Stock Market Today: Nifty, Sensex End Flat After Two-Day Decline

US: Banks Closed For Veterans Day

UK: Conference Board Leading Index — 8:00 p.m. 

As of 3:37 p.m., the Dow Jones Industrial Average future rose 0.29% to 44,269.00, and the S&P 500 future rose 0.28% to 6,042.25. The Nasdaq 100 future rose 0.29% to 21,293.50.

The NSE Nifty 50 and BSE Sensex ended the choppy session little changed on Monday. Asian Paints Ltd., and Reliance Industries Ltd. share prices dragged the indices, while HDFC Bank Ltd., and ICICI Bank Ltd. supported the benchmarks.

The Nifty 50 ended 6.90 points or 0.03% lower at 24,141.30, and the Sensex ended 9.83 points or 0.01% higher at 79,496.15.

During the session, the Nifty 50 rose 0.78% to 24,336.80, and the Sensex rose 0.77% to 79,001.34.

Asian Paints hit the lowest level since May 3, 2021 in Monday's session as analysts flagged concerns regarding its growth going forward after it earning estimates on all front during July–September

Indian equities commenced the week on a tepid note and weakness in the Mid/Smallcap segments put further pressure on the Index to trade lower; however, IT and Banking counters came to the rescue and helped the Index to recover but the higher levels did not last for long and erased all its gains to end the session at 24,141.30 with a loss of 6.90 points, said Aditya Gaggar, director, Progressive Shares.

"Barring IT and Banking Indices, all the other sectors ended the trade in red where Media and Metal were the major laggards. The underperformance by the Broader markets extended as Mid and Smallcaps corrected by 0.88% & 1.20% respectively. After testing both resistance (24,250) and support (24,000) levels, the Index has formed a Spinning Top candlestick pattern which indicates indecisiveness between the bulls and bears. A convincing move on either side is necessary for a clear trend," Gaggar said.

Infosys Ltd., HDFC Bank Ltd., Power Grid Corp of India, Tata Consultancy Services Ltd., and ICICI Bank Ltd. added to the Nifty 50 index.

Asian Paints Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., and Britannia Industries Ltd. weighed on the Nifty 50 index.

On NSE, eight sectors declined, four advanced out of 12. The NSE Nifty Media declined the most, and the NSE Nifty IT rose the most.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.79% and 1.14% lower, respectively.

On BSE, 14 sectors declined, six advanced, and one remained unchanged out of 21. The BSE Healthcare declined the most, and the BSE Focused IT rose the most.

Market breadth was skewed in favour of sellers. Around 2,550 stocks declined, 1,545 stocks advanced, and 118 stocks remained unchanged on BSE.

Rupee closed flat at 84.388 against the US dollar. It closed at 84.375 on Friday, according to data on Bloomberg.

• The NSE Nifty 50 and BSE Sensex indices ended little changed. The indices struggled to reverse two–day losses in Monday's session.

• Infosys Ltd., HDFC Bank Ltd., and ICICI Bank Ltd. shares weighed on the Nifty 50 index.

• Asian Paints Ltd., Reliance Industries Ltd., and Mahindra & Mahindra Ltd. dragged the Nifty 50 index.

• The NSE Nifty IT rose the most, and the NSE Nifty Media declined the most.

• The NSE Nifty Midcap 150 ended 0.81% down at 20,749.95

• The NSE Nifty Smallcap 250 ended 1.19% down at 17,423.90

Balrampur Chini Mills Ltd. share price declined 5.11% to Rs 561.10 apiece.

• Revenue down 15.7% to Rs 1,297.95 crore versus Rs 1,539.47 crore (Bloomberg estimates Rs 1,288.3 crore).

• Net profit down 60% to Rs 67.18 crore versus Rs 166.25 crore (Bloomberg estimates Rs 40.2 crore).

• Ebitda down 70% to Rs 49.08 crore versus Rs 164.89 crore (Bloomberg estimates Rs 93.3 crore).

• Margin at 3.8% versus 10.7% (Bloomberg estimates 7.20%).

Ramco lndustries Q2 Highlights (Consolidated, YoY)

• Revenue up 11.8% to Rs 353.17 crore versus Rs 315.82 crore.

• Net profit at Rs 16.88 crore versus Rs -4.15 crore.

• Ebitda up 42% to Rs 41.49 crore versus Rs 29.26 crore.

• Margin at 11.7% versus 9.3%.

RateGain Travel Technologies Q2 Highlights (Consolidated, YoY)

• Revenue up 18.1% to Rs 277.26 crore versus Rs 234.72 crore.

• Net profit up 74% to Rs 52.21 crore versus Rs 30.04 crore.

• Ebitda up 30% to Rs 60.22 crore versus Rs 46.42 crore.

• Margin at 21.7% versus 19.8%

• Revenue down 18.9% at Rs 643 crore versus Rs 793 crore.

• Ebitda at Rs 110 crore versus a loss of Rs 30 crore.

• Ebitda margin at 17.1%.

• Net profit down 75.8% at Rs 194 crore versus Rs 802 crore.

KPI Green Energy Ltd. is set to consider a bonus issue of shares on Nov 14, it said in an exchange filing.

European markets rise on Monday defying moves in Asian shares. The share indices gained despite a lack of major data releases from the region.

The IPO was subscribed 1.55 times as of 01:51 p.m. on Monday.

• Qualified institutional buyers: 1.80 times.

• Non-institutional investors: 0.55 times.

• Retail investors: 2.29 times.

• Revenue down 13.8% at Rs 533 crore versus Rs 618 crore.

• Ebitda at Rs 80.5 crore versus Ebitda loss of Rs 14.7 crore.

• Ebitda margin at 15%.

• Net profit at Rs 65.6 crore versus Rs 4.2 crore.

Shipping Corp of India share price jumped 14.73% to Rs 243.65 apiece, the highest level since Oct 17. It pared gains to trade 10.86% higher at Rs 235.10 apiece as of 1:31 p.m., as compared to 0.24% advance in the NSE Nifty 50 index.

• Revenue up 18% at Rs 310 crore versus Rs 262 crore.

• Ebitda up 15% at Rs 136 crore versus Rs 119 crore.

• Ebitda margin at 44% versus 45.3%.

• Net profit up 18% at Rs 96 crore versus Rs 81 crore.

• Maruti Suzuki India launched new Dzire at Rs 6.79 lakh onwards.

• These are introductory prices applicable till the end of 2024

• The car will also be available in CNG, hybrid variants

Source: Dzire Live Event

ITI Ltd. share price jumped 12.67% to Rs 342.80 apiece. It was trading 11.51% higher at Rs 339.27 a piece as of 12:43 p.m. The stock jumped after the company emerged as the lowest bidder for projects worth Rs 4,559 crores.

Zydus Wellness Ltd. share price jumped from lows after it reported that it's net profit rose during July–September.

• Revenue up 12% at Rs 493 crore versus Rs 440 crore.

• Ebitda up 14% at Rs 20 crore versus Rs 17 crore.

• Ebitda margin at 4% versus 3.9%.

• Net profit rises 3.5 times to Rs 21 crore versus Rs 6 crore.

For faster updates on second quarter earning releases for Monday click here.

Brokers Likely eyeing Settlement Over SEBI’s TradeTron Notice, sources say. No formal settlement request yet, but inclination is strong.

Thirty days given to apply for settlement, extensions possible.

SEBI issued a notice last month to 122 brokers linked with TradeTron. Tradetron is a platform for options strategy.

Axis Bank Ltd. share price rose 1.28% to Rs 1,175.85 apiece after erasing earlier losses. It was trading 0.95% higher at Rs 1,172.95 apiece as of 11:56 a.m., as compared to 0.63% advanced in the NSE Nifty 50 index.

LG Electronics Inc., the Seoul–headquartered parent of LG Electronics India, has appointed private lender Axis Bank Ltd. as one of the arranger of the initial public offer of its India arm, Bloomberg reported. Bank of America, JPMorgan Chase & Co, Citigroup Inc, and Morgan Stanley are other arrangers for this $1.5 billion IPO

KP Group appoints Alok Das as group chief executive officer with effect today, it said in an exchange filing.

Aarti Industries Ltd. share price hit a 10% lower circuit and declined to 417.00 apiece, the lowest level since Oct 27, 2020. It pared losses to trade 7.92% to Rs 436.85 apiece as of 11:28 a.m., as compared to 0.70% advance in the NSE Nifty 50 index.

Biocon Ltd. share price rose 5.66% to Rs 339.50 apiece, the highest level since Oct 22. The share price rose as its manufacturing facility in Bengaluru received a 'Voluntary Action Indicated' tag from the US Food and Drug Administration.

Suzlon Energy Ltd.'s share price fell by 6.3% after the company announced the resignation of Ishwar Chand Mangal, chief executive officer of new business, effective Nov. 8. 

Tata Motors Ltd. share price declined 1.37% to Rs 792.00 apiece, the lowest level since Jan 24. It erased all gains to trade 1.77% higher at Rs 819.80 apiece as of 10:31 a.m., as compared to 0.31% advance in the NSE Nifty 50 index.

The stock gained as much as 25.45% in 12 months, and 5.42% on year to date basis. Total traded volume on NSE so far in the day stood at 1.21 times its 30-day average. The relative strength index was at 32.96.

Out of 36 analysts tracking the company, 21 maintain a 'buy' rating, 10 recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 22.9%

Jupiter Wagons Ltd. share price declined 5.76% to Rs 465.50 apiece, the lowest level since Nov 8. The price declined as Jupiter Wagons reported Rs 89 crore net profit against Rs 116 crore Bloomberg reported.

Asian Paints Ltd. share price declined to the lowest level since May 3, 2021 on Monday. The stock slumped over 9% as the company reported that its consolidated net profit declined 44% on the year to Rs 694 crore in July–September, missing analysts' estimate of Rs 1,079 crore.

The NSE Nifty 50 and BSE Sensex extended losses to a third session as Asian Paints Ltd. and Reliance Industries Ltd. share prices dragged. Losses in Asian share indices due to weaker than expected inflation in China also weighed on the Indian benchmark indices.

As of 09:24 a.m., the Nifty 50 was trading 0.34% down at 24,065.50, and the Sensex was 0.35% down at 79,205.32.

"On the downside, the 24,000 and 23,650 levels are expected to provide strong support, potentially presenting buying opportunities for long positions," said Mandar Bhojane, research analyst, Choice Broking.

If Nifty sustains above 24,500 in the coming week, we may see it gain momentum to test higher levels around 24,800 and 25,200. However, if the support levels at 24,000 and 23,650 are breached, further downside pressure could ensue, Bhojane said.

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

HDFC Bank Ltd. Maruti Suzuki India Ltd., Power Grid Corp of India, HCLTech Ltd., and Sun Pharmaceutical Industries Ltd. added to the index.

On NSE, 10 sectors declined out of 12. One was flat, while one was trading with marginal gains. The NSE Nifty Oil & Gas declined the most, while the NSE Nifty Auto rose the most.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.64% and 0.92%, down respectively.

On BSE, 15 sectors advanced and six declined out of 21. The BSE Oil & Gas declined the most, while the BSE Utilities rose the most.

Market breadth was skewed in favour of sellers. Around 1,945 stocks declined, 1,195 stocks advanced, and 117 stocks remained unchanged on BSE.

The yield on the 10-year bond opened flat at 6.81%, according to data on Cogencis.

At pre–open, the NSE Nifty 50 was 60.95 points or 0.25% down at 24,087.25, and the BSE Sensex was 187.86 points or 0.24% down at 79,298.46.

Rupee opened two paise weaker at 84.40 against the US dollar. It closed at 84.38 on Friday, according to data on Bloomberg.

Ashok Leyland doubled revenues of defense business in first half, said Shenu Agarwal, chief executive officer, Ashok Leyland.

The company hasn't reached peak of financial year 2019 yet. This cycle is expected to be longish, Agarwal said. The company is positioned in the second place in light commercial vehicle.

Zomato Ltd. share price may react in Monday's trading session as the company responded to antitrust law violation probe from the Competition Commission of India. The food–delivery service said that there's no breach in law in their business practice. Read more.

Most currencies of Asian countries were trading lower against the greenback as the dollar index remained firm around 105 mark it hit after Donald Trump's victory in the US election, last week.

The dollar index was trading 0.03% higher at 105.02 as of 8:13 a.m.

The Japanese yen was 0.47% down against the US dollar at 153.36 ad of 8:20 a.m. The Philippine peso was down 0.44%.

Bucking the trend the offshore Chinese yuan was trading 0.02% higher against the US unit at 7.1833 a dollar as of 8:20 a.m. IST.

Bullion continued to decline tracking relatively strong dollar index and US Treasury yields. The December future contract of the Gold was trading 0.53% down at $2,680.40 an ounce as of 7:57 a.m.

• Maintains FY25 capex guidance at Rs 18,000 crore

• FY26 Capex & commissioning at Rs 25,000-30,000 crore vs Rs 25,000 crore earlier

• FY27 Capex & commissioning at Rs 40,000 crore vs Rs 30,000 crore earlier

• Current work in hand at Rs 1.43 lakh crore, to commission Rs 1 lakh crore in next 2-2.5 years

• Revises FY25-32 capex guidance to Rs 3.35 lakh crore vs Rs 2.07 lakh crore earlier

• The company accounts for 50% of market share in upcoming bidding guidance

The bitcoin surpassed $81,000 mark for first time in early Asian trade hours as prospects of pro–crypto US Congress increases after Donald Trump's victory, Bloomberg reported. The digital asset rallied as markets bet that the Trump is likely to embrace it.

The Bitcoin was trading 6.46% higher at $81,279.09 as of 7:41 a.m.

Crude oil prices extended losses on Monday on worries over demand outlook after China reported lower than expected inflation in October. China reported 0.3% inflation rate in October, compared to 0.4% analysts projected in a Reuters' poll.

The January future contract of the brent crude was trading 0.27% lower at $73.67 a barrel as of 7:21 a.m. IST.

• Pick HDFC Life and SBI Life as top picks

• Maintain Overweight on HDFC Life, TP Rs 820 (+15.7%)

• Maintain Underweight on ICICI Prudential Life, TP Rs 760 (+7.2%)

• Maintain Overweight on SBI Life Insurance, TP Rs 2,040 (+29.8%)

• Lifers reported moderation in individual APE to +12% YoY in Oct’24

• Reduction in pace of growth lower than street expectations

• HDFC Life and ICICI Prudential strong growth, life individual APE +21%/+22% YoY

• Max Life growth higher than industry avg for private peers

• SBI Life was tad lower than industry average, individual APE up 10% YoY

Share indices ended higher on Wall Street Friday to conclude the election–week on a positive note. The S&P 500 and Nasdaq Composite indices ended 0.38% and 0.09% higher, respectively. The Dow Jones Industrial Average ended 0.59% up.

Asia–Pacific markets were trading lower on Monday as details of China stimulus did not boosted investors' confidence to revive the demand in the world's second largest country.

The KOSPI and S&P ASX indices were trading 1.16% and 0.50% down, respectively as of 06:53 a.m.

The GIFT Nifty was trading near 24,100. Life Insurance Corporation of India, Shipping Corp of India, Tata Motors Ltd. and Welspun Corp Ltd. share prices may react.

The GIFT Nifty was 0.32% or 80.65 points lower at 24,122.00 as of 06:30 a.m.

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% lower at 79,486.32.

"Markets are expected to remain sideways on the back of mixed global factors and subdued quarterly results. However there could be stock specific action on account the last leg of Q2 earnings to be announced next week," said Siddhartha Khemka, head, research, wealth management, Motilal Oswal Financial Services Ltd.