Stock Market Today: Nifty, Sensex End Event–Heavy Week Lower; RIL, ICICI Bank Share Prices Drag

The National Stock Exchanges Ltd. declared Nov 20 as market holiday on account of Assembly Election of Maharashtra, the bourse said in a release today.

At 3:44 pm, Futures contract of Dow Jones was at 43,880.00, down 0.07%, S&P 500 was at 6,003.25, down 0.01%, and that of Nasdaq was at 21,205.50 down 0.09%.

• UK: Bank of England Chief Economist Huw Pill will speak Monetary Policy Report — 5:45 p.m. IST
  US: University of Michigan Consumer Sentiment — 8:30 p.m. IST

• US: University of Michigan Inflation Expectation — 9:30 p.m. IST

• US: Federal Reserve Governor Michelle Bowman will speak at at the University of Mississippi School of Business Banking and Finance Symposium — 9:30 p.m. IST

• US: Federal Reserve Bank of St. Louis President Alberto Musalem will deliver pre–recorded opening remarks — 1:00 a.m. IST

• Europe: European Central Bank President Christine Lagarde will speak  at the Green Swan Conference, in Basel — 09:05 p.m. IST

The NSE Nifty 50 and BSE Sensex erased weekly gains as global political and economic events caused volatility in the domestic markets. The benchmark indices ended lower for second day in a row on Friday as ICICI Bank Ltd. and Reliance Industries Ltd. share prices dragged.

The Nifty 50 ended 51.15 points or 0.21% down at 24,148.20, and the Sensex ended 55.47 points or 0.07% down at 79,486.32.

During the day, the Nifty 50 declined as much as 0.55% to 24,066.65, and the Sensex fell 0.53% to 79,117.37.

The NSE India Volatility Index rose 5.25% to 15.73 on Friday, The index ended 3.15% lower at 14.47.

This week, the Indian markets reacted to Donald Trump winning US election, which pushed the dollar index, and US Treasury yield to four–month high. The domestic currency hit fresh lows against the US dollar every day this week, which also weighed on the Indian equities.

Moreover, earnings from Indian Inc did little to lift the investors' sentiment, which can result in some positive momentum in the Indian markets.

“After gyrating nearly 700 points in early trades, markets moved in a range-bound manner thereafter and ended marginally lower on selective selling in banking, telecom, metal, oil & gas and realty stocks. Despite recovery in global indices, Indian markets continue to bore the brunt of FII fund outflows. The US Fed rate cut failed to enthuse local investors as the undertone remains caution with a negative bias,” said Prashanth Tapse, a senior vice president, Mehta Equities Ltd.

Reliance Industries Ltd., ICICI Bank Ltd., State Bank of India, Trent Ltd., and NTPC Ltd. weighed on the index.

Infosys Ltd., Mahindra & Mahindra Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd., and Titan Co. Ltd. limited losses to the index.

Broader indices underperformed. BSE Midcap ended 1.2% lower and BSE Midcap closed 1.5% lower.

Five of 21 sectoral indices on the BSE rose and 16 declined. The BSE Realty fell the most

Market breadth was skewed in the favour of sellers. As many as 2,575 stocks declined, 1,394 rose, and 95 remained unchanged on the BSE.

The Nifty 50 and Sensex erased weekly gains. The benchmark indices ended 0.64% and 0.30% down, respectively in the week ended on Nov 8.

This week, on NSE, 10 sectors declined and two advanced out of 12. The NSE Nifty Realty declined the most, while the NSE Nifty IT rose the most.

Rupee closed flat at 84.375 against the US dollar. It closed at 84.376 on Thursday, according to data on Bloomberg. The Indian rupee hit fresh lows for five sessions this week.

• The NSE Nifty 50 and BSE Sensex extended losses to a second session.

• On a weekly basis, the benchmark indices erased gains as global events spiked volatility in the Indian markets

• ICICI Bank Ltd., Reliance Industries Ltd., and State Bank of India were top draggers.

• Infosys Ltd., Mahindra & Mahindra Ltd., and HDFC Bank Ltd. were top contributors to the Nifty 50 index.

• The Nifty Realty was the worst performing sector and The Nifty IT is the top performing sector.

• The NSE Nifty Midcap 150 ended 1.48% lower at 20,919.90.

• The NSE Nifty Smallcap 250 ended 1.76% down at 17,634.25.

The NSE India Volatility Index rose 5.25% to 15.73 on Friday. It was trading 3.10% at 14.48.

Bharat Electricals Ltd. secured additional orders over Rs 500 crore since Oct 7, it said in an exchange filing.

• Aluminium production up 3% at 609 kiloton

• Mined metal production up 1.6% at 256 kiloton

• Refined metal production up 8% at 262 kiloton

• Saleable silver production down 1.7% YoY at 184 million tonne

• Vedanta Key Highlights: Cost of Production

• Aluminium COP down at $1734/tonne vs $1814/tonne a year ago

• Refined Metal COP down at $1071/tonne vs $1137/tonne a year ago

• Revenue down 3.4% at Rs 37,634 crore versus Rs 38,945 crore.

• Ebitda down 14.4% at Rs 9,828 crore versus Rs 11,479 crore.

• Ebitda margin at 26.1% versus 29.5%.

• Net profit of Rs 5,603 crore versus a loss of Rs 915 crore.

• Other income in Q2 doubles to Rs 1,300 crore.

European equity indices took a breather in the last session of the week as impact heavy economic and political events settle in. The outcome of US election, Federal Open Market Committee policy meeting, Bank of England's rate decisions directed market movement this week.

• Revenue up 23.7% at Rs 458 crore versus Rs 370 crore.

• Ebitda down 24.5% at Rs 47.9 crore versus Rs 63.5 crore.

• Margin at 10.5% versus 17.2%.

• Net profit down 25.4% at Rs 29.7 crore versus Rs 39.8 crore.

• Net profit up 28% at Rs 18,331 crore versus Rs 14,330 crore (YoY)

• Bloomberg estimated net profit at Rs 16,112 crore

• Gross NPA at 2.13% versus 2.21% (QoQ).

• Net NPA at 0.53% versus 0.57% (QoQ).

• NII up 5% at Rs 41,620 crore versus Rs 39,500 crore (YoY).

Ashok Leyland Q2 Highlights (Standalone, YoY)

• Revenue down 9% at Rs 8,769 crore versus Rs 9,638 crore

• Ebitda down 6% at Rs 1,017 crore versus Rs 1,080 crore.

• Ebitda margin at 11.6% versus 11.2%.

• Net profit up 37% at Rs 770 crore versus Rs 561 crore.

• Revenue down 18% at Rs 1,032 crore versus Rs 1,264 crore.

• Ebitda loss at Rs 163 crore versus Ebitda of Rs 4 crore.

• Net loss at Rs 339 crore versus loss of Rs 86 crore.

Mahindra Lifespace Developers Ltd.'s unit approved a joint development agreement with GKW for a 36.9-acre land parcel in Mumbai, the company said in an exchange filing.

• Revenue up 11% at Rs 6881.09 crore versus Rs 6217.1 crore.

• Ebitda down 12.6% at Rs 1011.5 crore versus Rs 1,156.9 crore  

• Margin at 14.69% versus 18.6%.

• Net profit down 20% at Rs 470.7 crore versus Rs 586.66 crore.  

• Inventory writeback rose four times to Rs 426 crore versus Rs 104 crore.

For faster updates about latest earning releases, click here.

The NSE Nifty IT index rose as much as 1.33% to 42,306.70 so far. The index was trading 0.89% higher at 42,122.10 as of 12:34 p.m., as Infosys Ltd. and Tech Mahindra Ltd. share prices led gains.

Reliance Power Ltd.'s share price hit the 5% lower circuit on Friday after the government body in charge of implementing the National Solar Mission barred it from bidding in future tenders for three years after it was found to have submitted fake bank guarantees.

Railtel Corp of India received an order worth Rs 170 crore from the Employees' Provident Fund Organisation, it said in an exchange filing

Granules India Ltd.'s Unit V receives US Food and Drug Administrations' Establishment Inspection Report report with 'No Action Indicated', it said in an exchange filing.

Trent Ltd. share prices continued declined for a fifth session in a row on Friday. It declined as much as 3.62% to Rs 6,720 apiece, the lowest level since Aug 9.

Jefferies has moderates its earning estimates after delivered weaker performance than expected, the brokerage said. Click here to read more.

The IPO has been subscribed 0.48 times, or 48%, as of 11:09 a.m. on Friday.

• Qualified institutional buyers: 0.18 times, or 18%.

• Non-institutional investors: 0.93 times, or 93%.

• Retail investors: 0.91 times, or 91%.

• Employee reserved: 1.93 times.

Kilburn Engineering Ltd. received Rs 126 order for rotary dryer packages, it said in an exchange filing.

Shares of Ircon International Ltd. plunged over 7% on Friday after the company reported a decline in its net profit in the second quarter of the financial year 2025.

The Gold spot and future prices erased gains on Friday as impact of rate cut from the Federal Open Market Committee. The prices rose on Thursday after the dollar index and US Treasury yields declined following FOMC decisions.

The Gold December future price was trading 0.16% down at $2,701.50 as of 10:23 a.m. The Bloomberg spot Gold was trading 0.44% down at $2,694.92 an ounce as of 10:34 a.m, according to Bloomberg data.

Indian Hotels share price rose to hit its lifetime high on Friday a day after it reported a whopping 225% year-on-year increase in its net profit for the September quarter.

NHPC Ltd. share price declined nearly 5% in Friday's session after the company reported more decline in its net profit for the quarter ended in September than analysts' expectations.

Rail Vikas Nigam Ltd.'s share price fell after rising for three consecutive sessions as the company's Sept. quarter net profit fell and came in lower than what analysts had estimated.

Shares of Steel Authority of India Ltd., Hindustan ZInc Ltd. and National Aluminium Co. Ltd. reacted in Friday's session as The Supreme Court of India has directed the government to reconsider the current methodology for calculating mining royalties, citing concerns over the "compounding" effect of the existing rules.

Most stocks of railway components and infrastructure building companies declined on Friday. Rail Vikas Nigam Ltd. was leading the losses while, the Ramkrishna Forgings Ltd. gained the most.

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.

ICICI Bank Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., Larsen & Toubro Ltd., and Axis Bank Ltd. weighed on the index.

Infosys Ltd., Sun Pharmaceutical Industries Ltd., Tech Mahindra Ltd., HDFC Bank Ltd., Apollo Hospitals Enterprise Ltd. limited losses to the index.

On NSE, 11 sectors declined during open, and one advanced out of 12. The NSE Nifty IT was the top gainer, and the NSE Nifty Media declined the most.

Broader markets declined in line with the benchmark indices. The BSE Midcap and Smallcap indices were trading 0.61% and 0.89% lower, respectively.

On BSE, 18 sectors declined and three advanced out of 21. The BSE Energy declined the most, while the BSE Focused IT index rose the most.

Market breadth was skewed in favour of sellers. Around 1,794 stocks declined, and 1,092 stocks advanced, and 117 stocks remained unchanged on BSE.

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."