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The S&P 500 future was 0.06% down at 5,904.50, and the Nasdaq 100 futures was 0.16% down at 20,586.25 as of 3:27 p.m. IST. The Dow Jones Industrial Average futures was 0.04% higher at 43,378.00. Investors in the country will closely monitor quarterly results.
US: FOMC Member Daly Speaks
US: FOMC Member Kugler Speaks
-Rupee strengthened by 2 paise to close at 84.04 against the US dollar.
-It closed at 84.06 on Monday.
Source: Bloomberg
Nifty and Sensex ended lower as RIL dragged
Nifty ends 0.25% or 61.80 points down at 25066.15
Sensex ends 0.19% or 152.93 points lower at 81820.12
Intraday, Nifty fell 0.5% and Sensex fell 0.4%
Broader indices outperformed; Nifty Midcap 100 ended 0.2% up and Nifty Smallcap 250 closed 1.1% higher
Sectoral indices were mostly down at close; Nifty Realty rose the most and Nifty Metal was top loser
BPCL and ICICI Bank were top Nifty gainers
HDFC Life and Wipro fell the most
Revenue rose 15% to Rs 361 crore compared to Rs 315 crore
EBIT rose 88% to Rs 75 crore compared to Rs 40 crore
EBIT Margin rose 810 basis points to 20.8% compared to 12.7%
Net Profit rose 48% to Rs 70 crore compared to Rs 48 crore
At closing, markets in Asia Pacific were mixed with Japan's Nikkei closing at its highest level since July and Hang Seng ending nearly 4% lower. China's CSI 300 lost 2.7% on Tuesday while South Korea's Kospi was 0.4% higher at close and Australia's ASX 200 added 0.8%.
China indices fell as the country's trade data fell short of expectations and South Korea's Kospi reacted positively to the country's trade data. Nikkei's rise was led by gains in the shares of shipbuilding, retail and transportation equipment. The index also rose as Japanese Yen hovered around 150.89 a dollar, its lowest level since August 1 against the US dollar.
Mukesh Ambani owned Reliance Industries Ltd. had announced a bonus issue of 1:1 on the day of its AGM on Aug. 29, 2024. The board of the company subsequently met a few days later to confirm and approve the bonus issue.
The company obtained shareholders' nod for the bonus issue through postal ballot. But the company is yet to announce the ex-date for the bonus issue. Find out why here.
Garuda Construction Share Price Gains 15% After Strong Listing
Japan's Nikkei rose as much as 1.6% on Monday to hit 40,257.34, its highest level since July 18 led by gains in the shares of shipbuilding, retail and transportation equipment.
The index also rose as Japanese Yen hovered around 150.89 a dollar, its lowest level since August 1 against the US dollar. At 12:43 p.m., however, it was trading 0.29% stronger against the US dollar at 149.32. A weaker yen helps the earnings of country's exporters after conversion.
ARAI Questions Ola Electric For Selling S1 X 2 kWh Scooter Below Ex-Factory Price
Lupin Ltd. introduced first generic version of pred forte in the US. Pred Forte is used for treatment of steroid–responsive inflammation, it said in an exchange filing.
Pred Forte is an anti–inflammatory drug used in short–treatment of eye inflammation.
Garuda Construction Lists At 10.5% Premium Over IPO Price
Sunteck Realty Share Price Jumps On Strong Q2 Pre-Sales, Collections
While weak demand and pricing has led to cement stocks underperforming over the past few months, Morgan Stanley now sees green shoots that could improve the overall environment for cement stocks going forward. UltraTech Cement Ltd. and Ambuja Cement Ltd. are the best ways to play this cycle, according to the brokerage.
Hyundai Motor India Ltd. is set to hit the bourses with its IPO on Oct. 15. The Creta-maker is looking to raise Rs 27,870 crore making it the biggest IPO in India, surpassing Life Insurance Corp. of India's Rs 21,000-crore IPO in 2022. This will be the largest IPO globally in 2024 so far and also make it the first automaker to list in India in over two decades.
Here's all you need to know.
HCLTech Share Price Hits Record High After Raising FY25 Revenue Guidance
Reliance Q2 Review: Revival In O2C Expected, Growth To Be Led By New Energy
Small cap funds, known for their golden pairing of high risk and high reward, have been a favourite among investors with a risk appetite. The category saw inflows worth Rs 3,070.84 crore in September, showing that investors were not shying away from these funds. With the broader markets volatile, investors' approach to these funds may need to be modified.
At pre-open, the Nifty 50 was at 25186.30, up 0.23% or 58.35 points and the Sensex rose 0.15% or 126.58 points to 82099.63.
On the downside, the psychological level of 25,000 will work as immediate support and on the flip side, 25,160-25,200 will be considered a resistance zone, said Aditya Gaggar, director of Progressive Shares.
The yield on the 10-year bond opened flat at 6.79%.
It closed at 6.78% on Monday.
Source: Bloomberg
Rupee opened flat at 84.07 against the US dollar.
It closed at 84.06 on Monday.
Source: Bloomberg
Initiates Buy with a target price Rs 390, which implied a 22.2% upside
Second-largest port operator with 170mtpa capacity
Targets 400 million tonn per annum capacity target by FY30E, 16% CAGR over FY24–30E
Co posted 68% CAGR in third-party cargo on organic/inorganic expansion
Expect revenue/EBITDA/PAT CAGR of 19/16/15% over FY24–27
Asian Stocks Advance Along With China Amid Disappointing Policy Briefing
Morgan Stanley maintained its 'equal weight' rating with a higher target of Rs 1970 from Rs 1840, implying upside of 5.6%. It said that better-than-expected second quarter results and constructive comments on improving demand result in EPS upgrades and added that growth in Software business surprised positively, although HCL maintained its view on low to mid-single-digit growth in this business.
Citi Research also raised its target price to Rs 1,815 from Rs 1,715, implying 2.7% downside, while maintaining 'neutral'. The brokerage noted the company continues to deliver relatively well in a tough environment but it sees limited absolute upside post 27% return current year to date.
The company got a higher target price of Rs 2,125 as against Rs 2,020 from Nuvama as well. The brokerage has a 'buy' rating for the stock as it delivered strong broad-based growth across verticals. The brokerage maintains flattish revenue in BFSI despite divestment, resulting in an upward revision of the lower end of its revenue guidance.
Jefferies has maintain 'hold' but with a higher target of Rs 1,770 from Rs 1630 earlier, implying downside 5%. The brokerage said 2Q operating performance beat estimates, with both services and product business surprising positively and management sees discretionary spending environment improving at the margin.
Nuvama maintains 'buy' at Rs 3650 target, implying 32% upside and O2C Ebitda was down 24% YoY on lower fuel cracks, petchem deltas. Nuvama sees company rapidly nearing its New Energy vision rollout, which it believes will unleash next leg of growth besides conventional business.
UBS has initiates coverage on Ramkrishna Forgings with a 'buy' and target price of Rs 1,500, implying 50% upside. The brokerage said that the company's revenue rose 10 times in FY14-24 vs domestic peers 2-5x growth. It expects to outperform peers as it evolves into complete assembly provider and sees capacity addition of 50% in next two years driving growth. UBS also noted that consensus has not priced in RKFL's execution track record and forecast EPS CAGR of 34% in FY24-27, sees moderate re-rating scope.
Oil Extends Losses On Report Israel Won’t Target Iranian Crude
The S&P 500 and Dow Jones hit fresh record highs of 5,871.41 and 43,139 respectively in Monday's session. The S&P 500 settled 0.77% higher at 5,859.85. The Dow Jones Industrial Average and Nasdaq Composite ended 0.47% and 0.87% higher to end at 43,065.22 and 18,502.69
respectively.
The rally due to IT stocks driven by shares of Nvidia, which closed at its highest level.
Investors will now look forward to earnings of Goldman Sachs, Citigroup, Bank of America along with United Airlines, Walgreens Boost Alliance, and Johnson & Johnson.
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