Stock Market Live: Nifty, Sensex Pare Losses Led By Gains In Infosys, TCS

Vedanta Ltd.'s share price declined as its steel production fell 7% year-on-year to 652,000 tonnes in the first half of financial year 2024–25. Maintenance in an Oxygen plant, and debottlenecking of steel melting shop in the second quarter impacted the steel production, the company said in the exchange filing.

Avenue Supermarts Ltd. is navigating the challenges of quick commerce competition while contending with a slowdown in growth and store additions. In its second quarter update on Thursday, the operator of DMart reported a sharp slowdown in same-store sales growth, falling short of pre-second-quarter targets.

HDFC Bank's gross advances for the quarter ended September witnessed a rise of 1.3% on quarter to Rs 25.2 lakh crore, according to provisional numbers disclosed to exchanges. On a year-on-year basis, India's largest private sector's gross advances grew 7%.

India's fear gauge index rose as the markets continued their downtrend and amid rising tensions in the middle east.

Benchmark equity indices erased losses after a lower open as shares of Infosys and TCS led gains. However, they slipped again as shares of Reliance and ICICI Bank weighed on them.

At pre-open, both Nifty and Senses were down 0.3% at 25181.90 and 82244.97 points respectively.

In a report SBI Securities said that currently, 25080-25060 will act as an important support and till 25060 holds, "we can see index move towards 25380-25400," he said. "A surge above 25400, index can move towards 25535-25555 zone. On breakdown & sustenance below 25060, further correction up to 24820-24800 will be on the cards."

Shares of Reliance Industries Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., HDFC Bank Ltd., and Nestle India Ltd. dragged the Nifty.

While those of Tata Consultancy Services Ltd., Oil & Natural Gas Corp. Ltd., HCL Tech Ltd., ITC Ltd., and Bharti Airtel Ltd. capped the fall.

Nifty IT outperformed the sectoral indices and rose 0.4%.

At pre-open, both Nifty and Senses were down 0.3% at 25181.90 and 82244.97 points respectively. According to Vikas Jain, Reliance Securities head of research NIFTY-50 has witnessed a vertical fall from its inside range, and we could expect some bounce from the support of 25,050 levels which is the 50-day average and round number support. "The first bout of resistance would be at the previous support range of 25,550 followed by 25,800 being the gap levels on the higher side."

The yield on the 10-year bond opened flat at 6.79% after it closed at 6.78% on Thursday.

Source: Bloomberg

The rupee strengthened by 2 paise to open 83.95 against the US dollar after it closed at 83.97 on Thursday.

Source: Bloomberg

Swiggy's shareholders on Thursday gave their nod to increase the fresh issue component of its initial public offering to Rs 5,000 crore from the current Rs 3,750 crore, according to people in the know.

The clearance would mean that Swiggy can now raise an additional Rs 1,250 crore if it wishes to. The offer-for-sale component will continue to be worth Rs 6,664 crore, for which investors are selling 18.5 crore shares.

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In its business update for the month of September, the company said its average client funding book grew by 6% month on month to Rs 4,089 crore and client base grew 3.2% month-on-month to Rs 2.7 crore. Its gross client acquisition in September was up 5.8% MoM at 9.5 lakh.

Diffusion Engineers share price will debut on the stock exchanges on Friday. The company is engaged in welding equipment manufacturers and suppliers. The Rs 158 crore IPO has been subscribed 114.49 times on the final day. The bids were led by non-institutional investors (207.6 times), qualified institutional investors (95.74 times), retail investors (85.61 times), and a portion reserved for employees (95.03 times).

Shares of Bajaj Housing Finance, Bajaj Finance, M&M Finance, Avenue Supermarts and Bank Of Baroda will react to their business updates released after market hours on Thursday.

Those of BSE are likely to fall as it will discontinue its weekly index derivatives contracts on Sensex 50 effective from Nov. 14 and Bankex effective Nov. 18.

Mahindra and Mahindra will also remain in focus after its arm launched Mahindra ‘ZEO’ 4W SCV starting from Rs 7.52 lakh.

Ola Electric Mobility has introduced the "BOSS—Biggest Ola Season Sale," featuring the S1 portfolio starting at Rs 49,999, along with festive offers of up to Rs 40,000.

JTL Industries share price are expected to rise as its board approved share split and Sundaram-Clayton share price will move after it opened QIP, setting floor price at Rs 2,320.78 per share.

Morgan Stanley maintained an 'overweight' rating on the stock with a target price Rs. 9,000, which implied a 21% upside. It said healthy loan growth is above estimates. The brokerage expects the company to grow at 27.3% in financial year 2024–25 and new customer acquisition is better than target set by it. The brokerage expects Q2FY25 to be weak due to higher credit costs and lower margins and credit costs to be at 210 basis points and 185 bps for H2FY25. It expects management to raise credit cost guidance from the current 175-185bp.

Citi Research has also maintained a 'buy' with target price of Rs 8,257, implying 11% upside. It said AUM growth moderated on expected lines and new loans booked fell QoQ on an elevated base. It expects margins to come off by 14bps QoQ and credit costs expected to be elevated at 2%. The brokerage expects credit cost guidance to be increased.

According to Citi, Chinese equities have caught up with India, both are up 19% current year to date. It said that India’s outperformance is significant and the country's valuation premium is significant to emerging markets/China. Around rate cuts, India benefited from a strong FII inflows environment and higher share of China in incremental EM inflows can happen if the rally sustains. Overall, it sees conducive environment for EM inflows reduce likelihood of significant FII outflows from India and said strong macro/growth outlook along with resilient domestic inflows have been a major driver of Indian equities.

The brokerage remains constructive and recommends buying any dips. It is overweight on domestic-focused sectors including banks, telecom, healthcare.

Gold prices were steady in Asian trade hours Friday as the demand for the safe-haven increased due to geopolitical tension in the West Asia. The spot gold was trading 0.11% higher at $2,658.93 as of 07:25 a.m.

The commodity rose despite a rise in the dollar index and US Treasury yields as potential of a war between Israel and Iran poured water on traders' risk appetite.

The price of the precious metal rose 0.16% higher at $2,663.00 on Thursday.

US stocks closed lower on Thursday after data showed weekly jobless claims increased more than projected and tensions remained high in the Middle East. The S&P 500 Index and Nasdaq Composite ended 0.17% and 0.04% lower, respectively on Thursday. The Down Jones Industrial Average ended 0.44% lower. Investors now await September payroll report to be released later Friday.

Indices in Asia were mixed tracking the US markets ahead of US non-farm payroll data, due later today. At 7:04 a.m., Japan's Nikkei traded flat, erasing early gains at 38,550.80, South Korea's Kospi was at 2,576.70, up 0.59%, and Australia's S&P ASX fell more than 1% to 8112.60.

WTI Crude oil November futures traded flat at $73.72 a barrel as of 6:58 a.m. after surging over 5% on Thursday amid geopolitical tensions in the middle east and December futures contract of Brent crude was trading flat at $77.64 a barrel. The markets feared that Israel could strike Iran’s oil industry in retaliation for Tehran’s ballistic missile attack this week.

The GIFT Nifty was trading 5.50 points lower at 25,428.00 as of 06:36 a.m. Among the shares prices that will be in focus on Friday are Bajaj Finance, M&M, Ola Electric, and Avenue Supermarts.

On Thursday, the Nifty 50 ended 546.80 points or 2.12% lower at 25,250.10, and the Sensex ended 1,769.19 points or 2.10% down at 82,497.10.

Overseas investors saw their highest single-day selling in 2024, while domestic institutional investors recorded peak buying as NSE Nifty 50 and BSE Sensex plunged, following the Securities and Exchange Board of India's curbs on futures trading and geopolitical tensions in the Middle East.

Foreign portfolio investors remained net sellers for the fourth session and offloaded stocks worth Rs 15,243.27 crore and domestic institutional investors remained net buyers for the eighth consecutive session and bought equities worth Rs 12,913.96 crore, the NSE data showed.

The Indian rupee weakened by 15 paise to close at 83.97 against the US dollar.