Stock Market Today: Bank Stocks Help Nifty, Sensex To Record Best Sessions In Six Weeks

As of 3:30 p.m., the Dow Jones Industrial Average future rose 0.09% to 41,996.00, and the S&P 500 future rose 0.16% to 5,752.00. The Nasdaq 100 future was 0.30% to 20,145.75.

US: Presidential Elections

US: Congressional Elections

US: Trade Balance

US: Final Services PMI

US: 10-year Bond Auction

A rise in the shares of banks helped the benchmark equity indices of India to recover during the last two hours of session and record their best sessions since Sept. 20 as global markets await US elections outcome.

Intraday, both Nifty and Sensex fell as much as 0.6% each. Nifty ended 0.91% or 217.95 points higher at 24213.30 and Sensex ended 0.88% or 694.39 points higher at 79476.63.

Investors now look forward to US election outcome due tonight. According to Shrisha Acharya, vice-president at Anand Rathi Global Finance the Trump card, coupled with potential Republican control, could shoot higher yields due to anticipated increases in deficit spending, inflation risks, and potential tax cuts

On the other hand, Acharya said Harris’ rise has been met with a stock market rally glued on expectations of economic stability and controlled inflation, with more predictable fiscal policy likely to help in a soft landing. "In any case, a contested election, which remains probable, could extend market uncertainty, magnifying volatility across the equity and bond market until the winner stands tall," Acharya said.

"Nifty 50 has formed a Piercing Candlestick pattern coupled with a positive divergence in the RSI and 150DMA support." said Aditya Gaggar, director of Progressive Shares. "As indicated yesterday also, level of 23,800 will serve as immediate support while on the higher side, and the resistance level is shifted higher to 24,370."

Share prices of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., State Bank Of India, and Tata Steel Ltd. contributed the most to the gains.

While those of Infosys Ltd., ITC Ltd., Trent Ltd., Coal India Ltd., and Adani Ports & Special Economic Zone Ltd capped the upside.

Most sectoral indices ended higher with Nifty Metal rising the most tracking China stimulus.

Market breadth was skewed in favour of buyers. Around 2,472 stocks advanced, 1,478 stocks declined, and 108 stocks remained unchanged on BSE.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.48% and 0.41% higher, respectively.

Out of 21 sectors complied by BSE, 16 sectors advanced and five declined. The BSE Metal rose the most, while the BSE Services declined the most.

Rupee closed flat at 84.109 against the US dollar.

It closed at 84.114 on Monday.

Source: Bloomberg

• Nifty and Sensex recovered in last two hours to record their best sessions since Sept. 20

• Nifty ended 0.91% or 217.95 points higher at 24213.30

• Sensex ends 0.88% or 694.39 points higher at 79476.63

• Intraday, both Nifty and Sensex fell as much as 0.6% each

• Broader indices underperformed with Nifty Smallcap 250 ending 0.6% higher and Nifty Midcap 100 ended 0.5% up

• Most sectoral indices rose. Nifty Metal rose the most and Nifty FMCG was top loser

• JSW Steel and Bajaj Auto were top Nifty gainers

• Coal India and Adani Ports fell the most

SJVN Q2 Earnings Highlights (Consol, YoY)

• Revenue up 16.8% at Rs 1,026 crore versus Rs 878 crore.

• Ebitda up 17.3% at Rs 828 crore versus Rs 706 crore.

• Margin at 80.7% versus 80.4%.

• Net profit up 0.1% at Rs 439.9 crore versus Rs 439.6 crore.

European indices opened higher ahead of US elections. At 2:48 p.m., UK's FTSE was 0.3% higher, France's CAC 40, pan-European Stoxx 600 and Germany's DAX was 0.2% higher.

• Total Income up 17% at Rs 323 crore vs Rs 277 crore

• Net Profit up 15% at Rs 137 crore vs Rs 119 crore

• Revenue down 1.2% at Rs 917 crore versus Rs 928 crore.

• Ebitda up 15.7% at Rs 81.2 crore versus Rs 70.2 crore.

• Margin at 8.8% versus 7.6%.

• Net profit at Rs 185 crore versus Rs 51 crore.

Gland Pharma shares rose a day after the company posted a net profit of Rs 163.53 crore in the quarter-ended Sept. 30, 2024, as compared with Rs 194.08 crore in the year-ago period, according to an exchange filing on Monday. Analysts tracked by Bloomberg had estimated a profit of Rs 162.9 crore.

Alkyl Amines Q2 Results Highlights

• Revenue up 17.8% at Rs 415 crore versus Rs 352 Cr

• Ebitda up 52.4% at Rs 73.6 crore versus Rs 48.3 crore.

• Margin at 17.7% versus 13.7%.

• Net profit up 74.5% At Rs 47.5 crore versus Rs 27.2 crore.

Rail Vikas Nigam Ltd.'s joint venture emerged as the lowest bidder for orders worth Rs 838 crore from Eastern Railways, the company said in an exchange filing.

Mazagon Dock Shipbuilders Q2 Highlights (Consolidated, YoY)

• Revenue up 51% at Rs 2,757 crore versus Rs 1,828 crore.

• Ebitda up 189% at Rs 511 crore verus Rs 177 crore.

• Margin at 18.5% versus 9.7%.

• Net profit up 76% at Rs 585 crore versus Rs 333 crore.

KPR Mill Q2 Highlights (Consolidated, YoY)

• Revenue down 2.1% at Rs 1,480 crore versus Rs 1,511 crore.

• Ebitda down 0.5% at Rs 296 crore versus Rs 298 crore.

• Margin at 20% versus 19.7%.

• Net profit up 1.5% at Rs 205 crore versus Rs 202 crore.

Despite lesser number of new thematic new fund offers during the month, retail investors continued to allocate funds, industry insiders told NDTV Profit. The data is not being made public by the Association of Mutual Fund of India.

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Q2 Earnings Highlights (Consol, YoY)

• Net Profit down 6.3% at Rs 44.9 crore

• Revenue up 40.3% at 242 crore

• EBITDA flat at Rs 60.8 crore

• Margin at 25.1% vs 35.3%

Click here for latest quarterly earnings updates.

Exide Industries Ltd.'s target price was cut by both Citi and Nuvama after the company's second-quarter profit declined, missing analysts' estimates. The revisions also reflect the brokerages' concerns over moderating demand, higher-than-expected costs, and more cautious earnings growth projections in the near term.

Read more here.

Ola Electric share price recorded its worst fall since October 7 as the company's 90 day-lock in has expired today.

KP Energy has received orders of up to 1,004 MW for development of energy projects from KPI Green Energy, an exchange filing said. These projects are won by KPI Green Energy Limited under the various tenders of the Gujarat Urja Vikas Nigam Limited and are expected to be completed in line with the timelines under definitive agreements.

The stock hit its lifetime high of Rs 636.40 following the news.

NTPC has signed formed 50:50 joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Ltd. to own and operate the latter's power plant at Chhabra and also explore opportunities for its capacity expansion.

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.

Read here.

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

Click here to read more. 

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.