Stock Market Today: Nifty, Sensex End Over 1% Down HDFC Bank & SBI Share Prices Drag

• US: Federal Reserve Bank of Cleveland Inflation Expectation 
  US:  NFIB Small Business Index — 4:30 p.m. 

• US: Federal Reserve Governor Christopher Waller will speak at Clearing House Annual Conference, in New York — 8:30 p.m. 

• US: Federal Reserve Bank of Richmond President Thomas Barkin will speak at  the Baltimore Together Summit — 8:45 p.m.

• US: Federal Reserve Bank of Minneapolis President Neel Kashkari will speak — 12:30 a.m.

• US: Federal Reserve Bank of Philadelphia President Patrick Harker will speak Carnegie Mellon University in Pittsburgh — 3:30 a.m.

• US: Federal Reserve Bank of Richmond President Thomas Barkin will speak at Salisbury Wicomico Economic Development, in Maryland — 4:00 a.m. 

• Japan: PPI — 5:20 a.m. 

• Australia: Wage Price Index — 6:00 a.m. 

• China: Foreign Direct Investment

• UK: External BOE MPC Member Catherine Mann will speak at BNP Paribas Global Markets Conference in London — 3:15 p.m. 

As of 3:41 p.m., the Dow Jones Industrial Average future was 0.13% down at 44,383.00, and the S&P 500 future was 0.22% down at 6,018.75. The Nasdaq 100 future was 0.22% down at 21,171.75.

The India's benchmark indices declined for four sessions in a row on Tuesday. HDFC Bank Ltd., and State Bank of India dragged the benchmark indices.

The NSE Nifty 50 ended 257.85 points or 1.07% down at 23,840.35, the lowest level since June 25. The BSE Sensex ended 820.97 points or 1.03% down at 78,675.18, the lowest level since Aug 6.

During the session, the Nifty 50 declined 1.25% to 23,839.15, and the Sensex fell 1.19% to 78,547.84.

Britannia Industries Ltd. share price declined 7.91% to Rs 5,005.00 apiece as the company reported 9% fall in consolidated net profit for the quarter ended September, missing street expectations.

"Today the benchmark indices witnessed a sharp selloff, the Nifty ends 257 points lower while the Sensex was down by 790 points. Among Sectors, almost all the major sectoral indices witnessed profit booking at higher levels but PSU Banks and Auto indices lost the most shed nearly 2 percent. Technically, on daily charts, it has formed long bearish candle and on intraday charts, it is holding lower top formation, which is largely negative," said Shrikant Chouhan, head, equity research, Kotak Securities.

Now, the immediate support is placed at 23,800 and in the case of violation, it would drag the Index further lower to 23,650; on the flip side, multiple resistance points are there with immediate being at 24,100 where the Index will find selling pressure, said Aditya Gaggar, director, Progressive shares.

HDFC Bank Ltd., State Bank of India, NTPC Ltd., Britannia Industries Ltd., and Larsen & Toubro Ltd. weighed on the Nifty 50 index.

Infosys Ltd., ICICI Bank Ltd., Trent Ltd., Sun Pharmaceutical Industries Ltd., and HCLTech Ltd. added to the Nifty 50 index.

On NSE, all 12 sectors ended lower with the NSE Nifty Auto declined the most. The NSE Nifty IT ended with the least gains.

Broader markets declined in line with the benchmark indices. The BSE Midcap and Smallcap indices ended 0.98% and 1.28% lower, respectively.

On BSE, 19 sectors declined and two ended with marginal gains. The BSE Power declined the most, while the BSE Focused Realty emerged as the best performing sector.

Market breadth was skewed in favour of sellers. Around 2,734 stocks declined, 1,235 stocks advanced, and 92 stocks remained unchanged on BSE.

The rupee closed flat at 84.39 against the US dollar. It closed at 84.388 on Monday, according to data on Bloomberg

• The NSE Nifty 50 ended at the lowest level since June 25.

• The BSE Sensex ended at the lowest level since Aug 6.

• The Nifty 50 and Sensex declined for four consecutive sessions.

• HDFC Bank Ltd., State Bank of India, and NTPC Ltd. are top dragger of the Nifty 50 index.

• Infosys Ltd., and ICICI Bank Ltd., and Trent Ltd. share prices were top contributors to the Nifty 50 index.

• The NSE Nifty Auto led losses, while the NSE Nifty Realty emerged as the top gainer.

• The NSE Nifty Midcap 150 ended 0.91% down at 20,560.60.

• The NSE Nifty Smallcap 250 ended ended 1.28% down at 17,196.40

• State Bank of India plans to raise up to Rs 10,000 crore via infrastructure bond issue

• It will likely to issue 15-year infra bonds next week.

Alert: This is the third tranche of infra bonds issued by the bank. SBI has already raised Rs 20,000 crore through infra bonds

Source: Merchant bankers

Both the global and local backdrops have not been good for Indian equities. Globally, markets witnessed the dollar index rose sharply, which is negative for entire emerging market universe. The Greater China market is getting re-rated due to stimulus packages. There has been re-allocation from India to Greater China, said Manishi Raychaudhuri, veteran investors.

In case of India, earning estimates are coming down, domestic consumptions, particularly urban consumptions have been moderating. The commentary on the Indian consumer companies are not appearing very upbeat, Raychaudhuri said in an interview to NDTV Profit  

Dilip Buildcon's consortium has been declared the lowest bidder for the BharatNet project worth Rs 1,625 crore, according to an exchange filing.

The Pound sterling fell to the lowest level against the US dollar since Aug 9 after unemployment data. UK's unemployment rate rose 4.3% in three months to September, against an estimate of 4.1%.The data raised concerns about the country's labour market.

The Pound sterling was trading 0.38% lower at 1.2819 a dollar as of 2:26 p.m. The euro was 0.22% down at 1.0632 a dollar.

• Revenue down 8.3% at Rs 16,876 crore versus Rs 18,409 crore.

• Ebitda down 11% at Rs 2,138 crore versus Rs 2,400 crore.

• Ebitda margin at 12.7% versus 13%.

• Net profit down 16% at Rs 1,338 crore versus Rs 1,602 crore.

Share indices in the Europe declined on Tuesday as traders `bet likely impact of Donald Trump's presidency for the region. Market participants await UK inflation data.

Alembic Pharmaceuticals Ltd. has received the final approval from the US Food and Drug Administration for Ivabradine tablets, according to an exchange filing.

Ivabradine tablets are used in to treat heart failure and its symptoms.

The NSE Nifty 50 was 212.30 points or 0.88% down at 23,929.00, and the BSE Sensex was 678.42 points or 0.85% down at 78,817.73 as of 1:39 p.m.

Marksans Pharma Q2 Highlights (Consolidated, YoY)

• Revenue up 21% at Rs 642 crore versus Rs 531 crore.

• Ebitda up 19% at Rs 136 crore versus Rs 114 crore.

• Ebitda margin at 21.1% versus 21.4%.

• Net profit up 17% at Rs 98 crore versus Rs 84 crore.

For faster updates on second quarter earning click here.

Windsor Machine Ltd. share price hit a 10% upper circuit and rose to Rs 252.17 apiece, the highest level since Nov 8. It remained locked in the upper circuit as of 1:15 p.m., as compared to 0.66% decline in the NSE Nifty 50 index.

Windsor Machine jumped as the company acquired Global CNC for Rs 343 crore.

• Net Profit rose 20% to Rs 69 crore vs Rs 57 crore

• Revenue rose 6% at Rs 493 crore vs Rs 463 crore

• Ebitda down 6% at Rs 72 crore vs Rs 76 crore

• Ebitda Margin at 14.6% vs 16.5%

Jyothy Labs Q2 Highlights (Consolidated, YoY)

• Net profit flat at Rs 105 crore versus Rs 104 crore.

• Revenue flat at Rs 734 crore versus Rs 732 crore.

• Ebitda up 2% at Rs 138 crore versus Rs 135 crore.

• Ebitda margin at 18.9% versus 18.5%.

UNO Minda Q2 Highlights (Consolidated, YoY)

• Revenue up 17% at Rs 4,245 crore versus Rs 3,621 crore.

• Ebitda up 20% at Rs 482 crore versus Rs 402 crore.

• Ebitda margin at 11.4% versus 11.1%.

• Net profit up 12% at Rs 266 crore versus Rs 238 crore.

Azad Engineering Ltd. has signed a $40 million supply pact with Arabelle Solutions, the company said in an exchange filing.

Servotech Power Systems Ltd. has received an order for a 2 megawatt on-grid solar power plant from Uttar Pradesh, according to an exchange filing.

Hindalco Industries Ltd. saw its share price rise nearly 3% on Monday following the company’s strong second-quarter earnings, which exceeded analysts' estimates.

Shares of agrochemical manufacturer UPL Ltd. soared over 7% on Tuesday—the highest intraday jump since May 10—after Nuvama upgraded the stock on potential revenue growth and margin improvement.

NBCC (India) Ltd. has received work orders worth Rs 449 crore, according to an exchange filing.

Shares of Britannia Industries Ltd. slipped 4% in early trade on Tuesday after the biscuit-maker posted a 9% fall in consolidated net profit for the quarter ended September, missing street expectations.

Securities Exchange Board of India approved the initial public offer Of Inventurus Knowledge, Manjushree Techno, it said in an exchange filing.

The NSE India Volatility Index declined 10.72% to 12.74, the lowest level since Oct 24. It pared losses to trade 0.3% lower at 14.22 as of 11:00 a.m., as compared to 0.03% advance in the NSE Nifty 50 index.

Unicommerce Esolutions Ltd. is set to acquire the e-commerce technology platform Shipway, the company said in an exchange filing.

Awfis Space Solutions Ltd. won a contract to design, build and manage 1.65l sq ft new office space for National Stock Exchanges Ltd. in BKC, Mumbai, it said in an exchange filing.

Triveni Turbine Ltd. share price jumped 11.72% to Rs 698.65 apiece, the highest level since Nov 4. The stock price jumped after the company reported that the consolidated net profit rose 42.18% on the year to to Rs 91 crore during July–September, compared to Rs 64 crore.

Larsen & Toubro Ltd.'s unit gets 'limited notice to proceed' for thermal power projects worth over Rs 15,000 crore from NTPC Ltd.

Sagility India Ltd. listed at Rs 31.06 apiece on exchanges compared to issue price of Rs 30, which implied a 3.5% premium.

Life Insurance Corp. of India stock was up more than 2% on Tuesday on the heels of strong second quarter earnings and a positive upgrade from JPMorgan on the stock.

HMA Agro Industries Ltd. share price hit 10% upper circuit and rose to Rs 45.34 apiece, the highest level since Nov 8. It came out of the upper circuit to trade 9.51% higher at 45.14 apiece as of 09:55 a.m., as compared to 0.02% decline in the NSE Nifty 50 index.

The stock price jumped as the company reported that its consolidated net profit surged 783.33% to Rs 53 crore in July–September compared to Rs 6 crore in the corresponding period in the previous financial year. The profit surged after its Ebitda doubled.

Jubilant FoodWorks stock rose as much as 8.14% during the day to Rs 651 apiece on the NSE, the highest level since Oct 3. It was trading 6.25% higher at Rs 639.65 apiece, compared to an 0.06% advance in the benchmark Nifty 50 as of 9:43 a.m.

The NSE Nifty 50 and BSE Sensex opened higher on Tuesday as Reliance Industries Ltd. and HDFC Bank Ltd. share prices rose. As of 09:22 a.m., the Nifty 50 was trading 56.65 points or 0.23% higher at 24,197.95, and the Sensex was 113.23 points or 0.14% higher at 79,609.38.

Kotak Securities believe the current market pattern remains volatile and directionless, making level-based trading the ideal strategy for traders. For day traders, 23,950/78,800 would serve as a crucial support level, said Shrikant Chouhan, head, equity research.

If the market moves above 23,950/78,800, we may see a retest of 24300-24,400/79,700-80,000 levels. Conversely, if the market falls below 23,950/78,800, selling pressure is likely to increase, potentially pushing the market down towards 23z,800/78,500, Chouhan

ICICI Bank Ltd., Infosys Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., and Trent Ltd. shares added to the Nifty 50.

HDFC Bank Ltd., Mahindra & Mahindra Ltd., Britannia Industries Ltd., Asian Paints Ltd., and Hindustan Unilever Ltd limited gains in the benchmark.

On NSE, 10 sectors advanced, and two declined out of 12. The NSE Nifty Realty rose the most, and the NSE Nifty FMCG declined the most.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were 0.51% and 0.54% higher, respectively.

On BSE, 18 sectors advanced, and three declined out of 21. The BSE Realty rose the most, while the BSE Capital Goods declined the most.

Market breadth was skewed in favour of buyers. Around 2,077 stocks advanced, 846 stocks declined, and 108 stocks remained unchanged on BSE.

At pre–open, the NSE Nifty 50 was 0.35% or 84.50 points higher at 24,225.80, and the BSE Sensex was 0.19% or 14880 points higher at 79,644.95.

The yield on the 10-year bond opened flat at 6.83%. It closed at 6.82% on Monday, according to data on Bloomberg.

Rupee opened flat at 84.39 against the US dollar. It closed at 84.388 on Monday, according to data on Bloomberg.

Gold prices were trading near one–month low in Asian trade. The Bloomberg spot gold price fell to $2,610 the lowest level since Oct 10 on Monday as the dollar index rose.

A rise in the greenback makes the bullion expensive for other currency holders.

The Bloomberg spot gold was 0.16% higher at $2,62308 an ounce.

• JPMorgan doubled upgrade to 'overweight', increases target price to Rs 1,075

• Double upgrade to 'overweight' on strong VNB growth from enhanced product mix

• LIC India will likely continue to outweigh negative impact from higher product benefits, lower bond yields

• JPMorwgan revised VNB forecasts for financial year 2025 and 2026 by 9% and 11%, respectively

• LIC India's weaker margins in par segment or moderation in mix enhancement are key risks

Bitcoin surpassed $89,000 mark in Asia session as hopes of positive development for the digital asset under Donald Trump's presidency fuelled investors' sentiment for the asset, Bloomberg reported.

However, bitcoin erased gains to put a stop to its record rally. The Bloomberg spot Bitcoin was trading 0.34% down at $87,710.92 as of 8:34 a.m.

Most Asia–Pacific currencies declined against the greenback as the dollar index remained strong around the highest level since July 3. The dollar index was trading 0.03% higher at 105.57 as of 08:13 a.m.

The Indonesian rupiah was the worst performing currency so far on Tuesday. It was down 0.55% against the US unit at 15,775 as of 08:06 a.m. Investors in the country await retail sales data for September.

Malaysian ringgit and Thai baht were other top losers among Asia–Pacific currencies. The currencies were 0.44% and 0.37% down respectively against the US dollar.

Bucking the trend, the South Korean Won rose 0.05% against the US dollar as of 08:09 a.m.

Oil future prices extended losses to Tuesday as demand outlook remained bleak after China's stimulus did little to give confidence about reviving the weak consumption in the world's top oil importing country.

The January contract of brent crude was trading 0.19% lower at $71.69 a barrel as of 7:43 a.m.

On Monday, the benchmark future price declined over 3%, according to Bloomberg.

Market participants await monthly oil market report from Organization of Petroleum Exporting Countries and allies.

• Retain Buy with TP 765 vs 710 earlier, Upside 18%

• Strong performance in product business led by ACs up 211% YoY

• Management raised their revenue/PAT guidance by 16%

• Co's expansion & strategic investments in innovation are clearly paying off

• Expect Co to post a revenue/PAT CAGR of 29%/43% over FY24–27E

• Values stock at 50x Dec-26E EPS

Inox Wind Ltd. repeated order from Continuum Green Energy for 87 megawatt, it said in an exchange filing.

Japan's benchmarks outperformed in the Asia–Pacific as the yen continued to fall against the US unit. The Nikkei 225 was trading 185.10 points or 0.47% higher at 39,718.42 as of 07:14 a.m.

Moreover, Japan's Prime Minister Shigeru Ishiba pledged more than $65 billion support for the country's semiconductor and artificial intelligence segments' development over the next decade, Bloomberg reported.

Meanwhile, the KOSPI and S&P ASX 200 declined 0.71% and 0.41% down, respectively as of 7:14 a.m.

The Dow Jones Industrial Average crossed 44,000 mark for first time, and S&P 500 topped 6,000 mark for first time.

The Dow Jones Industrial Average ended 0.69% higher at 44,293.13. The S&P 500 ended 0.10% higher at 6,001.35.

The Nasdaq Composite ended 0.6% higher at 19,298.77.

The GIFT Nifty was trading near 24,200 in early trade on Tuesday. Hindalco Industries Ltd., Oil and Natural Gas Corp., and Rail Vikas Nigam Ltd. share prices may react due to earnings and business-related news.

The GIFT Nifty was trading 0.02%, or 4 points, higher at 24,225.50 as of 06:35 a.m.

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.

Markets could be seen reacting to domestic CPI data for October to be announced today, said Siddhartha Khemka, head, research, Wealth Management, Motilal Financial Services. "We expect markets to remain volatile on the back of global factors and subdued quarterly results. However stock specific action could continue on account of the last leg of Q2 numbers to be announced this week. Key results tomorrow include BSE, (Samvardhana) Motherson, Zydus Life, Hyundai Motors, among others."