KEY HIGHLIGHTS
US Futures Fall Ahead Of Country's PPI, Quarterly Results
Futures of US benchmarks were trading lower as traders await the country's PPI data as well as quarterly results of JP Morgan Chase and Wells Fargo. S&P 500 futures contract fell 0.2%, those of Dow Jones fell 0.1% and Nasdaq Composite's futures fell 0.3% as of 3:38 p.m.
Economic Data, Events Later Friday
US: Core PPI month-on-month
US: PPI month-on-month
US: FOMC Member Goolsbee Speaks
US: FOMC Member Logan Speaks
US: FOMC Member Bowman Speaks
Rupee Weakens To Record Closing Low Against US Dollar
-Rupee weakened by 8 paise to close at 84.07 against the US dollar.
-Rupee hit an all-time low of 84.09 during the day.
-It closed at 83.98 on Thursday.
Source: Bloomberg
Nifty, Sensex Close Lower For Second Week Led By Titan, Tata Steel Fall: Closing Bell
Benchmark equity indices closed lower for a second consecutive week with share prices of Titan and Tata Steel emerging as the top losers on a weekly basis. On Friday, they ended lower as shares of banks and TCS weighed on them.
On Friday, Nifty ended 0.10% or 24.15 points down at 24974.3 and Sensex ended 0.22% or 176.01 points lower at 81435.40.
"Global investors will be keenly looking forward towards the press conference to be held by China’s Ministry of Finance on Saturday," said Shrikant Chouhan, head of equity research at Kotak Securities. "With the start of Q2FY25, we could see stock specific action over the next few weeks based on earnings and management commentary."
He also said risk sentiments is expected to be influenced by volatile commodity prices, geopolitical turmoil, global monetary easing cycle and flows to China.
Shares of ICICI Bank Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., Mahindra & Mahindra Ltd., and Axis Bank Ltd. pulled the Nifty lower. While those of Infosys Ltd., Trent Ltd., Larsen & Toubro Ltd., HCL Tech Ltd., and Hindustan Unilever Ltd. cushioned the fall.
Broader markets ended on a positive note. The BSE Midcap and BSE Smallcap both ended 0.44% up.
On BSE, 14 out of 20 sectors ended higher, while six declined. The BSE Metal index rose the most, while the BSE Realty declined the most.
Market breadth was skewed in the favour of buyers. Around 2,140 stocks rose, 1,750 stocks declined, and 121 stocks remained unchanged on BSE.
Weekly Performance
On a weekly basis, Nifty ended 0.2% lower and Sensex closed 0.4% down. Nifty Pharma gained the most this week and Nifty FMCG was top loser.
Markets At Close
Nifty and Sensex recorded a second consecutive week of fall
On Friday, both the indices fell
Nifty ends 0.10% or 24.15 points down at 24974.30
Sensex ends 0.22% or 176.01 points lower at 81435.40
Intraday, both of them fell around 0.3%
Broader indices outperformed; Nifty Midcap 100 and Nifty Smallcap 250 closed 0.4% higher
Sectoral indices were mostly higher at close; Nifty Pharma rose the most and Nifty Realty was top loser
Trent and Hindalco were top Nifty gainers
TCS and M&M fell the most
BSE Shares Gain More To Hit Life High
BSE shares extended gains to hit Rs 4,550, its fresh high. The stock rose after NSE discontinued weekly expiry for three indices.
Container Corp Total Throughput Grows 5.9% YoY
Container Corp. of India Ltd. reported a 5.9% yearly growth in total throughput in the July-September quarter, according to provisional business updates released on Friday. Throughput refers to the total time it takes to develop and deliver goods or services to the customer.
Total throughput stood at 13.03 lakh twenty-foot equivalent units (TEUs) in the second quarter, as compared to 12.30 lakh TEUs.
Export-import throughput rose 3.71% year-on-year to 10.05 lakh TEUs, while domestic throughput soared 14.03% to 2.97 lakh TEUs.
China Mulls Opening Stock Index Futures To Foreign Investors
According to Bloomberg, China is studying opening stock index futures to foreign investors and it will invest transparent futures in the market by 2035.
Europe Markets Open: Indices Muted Ahead Of China Press Conference
European markets traded with little change as markets await China's finance ministry's press conference Saturday morning to provide clarity on further stimulus for the economy.
Spain's IBEX, France CAC 40, and Germany's DAX all traded flat at 2:32 p.m. Pan European Euro Stoxx 50 fell 0.1% and UK's FTSE 100 traded 0.3% lower.
Gold Price Rally Continues As It Remains The 'Safe Haven' Investment
Gold prices have been on a steady climb post the customs rate cut at the Budget. With prices hitting record highs this months, the yellow metal continues to be an appealing asset for Indian investors.
BREAKING: Noel Tata Is New Tata Trusts Chairman
Noel Tata has been appointed as the Chairman of Tata Trusts, people familiar with the development told NDTV Profit. With an experience of 40 years under his belt, he will take up the mantle after the group's patriarch Ratan Tata passed away. The unanimous decision was made during a board meeting of Tata Trusts in Mumbai, where discussions focused on the succession plan for the philanthropic organ
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Trent Shares Rise After Noel Tata Appointed As Tata Trusts Chairman
Trent shares rose 3% after Noel Tata was appointed as the chairman of Tata Trusts, people familiar with the development told NDTV Profit.
Noel is the chairman of three listed Tata Group entities—Voltas Ltd., Trent Ltd., and Tata Investment Corp. He is also the vice-chairman of the Titan Co. and Tata Steel Ltd.
Just Dial Shares Rise After Q2 Results
In Q2, consolidated revenue was up 1.5% sequentially at Rs 285 crore vs Rs 281 crore, EBITDA was up 1.7% at Rs 82 crore vs Rs 80.6 crore, EBITDA margin came at 28.8% vs 28.7% a quarter ago.
The net profit was up 9% at Rs 154 crore vs Rs 141 crore in June quarter.
Nomura Downgrades Credit Access To Reduce; Shares Fall
Nomura has downgraded Credit Access share price from neutral to reduce and the stock's target price to Rs 950 from Rs 1,119 earlier, implying 15% decline. The brokerage said steep decline was seen in disbursements / AUM and management guidance of 23-24% for FY25 is difficult to achieve as it sees multiple headwinds.
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.
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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.
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