Stock Market Live: Nifty, Sensex Open Flat; ICICI Bank, RIL Share Prices Weigh

The NSE Nifty 50 and BSE Sensex opened flat on Friday. Shortly after open, the Indian benchmarks started to decline as ICICI Bank Ltd. and Reliance Industries Ltd. share prices fell.

As of 09:16 a.m., the Nifty 50 was trading 81.05 points or 0.33% lower at 24,118.30, and the Sensex was 300.53 points or 0.38% lower at 79,241.26.

After a flat opening, Nifty 50 can find support at 24,100 followed by 24,000 and 23,900. On the higher side, 24,300 can be an immediate resistance, followed by 24,400 and 24,500, said Hardik Matalia, a derivative analyst, Choice Broking.

At pre–open, the NSE Nifty 50 was trading 8.35 points or 0.04% higher at 24,207.70, and the BSE Sensex was trading 0.09% higher at 79,611.90.

The yield on the 10-year bond opened flat at 6.81%. It closed at 6.82% on Thursday, according to data on Bloomberg.

Rupee opened two paise stronger at 84.36 against the US dollar. It closed at 84.38 on Thursday, according to data on Bloomberg.

Most Asian currencies rose against the greenback as the dollar index shed some of the gains in last two sessions after the Federal Open Market Committee cut interest rates in line with market expectations.

The dollar index, which measures the strength of the greenback against six major currencies, fell 0.86% to 104.19 on Thursday following the out come of FOMC. The index was trading 0.03% higher at 104.54 as of 08:38 a.m.

The Philippine peso was the top gainer against the US unit as of 08:36 a.m. It was up 0.54% against the greenback.

The Taiwanese Dollar and Indonesian Rupiah were trading 0.51% and 0.50% higher against the US dollar.

• Retain Buy with TP 920,Upside

• Recovery in the US business up 57% YoY drives operating performance

• Consistent performance in Indian business up 16% YoY

• Operating profitability improved by 470bp led by shift in ~45-50% of US manufacturing operations to India

• Strong Op leverage with employee expense as % of sales decreasing 570bp YoY to 17%

• Expect strong H2 led by growing Indian business and restocking by US customers

• Raise our EPS estimates for FY25/FY26 by 36%/10%

• Maintained FY25 revenue growth guidance to 16-20%

Oil future prices erased gains in Friday's session. The prices rose on Thursday as the demand outlook improved after the US Federal Reserve cut rates in line with market expectations.

Unwinding of tight monetary conditions in the world's top oil consuming country, raises hope for the demand for the commodity in near term. According to International Energy Agency data, US is the top oil consuming country after China.

The January future contract of the brent crude was trading 0.40% down at $75.33 a barrel as of 7:57 a.m.

• Downgrade M&M to Reduce from ADD with TP 2700 vs 3000 earlier, Downside 10%

• Though M&M may outperform in near term, expect muted ~4% PV growth in FY25E-27E

• Led by persistent industry challenges and best of the SUV launch-cycle is now behind

• The second quarter was inline but margin down by 70bps QoQ to 14.3% on lower GM, higher other expenses

• The company maintains 15-18% SUV outlook

• Slight guidance revision in tractors, now 6-9% YoY growth in Nov-Mar vs 5% earlier

• Estimates remain unchanged but lower P/E multiple to 24x Sept FY26

The yield on the benchmark 10–year US Treasury note rebounded in Asian trade session on Friday. It fell sharply Thursday after the US central bank reduced the interest rates.

The yield declined 12 basis points from the four–month high to 4.31%. It ended 10 basis points lower at 4.33% on Thursday.

So far today, the safe–haven asset rose 3 bps to 4.35%. As of 7:42 a.m., it was trading at 4.33%, according to data on Bloomberg.

• Maintain Buy rating, with a target price Rs 785, which implied a 15% upside

• Expect acceleration of double-digit revenue growth guidance in H2FY25

• Hotel segment growth 1.0-1.5% higher on base quarter Cricket World Cup

• Better margins on operating leverage and lower losses in international portfolio

• Revised revenue estimates by +1.6%/+1.9% for FY25/26

• Headline inflation could rise to ~6.3%YY in Oct-24

• Vegetable prices could see another month of above trend increase in Oct-24

• Edible oil prices might remain elevated

• Price momentum in food grains was subdued in Oct-24

• The 60-80bps upside risk to RBI December quarter forecast would likely rule out December rate cut

Asia–Pacific equities rose in early trade Friday, taking cues from overnight move on Wall Street as the Federal Reserve reduced its benchmark interest rates in line with expectations.

The Nikkei 225 was trading 303.90 points or 0.77% higher at 39,685.31, and the KOSPI was 21.42 points or 0.84 higher as of 06:46 a.m.

In Japan, data showed household spending fell on annualised basis to 1.1% in September. Analysts expected spending to increase 1.8% in September compared to 1.9% fall in August.

Most share indices on Wall Street extended their post–election rally after the Federal Open Market Committee cut rate. The rate–setting panel reduced the benchmark federal fund target rate to by 25 basis points to 4.5–4.75%

The S&P 500 and Nasdaq Composite ended 0.74% and 1.51% higher, respectively. The Dow Jones Industrial Average ended flat on Thursday.

To read more about FOMC meet outcome click here.

The GIFT Nifty was trading near 24,300 in early trade Friday. Hindustan Zinc Ltd., Lupin Ltd., Rail Vikas Nigam Ltd., and Vedanta Ltd. share prices may react due to earning or news flow.

The GIFT Nifty was trading 0.16% or 38.50 points higher at 24,317 as of 6:30 a.m.

The NSE Nifty 50 and the BSE Sensex snapped a two–day rally and settled over 1% lower on Thursday, tracking losses in ICICI Bank Ltd. and Reliance Industries Ltd.

The Nifty 50 closed 284.70 points or 1.16% down at 24,199.35, while the Sensex ended 836.34 points or 1.04% lower at 79,541.79.

"The benchmark index experienced a muted opening but quickly succumbed to selling pressure, resulting in a sharp decline of 314 points within the first hour of trading," said Ameya Ranadive, a senior analyst, StoxBox.

"Following this initial drop, the index fluctuated within a narrow range of 81 points for the remainder of the session. Market sentiment remained pessimistic, and on the sectoral front, all indices, with the exception of the PSU index, closed in negative territory."