Stock Market Today: Nifty, Sensex End At Over Four–Month Low; RIL, HDFC Bank Top Losers

• Europe: Euro group meeting

• US: Factory orders — 8:30 p.m.  

At 3: 29 p.m., Futures contract of Dow Jones was 0.02% higher at 42,221.00, that of S&P 500 rose 0.1% to 5,765.25, and Nasdaq 100 was also up 0.1% at 20,166.50.

The NSE Nifty 50 and BSE Sensex ended the lowest level in over months on Monday as Reliance Industries Ltd. and HDFC Bank Ltd. share prices dragged. The benchmark indices also recorded their worst session in a month in terms of intraday decline.

The Nifty 50 settled 309.00 points or 1.27% down at 23,995.35, and the Sensex ended 941.88 points or 1.18% down at 78,782.24.

Intraday, the Nifty 50 fell as much as 2.01% to 23,816.15, and the Sensex declined 1.87% to 78,232.

The Sensex fell below 79,000 mark for the first time since Aug 14, and the Nifty declined below 24,000 for the first time since Aug 6.

The NSE India Volatility Index jumped 10.67% to 17.60, the highest level since Aug 7. The index pared gains to end 4.94% higher at 16.69.

The top dragger, Reliance Industries fell 4% to Rs 1,285.10 apiece, the lowest in over nine months a day after its bonus shares started trading on the exchanges.

"With a bearish open marubozu candlestick pattern, bears showed their presence and the overall technical structure is weak with a series of lower highs and lower lows. Today's low will be considered as a critical support point and in the case of a breakdown, there is a high probability of testing 200DMA support which is at 23,460 while on the flip side, the zone of 24,100-24,180 will serve as a strong hurdle," said Aditya Gaggar, director, Progressive Shares.

Reliance Industries Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., and Bharti Airtel Ltd. weighed on the index.

Mahindra & Mahindra Ltd., State Bank of India, Infosys Ltd., Tech Mahindra Ltd., and Cipla Ltd. limited losses to the index.

On NSE, all 12 sectors ended lower with the NSE Nifty Realty decline the most.

Broader indices also fell. BSE Midcap closed 1.3% lower and BSE Smallcap lost 1.7%.

All 21 sectoral indices on the BSE fell with BSE Realty losing the most.

Market breadth was skewed in the favour of sellers. As many as 2,705 stocks fell, 1,357 rose, and 137 remained unchanged on the BSE.

The rupee weakened by 3 paise to close at 84.11 against the US dollar. The currency weakened to a record low of 84.12 during the day. It closed at 84.08 on Friday, according to data on Bloomberg.

• The NSE Nifty 50 and BSE Sensex recorded their worst session in a month.

• The benchmark indices ended at their lowest levels since late June.

• Reliance Industries Ltd., HDFC Bank Ltd., and ICICI Bank Ltd. were the top dragger in the Nifty 50 index.

• Mahindra & Mahindra Ltd., State Bank of India, and Infosys Ltd. were top gainers in the index.

• The NSE Nifty Realty was the worst performing sectoral index, while the NSE IT was the best performing sectoral index.

• The NSE Nifty Oil & Gas declined to nearly five–month low. The index ended 2.48% down at 11,158.20.

• The NSE Nifty Midcap 150 ended 1.21% down at 20,767.40.

• The NSE Nifty Smallcap 250 ended 1.84% down at 17,609.50.

• Net loss of Rs 107 crore vs loss of Rs 86.4 crore

• Revenue fell 39.29% at Rs 12.9 crore vs Rs 21.2 crore

• Ebitda loss of Rs 103 crore vs Ebitda loss of Rs 91.47 crore

• Total Income rose 2% to Rs 6,900 crore vs Rs 6,762 crore

Marsons Ltd. is likely to set up subsidiary company in the UK for purposes of expanding presence in European market, the company said in an exchange filing.

Solar Industries (India) Ltd. received export orders worth Rs 399 crore for supply of defence products, it said in an exchange filing

• Revenue up 1.8% at Rs 283 crore versus Rs 278 crore.

• Ebitda down 12.4% at Rs 37.8 crore versus Rs 43.1 crore.

• Margin at 13.3% versus 15.5%

• Net profit up 22.7% at Rs 44.8 crore versus Rs 36.5 crore.
  
  

The Euro and Pound sterling rose against the US dollar on Monday as the dollar index fell to a two–week low. The index fell after data showed that the US added new jobs at the slowest pace since 2020, which affirmed expectation of a 25–basis point rate cut by the US Federal Reserve later this week.

The dollar index, which measures the strength of the greenback against six major currencies, fell 0.63% to 103.63, the lowest level since Oct 21. It was trading 0.15% down at 103.76 as of 2:18 pm.

The Euro and pound sterling were trading 0.54% and 0.32% down, respectively as of 2:13 p.m., according to Bloomberg data.

European share indices struggled to get direction on Monday as investors prepare for the event–heavy week. The US election is scheduled for Tuesday, and the US Federal Reserve's policy meet outcome is due to be published on Thursday.

• Net Profit fell 13.6% to Rs 299 crore vs Rs 346 crore

• Revenue rose 14.4% to Rs 4,925 crore vs Rs 4,306 crore

• Ebitda fell 12.8% to Rs 490 crore vs Rs 563 crore

• Margin at 10% Vs 13.1% 

• Revenue up 1.8% at Rs 4,450 crore versus Rs 4,372 crore.

• Ebitda down 5.5% at Rs 472 crore versus Rs 499 crore.

• Margin at 10.6% versus 11.4%.

• Net Profit down 13.7% at Rs 233 crore versus Rs 270 crore.

Gateway Distripaks launched double stack rail services at ICD Faridabad, the company said in an exchange filing.

Kotak Institutional Equities has upgraded its rating for Mahindra & Mahindra from 'add' to 'buy', citing a favourable risk-reward profile following a recent correction in the stock price. 

The share price rose as much as 5.47% during the day to Rs 2971.75 apiece on the NSE.

• Net profit up 17.1% at Rs 64.3 crore versus Rs 77.6 crore.

• Revenue up 8.8% at Rs 2,072 crore versus Rs 1,905 crore.

• Ebitda up 10.3% at Rs 241 crore versus Rs 219 crore.

• Margin At 11.6% versus 11.5%.

For latest updates on second quarter earning click here.

The NSE India Volatility Index jumped 10.67% to 17.60, the highest level since Aug 7. It pared gains to trade 7.92% higher at 17.16 as of 12:48 p.m.

Bharat Global Developers received significant order worth Rs 300 crore from Mccain India Agrotech, it said in an exchange filing.

Afcons Infrastructure Ltd. was listed at Rs 426 apiece on National Stock Exchanges Ltd compared to Rs 463 issue price. It's a discount of 8%.

The company listed at Rs 430.05 on BSE compared to issue price of Rs 463. It indicated 7.1% discount.

Bajaj Auto Ltd.'s share price fell during morning trade on Monday as its domestic sales declined, while total sales showed modest growth on account of an increase in exports in its October wholesale numbers.

The India upee weakened by 3 paise to a record low of 84.11 against the US dollar. The local unit hits record low for the second session in a row, according to data on Bloomberg. It closed at 84.08 on Friday.

Maruti Suzuki India Ltd. opened pre–bookings for 4th Generation Dzire, it said in an exchange filing.

Reliance Industries Ltd. share price fell to the lowest level since Jan 8 in Monday's session. It was trading 3.95% down at Rs 1,286 apiece as of 11:18 a.m.

Vedanta Ltd. signed a memorandum of understanding with United Nation Environment Programme's flagship methane reporting and mitigation initiative.

Cairn Oil & Gas is part of Vedanta Group. UNEP Stands For United Nations Environment Programme, it said in an exchange filing.

Outcome in October has been smashing success. Bajaj Auto has seen surge in retails in October, said Rakesh Sharma, executive director in an interview to NDTV Proft.

Bajaj Auto's focus area is 125cc segment. The company have grown 20% in retail terms in 125-cc segment. Bajaj Auto have sold 2 lakh pulsars, said Sharma.

• October overall volume growth fell 6%

• October overall exports fell 41%

NCC Ltd. share price retreated from over one-month high, snapping a two-day rally on Monday. The stock had rallied in the last two trading sessions after it disclosed its order wins for October on Friday.

The NSE Nifty 50 and BSE Sensex declined over 1% and touched the lowest level since Aug 6 in Monday's session. The Nifty 50 index has declined below 24,000, and the Sensex fell below 79,000.

The market cap of Nifty 50 company declined Rs 29,583.2 crore to Rs 191.10 lakh crore as of 10:23 a.m.

Shares of pharma major Sun Pharmaceuticals Industries Ltd. plunged over 5% on Monday—the worst since December 2020— after a US District Court prevented it from launching its new drug, Leqselvi.

The NSE Nifty Oil & Gas index declined 2.07% to 11,205.90, the lowest level since June 5. Reliance Industries Ltd., and Indian Oil Corp share prices dragged the index.

The Nifty Oil & Gas index was trading 1.8% down at 11,235.65 as of 09:40 a.m.

The NSE Nifty 50 and BSE Sensex declined shortly after opening on a muted note as Sun Pharmaceutical Industries Ltd., and Infosys Ltd. share prices dragged. As of 09:17 a.m., the Nifty 50 was trading 155.90 points or 0.64% down at 24,148.45, and the Sensex was trading 0.64% down at 79.218.50.

"The range breakout of 24,200-24,500 levels will give an either side breakout from current levels and we expect an upward move post the expiry rollover and positive global cues," said Vikas Jain, head, Reliance Securities.

The relative strength index is crossing the average line and crossover of the same would witness a strong breakout along with the underlying index. The highest call open interest is at 24,500 strikes while the downside the highest put OI is at 24,000 for the weekly expiry, Jain added.

Infosys Ltd., Sun Pharmaceutical Industries Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., and HDFC Bank Ltd. weighed on the index.

Mahindra & Mahindra Ltd., HLCTech Ltd., Tech Mahindra Ltd., Cipla Ltd., and Eicher Motors Ltd. limited losses in the benchmark index.

On NSE, 12 sectoral indices opened lower with the NSE Nifty Oil and Gas declined the most. The NSE Nifty Realty had the least decline around open

Broader markets declined in line with the benchmark indices. The BSE Midcap and Smallcap indices were trading 0.80% and 1.25% down, respectively.

On BSE, 21 sectoral indices were trading in the negative territory around opening trade. The BSE Consumer Durables declined the most, and the BSE Focus IT declined the least.

Market breadth was skewed in favour of sellers. Around 2,090 stocks declined, 1,092 stocks advanced, and 161 stocks remained unchanged on BSE.

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At pre–open, the NSE Nifty 50 was trading 0.05% higher at 24,315.75, and the BSE Sensex was trading 0.01% down at 79,713.14.

The yield on the 10-year bond opened flat at 6.86%. It closed at 6.85% on Friday, according to data Bloomberg.

Rupee strengthened by 2 paise to open at 84.06 against the US dollar. It closed at 84.08 on Friday, according to data Bloomberg.

• October Total Cargo Volumes At 37.9 MMT

• Year to date October 2024 logistics rail volume rose 11% on the year

• Year to date October 2024 total cargo handling increased 8% on the year to 257.7 MMT

Source: Exchange Filing

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Republican Sweep

• Red sweep may trigger a short-term rally for Indian equities

• Sustenance of short term rally to depend on valuations, earnings momentum

• Expect rally to quickly fizzle out

• Base thesis of market consolidation for H2FY25 stays unchanged

• Possible sectoral beneficiary: IT, BFSI

Democrat Sweep

• Democrat's sweep could trigger nervousness in global equities, leaving India somewhat vulnerable

• Suggest to by into any major dip as core fundamentals are likely to be unchanged

• IT could be vulnerable in the short term on high valuations, corporate tax hike concerns

Most Asian currencies advanced on Monday against the greenback as the dollar index declined on caution before the US election. Moreover, weak job growth in the US during October fuelled bets for further monetary easing, which weighed on the US dollar.

The Singaporean Dollar and Thai Baht rose the most against the US dollar. The currencies were trading 0.61% and 0.52% higher, respectively as of 8:33 a.m. IST.

Bucking the trend, the Indonesian rupiah declined against the greenback. It was 0.22% lower against the US dollar as of 08:33 a.m. IST.

The dollar index, which measures the strength of six major currencies, was 0.53% down at 103.74 as of 08:30 a.m. IST, according to data on Bloomberg terminal.

The greenback lost strength after a poll by Des Moines Register showed Kamala Harris leading in Iowa state, which was won by Donald Trump in his previous elections, Bloomberg reported. Investors considers Trump win to be a propeller for rally in the dollar index and US Treasury yields.

The yield on the benchmark 10–year US treasury note rose to the highest level in nearly four months. The yield rose after data showed US economy added 12,000 jobs in October, due to storms and strike, Bloomberg reported.

The pace of job growth was the slowest since 2020, which affirmed expectation that the US Federal Reserve will cut interest rates by 25 basis points.

The uncertainty surrounding the outcome of the US election also weighed on safe haven asset.

The yield on the 10–year US treasury note was trading 0.02% higher at 4.40% as of 5:07 a.m. IST.

Gold spot and future prices were largely steady in Asian trade as market participants exercised caution before the outcome of the US election and the Federal Reserve Policy meeting this week.

A rise in US treasury yield weighed on the bullion. The Bloomberg spot Gold was trading 0.07% higher at $2,738.51 an ounce as of 08:08 a.m. IST, according to data on Bloomberg

The December future contract of Gold was trading 0.05% down at $2,747.10 an ounce as of 08:00 a.m. IST, according to data on Bloomberg

Welspun Corp Ltd. received two large orders cumulatively valued at Rs 1,300 crore in US. The two large orders for supply of coated HSAW pipes for natural gas pipeline projects, the company said in an exchange filing

Welspun Corp will execute these orders during financial year 2026.

• It raised the target price to Rs 1,800, which implied a 16% potential upside.

• Goa facility cleared by FDA as VAI, boosting potential approval for limited-competition gAbraxane.

• Focus on inhalers, injectables/peptides, and ARVs in the US, with expected growth in FY25-27

• Higher valuation aligned with sector trends and regulatory progress.

• Cipla’s stock up 29% over the past year but has lagged behind Nifty Pharma's 54% rise.

• Risk-Reward View Favors Cipla with expected returns of 6-21% in one year.

• Key Risks: Lower-than-expected growth in India, weaker US revenue, and higher pricing pressure.

• Citi maintains BUY on HPCL, raises target to Rs 450 from Rs 420 earlier, which implied an 18% upside

• Revise petrol/diesel marketing margin assumptions upwards

• Lower gross refining margin forecasts on recent trends, mgmt commentary

• Change FY26/27 EBITDA forecasts by -2%/+9%

• Citi Research maintained 'Buy' on Indian Oil Corp at Rs 190 target which implied a 30.6% upside.

• Revise petrol/diesel marketing margin assumptions upwards

• Lower gross refining margin forecasts on recent trends, management commentary

• Change FY26/27 EBITDA forecasts by -3%/+1%

Crude oil prices rose nearly 2% in Asian trade as the Organization of Petroleum Exporting Countries and allies decided to delay December production increase by a month, Bloomberg reported.

The January future contract of brent crude was trading 1.44% higher at $74.15 a barrel as of 7:07 a.m.

Markets in Asia–Pacific region rose on Monday before US election and the Federal Reserve's policy decision this week. Market participants will also monitor China's parliament session to get more details on the stimulus announced earlier.

The KOSPI and S&P ASX 200 were trading 1.05% and 0.32% higher, respectively. Markets in Japan are closed for a holiday on Monday.

On Friday, stocks on Wall Street ended higher as market participants shift their focus on US election this week. They shrugged off the US jobs data which showed job openings increased at the slowest pace since 2020 and unemployment remained low.

The Dow Jones Industrial Average ended 0.69% higher and the S&P 500 settled 0.41% higher. The Nasdaq Composite ended 0.80% higher on Friday.

The GIFT Nifty was trading near 24,300 level in early trade on Monday. Hero MotoCorp Ltd., Sun Pharmaceutical Industries Ltd., and Zomato Ltd. share prices are likely to see movement when market opens.

The GIFT Nifty was trading 0.46% or 112 points lower at 24,281 as of 6:30 a.m.

The NSE Nifty 50 and BSE Sensex rebounded from two–day decline in an annual special trading session for the occasion of Samvat 2081. The Nifty 50 ended 0.39% or 94.20 points higher at 24,299.55, and the Sensex ended 0.42% or 335.06 points higher at 79,724.12.

On Thursday, benchmark equity indices of India recorded a second session of fall. However, on a weekly basis, the indices snapped a four-week decline.