Stock Market Live: Nifty, Sensex Trade Lower; Nifty Realty Up Over 1%

January futures of brent crude and WTI crude were trading more than 1% higher as of 2: 36 p.m. at $73.66 a barrel and $69.63 a barrel respectively amid geopolitical tensions in Russia-Ukraine.

Most European indices fell in the early trade tracking fall in their global peers as sentiment was weighed by Nvidia's forecast. As of 2:30 p.m., Euro Stoxx 50 was 0.3% lower, FTSE 100 was flat, Germany's DAX fell 0.1%, France's CAC 40 fell 0.4%, and Spain's Ibex was 0.1% down.

Most indices in the Asia-pacific region ended in the negative territory on Thursday with Japan's Nikkei losing nearly 1%, Hong Kong's Hang Seng ended 0.5% lower, while South Korea's Kospi and China's CSI 300 ended flat.

Coal India will allow coal supplies beyond Annual Contracted Quantity to Non-Regulated Sector customers in long-term linkage auctions, an exchange filing said.

Mamaearth parent Honasa Consumer's share price has lost more than 30% in its fall for three consecutive sessions amid concerns raised by All India Consumer Products Distributors Federation regarding "unethical stock dumping practices".

The stock started its decline on November 18 after the company announced its quarterly results, which reflected a consolidated net loss of Rs 18.5 crore in the September quarter against a profit of Rs 29.4 crore in the year ago quarter.

• Reliance Jio net lost 79.7 lakh subscribers

• BSNL net adds 8.5 lakh subscribers

• Vodafone Idea net lost 15.5 lakh subscribers

• Bharti Airtel net lost 14.3 lakh subscribers

Nifty IT erased its early gains to trade flat and Nifty Realty rose nearly 1% after falling 1% earlier in the day. Nifty PSU Bank also pared losses and traded 3% lower as against over 5% fall intraday.

Telecom companies can avail tax credits accumulated for duties paid on towers, tower parts, shelters, and the like against the service tax they pay for providing cellular services, the Supreme Court has held.

In doing so, the top court has provided relief to various telcos such as Bharti Airtel Ltd., Vodafone Idea Ltd., Indus Towers Ltd., Reliance Communications Ltd., and Mahanagar Telephone Nigam Ltd.

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Shares of Indian Hotels Co. hit a record high on Thursday following a stellar second quarter, optimistic management commentary, and brokerages from Morgan Stanley to Jefferies weighing in on the company. The stock rose as much as 2.68% during the day to Rs 774.20 apiece on the NSE.

NBCC (India) Ltd. share price pared losses as it received order worth Rs 202 crore Rajasthan State Industrial Development & Investment Corp. The order is for project management, consultancy services for building Unity Mall in Rajasthan.

NBCC share price fell 3.40% to Rs 86.77 apiece, the lowest level since Oct 28. It pared losses to trade 2.07% down at Rs 88.00 apiece as of 11:08 a.m., as compared to 0.80% decline in the NSE Nifty 50 index.

Suzlon Energy Ltd.'s share price hit its 5% upper circuit on Thursday after Morgan Stanley upgraded the stock's rating to 'Overweight'. However, the brokerage cut its target price for the to Rs 71 apiece from Rs 78. The new target price implies a 20% upside from Tuesday's closing price.

Britannia Industries Ltd.'s share price declined to over six–month low on Thursday, as Food Safety and Standards Authority of India asked the company to prohibit the sale of one batch of one of its product. The notice came after the food authority noticed Britannia Industries used preservatives above the prescribed limit in the mentioned batch of the product.

The initial public offering of NTPC Green Energy Ltd. has been subscribed 40% on its second day of bidding on Thursday. It was booked 33% on its first day. The company will sell shares worth Rs 10,000 crore, entirely via a fresh issue of approximately 92.6 crore shares.

India's Rs 4.3 lakh-crore stock market is in the middle of one of the biggest correction in recent times. Yet, in an unforeseen way, stocks of small and mid-cap companies avoided a heavy selloff and fell in line with benchmark gauges.

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Nifty PSU Bank was the top loser among sectoral indices on Thursday as it fell more than 4% to hit 6,163.75, its lowest level since January 31. All constituents of the index fell with Bank of Baroda and PNB share prices leading the decline.

Indus Towers' shares rose by over 3% after a significant Supreme Court ruling in the company’s favor. The court granted telecom and tower companies, including Indus Towers, Vodafone, and Bharti Airtel, the right to claim Central Value-Added Tax (Cenvat) credits on duties paid for key infrastructure components, such as tower parts and shelters.

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Vodafone Idea share price fell for a ninth consecutive session to hit Rs 6.87, its lowest level since May 25, 2023 after Goldman Sachs cut the stock's target price to Rs 2.4 compared to Rs 2.5 earlier, implying 67% downside.

The Indian rupee weakened by 0.02% on Thursday to hit a new all-time low of 84.428. The local currency had opened little changed at Rs 84.41, according to Bloomberg data. It had closed at Rs 84.41 on Tuesday.

India's financial and energy stocks continued to bear the brunt of sell-off by foreign investors as the combined outflow surged past $1.5 billion in the first half of November, while the overall asset under custody in domestic stocks plunged by $21.5 billion.

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Honasa Consumer denied 'misinformation' on practices with distributors and distribution transition. It said distribution value-chain carried a total inventory of Rs 40.69 crore as of October 31. It has already removed 2-layered channel partner structure of super-stockists from top-50 cities. The company is already setting up single-layered distributor structure, a filing said.

Nifty IT emerged as the only sectoral index that gained as benchmarks were back in the negative territory on Thursday after a one-day rise. The index extended its gains for a second consecutive session. Most stocks in the index were up with Infosys leading.

Benchmark equity indices resumed their declines after a one-day rise amid tensions in Russia-Ukraine.

At pre-open, Nifty 50 was at 23488.45, down 0.13% or 30.05 points and Sensex was at 77711.11, up by 0.17% or 132.73 points.

"From a technical standpoint, the Nifty is encountering selling pressure, a trend anticipated to persist in the coming sessions. Monitoring the support zone between 21,500-21,450 is crucial to sustaining positive momentum," Shrey Jain, founder and CEO SAS Online said. "Additionally, the Nifty faces resistance at 21,850, potentially signaling a breakout point."

Share prices of Adani Ports and SEZ Ltd., State Bank Of India Ltd., Adani Enterprises Ltd., Reliance Industries Ltd., and ITC Ltd. dragged.

While those of Infosys Ltd., Tata Consultancy Services Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., and HCL Tech Ltd minimised the fall.

Most sectoral indices were lower at open. Nifty PSU Bank fell the most and Nifty IT was the top gainer.

The debut of the Flipkart backed-Zinka Logistics Ltd. on the national bourses will happen on Nov. 22 instead of Nov. 21 because of the usual T+3 listing schedule as markets were shut on Wednesday.

The maiden issue worth Rs 1,114.7 crore closed on Nov. 18, which was subscribed 1.86 times, led by qualified institutional buyers.

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At pre-open, Nifty 50 was at 23488.45, down 0.13% or 30.05 points and Sensex was at 77711.11, up by 0.17% or 132.73 points.

The yield on the 10-year bond opened flat at 6.85%. It closed at 6.85% on Tuesday, according to data Bloomberg.

Rupee opened flat at 84.41 against the US dollar. It closed at 84.41 on Tuesday, according to data on Bloomberg.

RattanIndia Enterprises in an exchange filing said its arm Revolt Motors expands dealership network across India. The network now includes 153 dealerships, 14 more coming up in November.

According to Citi, post the 10% correction in Nifty, valuations are more reasonable and looking ahead, potential 2H recovery in public capex & rural demand are positives.

Urban consumption & asset quality also remains a watch for the brokerage. It said domestic Flows continue to be robust, but sentiment may be tested if FII sell-off sustains

Key Overweight: Financials, Telecom, Pharma

Key Underweight: Consumer Discretionary, IT, Metals.

Goldman Sachs has raised its target price for Eicher Motors to Rs 5,900 from Rs 5,400 earlier while maintaining a 'buy' rating as it expects near-term pickup in volume momentum in FY25 / FY26. It also expects more product events over next year across 350cc / 450cc /650cc portfolios and sees pickup in export volumes where margin and ASP are superior vs domestic.

Goldman Sachs expects market to remain range-bound over next 3 months. It has pegged Nifty 50's 3 months target at 24,000, implying 2% upside. Nifty's 12 month target according to the brokerage is 27,000. It believes Indian equities should be relatively insulated from macro headwinds and has maintained tactically neutral on India favouring select domestics. The brokerage remains overweight on select domestic sectors with higher earnings visibility including autos, telcos, insurance, realty, and internet. It has upgraded exporters like Infotech to overweight and pharma to market weight.

Except South Korea's Kospi, which traded 0.2% higher at 7:48 a.m, all indices of the Asia-pacific region fell as market assessed the impact of Russia-Ukraine tensions and Nvidia's Q2 results.

Japan's Nikkei fell the most by 0.7%, both Hong Kong's Hang Seng and China's CSI 300 fell 0.3%.

The S&P 500 closed flat at 5,917.11, Dow Jones was up 0.32% at 43,408.47, and Nasdaq Composite was down 0.11% at 18,966.14. In after hours of the session tech companies fell following a disappointing revenue forecast from Nvidia Corp. Russia-Ukraine tensions also weighed on the sentiment.

GIFT Nifty traded 78 points or 0.3% lower at 23,575.50 as of 7:21 a.m. on Thursday. Among others, share prices of Tata Power Co., Bajaj Auto Ltd., Mahindra & Mahindra Ltd., and JSW Steel Ltd. will remain in focus as market assesses their news flow.

On Tuesday, the Indian equity benchmarks gave up most gains in the last leg of trade, as risk–off sentiment rose after Ukraine carried out strikes deep inside Russia, with western non–nuclear missiles. They were closed on Wednesday for Maharashtra state assembly election.

Despite giving up gains, the NSE Nifty 50 snapped a seven–session losing streak. While the BSE Sensex reversed a four-session loss. The Nifty 50 ended 64.70 points, or 0.28%, higher at 23,518.50. The Sensex ended up 239.38 points, or 0.31%, at 77,578.38.

Earlier in the day, the Nifty 50 rose as much as 1.39% to 23,780.65, and the Sensex rose 1.44% to 78,451.65. Both the indices posted their biggest intraday gains since Sept. 20.

Overseas investors remained net sellers of Indian equities for the 36th consecutive session on Tuesday, while domestic institutional investors stayed net buyers.

Foreign portfolio investors sold stocks worth Rs 3,411.7 crore, according to provisional data shared by the National Stock Exchange. The domestic institutional investors mopped up stocks worth approximately Rs 2,783.9 crore.