Stock Market Live: Nifty, Sensex Trade Near Day's Low As RIL, Infosys Drag

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.

• Net Profit up 44% at Rs 1,327 crore vs Rs 920 crore (YoY)

• Gross NPA at 1.84% Vs 1.85% (QoQ)

• Net NPA flat at 0.2% (QoQ)

• NII up 15% at Rs 2,807 crore Vs Rs 2,432 crore (YoY)

Stay tuned for live updates on quarterly earnings.

In the quarter ended September, the company reported a net loss of Rs 11.8 crore against Rs 166 crore in the year ago period. Revenue fell 18.9% year-on-year to Rs 1,622 crore, EBITDA was down 32.2% at Rs 479 crore resulting in lower margin of 29.5% against 35.3%.

While the Nifty 50 is still trading 15% higher on annual basis, the benchmark is down over 4% since it hit an all-time high of 26,277.35 on Sept. 27.

As per data collated by NDTV Profit, nearly 40% of Nifty 50 counters are in correction mode. Against this backdrop, six stocks that have gained in the past two weeks stand out.

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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.

Shares of Garuda Construction and Engineering Ltd. soared 15% to Rs 120.99 apiece on the NSE on Tuesday, hours after debuting on the bourse. The stock listed at Rs 105 apiece, a premium of 10.53% over the IPO price of Rs 95. The scrip debuted at Rs 103.2 on the BSE, representing a gain of 8.63%.

India's benchmark stock indices pared some of their morning losses by midday on Tuesday, helped by gains in ICICI Bank Ltd. and Bharti Airtel Ltd. 

At 11:58 a.m., the Nifty 50 was trading 45.60 points or 0.18% lower at 25,082.35, and the Sensex was 116.22 points or 0.14% down at 81,856.83.

Earlier in the day, the Nifty 50 declined as much as 0.45% to 25,014.10, and the Sensex declined 0.41% to 81,636.67.

The hourly support average has moved higher to 24,980 levels and would act as trend reversal on the downside from current levels, said Vikas Jain, head of research at Reliance Securities.

"The Relative Strength Index is piercing upwards, crossing the averages from the lower range,, while other key technical indicators are showing positive momentum. The highest call open interest has moved higher to 25,500 strikes, while on the downside, the highest put open interest is at 25,000 for the weekly expiry," he said.

ICICI Bank Ltd. Bharti Airtel Ltd., Asian Paints Ltd., Bharat Petroleum Corp., and Bharat Electronics limited the losses to the Nifty 50.

Reliance Industries Ltd., HDC Bank Ltd., Mahindra & Mahindra Ltd., Bajaj Auto Ltd., and Bajaj Finance Ltd. weighed on the index.

On NSE, nine sectors declined and three advanced. The NSE Nifty Auto declined the most, while the NSE Nifty Media rose the most.

The NSE Nifty Auto declined 1.39% to 26,095.65, the lowest level since Oct 8. Mahindra & Mahindra and Bajaj Auto Ltd. share prices dragged the index.

Broader markets were trading on a mixed note. The BSE Midcap declined 0.11% and Smallcap index rose 0.56%.

On BSE, 11 sectors were trading in negative while nine advanced. The BSE Services rose the most, while the BSE Auto declined the most.

Market breadth was almost evenly split between buyers and sellers. Around 1,938 stocks advanced, 1,816 stocks declined, and 144 stocks remained unchanged on BSE.

Shares of RPP Infra Projects surged to hit its upper circuit limit after an exchange filing said it has received construction orders worth Rs 218 crore

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.

Sterling And Wilson Renewable Energy Ltd. share price hit 4.99% upper circuit and rose to Rs 582.55, the highest level since Oct 14 after the renewable energy company reported Monday a net profit of Rs 8.5 crore in July–September, compared to loss of Rs 54.5 crore loss a year ago.

The stock reversed two–day decline on Tuesday. It remained locked in the upper circuit as of 12:07 p.m., as compared to 0.20% decline in the NSE Nifty 50 index.

In a clarification issued on ARAI notice, Ola Electric said that," We have not changed the price of Ola S1 X 2KWh."

It said that the company is running limited time festive campaign where it is giving general discount of Rs 5,000. The campaign also includes higher discount of Rs 25,000 to only a few customers with limited inventories.

BEML share price rose after it received a contract worth Rs 867 crore from integral coach factory for design and manufacturing of high-speed rail, an exchange filing said.

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.

KPI Green share price surged after it signed power purchase pact for 620 MW renewable energy projects with Gujarat Urja Vikas Nigam, an exchange filing said.

Angel One Ltd.'s share price rose over 10% on Tuesday after the company's second quarter net profit and income rose.

The online brokerage platform's total income rose 44% to Rs 1,514.71 crore in the July-September period. This compares to Rs 1,047.87 crore in the same quarter last fiscal.

TD Power Systems has received two large orders worth Rs 142 crore for the supply of gas engine generators, an exchange filing said.

Shares of Garuda Construction and Engineering Ltd. listed at Rs 105 apiece on the NSE on Tuesday, a premium of 10.53% over the IPO price of Rs 95. The scrip debuted at Rs 103.2 on the BSE, representing a gain of 8.63%.

Sunteck Realty Ltd. share price jumped on Tuesday after it reported strong growth in business in the second quarter. Pre-sales saw an uptick of 32.7% uptick in the July–September quarter.

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.

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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 Ltd. share price rose to record high as the company upgraded its revenue growth guidance for financial year 2024–25 after its second quarter results beats estimates.

Shares of Reliance hit lowest in eight months after the conglomerate reported its second-quarter results, with a net profit rise of 11% to Rs 19,323 crore for the quarter ended Sept. 30, 2024. This profit figure aligned with the consensus estimates of analysts polled by Bloomberg.

Benchmark equity indices saw a positive opening Tuesday tracking gains in global markets as well as falling oil prices. Heavyweights Infosys and HDFC Bank led the gains.

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.

According to Shrikant Chouhan, head of equity research at Kotak Securities, on the upside, the market could move towards 25250-25300/82250-82400. "Conversely, if the index falls below 25000/81500, the sentiment could change, potentially leading to a retest of 24900-24700/81200-80600 levels," he said.

However, he also noted that the real strength in the market would emerge after crossing the levels of 25300/82400. "Therefore, the strategy should be to reduce long positions at each resistance level and consider taking a trending long trade upon surpassing the 25300 level," he said.

Shares of Infosys Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd. contributed the most to the gains.

While those of Reliance Industries Ltd., Axis Bank Ltd., Nestle India Ltd., Oil & Natural Gas Corp. Ltd., and Tata Steel capped the upside.

Except Nifty Metal, Energy and Nifty Oil & Gas, all sectoral indices opened higher. Nifty Media rose the most.

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.

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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

HDFC Life Insurance, HDFC AMC, KEI Industries, Bank of Maharashtra, Newgen Software Technologies, and PVR Inox.

The spot gold was trading 0.07% higher at $2,650.56 an ounce at 8:31 a.m. after falling on Monday amid Dollar's rally to a two month high, which rose as investors assessed China stimulus announcements.

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.

Citi Research has reduced Reliance's target price to Rs 2900 from Rs 3200 earlier while maintaining 'neutral' . The new target price suggests 8.9% upside. The brokerage said that Q2FY25 performance was marked by continued weakness in O2C segment and Jio performance came in along expected lines due to tariff hike. It noted that net profit was 7% above estimates due to lower depreciation, higher other income and 18% QoQ rise in capex and flat net debt were some of the other disappointing data points.

However, Morgan Stanley maintains 'overweight' at Rs 3325 target implying 21% upside. It noted that lower Ebitda due to energy and retail. It also said digital vertical depreciation rose less expected despite 5G monetisation and sees growth recovery is two quarters away.

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.

December futures of Brent Crude fell nearly 3% To $75.19 a barrel and November futures of WTI Crude also fell 3% to $71.60 a barrel after OPEC's report said that it sees demand growing by 1.9 million barrels per day in 2024, lower from 2 million bpd in its previous forecast.

The commodity also tracked a news report from the middle east which said that Israel is willing to strike Iranian military and not nuclear or oil targets.

Indices in the Asia pacific region were higher in the early trade tracking record run in the US peers and South Korea's trade data. At 7:17 a.m., Japan's Nikkei was more than 1% higher at 40,010.19, Australia's ASX 200 rose 0.7% to 8,309.30, and South Korea's Kospi erased early gains to trade 0.2% down at 2,618.40.

Indices in Hong Kong and China fell. CSI 300 was down 0.5% and Hang Seng fell 0.7%.

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.

At 6:43 a.m. GIFT Nifty was at 25,236.50 down by 34.5 points or 0.1%. Among others, shares of Reliance Industries Ltd., HCL Technologies Ltd., and Angel One Ltd. will remain in focus after declaring their September quarter results.

On Monday, India's benchmark stock indices, Nifty and Sensex, ended at over one-week highs on Monday, tracking the sharp gains in Infosys Ltd. and HDFC Bank Ltd.

The NSE Nifty 50 ended 0.66% higher at 25,127.95, and the BSE Sensex closed 0.73% higher at 81,973.05. Both the indices closed at their highest levels since Oct. 3.

Overseas investors, commonly known as foreign portfolio investors, remained net sellers of Indian equities for the 11th consecutive session on Monday. The investors mopped up stocks worth Rs 3,731.6 crore, while domestic institutional investors bought stocks worth Rs 2,278.09 crore, according to provisional data from the National Stock Exchange.

The Indian currency closed flat at 84.06 against the US dollar.