Stock Market Today: Nifty, Sensex Post Three–Week Losing Streak; ICICI Bank, Axis Bank Top Gainers

The December futures contract of Dow Jones rose 0.01% to 43,518.00, S&P 500 rose 0.1% to 5,894.25, and Nasdaq 100 traded 0.3% up at 20,432.25 as of 3:30 p.m.

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• US: Federal Reserve Governor Christopher Waller will speak sabout decentralized finance at the Annual Vienna Macroeconomics Workshop, in Vienna — 9:40 p.m. IST

Rupee closed flat at 84.073 against the US dollar. It closed at 84.07 on Thursday, according to data on Bloomberg.

The NSE Nifty 50 and BSE Sensex snapped a three–session losing streak on Friday tracking a rise in ICICI Bank Ltd. and Axis Bank Ltd. share price. However, the benchmarks extended losses to a third week.

The Nifty 50 ended 113.55 points or 0.46% higher at 24,863.40 and the Sensex ended 218.14 points or 0.27% higher at 81,224.75.

Earlier in the day, the Nifty 50 declined 0.74% to 24,567.65, and the BSE Sensex declined 0.74% 80,409.25.

Markets reversed the three-day fall as investors resorted to value buying in banking, metals and realty stocks which had seen sharp downfall in recent sessions. Geo-political uncertainty coupled with sluggishness in the Chinese economy and persistent FII outflows from the domestic markets have led to caution, said Prashanth Tapse, a senior vice president, research, Mehta Equities Ltd.

On a weekly basis, the Nifty 50 and Sensex declined for three weeks in a row. The Nifty 50 and the Sensex declined 0.44% and 0.19% lower, respectively in the week ended on Sept 18.

ICICI Bank Ltd., Axis Bank Ltd., HDFC Bank Ltd., Tata Motors Ltd., and NTPC Ltd. share prices added to the index.

Infosys Ltd., Asian Paints Ltd., ITC Ltd., Britannia Industries Ltd., and Hindustan Unilever Ltd. weighed on the index.

This week, eight sectors ended lower, and four ended higher out of 12. The NSE Nifty Auto declined the most, and the NSE Nifty Bank rose the most.

Broader indices were mixed. BSE Midcap closed 0.2% higher and BSE Smallcap fell 0.16% at close.

Seven of 20 sectoral indices on the BSE fell and 13 rose. BSE Bankex rose the most.

Market breadth was largely split between buyers and sellers. Around 1,942 stocks rose, 1,933 fell, and 108 remained unchanged on the BSE.

The NSE Nifty 50 and BSE Sensex reversed a three–day losing streak on Friday.

Intraday, the Nifty 50 rose 0.55% to 24,885.85, and the Sensex rose 47% to 81,139.15.

ICICI Bank Ltd. and Axis Bank Ltd. are top gainer in the index.

Infosys Ltd., and Asian Paints are top dragger in the index.

Earlier in the day, the Nifty 50 declined 0.74% to 24,567.65, and the BSE Sensex declined 0.74% 80,409.25.

The NSE Nifty Metal was the best performing sector on Friday. It ended 1.52% higher at 9,749.30.

The NSE Nifty IT fell to one–week low during the day. The index ended 1.34% down at 42,162.90.

The NSE Nifty Midcap 150 ended 0.11% higher at 21,747.30.

The NSE Nifty Smallcap 250 ended 0.06% lower at 18,233.90.

• Net Profit rose 70.2% to Rs 209 crore from Rs 123 crore

• Revenue fell 18% to Rs 2,001 crore from Rs 2,438 crore

• Ebitda down 3% at Rs 323 crore from Rs 333 crore

• Margin at 16.1% compared to 13.6%

• Re-appoints Punit Goenka as MD & CEO for five year effective January 1, 2025

• Q2 FY24 saw an exceptional loss of Rs 119.8 crore and Q2 FY25 includes exception gain of Rs 10.9 crore

Mazagon Dock Shipbuilders Ltd.'s share price jumped nearly 10% on Friday after the board said it will consider an interim dividend and stock split in a meeting on Oct. 22.

• Net Profit rose 34.6% to Rs 2,327 crore from Rs 1,729 crore

• Revenue rose 20.9% to Rs 8,004 crore from Rs 6,619 crore

• Ebitda rose 30.6% to Rs 3,875 crore from Rs 2,967 crore

• Margin At 48.4% Vs 44.8%

• The second quarter FY25 Includes One-time Exceptional Loss Of Rs 83 crore

Most benchmarks in the Europe region gained Friday as investors assessed recent rate reduction from the European Central Bank, US and China economic data.

European Central Bank cut the interest rates by 25 basis points to 3.25% as inflation retreated. The ECB also guided for further monetary easing to boost the economy.

Moreover, China's GDP came marginally higher than expected in third quarter, which raised hoped for the world's second largest economy's recovery.

US reported stronger than expected retail sales, and less than expected jobless claims.

Catch latest second earning numbers from Hindustan Zinc, Aether Industries Ltd., Elecon Engineering at NDTV Profit website here.

Shriram Finance Ltd. is to consider stock split proposal on October 25, it said in an exchange filing.

Krishna Institute of Medical Sciences Ltd. signed a memorandum of understanding with Wipro GE Healthcare valuing up Rs 700 crore. The MoU to cover new products and services for 12 KIMS Hospitals & four upcoming hospitals, it said in an exchange filing.

Benchmark equity indices recovered from their early fall and rose through midday, as shares of Axis Bank Ltd. and ICICI Bank Ltd. led gains. Shares of Axis Bank rose a day after detailing quarterly results.

At 11:57 a.m., the NSE Nifty 50 was at 24,781.55, up by 0.13% or 31.70 points and the S&P BSE Sensex rose 0.04%, or 32.92 points to 81,039.53. In its report, SBI Securities said that markets continued to face FII selling pressure ending the weekly expiry 0.89% lower (Nifty).

According to the brokerage, 24,860-24,880 will act as an important resistance and till 24,880 is not surpassed, "we can see index retest 24,670-24,650 support levels". With breakdown below 24,650, index can continue its downward move towards 24,520-24,500 zone.

"A surge and sustenance above 24,880, further rally up to 24,980-25,000 will be on the cards," it said.

Shares of Axis Bank Ltd., ICICI Bank Ltd., Tata Motors Ltd., NTPC Ltd., and Wipro Ltd. positively contributed to changes in the Nifty 50.

While those of Infosys Ltd., ITC Ltd., Hindustan Unilever Ltd., HDFC Bank Ltd., and HCLTech Ltd. minimised the upside.

On NSE, most sectoral indices traded higher, with Nifty Metal rising the most. Nifty IT fell the most.

Broader indices declined and underperformed the benchmark indices. BSE Midcap fell 0.2% and BSE Smallcap fell 0.4%.

Of the 20 sectors on BSE, 10 rose and 10 fell. BSE IT declined the most.

Market breadth was skewed in the favour of sellers. As many as 2,109 stocks fell, 1,620 rose, and 152 remained unchanged on the BSE.

• Net profit down 5.1% at Rs 34.8 crore versus Rs 36.7 crore.

• Revenue up 21% at Rs 199 crore versus Rs 164 crore.

• Ebitda up 16.3% at Rs 54 crore versus Rs 46 crore.

• Margin at 26.9% versus 28%.

• Net Profit fell 0.9% to Rs 87.7 crore compared to Rs 88.6 crore

• Revenue rose 4.8% to Rs 508 crore compared to Rs 485 crore

• Ebitda fell 5.5% to Rs 112 crore compared to Rs 119 crore

• Margin at 22.1% compared to 24.5%

The NSE Nifty IT index declined 2.10% to 41,838.00, the lowest level since Oct 11. The index fell as Infosys Ltd. and LTIMindtree Ltd.'s second quarter earning failed to impress investors. The index was trading 1.46% down at 41,113.05 as of 1:10 p.m.

Ajmera Realty and Infra India Ltd. approved raising Rs 225 crore Via preferential issue of shares at Rs 711 per share, according to an exchange filing.

Hindware Home Innovation Ltd.'s board approved rights issue of shares Of up to Rs 250 crore at Rs 220 per share, it said in an exchange filing.

UPL Ltd. will make announcement on rights share issue after Q2 result, it said in an exchange filing.

Diamond Power Infrastructure Ltd.'s board approved stock split to 1:10 ratio. The company's each share will be divided in to 10, it said in an exchange filing.

Manappuram Finance Ltd.'s share price was locked in the lower circuit on Friday, extending its decline for a seventh consecutive session to reach its lowest level since Nov. 28, 2023, after being downgraded by several brokerages.

Wipro Ltd.'s share price experienced a significant boost of over 5% on Friday after the company reported its quarterly earnings and announced a bonus share issue.

Shares of Zomato Ltd. fell by more than 5% on Friday after it said its board will meet on Oct. 22 to discuss plans for raising funds through a qualified institutional placement.

Mainland China's benchmark, CSI 300 reversed losses and gained over 2% on Friday after the economy grew higher than expected in the third quarter. China reported 4.6% GDP growth in the third quarter compared to 4.5% estimate by a Bloomberg survey.

The CSI 300 was trading 2.32% higher at 3,876.16 as of 11:03 a.m. IST.

Hang Seng, Hong Kong's stock gauge, also gained over 2% as sentiment turned positive after robust economic data from China. The Hang Seng was trading 2.03% higher at 20,486.18 as of 11:05 a.m.

LTIMindtree Ltd. recorded their worst fall since January a day after detailing its Sept. quarter results as several brokerages raised concerns over the company's margins.

The NSE Nifty Metal index erased losses as Tata Steel Ltd. and JSW Steel share prices rose. The index also draw support for improved sentiment for metal companies after the China's economy showed signs of recovery.

The Nifty Metal index declined as much as 1.24% to 9,484.20 earlier in the day. The index was trading 0.64% higher at 9,665.30 as of 10:45 a.m.

China reported 4.6% GDP growth in the third quarter compared to 4.5% estimate by a Bloomberg survey. Moreover, data showed China's industrial output grew 5.4% on an annualised basis compared to 4.6% rise estimated, as reported by Bloomberg.

• Revenue from operations down 6% at Rs 73.5 crore versus Rs 78.4 crore

• Ebitda down 73% at Rs 3.1 crore versus Rs 11 crore

• Margins at 4.2% versus 14%

• PAT down 68% at Rs 4.1 crore versus Rs 12.9 crore

Polycab India Ltd. share price fell over 7% on Friday as the company's operating profit margin fell more than expected due to its weak cable and wire segment. Cable and wire margin was dragged high competition and lower contribution from domestic distribution, and mix change Jefferies said in a note Thursday.

Gold prices rose to record high for second session in a row on Friday as investors flocked towards the safe–haven asset due to uncertainty over US election, tension in middle east.

The Bloomberg spot gold rose 0.72% to a record high of $2,711.99 an ounce. It was trading 0.65% higher at $2,710.09 an ounce s of 09:59 a.m. IST., according to data from Bloomberg.

Infosys Ltd. share price declined over 4% on market open on Friday as the company's second quarter results announced a day prior failed to enthuse investors.

The NSE Nifty 50 and BSE Sensex opened lower on Friday, stretching the losing streak from last three days tracking losses in HDFC Bank Ltd., Mahindra & Mahindra Ltd. share prices. As of 09:17 a.m., the Nifty 50 was trading 117.60 points or 0.48% down at 24,632.25, and the Sensex was 412.26 points or 0.51% down at 80,594.35.

As selling pressure intensified, the Nifty 50 index continued to trend downward, closing in the lower quartile of the trading range, near the critical support level of 24,750, with no signs of recovery during the day, Ameya Ranadive, a senior technical analyst, StoxBox. The zone of 24,750-24,650 acts as a crucial support zone and sustenance above it will be crucial to attracting bullish strength, Ranadive added.

Axis Bank Ltd., Eicher Motors Ltd., ICICI Bank Ltd., Wipro Ltd., and Sun Pharmaceutical Industries added to the NSE Nifty 50 index.

HDFC Bank Ltd., Reliance Industries Ltd., Maruti Suzuki India Ltd., and Mahindra & Mahindra Ltd. weighed on the index.

All 12 sectors opened lower on NSE. The NSE Nifty Realty declined the most among other sectoral indices.

Broader markets underperformed benchmark indices. The BSE Midcap and BSE Smallcap indices were trading 1.09% and 1.88% lower, respectively.

On BSE, 19 sectors slumped at open while one was able to trade with marginal gain out of 20. The BSE Consumer Durables declined the most.

Market breadth was skewed in favour of sellers. Around 2,221 stocks declined, 609 stocks advanced, and 111 stocks remained unchanged on BSE.

At pre–open the NSE Nifty 50 was trading 84.90 points or 0.34% down at 24,664.95, and the BSE Sensex was 494.75 points or 0.61% down at 81,006.61

The yield on the 10-year bond opened 1 basis points higher at 6.79%. It closed at 6.78% on Thursday, according to data on Bloomberg.

The local currency opened 2 paise higher against the US dollar at 84.05 on Friday. On Thursday, the Indian unit closed at 84.07 a dollar, according to data on Bloomberg

JSW Energy Ltd.'s step-down subsidiaries signed power purchase agreement for 1,200 MW solar-wind hybrid capacity with MSEDCL, the company said in an exchange filing

• Alert: MSEDCL Stands For Maharashtra State Electricity Distribution Company

The Reserve Bank of India barred Asirvad Microfinance, a subsidiary of Manappuram Finance Ltd. from disbursing loans from Oct 21. Analysts said that this move from the regulator will likely hurt Manappuram Finance's earnings.

RBI has barred total four non–banking financial lenders—Asirvad Micro Finance, Navi Finserv, Arohan Financial Services, and DMI Finance— from disbursing loans. Read More.

RBI restrictions on subsidiary Asirvad Microfinance should hurt earnings

Asirvad accounts for 27% of consolidated assets under management

Parent may have to infuse capital if subsidiary’s networth is eroded

Remedial measures and removal of restrictions could take 6 months

Jefferies cut FY25-27 EPS by 11-19%

• Downgrade to Equal Weight with a target price Rs 170 from 262 earlier, which implied a 4% downside.

• RBI embargo to hurt profit materially for longer

• Short tenured loan book to shrink rapidly

• Credit costs already elevated, funding costs could rise

• Cut consol earnings forecasts by 20% for FY25, 30% across FY26-27

• Value at 1x FY27E standalone BV

• Rated Underweight with target price of Rs 881 potential downside 18%

• In line earnings but slightly below estimates.

• Indian margins suffered from adverse weather; US on target, Kenya exceeded expectations.

• Basic Chemistry EBITDA/ton fell 10% qoq.

• Rising Chinese production may limit margin growth despite balanced market.

• Weather issues cut Mithapur output by 30,000 tons of soda ash and 40,000 tons of salt.

• Weak container glass and lithium carbonate demand offset by strong solar glass; Indian demand stable.

Asian currencies rose against the greenback in early trade Friday as the dollar index eased in Asian trade. The index rose on Thursday after US retail sales came higher than expected and jobless claim data fell, which affirmed the expectation the Federal Reserve doesn't need to go aggressive with the monetary easing.

The Thai Baht declined the most against the US dollar to become the worst performing currency on Friday so far. It was trading 0.30% lower at 33.11 a dollar as of 08:13 a.m.

The Japanese yen rose 0.18% to 149.94 a dollar as of 08:13 a.m., according to data on Bloomberg.

Crude oil prices continued to rise Friday as supply outlook bleakened following tenison spiked in the West Asia. The geopolitical tension renewed after Hamas leader Yahya Sinwar's death. 

The crude oil was trading  0.27% higher at $74.65 a barrel as of 08:00 a.m.

• Maintain Outperform, Target: Rs 2,270, (earlier Rs 2100), upside 15%

• Revenue was a beat, Margins in line

• Continue to see up cycle in large caps IT services

• Infosys expected to be growth leader driven by improved macro and BFSI

• Infosys maintained leadership (+2.3% QoQ organic)

• It grew ahead of TCS and HCLT

The yield on the benchmark 10–year US Treasury rose following robust US retail sales data and less than expected jobless claim. The strong data point nudged the expectation of the Federal Reserve going slow with the rate cuts.

 The yield on the 10–year US treasury note was trading at 4.093% as of 7:21 a.m. IST.

Gold prices scaled a fresh high on Thursday as the geo-political tension the West Asia continued to force investors to buy the safe–haven asset. 

The Bloomberg spot gold was trading 0.50% higher at $2,706.10 an ounce as of 7:24 a.m.

Wipro Ltd. share price is likely to react in Friday's session as it reported better than expected net profit for July–September. Wipro's net profit rose 6 sequentially to Rs 3,227 crore in the second quarter, against Rs 3,009 crore Bloomberg estimated. To know more about Wipro's second quarter result click here.

Most markets in Asia–Pacific rose on Friday as traders assessed latest inflation print from Japan. Japan's CPI for September came at 2.5%, while core CPI at 2.4%.

The Nikkei 225 was 0.21% higher at 38,993.36, while the S&P ASX 200 was 0.72% down at 8,295.60. The KOSPI was was flat at 2,609.25 as of 7:11 a.m.

Most US stocks ended with little change on Thursday following strong US retail sales and jobless claim data, which affirmed underlying resilience of the world's largest economy.

The Dow Jones Industrial Average and Nasdaq Composite indices ended 0.37% and 0.04% higher, respectively. The S&P 500 ended 0.02% down.

The GIFT Nifty was trading near 24,700 on Friday morning. Axis Bank Ltd., Infosys Ltd., and Wipro Ltd. share prices are expected to react because of their earning numbers for July–September quarter. Further, Reliance Industries Ltd., Adani Enterprises Ltd., and Zomato Ltd. share prices will likely move because of the news flow.

The GIFT Nifty was trading 0.43% or 106.50 points lower at 24,753.50 as of 06:30 a.m.

Extending their losses to a third session, NSE Nifty 50 and BSE Sensex ended near two–month low on Thursday. HDFC Bank Ltd., and Bajaj Auto Ltd. share prices declined, which weighed on the indices.

At close, Nifty fell 0.89% or 221.45 points, to 24,749.8 and Sensex ended 0.6% or 494.75 points, lower at 81,006.61. Intraday, the Nifty fell 0.97%, and the Sensex fell 0.7%.

"Looking forward, the market is expected to remain range-bound due to mixed global cues and a lack of domestic triggers," said Siddhartha Khemka, head, Research, Wealth Management, Motilal Oswal Financial Services Ltd.