Stock Market Live: Nifty Nears 25,000; Sensex Adds Over 500 Points; HDFC Bank, RIL Lead Gains

Goldiam International Ltd.'s share price surged to hit its 10% upper circuit limit on Tuesday. The stock has risen 100.06% on a year-to-date basis and 171% in the last 12 months.

SpiceJet share price surged over 8%, snapping a three-day fall, after it acquires seven aircraft on lease by the end of November. The low-budget carrier also plans to unground three previously grounded planes to increase the fleet by 10 planes.

Vakrangee share price was locked in 5% upper circuit limit after it announced the sourcing and distribution of its own private label Apparel products under the e-commerce business category.

"The company has successfully launched the pilot phase in the apparel segment and would leverage the extensive network of Vakrangee Kendra outlets, including both franchisee and master franchisee channels," an exchange filing said.

Trent share price rose 5.78% to Rs 7,880, the highest level since Sept 27. The share price was trading 4.88% higher at Rs 7,805.00 as of 11:19 a.m., as compared to 0.58% advance in the NSE Nifty 50 index.

Zomato Ltd. continues to hold its edge in India’s highly competitive food delivery and quick commerce markets, with two brokerages reaffirming their confidence in the company's growth potential. HSBC Global and Kotak Institutional Equities have both maintained their 'buy' ratings on Zomato, highlighting the company’s robust performance.

Polycab India Ltd. is likely to report the highest revenue growth compared to peers in cable and wires space, while the KEI Industries Ltd. may post highest profit growth, HSBC Global Research said in note on Tuesday.

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SEBI has issued notices to over 120 stockbrokers for their association with Tradetron, an algo trading platform. The regulator is investigating stockbrokers associated with Tradetron for possible violations. Some trading strategies on Tradetron promised assured returns, violating SEBI rules.

Source: People in the know and review of notice contents

SEBI said Blackbuck will raise up to Rs 550 crore from a fresh issue and sell 2.16 crore shares in the offer-for-sale portion. Selling shareholders include Peak XV Partners, Accel, Flipkart, Tiger Global, and International Finance Corp.

As India's blue-chip companies will kick-start reporting the results of their second-quarter earnings from Oct. 10, led by Tata Consultancy Services Ltdd. investors in Indian stocks might be in for more turbulence amid economic concerns and foreign flows as India Inc. will likely post muted earnings for the second quarter.

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Nifty Bank snapped its six-session fall and rose with most of its constituents rising. Share prices of HDFC Bank and State Bank of India contributed the most to the index's gain.

India's securities market regulator approved the initial public offering of National Securities Depository Ltd. on Monday. The maiden issue of the Mumbai-based securities depository will consist only of an offer for sale component.

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Tata Motors share price fell after Jaguar Land Rover Ltd. (UK), a subsidiary of Tata Motors Ltd., announced that it anticipates a significant increase in production and wholesale volumes in the second half of the fiscal year.

According to an exchange filing by Tata Motors, JLR's retail sales, which include the Chery Jaguar Land Rover China Joint Venture, declined by 3% year-on-year to 103,108 units for the quarter ending September 2024.

Nuvama has initiated coverage on the stock with a 'buy' and a target price implying 44% upside at Rs 650. It said that the company's presence across the T&D ecosystem is poised for a powerful performance and high-voltage macro tailwinds for it include domestic and international drivers. The brokerage also likes the company's doubling tower capacity which is only backward-integrated player in India. According to the brokerage, key risks are execution and order award delays, sharp price movement of raw material and working capital management.

Ola Electric share price opened more than 5% lower on Tuesday following a show cause notice received by the company from the central government on Monday due to thousands of complaints filed by customers for poor quality of scooters. However, the stock recovered later.

Nifty Metal fell for a fourth consecutive session on Tuesday, losing more than 5% in the fall as shares of Tata Steel, JSW Steel, and Hindalco Industries dragged the most.

Benchmark equity indices traded flat after a higher open as gains in the shares of HDFC Bank offset some of the impact of losses in those of Tata Steel and Tata Motors. The market is expected to see a muted session today tracking the fall in most global indices.

At pre-open, the Nifty was at 24832.2, higher by 0.15% or 36.45 points and the Sensex was at 81035.00, down 0.02% or 15.00 points.

According to Sameet Chavan, head of research of technical and derivative at Angel One, "The Bulls have taken the back seat as Nifty continued to plunge lower for the sixth consecutive session and plummeted below the 50-day exponential moving average on the daily chart."

He added that decoupled with the positive momentum in global markets, our domestic sentiments have turned a bit skeptical as the benchmark cooled down over 5% from its peak. "Technically, Nifty is now placed at a crucial zone, which historically has acted as a strong support," he said. "Therefore, any decisive breakdown below the 24800 zone is likely to disrupt the short-term chart structure, potentially leading to further correction."

Shares of HDFC Bank Ltd., Mahindra & Mahindra Ltd., Hindustan Unilever Ltd., State Bank Ltd., and Axis Bank Ltd. contributed the most to the gains.

While those of Tata Motors Ltd., Tata Steel Ltd., Hindalco Industries Ltd., Power Grid Corp. Of India Ltd., and TCS capped the upside.

Share price of Vodafone Idea will remain in focus today as it clarified on the report of not submitting bank guarantees. The company said it has made detailed representations to telecom department and that it continues to engage with DoT on removal for bank guarantee, an exchange filing said.

At pre-open, the Nifty was at 24832.2, higher by 0.15% or 36.45 points and the Sensex was at 81035.00, down 0.02% or 15.00 points.

"Market is expected to open on a weak note due to significant declines in global markets," said Vikas Jain, head of research at Reliance Securities.

The yield on the 10-year bond opened 2 basis points lower at 6.83% after it closed at 6.85% on Monday, according to Cogencis.

The local currency opened 2 paise higher against the US dollar at 83.96 on Tuesday after the Indian unit closed at 83.98 a dollar on Monday, according to Cogencis.

Morgan Stanley said that it is incrementally more concerned on oil price and global growth risk to cyclical markets an China policy easing is important but valuations have re-rated substantially. It said that geopolitical risks, US elections, 2025 policy uncertainty prime concerns. According to the brokerage, India remains largest overweight and it has scale back underweight China position for pan asia/ EM investors to -50 bps.

China's CSI 300 pared gains after jumping nearly 10% in the early trade as traders assessed the comments from country's economic planner national development and reform commission in a press briefing. At 8:38 a.m. CSI 300 was at 4,253.99, up 236.14 points or 5.88% and Hong Kong's Hang Seng was at 21,546.49, down 7%.

According to Arvind Sanger, founder and MD of Geosphere Capital China's valuations will see some fund flow in short term but in long term India growth story has solid underpinning. He added that it is very hard to call China's next move depending on their policy measures and question is how much is China willing to do in the short term to shift the paradigm.

Shares of Ola Electric Mobility are likely to extend its fall to another session as it was served a notice by Central Consumer Protection Authority for alleged violation of consumer rights, misleading advertisement, and unfair trade practices. Those of Hi-Tech Pipes and Jubilant Ingrevia will react to the news of fundraise.

HDFC Bank's stock will move as investors assess the sale of HDFC Edu to Vama Sundari Investments for Rs 192 crore and that of Bharat Electronics and Nuvoco Vistas are expected to rise on order wins.

Puravankara's stock will move on news that it will acquire a three-acre land parcel in North Bangalore for a residential project. Share price of Tata Motors will react to JLR quarterly numbers, Nykaa and Sobha Realty will also move after the release of quarterly business update.

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CLSA had upgraded its rating for shares of Mahindra & Mahindra Ltd. to outperform and had hiked its target price to to Rs 3,400 implying 11% upside. The brokerage said improved scale, superior mix and better pricing drove auto margins and going ahead it expects better scale and average selling price given new models. CLSA also expects domestic tractor industry to revive and has raised expectations of earnings per share by 5% each for FY25 & FY26.

Ola Electric has received show cause notice from central consumer protection authority for alleged violation of consumer rights. The authority has provided the company with 15 days to respond to show cause notice, an exchange filing said.

Gold Futures declined slightly in Asian trade as investors rethink their bets on bigger rate cuts by the US Federal Reserve after stronger than expected jobs report.

The Bloomberg Spot Gold was trading 0.06% down at $2,641.01 an ounce as of 07:49 a.m.

Indices in the US ended lower on Monday amid middle east tensions and as traders expectations of 50-bps rate cut in November waned following stronger than expected jobs report. S&P 500 closed down 0.96% at 5,695.94, Dow Jones down 0.94% at 41,954.24, and Nasdaq Composite down 1.18% at 17,923.91.

December futures contract of brent crude traded 0.6% lower at $80.4 a barrel as of 7:22 a.m. This was as traders booked profits after a rally in oil prices amid fears of a war in middle east.

Indices in Asia opened lower on Tuesday, taking cues from an overnight decline on Wall Street and Japan's pay. China's CSI 300 surged 10% after a week-long holiday.

At 7:17 a.m., CSI 300 was at 4,284.18, up by 266.32 points or 6.63%, while Japan's Nikkei was 0.7% lower and South Korea's Kospi fell 0.8%.

The GIFT Nifty was at 24,859.50 down by 28.5 pts or 0.1% as of 06:46 a.m. Share prices of Ola Electric Mobility Ltd., Bharat Electronics Ltd, Puravankara Ltd., Tata Motors, along with Sobha Realty will be in focus among others tracking news flow.

On Monday, India's benchmark stock indices closed lower for the sixth straight day, shedding over 5% to over one-month low on Monday, led by losses in HDFC Bank Ltd., Reliance Industries Ltd. and Axis Bank Ltd. This was its worst six-day decline since March 2022. The state election results kept the market jittery.

The Nifty 50 ended 218.85 points or 0.87% lower at 24,795.75, and the Sensex closed 638.45 points or 0.78% lower at 81,050.00.

Overseas investors stayed net sellers of Indian equities for the sixth straight day on Monday, while domestic institutional investors record the highest single-day buying so far in 2024.

Foreign portfolio investors offloaded stocks worth Rs 8,293.41 crore, according to provisional data from the National Stock Exchange. This is the eighth highest single-day sales by the FPIs so far this year.

The Indian rupee closed flat at 83.98 against the US dollar.