Stock Market Live: Nifty, Sensex Down Over 1% As HDFC Bank, RIL Decline

Dabur India Ltd. share price declined over 7% on Thursday as brokerages expects the company to suffer significantly in the Sept–Nov due to bad weather condition and proactive inventory correction strategy.

1. Domestic Advances rose 11.8% on the year at Rs 9.05 lakh crore.

2. Global Advances rose 13% on the year at Rs 9.42 lakh crore.

3. Domestic Deposits rose 10.9% on the year at Rs 12.7 lakh crore.

4. Global Deposits rose 11.4% on the year at Rs 13.1 lakh crore.

5. Domestic Business rose 11.3% on the year at Rs 21.8 lakh crore.

6. Global Business rose 12.1% on the year at Rs 22.5 lakh crore.

Tata Motors Ltd.'s total domestic car sales declined 15% on the year at 69,694 units in September. Its total commercial vehicle sales dropped 23% on the year to 30,032 units against 34,465 units estimate for the month.

Tata Motors' electric vehicle sales fell 23% on the year 23% to 4,680. The Passenger Vehicle sales declined 9% on the year to 41,313 units.

After its September sales number, Tata Motors share price extended losses. It declined 2.89% to Rs 937.30 apiece.

KRN Heat Exchanger & Refrigeration Ltd. listed at Rs 480 on the National Stock Exchange compared to issue price of Rs 220. The company listed at a premium of 118.2% on NSE.

KRN Heat Exchanger & Refrigeration listed at Rs 470 BSE Vs issue price Of Rs 220. It listed at a premium of 113.6% on BSE.

New factory in Chennai will commercialize production in Jan–March in financial year 2024–25, said Dixon Technologies (India) Managing Director Atul Lall said in an interview to NDTV Profit.

Festive season is the most important for consumer durable industry as well as Dixon Technologies. The contribution of festive period to revenue between July to October is around 38-40%, Lall said.

Dixon Technologies operates at similar margins to global players. Lall sees I-phone growth impacting sales of android brands that the company service. Mobiles is largest revenue contributor for Dixon Technologies.

JSW Steel Ltd. share price rose to record high on Thursday after Nomura began coverage of the company with a buy rating. It gave a target price Rs 1,220, which implied 22% upside from Tuesday's closing price.

The NSE Nifty Metal index rose 0.97% to 10,322.05 as JSW Steel Ltd., and Tata Steel Ltd. led. The index was trading 0.46% higher as of 09:52 a.m., as compared to Nifty 50 index.

Spartan Capital Securities doesn't see oil prices gaining higher from current level, said Chief Market Economist Peter Cardillo. The key question is whether Iran and Israel will see a full scale war. Full scale war of Iran- Israel could engage oil producing countries in the region.

The oil market has not responded very highly to the Iran- Israel tensions. Oil traders are keeping in mind that the Organization of Petroleum Exporting Countries has enough spare capacity, Cardillo said.

US inventory data has reversed after 5-6 weeks of consecutive drops. The oil market is a wait and see situation right now, he said.

The India NSE Volatility Index rose 9.91% to 13.18. The index was trading 6.55% higher at 12.78 as of 09:18 a.m.

The NSE Nifty 50 and BSE Sensex declined 1% at open on Thursday as investors' mood soured after the Securities Exchange Board of India introduced several curbs to regulate Futures and Options trade. Reliance Industries Ltd., and Infosys Ltd. were the top dragger in the Nifty 50 index.

As of 09:21 a.m., the Nifty 50 was trading 247.40 points or 0.96% down at 25,549.50, and the Sensex was 821.05 points or 0.97% down at 83,445.24.

Kotak Securities recommended strategy is to consider a contra bet by going long if the indices form a reversal formation after reaching 25,500/83,200 the 20-day SMA support. Keep a stop loss at 25,300 on a closing basis. Reducing weak long positions at resistance levels around 25,800/25,900 is also advisable, said Shrikant Chouhan, head equity research.

Infosys Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Nestle India Ltd., and Mahindra & Mahindra Ltd. weighed on the index.

JSW Steel Ltd., Oil and Natural Gas Corp Ltd., Hindalco Industries Ltd., UltraTech Cement Ltd., and Tata Steel Ltd. added to the index.

On NSE 11 sectors declined and one advanced out of 12. The NSE Nifty Auto declined the most, and the NSE Nifty Metal was the top gainer.

Broader markets declined in line with the benchmarks. The BSE Midcap and Smallcap indices were trading 0.79% and 0.69% lower, respectively.

On BSE, 18 sectors advanced, and two declined out of 20. The BSE Consumer Discretionary was the top loser, while the BSE Metal rose the most.

Market breadth was skewed in favour of buyers. Around 2,162 stocks declined, 959 stocks rose, and 112 stocks remained unchanged on BSE.

The yield on the 10-year bond advanced 2 bps higher to 6.75%. It closed at 6.73% on Tuesday, according to data on Bloomberg.

At pre-open, the NSE Nifty 50 was trading 1.33% down at 25,452.85, and the BSE Sensex was 1.50% down at 83,002.09.

Rupee weakened by 8 paise to open at 83.90 against the US dollar. It closed at 83.82 on Tuesday, according to data on Bloomberg.

1. Handles 37.5 million ton Cargo in September, up 14% YoY

2. Growth In September Cargo Primarily Driven By Container Volume [GU] 31% YoY

3. Liquids & Gas Volume In September Increased By 11% YoY

4. Handled Highest Ever H1 Cargo Of 219.8 million, up 8.5% YoY

5. Mundra Port Achieved A Significant Milestone By Crossing 100 MMT Mark In 181 Days

Source: Exchange Filing

Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

• Total Loans & Advances rose13.1% on the year at Rs 2.36 lakh crore

• Total Deposits rose 18.3% on the year at Rs 2.77 lakh crore

• CASA Ratio At 32% Vs 30.8% QoQ

• Liquidity Coverage Ratio At 131.9% Vs 137.8% QoQ

• Loan to deposit ratio falls 130bps QoQ to 85.3%

Source: Exchange filing

• Dabur's Q2 revenue down on high GT inventory, unfavorable weather

• Dabur to maintain marketing spend despite challenging environment

• Industry interactions suggest moderate demand with no major uptick expected

• Brokerage notes ongoing debate on impact of e-commerce and other new channels, presenting challenges and opportunities for FMCG cos like Dabur

• Cites inventory management concerns at Honasa

• Advises caution on possibility of market corrections in FMCG companies

• Maintains buy with target price of Rs. 760, which implied a 23% upside

• Consolidated revenue is likely to decline 5% on the year

• EBITDA is likely to clock 15% on the year decline

• Q3 shall be slightly better than Q2

• Expects consolidated revenue/EBITDA to fall 5%/15% on the year

• Gross/EBITDA margin to fall 82bp/213bp YoY to 47.5%/18.5%

• Expects A&P as percentage of sales at 7%. Q3FY25 can be better

• Indian steel majors have structural reasons to continue trading at higher valuations

• Structural reasons: Higher ROE, higher domestic demand

• Global liquidity cycle is turning favorable for metals

• Steel cos could have lower cost of equity as deleveraging continues

• Believe Indian steel majors are among the best placed globally

• Cost drivers to partially offset moderation in realizations

Signature Global India's arm launched a new project, Daxin, Gurugram’s X Factor in Gurugram, it said in an exchange filing.

1. Circular broadly in-line with discussion paper, impacts ~35% of industry premiums

2. Lot size and margin hike lower than expected

3. Phased implementation to lead to calibrated tightening

4. Focus now moves to participant behavior post implementation

5. Discount brokers can be most impacted, followed by exchanges (BSE)

6. AMCs, Wealth Managers, Depositories remain unaffected

Biocon Biologics refinances $1.1 billion long term debt through dollar bonds and new syndicated facility, it said in an exchange filing.

The Japanese yen declined against the US dollar after Prime Minister Shigeru Ishiba said that the economic condition of the country do not support rate hikes. The yen was 0.29% lower at 146.90 a dollar as of 08:12 a.m.

Most Asian currencies declined on Thursday as the dollar index rose to three-week high after data showed private sector employment increased in the world's largest economy more, weighing on hopes of more rate cuts.

The Australian dollar declined 0.16% against the greenback, while the Malaysian Ringgit fell 0.90% against the greenback.

The dollar index, which measures the strength of the greenback against major currencies, was trading 0.12% higher at 101.80, the highest level since Sept 12. The index was trading 0.09% higher at 101.76 as of 08:18 a.m.

The Securities Exchange Board of India in its latest Futures & Options Framework said that bourses will monitor intraday position four times a day. To understand the new framework in detail click here.

Bitcoin prices erased losses in Asian trade. The prices declined as much as 0.78% to $60,430.98 earlier. As of 07:53 a.m., bitcoin price was 0.40% higher at $61,146.29.

Trading volumes could drop as much as 50% after Sebi regulations kick in. Around 50-60% of traders will drop out as a result of higher contract sizes

No clarity is yet on which benchmark will be selected by NSE for weekly expiry. Regulator could take more action if trading volumes in derivatives are not impacted.

Gold prices erased early gains as investors monitor the developing situation in the Middle East Asia after Israel vowed to respond to Iran's attack earlier in the week.

The Bloomberg spot gold was trading 0.02% lower at $2658.22 as of 07:35 a.m.

Oil prices continued to rise in Asian trade on bleak supply outlook as geopolitical tension heightened in the Middle East after the Israel said that the country will retaliate to Iran's attack earlier in the week. 

The crude oil was trading  1.04% higher at $74.67 a barrel as of 07:24 a.m.

Japan was leading gains in the Asia early Thursday following dovish remarks from the Prime Minister Shigeru Ishiba. The Japan's Nikkei 225 jumped nearly 3% on Thursday after Ishiba said that the economic condition of the country do not support rate hikes. The dovish remark came after Ishiba met the Bank of Japan Governor Kazuo Ueda.

The Nikkei 225 was trading 909.74 points or 2.41% higher at 38,718.50 as of 07:03 a.m. The S&P ASX 200 was 4.50 points or 0.06% lower at 8,193.70.

Financial markets in China are closed till Oct 8 for mid-Autumn festival. Markets in South Korea are also closed for National Foundational Day. 

The US markets closed with little change on Tuesday amid rising tension in the Middle-East. The S&P 500 and Dow Jones Industrial Average ended 0.01% and 0.09% higher. The Nasdaq Composite settled 0.08% higher.

In Asian trade, US futures were trading marginally lower. The S&P 500 and Dow Jones Industrial futures were trading 0.07% and 0.06% lower, respectively.

Market participants look forward to US jobs report, scheduled for release on Friday.

The GIFT was trading near 25,800 in early morning Thursday. Nifty BSE Ltd., Coal India Ltd., HDFC Bank Ltd., and Hero MotoCorp Ltd. share prices are expected to react because of the news flow.

The GIFT Nifty was trading 0.45% or 116.50 points lower at 25,696.00 as of 08:03 a.m.

Motilal Oswal Financial Services expects the market to consolidate with stock-specific actions as result season draws close. Companies will announce pre-quarterly updates, said Siddhartha Khemka, head, research, Wealth Management.

The NSE Nifty 50 and BSE Sensex declined for a third session Tuesday tracking a fall in heavyweights HDFC Bank Ltd., Reliance Industries Ltd. The Nifty 50 ended 0.05% or 13 points lower at 25796.90 and Sensex closed 0.04% or 33.49 points down at 84266.29.

Indian financial markets were closed on Wednesday on account of Gandhi Jayanti.