Stock Market Live: Nifty, Sensex Off Day's High As Nestle, Axis Bank Shares Weigh

Hindustan Construction Co. Ltd. received a Letter of Acceptance from Maharashtra government for construction of two-lane bridge for Rs 1,032 crore in the state, it said in an exchange filing.

India's benchmark equity indices extended gains through midday on Monday, awaiting second-quarter results from Reliance Industries Ltd. and HCL Technologies Ltd. later in the day.

At 12:14 p.m., the Nifty traded 0.74%, or 185.30 points, higher at 25,149.55, and the Sensex gained 0.81%, or 657.81 points, to trade at 82,039.17.

Shares of HCLTech rose as much as 0.8% to hit a record high of Rs 1,854 apiece, while those of Reliance Industries traded little change after erasing morning gains anticipating second quarter results.

Nifty is trading in a small range with its support at 24,900 and resistance at 25,150, according to Soni Patnaik, equity derivatives analyst at JM Financial.

"A breach on either side can help determine further trend," she said while noting that true short covering will happen only above 25,300 where there are a lot of call writers.

She said that it is also imperative to understand that FIIs have reduced long positions and are increasing net shorts; therefore, the possibility of any rise towards resistance may see a selloff until the 25,300 level is not getting crossed.

Shares of Infosys Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., and Bharti Airtel Ltd. contributed the most to the gains in Nifty. While those of Nestle India Ltd., Maruti Suzuki Ltd., Bajaj Finance Ltd., Axis Bank Ltd., and Tata Steel Ltd. weighed on the index.

Most sectoral indices were trading higher led by Nifty Realty and Nifty Bank.

Market breadth was skewed in favour of the buyers. As many as 2,081 stocks rose, 1,811 fell, and 164 remained unchanged on the BSE.

Broader indices underperformed, with BSE Midcap trading 0.1% lower and BSE Smallcap trading flat during midday trade on Monday.

Five out of the 20 sectoral indices on the BSE declined while 15 rose. BSE Realty rose the most.

Lemon Tree Hotels signed a license pact for 65-room hotel in Dibrugarh, Assam, it said in an exchange filing.

The NSE Nifty IT rose as much as 1.53% to 42,985.10, the highest level since Sept 27. It was trading 1.28% higher at 42,876.05 as of 1:00 p.m., as compared to 0.59% advance in the NSE Nifty 50 index.

Unicommerce eSolutions partnered with Hidesign to Strengthen E-commerce operations, it said in an exchange filing.

• September Inflation Rate At 1.84% Vs 1.31% In August

• September Food Inflation At 9.47% Vs 3.26% In August

• September Primary Articles Inflation At 6.59% Vs 2.42% In August

• September Fuel & Power Inflation At -4.05% Vs -0.67% In August

• September Manufactured Products Inflation At 1% Vs 1.22% In August

• Aviator ML Files insolvency plea against SpiceJet in NCLT. Aviator ML claims dues of Rs 58.6 crore from SpiceJet . The NCLT will Hear Aviator ML's Plea Against SpiceJet On November 11.

Source: Informist

Vascon Engineers Ltd. received an order worth Rs 57.23 crore from the Maharashtra Government. The company will construct commercial buildings at Kalbadevi Girgaon, it said in an exchange filing.

JSW Energy Ltd. signed a power purchase agreement with NTPC Ltd. for 700 megawatt solar capacity, it said in an exchange filing.

Most infrastructure companies' stocks trade mixed on Monday after the Maharashtra cabinet decided to completely waive toll for light vehicles at entry point five toll points of Mumbai.

• Demeter Advisors think there is a deep correction in the offing.

• Market may be set for a bit of consolidation.

• Markets will see some time correction for sure, unsure if it will be a price correction.

• As supply continues to rise, it makes it difficult for markets to keep going up

Source: Ashwini Agarwal, Founder, Demeter Advisors to NDTV Profit

The Nifty 50 is still trading 15% in the green on a year-on-year basis but in the month gone by, the reading is in the red. Nearly 40% of Nifty 50 stocks are in the correction mode, according data collated by NDTV Profit. The benchmark Nifty 50 hit an all time high of 26,277.35 on Sept. 27. Since then, the benchmark has pulled back 5% from the milestone. Read more

Premier Energies Ltd. share price jumps nearly 8% after it received multiple orders worth Rs 765 crore for solar modules and solar cells, it said in an exchange filing.

The Premier Energies share price rose as much as 7.95% to Rs 1,196.80, the highest level since Sept 10. It was trading 7.56% higher at Rs 1,191.80 as of 10:28 a.m., as compared to 0.57% advance in the NSE Nifty 50 index.

Hindustan Aeronautics Ltd. share price rose as much as 2.22% to Rs 4,544.80, the highest level since Sept 17. The stock rose as the Department of Public Enterprise gave HAL Maharatna Central Public Sector institution on Saturday.

HAL was trading 1.25% higher at Rs 4,501.90 as of 10:21 a.m., as compared to 0.52% advance in the NSE Nifty 50 index.

Ashoka Buildcon Ltd. shares jumped to hit its highest in a month as the company received three projects from Maharashtra State Road Development Corp with total worth of Rs 2,309.99 crore.

Bajaj Housing Finance Ltd. share price declined to near one–week low on Monday. The stock fell 4.56% to Rs 144.00, the lowest level since Oct 10. It was trading 4.15% down at Rs 144.62 as of 10:01 a.m., as compared to 0.61% advance in the NSE Nifty 50 index.

Infosys Ltd. share price rose 1.06% higher to Rs. 1,955.70. The stock was trading 0.56% higher at Rs. 1,946.10 as of 09:55 a.m. as compared to 0.56% advance in the NSE Nifty 50 index.

Avenue Supermarts Ltd. share price touched over six–month low on Monday after analysts expressed concern over its sluggish growth outlook in the wake of rise in quick e–commerce.

Meanwhile, DMart reported a less than expected growth in its net profit for July–September period. Its net profit rose 5.8% on an annualised basis to Rs 659.44 crore, compared to Rs. 812 crore.

Avenue Supermarts share price fell 9.46% to Rs 4,139.95, the lowest level since March 21. It was trading 6.69% down at Rs 4,266.85 as of 09:45 as compared to 0.53% advance in the NSE Nifty 50 index.

Larsen & Toubro Ltd. share price rose after the JPMorgan Chase & Co initiated coverage on the company with 'Overweight' rating with a target price Rs 4,360.

The share price rose 1.68% to Rs. 3,551.00, the highest level since Oct 10. It was trading 1.77% higher at Rs. 3,544.20 as of 09:36 a.m., as compared to 0.33% advance in the NSE Nifty 50 index.

The NSE Nifty 50 and BSE Sensex rebounded at open on Monday as Infosys Ltd. and Larsen & Toubro Ltd. share prices rose. As of 09:17 a.m., the Nifty 50 was 100.05 points or 0.40% higher at 25,064.30, and the Sensex was 325.17 points or 0.40% higher at 81,706.53.

The Nifty 50's behaviour is significant against the 25,000-25,050 zone, given that the 25,050 aligns with the 50-day moving average, while the 25,000 level remains a psychologically important threshold, said Ameya Ranadive, senior technical analyst, StoxBox.

The upcoming week may witness a subdued start, with 25,100 and 25,440 as probable resistance points. The 24,750-24,650 zone is expected to provide immediate and firm support, and sustainability above it could bolster bullish strength in the index, Ranadive said.

Infosys Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., and Wipro Ltd. added to the index.

Bharti Airtel Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd., and Bajaj Finance Ltd. weighed on the index.

All 12 sectors opened higher on NSE Monday. The NSE Nifty Metal rose the most to become the best performing sectoral index.

Broader markets traded on a mixed note. The BSE Midcap was 0.07% down, while the BSE Smallcap was 0.27% higher.

On BSE, 15 sectors advanced, five declined out of 20. The BSE Metal rose the most. The BSE FMCG declined the most.

Market breadth was skewed in favour of buyers. Around 1,897 stocks rose, 1,118 stocks declined, and 138 stocks remained unchanged on BSE.

At pre–open, the NSE Nifty 50 was 59.20 points or 0.24% higher at 25,023.45, and the BSE Sensex was 0.24% higher at 81,576.93.

• Hyundai India has unique proposition in underpenetrated car industry

• Hyundai India also has better profitability despite lower gross profits

• Hyundai India needs to fix up new product launches

• Hyundai's valuations seems on par with competition

• Based on EV/EBITDA IPO is priced at 20% discount

• Hyundai India strength is its a global company

• Hyundai Global parent talking on Hybrid focus is bet on improved products

Source: Pramod Amthe, Head of Institutional Equity Research, Incred Capital to NDTV Profit

The yield on the 10-year bond opened flat at 6.78%. It closed at 6.79% on Friday, according to data on Bloomberg.

Rupee strengthened by 2 paise to open 84.05 against the US dollar. It closed at 84.07 on Friday.

The currency hit an all-time low of 84.09 on Friday, according to data on Bloomberg.

• JP Morgan on L&T Initiates 'Overweight' rating with a target price Rs 4,360, which implied a 25.2% upside

• Trading at 25x FY26E core EPS with 23% EPS CAGR over FY24-FY27E

• Believes co offers attractive combination of growth at reasonable valuation

• Expects 60 basis points core margin expansion over FY24-FY27E

• Expects L&T well suited to benefit from capex tailwinds in India and Middle East

Gold prices eased slightly in Asian trade on Monday as the dollar index regained strength to trade near two–month high after strong inflation prints from the US weighed on rate cut expectations.

The Bloomberg spot gold was down 0.08% down at $2,654.55 an ounce as of 08:27 a.m., according to data on Bloomberg terminal.

Asian currencies slid against the US currency as the dollar index continued to trade near two–month high on Monday as recent strong economic data from the US brushed off possibility of a 50 basis points rate cut.

The South Korean Won declined the most against the US dollar compared to peers. It was trading 0.44% down against the greenback as of 08:15 a.m. IST.

The Thai Baht and Malaysian Ringgit were the top loser after the South Korean unit. Both were trading 0.33% and 0.22% down as of 08:15 a.m. IST, as per Bloomberg terminal.

The dollar index, which measures the strength of the greenback against six major currencies, rose as much as 103.12. It was trading 103.01 as of 08:18 a.m.

The greenback gained strength after data showed US PPI remained unchanged in September, and the core US PPI rose.

The index touched 103.20, the highest level since Aug 15 on Thursday when data showed US CPI fell less than expected in September, while core CPI rose.

• Maintains sell with a target price of Rs 3,500 which implied 26% downside

• Bill cuts declined QoQ despite the addition of new stores

• EBITDA/PBT growth has lagged revenue growth in 7 of the last 8 quarters

• Trims FY25-27E EPS estimate by 4-6%

• Valuation as risk-reward seems unfavourable at 82x FY26E P/E

• Reiterates 'Buy' rating on the stock with a target price of Rs. 5,300, which implied a 13.7% upside

• Estimates a CAGR of 17%/20% in revenue/PAT over FY24-27

• Weaker store productivity and higher CoR offset slightly higher store additions

• Higher share of GM&A likely boosted gross margin

• DMART’s revenue growth remains dependent on its ability to add store area

• Believe store additions can pick up pace starting 2HFY25

• Would watch out for impact of quick commerce on DMART’s LFL growth

• Retains hold with revised target price of Rs. 5,040 (earlier Rs. 5,183, which implied an upside of 10%

• Weak Q2FY25 owing to lower productivity of stores

• DMart Ready’s growth slowed to 22% YoY in H1FY25 from 32% in FY24

• Building in 45 stores for FY25

• Rates outperform with a target price of Rs. 5,800 which implied an upside of 27%

• One quarter of results does not indicate a shift in DMart’s long-term story

• Store opening potential remains high in new & existing clusters

• Believe value seeking customers will remain the primary purchase driver for a large part of India

• Also acknowledges that growth may continue to come under pressure in the short term

• Rates outperform cuts target price from Rs 5,650 to Rs 5,360

• Cuts FY25-FY27 estimates 13%-15%

• Believes DMART is making the appropriate pivot to private labels which will place it well to meet future competition

• Believes DMART's low cost model remains largely unchallenged in the medium term

• Remains confident in DMART's model and long-term store growth, while optimistic about quick commerce prospects.

• Emkay initiated 'Buy' rating on NALCO with a target price Rs 275, which implied a 23.4% upside

• Sees solid earnings momentum over next 2-3 years

• Expects EBITDA to double to Rs 6,100 cr by FY27E

• Market sentiment to turn positive as company delivers on profitability

• Delivery of the 1mt alumina refinery expansion project to provide a fillip

• Valuations appear undemanding at 7.7x FY26E EV/EBITDA

Crude oil prices were trading over 1% down in Asian trade Monday as China's Finance Ministry briefing did not offer any new incentive to support consumption in the world's second largest economy. Moreover, China's CPI came weaker than expected, while PPI declined at the fastest pace in six months, raising concerns about deflations.

Worries over China's recovery and deflation trend weighed on crude oil's demand outlook. The brent crude was trading 1.30% down at $78.00 a barrel as of 07:19 a.m.

Markets in Asia–Pacific region were trading higher as investors assess outcome of the Chinese Ministry's briefing over the weekend. Markets in Japan remained closed on Monday.

The KOSPI and S&P ASX 200 were trading 0.75% and 0.37% higher, respectively as of 07:02 a.m.

US stocks closed higher on Friday after touching fresh high tracking sharp gains in bank stocks as earning season started, Bloomberg reported.

The S&P 500 ended 0.61% higher at 5,815.03 after it scaled its 45th record high. The Nasdaq Composite and Dow Jones Industrial Average ended 0.33% and 0.97%, higher respectively on Friday.

The GIFT Nifty was trading near 25,100 in early trade Monday. JSW Energy Ltd., Sula Vineyards Ltd. share prices will be monitored because of the news flow over last three days. Reliance Industries Ltd., HCL Technologies Ltd., and Angel One Ltd. will be in focus for their upcoming earnings for July–Sept.

The GIFT Nifty was trading 0.28% or 70 points higher at 25,143.00 as of 06:30 a.m.

The Nifty 50 and Sensex closed lower for second week on Friday tracking a decline in Titan Co. and Tata Steel Ltd. Meanwhile, the benchmarks ended Friday on a negative note as bank stocks declined along with Tata Consultancy Services Ltd.

On Friday, Nifty ended 0.10%, or 24.15 points, down at 24974.3, and Sensex closed 0.22%, or 176.01 points, lower at 81435.40.

The Nifty 50 was traded sideways throughout the session to close with a marginal loss of 34 points at 24964 levels. Broader market outperformed with the Nifty midcap 100 up +0.5% and the Nifty smallcap 100 up 0.6%, said Siddhartha Khemka, head, research, Wealth Management, Motilal Oswal Financial Services.

Overall Motilal Oswal Financial Services expect markets to consolidate at higher zones and take cues from global factors & result season, Khemka said.