Two Years
Oct 04, 2024
POPULAR