Stock Market Live: Nifty Hovers Around 24,000; Sensex Falls Nearly 100 Points

Shares of Amara Raja Energy & Mobility Ltd. fell 5% on Tuesday after its second-quarter profit missed analysts' estimates, leading Nuvama Institutional Equities to cut its target price on the stock.

Shares of the company fell as much as 4.66% to Rs 1,310 apiece. The stock pared losses to trade 4.44% lower at Rs 1,313 apiece, as of 10:24 a.m. This compares to a 0.08 decline in the NSE Nifty 50 Index.

Even as the benchmarks are seeing the worst session in over four years, Indian stock market has not yet fully priced in the extent of the slowdown that could be on the cards, according to Bernstein Research.

India Inc. is set to face further heat with monsoons and elections being only part of the reasons for the earnings' misses, Bernstein said.

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Procter & Gamble Health Ltd.'s share price rose to the highest level in over three years on Tuesday, as the company's profit rose and margin expanded in the first quarter.

Domestic gold price stood at Rs 78,660 as of 9:30 a.m., according to the India Bullion Association. Following a rally lead by festive demand, price of the yellow metal has dipped. Ahead of the festive season, gold price had risen as much as Rs 81,500 on Oct. 23. It started declining from Oct. 31.

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Swiggy Ltd.'s initial public offering, structured as a book-built issue, is aimed at raising a total of Rs 11,327.4 crore. The IPO comprises a fresh issue of 11.54 crore shares valued at Rs 4,499 crore and an offer-for-sale of 17.51 crore shares amounting to Rs 6,828.4 crore. The IPO subscription window is open from Nov. 6 to Nov. 8, 2024. The allotment is expected to be finalised by Nov. 11, and

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Tilaknagar Industries Ltd. share price surged nearly 12% to its highest in over a month on Tuesday after its profit jumped in the July–September quarter. The company's consolidated net profit surged 57% on the year to Rs 58.23 crore in the quarter ended September 2024, according to an exchange filing.

China stock indices rose after opening on a cautious note tracking several factors including the country's service activity data, Premier Li Qiang comments, and as its top legislative body reviewed a proposal that aims to reduce the financial burden of local officials.

As of 10:05 a.m., Shanghai Composite index rose 1.8% to 3,369.70 points and Shenzhen Component index was 2.7% higher at 10,952.91 points. CSI 300 was up 2% at 4,023.24 and Hong Kong's Hang Seng rose more than 1% to 20,823.36.

FTR transport intelligence reported that preliminary North American Class 8 net orders in October totaled 28,300 units. This is 14% MoM decline but a 2% YoY increase and somewhat short of seasonal expectations due to average October order level over the last seven years is 33,940 units.

Given continued stagnation in truck freight market, this is a healthy order number while suggesting that some fleets are being cautious as they order new trucks for 2025.

Larsen & Toubro has entered into investment agreement for acquisition of up to 21% stake in E2E Networks for Rs 1,079 crore. The acquisition is expected to be completed by December 31 and the company will invest via preferential allotment, an exchange filing said.

Nifty Metal was the top performing sectoral index on Tuesday with most of its constituents trading higher led by gains in Hindustan Zinc, NMDC, and Tata Steel. The sector contributed the second most to Nifty as it erased opening fall.

Benchmark equity indices extended their fall for a second consecutive session as several domestic factors along with uncertainty over US elections impacted the sentiment.

At pre-open, both Nifty 50 and Sensex were 0.3% lower at 23916.50 and 78544.44 points respectively.

According to Vikas Jain, head of research at Reliance Securities, "Domestically, concerns are mounting due to continued selling by Foreign Institutional Investors (FIIs), disappointing quarterly earnings, and the surge in the USD/INR to record highs."

He added that foreign portfolio investors have turned more bearish on Indian equities, shifting from 336,000 net long contracts at the start of October to 153,000 net short contracts in the November series, with further increases in short positions on November 4. 

Gains in share prices of Hindalco Industries Ltd., Tata Steel Ltd., HCL Tech Ltd., JSW Steel Ltd., and NTPC contributed the most to the gains.

While those of HDFC Bank Ltd., Reliance Industries Ltd., Coal India Ltd., Bharti Airtel Ltd., and Infosys Ltd. pulled the index lower.

Nifty Metal was the top gainer and Nifty Realty fell the most.

At pre-open, both Nifty 50 and Sensex were 0.3% lower at 23916.50 and 78544.44 points respectively. "The most immediate support level for the Nifty is identified near 23900," said Ameya Ranadive, senior technical analyst at StoxBox. "Should this level be breached, there is a potential for further exacerbation of the current market weakness."

The yield on the 10-year bond opened flat at 6.863%. after it closed at 6.83% on Monday, according to Bloomberg.

The Indian rupee weakened by 2 paise to record low of 84.13 against the US dollar, according to Bloomberg data. It had closed at 84.11 on Monday.

RVNL has emerged as lowest bidder for engineering, procurement, and construction order worth Rs 625 crore from South Central Railway, an exchange filing said.

According to Market Veteran Ramesh Damani, US election is most important in the world, because the President is the leader of the free world. U.S. Presidential Election is neck to neck, but will be decided by Electoral College and there are 60-70 Electoral College votes that matter. For Kamala to win, she would have to win the "Blue Wall", he said adding that two states could pose surprises - Iowa and New Hampshire.

On a year-on-year basis October number of orders grew 62% at 17 crore, average client funding book grew 119% to Rs 4,119 crore, and client base grew 57.8% to 2.8 crore, an exchange filing said.

Sandur Manganese has approved the acquisition of 20% additional stake In Arjas Steel, according to an exchange filing. Post the acquisition, the company will hold stake aggregating up to 99.12% equity stake in Arjas Steel Private Limited.

• Nuvama retain 'Buy' with a revised target price of Rs. 1,580 vs 1,980 earlier

• Q2FY25 revenue/EBITDA grew 12%/8% YoY

• The company's 10-year plan is to expand lithium ion capacity to 16GWH with investment of Rs. 9500 cr

• Cutting FY25–27E EBITDA by 3–4% factoring in lower margin assumption

• Building in FY24–27E core (lead acid battery) revenue/EBITDA CAGR of 9%/10%

• TP Based on 15x Sep-26E EPS for lead acid battery business

• Investment value for lithium business lowered to 2x vs 3x earlier

Gland Pharma Q2 FY25 (Consolidated, YoY)

• Revenue up 2.33% at Rs 1,405 crore versus Rs 1373 crore (Bloomberg estimate Rs 1422 crore).

• Ebitda down 8.64% at Rs 296 crore versus Rs 324 crore (Bloomberg estimate Rs 285 crore).

• Ebitda margin down 253 bps at 21.06% versus 23.59% (Bloomberg estimate 20%).

• Net profit down 15.97% at Rs 163 crore versus Rs 194 crore (Bloomberg estimate Rs 163 crore).

Raymond Q2 FY25 (Consolidated, YoY)

• Revenue up 122.12% at Rs 1,044 crore versus Rs 470 crore.

• Ebitda up 105.35% at Rs 115 crore versus Rs 56 crore.

• Ebitda margin down 89 bps at 11.01% versus 11.91%.

• Net profit down 63.35% at Rs 59 crore versus Rs 161 crore.

ABB India Q3 FY25 (YoY)

• Revenue up 5.16% at Rs 2,912 crore versus Rs 2,769 crore.

• Ebitda up 23.29% at Rs 541 crore versus Rs 438.8 crore.

• Ebitda margin up 273 bps at 18.57% versus 15.84%.

• Net profit up 21.21% at Rs 440 crore versus Rs 363 crore.

IRCTC Q2 FY25 (Consolidated, YoY)

• Revenue up 7.25% at Rs 1,064 crore versus Rs 992 crore (Bloomberg estimates Rs 1125 crore).

• Ebitda up 1.91% at Rs 373 crore versus Rs 366 crore (Bloomberg estimates Rs 392 crore).

• Ebitda margin down 183 bps at 35.05% versus 36.89% (Bloomberg estimates 35%.

• Net profit up 4.4% at Rs 308 crore versus Rs 295 crore (Bloomberg estimate Rs 317 crore).

Amara Raja Q2 FY25 (Standalone, YoY)

• Revenue up 11.56% at Rs 3136 crore versus Rs 2,811 crore (Bloomberg estimate Rs 3351 crore).

• Ebitda up 7.56% at Rs 441 crore versus Rs 410 crore (Bloomberg estimate Rs 458 crore).

• Ebitda margin down 52 bps at 14.06% versus 14.58% (Bloomberg estimate 13.7%).

• Net profit up 6.63% at Rs 241 crore versus Rs 226 crore (Bloomberg estimate Rs 265 crore).

• Board approved increasing investment limit in arm ARACT to Rs 2,000 crore from Rs 1,000 crore to set up gigafactories and plants.

Bata India Q2 FY25 (Consolidated, YoY)

• Revenue up 2% at Rs 837 crore versus Rs 819 crore (Bloomberg estimate Rs 840 crore).

• Ebitda down 4% at Rs 175 crore versus Rs 182 crore (Bloomberg estimate Rs 180 crore).

• Ebitda margin at 20.9% versus 22.2% (Bloomberg estimate 21.4%).

• Net profit up 53% at Rs 52 crore versus Rs 34 crore (Bloomberg estimate Rs 59 crore).

JK Paper Q2 FY25 (Consolidated, YoY)

• Revenue up 2.0% to Rs 1,683 crore versus Rs 1,650 crore.

• Ebitda down 35% to Rs 264 crore versus Rs 407 crore.

• Margin at 15.7% versus 24.7%.

• Net profit down 58% to Rs 129 crore versus Rs 306 crore.

KEC International Q2 FY25 (Consolidated, YoY)

• Revenue up 13.7% to Rs 5,113.31 crore versus Rs 4,499.03 crore (Bloomberg estimate Rs 5094 crore).

• Ebitda up 17% to Rs 320.24 crore versus Rs 274.32 crore (Bloomberg estimate Rs 338 crore).

• Margin at 6.3% versus 6.1% ( Bloomberg estimate 6.6%).

• Net profit up 53% to Rs 85.41 crore versus Rs 55.83 crore (Bloomberg estimate Rs 105 crore).

Tilaknagar Industries Q2 FY25 (Consolidated, YoY)

• Revenue up 9.7% to Rs 374.85 crore versus Rs 354.39 crore.

• Ebitda up 39% to Rs 65.98 crore versus Rs 47.43 crore.

• Margin at 17.6% versus 13.4%.

• Net profit up 57% to Rs 58.23 crore versus Rs 37.04 crore.

P&G Health Q1 FY25 (YoY)

• Revenue up 3% at Rs 313 crore versus Rs 305 crore.

• Ebitda up 29% at Rs 114 crore versus Rs 89 crore.

• Ebitda margin at 36.4% versus 29.1%.

• Net profit up 26% at Rs 82 crore versus Rs 66 crore.

NSE Q2 FY25 (Consolidated, YoY)

• Profit up 57% at Rs 3,137 crore.

• Total Income up 25% at Rs 5,023 crore,

As of 7: 22 a.m. January futures contract of Brent Crude was 0.1% down at $74.99 a barrel and December Futures of WTI Crude also traded 0.1% lower at $71.38 a barrel. On Monday, both the contracts had ended nearly 3% higher after OPEC+ decided to delay its output increase plans by a month.

Except Nikkei, which traded 1% higher as of 7:14 a.m., all indices in the Asia Pacific region fell ahead of US election outcome as well as Federal Reserve's action later this week. Australia's ASX 200 fell 0.6%, Hong Kong's Hang Seng was 0.4% lower, and South Korea's Kospi fell 0.7%.

US indices ended on a negative note as they look forward to the presidential election outcome.

On Monday, the S&P 500 closed 0.28% down at 5,712.69, Dow Jones fell 0.61% to close at 41,794.60 and Nasdaq Composite ended 0.33% lower at 18,179.98.

The GIFT Nifty was trading at 24,063.00, down 9 points, as of 06:54 a.m. and share prices of Raymond, IRCTC, KEC International are some of the stocks that will react to their September quarter results.

On Monday, the NSE Nifty 50 and the BSE Sensex closed at their lowest levels in over a month, led by declines in Reliance Industries Ltd. and HDFC Bank Ltd.

The Nifty 50 settled 309.00 points, or 1.27%, lower at 23,995.35, and the Sensex fell 941.88 points, or 1.18%, to end at 78,782.24. The Nifty fell as much as 2.01% during the day to 23,816.15—a first since Aug. 6. The Sensex declined 1.87% during the day to 78,232—its first since Aug. 14.

Overseas investors remained net sellers of Indian equities for the 26th consecutive session on Monday, while domestic institutional investors turned net buyers after a session of selling.

Foreign portfolio investors offloaded stocks with an approximate value of Rs 4,329.8 crore and the DIIs bought stocks worth Rs 2,936.1 crore, according to provisional data from the National Stock Exchange.

The Indian currency closed flat against the US dollar at 84.11 on Monday.