Stock Market Today: Nifty, Sensex Extend Losses To Second Session As Infosys, M&M Decline

The futures contract of Dow Jones traded 0.08% down at 42,982.00, those of S&P 500 was up 0.03% at 5,864.50 and Nasdaq 100 also rose 0.1% to 20,362.50 as of 3:29 p.m.

• US: Import prices — 6:00 p.m. IST

• Australia: CB Leading Index — 8:00 p.m. IST 

The NSE Nifty 50 and BSE Sensex recorded two–day losing streak on Wednesday tracking sell–off across the globe. Most share indices in Asia–Pacific and Europe plunged on cues from overnight moves on Wall Street.

The NSE Nifty 50 ended 86.05 points or 0.34% down at 24,971.30, and the BSE Sensex settled 318.76 points or 0.39% down at 81,501.36.

Infosys Ltd. and Mahindra & Mahindra Ltd. share prices dragged the benchmark index the most.

During the session, the Nifty 50 declined 0.59% to 24,908.45, and the Sensex declined 0.56% to 81,358.26.

After a tepid opening, Index tested its lower end of consolidation followed by a swift recovery; however, towards the end, recovery gains fizzled out and ended the session at 24,971.30 with a loss of 86.05 points, said Aditya Gaggar, director, Progressive Shares.

Barring Energy and Realty, all the other sectors ended in the red where Auto and IT were the major laggards. Mid and Smallcaps managed to outperform the Frontline Index. The Index continued to oscillate in a well-maintained range of 24,920-25,200 and a directional breakout is a must for a clear trend, Gaggar added.

Infosys Ltd., Mahindra & Mahindra Ltd., Trent Ltd., ICICI Bank Ltd., and Nestle India Ltd. weighed on the index.

HDFC Bank Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., HDFC Life Insurance Co. Ltd., and Bajaj Auto Ltd. limited losses to the index.

On NSE, seven sectors declined, three advanced, one remained flat. The NSE Nifty Auto index was the top loser. The NSE Nifty Realty rose the most.

Broader indices outperformed. BSE Midcap closed 0.1% down and BSE Smallcap was up by 0.3%.

Five of 20 sectoral indices on the BSE ended higher and 15 declined. BSE Telecom rose the most.

Market breadth was skewed in the favour of buyers. As many as 2,032 stocks rose, 1,926 declined, and 110 remained unchanged on the BSE.

The rupee strengthened by 4 paise to close at 84.00 against the US dollar. It closed at 84.04 on Tuesday, according to data on Bloomberg.

• The NSE Nifty 50 and BSE Sensex extended their losses to second day.

• During the session, the Nifty 50 declined 0.59% to 24,908.45, and the Sensex declined 0.56% to 81,358.26.

• Infosys Ltd. and Mahindra & Mahindra Ltd. were top draggers in the Nifty 50 index.

• HDFC Bank Ltd. and Reliance Industries Ltd. shares were top gainers in the Nifty 50 index.

• On Nifty bank expiry day, the NSE Nifty Bank declined as much as 0.38% at 51,711.20. The index settled 0.21% down at 51,796.40 on Wednesday.

• The NSE Nifty Realty was the top sectoral performer while the NSE Nifty Auto was the worst sectoral performer.

• The NSE Nifty Midcap 150 ended 0.29% lower at 22,064.40.

• The NSE Nifty Smallcap 250 ended 0.18% higher at 18,501.05.

Trent Ltd. share price declined over 4% to Rs. 7,770.00 on Wednesday. The stock was trading 4.08% down at Rs 7,792.40 as of 3:18 p.m., as compared to 0.40% decline in the NSE Nifty 50 index.

• 025-26 Rabi MSP Hike To Cost Rs 87,657 Crore

• Govt Hikes Rabi Wheat MSP By Rs 150/100 Kg

• Govt Hikes Rabi Mustard MSP By Rs 300/100 Kg

• Govt Hikes Rabi Chana MSP By Rs 210/100 Kg

• Govt Hikes Rabi Masur MSP By Rs 775/100 Kg

• Govt Hikes Rabi Barley MSP By Rs 130/100 Kg

• Govt Hikes Rabi Safflower MSP By Rs 140/100 Kg

Source: Cabinet Briefing

Bharti Airtel Ltd.'s Airtel Business and Vonage Partner is to launch Airtel IQ Business Connect. Airtel IQ Business Connect is a unified business communications application, the company said in an exchange filing.

Shilpa Medicare's US-based CDMO customer gets Fast-Track Designation from US FDA for its investigational drug candidate for Glioblastoma, the company said in an exchange.

The Pound sterling declined to the lowest level since August 20 on Wednesday after UK's inflation dropped sharply in September fuelling hopes that the Bank of England will cut interest rates in November.

The Pound sterling declined 0.70% to 1.2983 a dollar so far today. As of 2:23 p.m. IST, the British currency was trading 0.57% lower at 1.2999 against the greenback.

UK CPI declined to 1.7% in September, from 2.2% in August, data from Office For National Statistics showed on Wednesday.

The Euro and Australian Dollar were trading 0.10% and 0.24% down, respectively as of 2:23 p.m. IST

Most share indices in the Europe declined tracking losses across Asia and US. The Pan European Euro Stoxx was 0.78% down at 4,908.12 as of 1:48 p.m. IST as LVMH disappointed the street with 3% annual decline in the third quarter sell.

Bucking the trend, the FTSE 100 rose 0.63% to 8,301.58 after data fuelled bets for further monetary easing in UK. The UK inflation dropped to 1.7% in September from 2.2% in the previous month f

• Citi Research kept a sell with a target price Rs 3,600 compared to Rs 3,125 earlier, which implied a 21% downside.

• Core PBT was +45% YoY (+2% above Citi)

• Favourable shift towards high-yielding activelymanaged equity-oriented mix

• Market share trends have stabilized

• Expect stabilization in earnings trajectory over medium-term; Rollover to Sep 2026 estimated

Wockhardt Ltd.'s share price rose to its highest level since February 2016 on Wednesday after it filed its fast-acting insulin analog Aspart injection with the Drugs Controller General of India.

India's benchmark stock indices were trading near the day's low through midday on Wednesday, tracking the fall in global markets as equity benchmarks in Sydney, Tokyo and Seoul all fell. Losses in shares of Infosys Ltd. and Nestle India Ltd. weighed on the indices.

At 11:28 a.m., the Nifty 50 was trading 0.36% or 90.20 points lower at 24,967.15, and Sensex fell 0.36% or 292 points to 81,522.52.

After two weeks of high volatility, a bit of consolidation is not bad, according to Kush Bohra, founder of Kushbohra.com. "Nifty is not giving clear direction; as long as the support of 24,700-24,800 is respected, it is not too discouraging." The resistance, according to him, has been pegged at 25,200 for the Nifty.

On Bank Nifty, he is more positive for the last couple of days. But he believes a caution is warranted, recommending buying only after a pullback. For the near term, he sees support for Bank Nifty at 51,500 and resistance around 52,000-52,200.

Shares of Infosys Ltd., Nestle India Ltd., Mahindra & Mahindra Ltd., Trent Ltd., and ICICI Bank Ltd. were weighing on the Nifty.

While those of HDFC Bank Ltd., Bharti Airtel Ltd., HDFC Life Insurance Co Ltd., Grasim Industries Ltd., and Axis Bank Ltd. cushioned the fall.

Except for Nifty Finance, all sectoral indices fell. Nifty Media and Nifty Auto were the top losers.

The broader indices too fell with the BSE Midcap and Smallcap trading 0.37% and 0.27% lower, respectively, through midday on Wednesday.

Two of 20 sectoral indices on the BSE traded higher while 18 declined. BSE Auto fell the most.

Market breadth was skewed in favour of sellers. As many as 1,962 stocks fell, 1,771 advanced, and 142 remained unchanged on the BSE.

• Bombay High Court dismissed $31 million case of IndiGo insurers against Janus Aviation.

• Incident involved damage to Indigo Airlines aircraft in 2018.

• Janus Aviation’s step ladder hit the plane during strong winds.

• Insurers compensated Indigo, then sued Janus for negligence.

• No privity of contract between insurers and Janus.

• Not classified as a commercial dispute under the law.

• Appeal was denied, insurers couldn’t recover damages.

ICICI Prudential Life Insurance Co. Ltd. is to consider fundraising via bonds on Oct 22, it said in an exchange filing.

• Net Profit rose 18.2% on the year to Rs 325 crore compared to Rs 275 crore

• Gross NPA at 4.4% compared to 4.5% a quarter ago

• Net NPA at 1.3% compared to 1.4% a quarter ago

• NII rose 6% on the year to Rs 882 crore from Rs 831 crore 

Track live updates of second quarter earning releases from Bajaj Auto, L&T Technology Services Ltd., and Mphasis Ltd. in NDTV Profit's live earning blog.

On Wednesday, Bajaj Auto, Crisil Ltd., Himadri Speciality Chemical, L&T Technology Services, and Mphasis will release its quarterly results.

Bigbloc Construction Ltd. started Tria Operations at Umargaon facility. The facility had been undergoing upgrades since May 2024, it said in an exchange filing.

Ugro Capital partnered with United States International DFC to increase finance inclusion in India. The company plans to raise Rs 330 crore loan from USDFC to empower the Last-Mile MSMES. The DFC Stands For Development Finance Corporation, the company said in an exchange filing.

So far today, the NSE Nifty 50 declined 0.38% down to 24,963.30, and the BSE Sensex fell 0.34% to 81,538.96.

Staple companies to have better volume growth in the second half of the financial year 2025. Sharekhan By BNP Pariwas expecting rural to do better than urban. Focus on large companies like HUL, ITC Dabur if rural recovery is back, Kaustubh Pawaskar, deputy vice president said in an interview to NDTV Profit.

Revenues will see mid single digit growth. Revenue will be predominantly driven by volumes. Ebitda margin growth to be lower on account of higher raw material prices, Pawaskar said.

Value fashion companies are expected to do well in the coming years, he said.

Dmart is largely being impacted due to degrowth of non FMCG segment, he said.

Akums Drugs & Pharmaceutical Ltd. signed a licence and distribution pact with triple hair to develop and market its products in India, it said in an exchange filing.

HDFC Bank Asset Management Co. Ltd. share price rose 5.57% to Rs 4,809.00, their highest level since listing on the bourses. It was trading 5.44% higher at Rs 4,802.90 as of 11:00 a.m., as compared to 0.08% decline in the NSE Nifty 50 index.

Shyam Metalics & Energy Ltd. commenced operations of coke oven plant at Jamuria, West Bengal, it said in an exchange filing.

India is facing an acute shortage of peak demand power. White Oak Capital believes structural solutions to power will be in grid batteries. Ways to play the power theme are through power financiers, utility companies, said Chief Investment Officer Ramesh Mantri.

White Oak Capital is seeing some slowdown in high-frequency indicators over the past few months. One needs to look at asset allocation closely with a balanced approach, Mantri said.

Share indices in mainland China declined as market participants await more details about the recently announced various measure to stimulate the struggling economy. China's housing ministry will hold a press brief on Thursday morning.

Meanwhile, benchmarks in the Hong Kong gained as its city's Chief Executive John Lee is scheduled to deliver annual policy address on Wednesday. People expects Lee to focus on boosting Hong Kong's economy which has been trying to cope up with the effect of Pandemic.

The CSI 300 was 9.43 points or 0.24% down at 3,846.56, and the Hang Seng were trading 182.98 points or 0.90% higher at 20,501.77.

Rallis India share price logged its best jump since March 7 after the company reported a 20% year-on-year growth in its net profit for the September quarter to Rs 98 crore.

Larsen & Toubro Ltd.'s civil infrastructure vertical received an order in the range of Rs 1,000-2,500 crore for Agra Metro Network, it said in an exchange filing.

While Indian equities' benchmark Nifty 50 pared over 4% from its lifetime high levels in September, most actively managed large-cap funds faced a relatively muted decline. Though the outperformance of actively managed mutual funds amid market downturns is well recorded, the same has not held true amid uptrends over longer periods. However, the calendar year 2024 so far has seen an unusual flip in.

Read more here

BEML Ltd. share price continued to advance on Wednesday after it got the deal to make India's first set of bullet trains from a local government vendor.

Shares of BSE Ltd. declined during early trade on Wednesday after Jefferies downgraded the stock to "underperform" and forecast a potential decline of 27% to its share price.

Strides Pharma Science share price rose to record high on Wednesday after the company's unit received confirmed investment of Rs 801 crore. The stock price rose as much as 2.17% to Rs 1,600, the highest level since its listing on on Feb 2, 2000. It was trading 2.15% higher at Rs 1,599.60 as of 09:39 a.m.

Cochin Shipyard share price declined over 4% as the Government of India is divesting 5% stake in the company. The stock was trading 2.52% down at Rs. 1,629.90 as of 09:30 a.m., as compared to 0.13% decline in the NSE Nifty 50 index.

The NSE Nifty 50 and BSE Sensex extended losses at open on Wednesday as Infosys Ltd. and ICICI Bank share prices declined. As of 09:16 a.m., the Nifty 50 was trading 29.45 points or 0.12% down at 25,027.90, and the Sensex was 149.55 points or 0.18% down at 81,670.56.

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, Reliance Securities.

The Relative Strength Index has failed to cross the averages from the lower range and other key technical indicators are in neutral mode from current levels. The Highest call open interest has moved higher to 25,500 strikes while the downside the highest put OI is at 25,000 for the weekly expiry, Jain added.

Infosys Ltd., Tata Consultancy Services Ltd., Nestle India Ltd., ICICI Bank Ltd., and Mahindra & Mahindra Ltd. weighed on the index.

HDFC Bank Ltd., Bharti Airtel Ltd., Coal India Ltd., Bharat Petroleum Corp Ltd., and Asian Paints Ltd. added to the index.

On NSE, six sectoral indices were trading lower, five higher, and one remained flat out of 12. The NSE Nifty FMCG declined the most, while the NSE Nifty Oil & Gas rose the most.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.04% and 0.12% higher, respectively.

On BSE, nine sectoral indices advanced, one was flat, and 10 declined out of 20. The BSE Oil & Gas rose the most, and the BSE Auto declined the most.

Market breadth was skewed in favour of buyers. Around 1,587 stocks rose, 1,021 stocks declined, and 143 stocks remained unchanged on BSE.

At pre–open, the NSE Nifty 50 was trading 0.19% down at 25,008.55, and the BSE Sensex was 0.21% down at 81,646.60.

The yield on the 10-year bond declined 2 bps to 6.75%. It closed at 6.77% on Tuesday, according to data on Bloomberg.

Rupee opened flat at 84.05 against the US dollar. It closed at 84.04 on Tuesday, according to data on Bloomberg.

• Most indicators were weak but showed improvement on a M-o-M basis

• Container volumes, air traffic and engineering exports grew steadily

• Coal offtake and petrol, diesel demand showed flattish to low single digit growth

• New capex intention picked-up in Q2 resulting in 1H being flat on annualised basis

Cochin Shipyard Ltd. share price is expected to move in Wednesday's trading session due to the news the Government of India is set to divest 5% stake in the company through an offer for sale. The offer will open on Wednesday and conclude on Thursday. To know more click here.

The GIFT Nifty continued to hover around 25,000 in the pre–market hour. The GIFT Nifty was trading 0.07% or 18 points lower at 25,036.00 as of 08:34 a.m.

Asian currencies rose on Wednesday as investors await rate decision from the Indonesia, Philippines, and Thailand. Bank Indonesia, Bank of Thailand are likely to keep their benchmark rates on hold, while Bangko Sentral ng will likely go for 25–basis–point rate cut, according to Bloomberg.

The Indonesia rupiah and Philippine peso were trading 0.40% and 0.10% down, respectively as of 08:22 a.m. IST. The Thai Baht was flat against the US dollar.

Gold future prices continued to rise in Asia–Pacific trade on Wednesday as the other safe–haven assets: US Treasury yield and dollar index softened.

A rise in US dollar makes the bullion more expensive for other countries, while a rise in US treasury yields reduces the charm of the metal.

As of 8:08 a.m., the Gold December future was trading 0.21% higher at $2684.30.

Godrej Properties Ltd. emerged as highest bidder for three adjoining plots measuring 6.5 acres in Mumbai Metropolitan Region. The land parcels in Kharghar to have combined revenue potential of Rs. 3,500 crore, the company said in an exchange filing.

The yield on the benchmark 10–year US Treasury note was trading flat in Asian trade amid lack of significant cues. In Tuesday, the yield settled lower as investors assessed economic outlook after the Federal Reserve officials remark suggested the US central bank will go slow with rate cuts.

The yield on the 10–year US treasury note was trading at 4.03% as of 7:48 a.m. IST.

KEI Industries Ltd.'s standalone net profit rose 11% year-on-year in the July–September quarter of the current financial year, missing analysts' expectations. The company's stock will be in focus in Wednesday's trading session due to the second quarter result.

Read more about the quarterly result of KEI Industries.

Crude oil future prices rebounded in Asian trade Wednesday as concerns about Israel attacking energy infrastructure of Iran resurfaced after the country said that it will take its own decision about how to attack.

The December future of brent crude was trading 0.33% higher at $74.58 a barrel as of 7:11 a.m. IST.

Markets in Asia–Pacific slid on Wednesday with the Japan's benchmark Nikkei 225 leading losses. The indices tracked overnight losses from Wall Street after as concern rose over technology stocks after Dutch ASML Holding NV booked only half the orders analysts has estimated in last three months.

The Nikkei 225 was trading 699.57 points or 1.75% down at 39,210.98, and the S&P ASX 200 was trading 16.40 points or 0.20% down at 8,302.00 as of 07:17 a.m. The KOSPI was 25.81 points or 0.98% down at 2,607.64.

Share indices on Wall Street fell from their all–time high on Tuesday after Europe's most valued technology firm provided with disappointing outlook, Bloomberg reported.

The S&P 500 ended 0.76% down at 5,815.26, and the Nasdaq Composite settled 1.01% down at 18,315.59. The Dow Jones Industrial settled 0.75% down at 42,740.42.

The GIFT Nifty was trading near 25,000 in early trade on Wednesday. KEI Industries, Rallis India share prices may react because of their earning for second quarter, released on Tuesday. Bajaj Auto Ltd. is set to announce it quarterly financials today, while Cochin Shipyard Ltd. share prices may see movement due to news flow.

The GIFT Nifty was trading 0.22% or 56.5 points down at 25,055.0 as of 06:36 a.m.

Overall, Motilal Oswal Financial Services expects markets to consolidate in the near term in the absence of any major triggers. Although Q2 results would continue to provide stock-specific action, said Siddhartha Khemka, head, research, Wealth Management.

 The NSE Nifty 50 and BSE Sensex failed to extend its gain from Monday The benchmarks closed lower on Tuesday tracking a decline in Reliance Industries share price.

The Nifty fell by 0.28% or 70.60 points to close at 25,057.35, while the Sensex dropped 0.19% or 152.93 points to finish at 81,820.12.