Stock Market Today: Nifty, Sensex Extend Losses To End At Two–Month Low As RIL, HDFC Bank Drag

The S&P 500 Futures was 0.52% down at 5,866.75 and Dow Jones Industrial Average futures fell 0.49% down at 42,968.00 as of 3:38 p.m. IST. The Nasdaq 100 futures was 0.61% down at 20,395.50 as of 3:39 p.m. IST.

• UK: Bank of England Governor Andrew Bailey will speak at the Bloomberg Global Regulatory Forum, in New York — 6:55 p.m. IST

• UK: External BOE MPC Member Megan Greene will speak at the Atlantic Council's converstations, the IMF and the World Bank Group annual meetings in Washington DC — 7:15 p.m. IST

• US: Federal Reserve Bank of Philadelphia President Patrick Harker will speak at the Annual Fintech Conference — 7:30 p.m. IST 

• US: ​Richmond Manufacturing Index — 7:30 p.m. IST 

The NSE Nifty 50 and BSE Sensex closed at the lowest level in over two months on Tuesday as heavyweights Reliance Industries Ltd. and HDFC Bank Ltd. share prices dragged. Broad–based weakness in US stocks, Asian and European shares due to concern about the pace of unwinding of monetary conditions in the US also seeped into Indian markets.

The Nifty 50 ended 1.25% down at 24,472.10 and the Sensex ended 1.15% down at 80,220.72, the lowest level since Aug 14.

During the last leg of the trade, the Nifty 50 fell as much as 1.35% to 24,45.80, and the Sensex fell 1.23% to a low of 80,149.53.

Mayhem continued in the Mid and Smallcap segments which led to a freefall across the board and without any pullback move, the Index compounded its losses throughout the day to end the trade at 24,472.10 with a loss of 309 points, said Aditya Gaggar, director, Progressive Shares. All the sectors ended in the red where PSU Banks and Realty were the major laggards. The weak link of the markets i.e. Mid and Smallcaps tumbled by 2.61% & 3.92% and underperformed the Frontline Index. In the series of lower highs and lower lows, the Index has made another bearish candle, indicating the tightening of the bear's grip. Considering the oversold conditions in the Mid and Smallcap segments, a short-term bounce can be expected in the markets which may push the Index higher but the upside seems to be capped at 24,670, while on the flip side, the Index is close to its support zone of 24,370-24,430, Gaggar added.

Reliance Industries Ltd., HDFC Bank Ltd., Mahindra & Mahindra Ltd., Larsen & Toubro Ltd., and State Bank of India shares weighed on the index.

ICICI Bank Ltd., Infosys Ltd., and Nestle India Ltd. share prices added to the index.

All 12 sectors ended lower on NSE. The NSE Nifty PSU Bank declined the most while the NSE Nifty FMCG declined the least.

Broader indices underperformed. BSE Midcap ended 2.5% lower and BSE Smallcap closed 3.8% down.

All 20 sectoral indices on the BSE ended lower. BSE Metal fell the most.

Market breadth was skewed in the favour of sellers. As many as 3,407 stocks fell, 576 rose, and 76 were unchanged on the BSE.

The rupee closed flat at 84.076 against the US dollar. It closed at 84.066 on Monday, according to data on Bloomberg.

• The NSE Nifty 50 and BSE Sensex closed at the lowest level since Aug 14

• During the last leg of the trade, the Nifty 50 fell as much as 1.35% to 24,45.80, and the Sensex fell 1.23% to a low of 80,149.53.

• The India NSE Volatility Index rose 5.14% to 14.47, the highest level since Oct 19. It closed 4.21% higher at 14.34.

• Reliance Industries Ltd., HDFC Bank Ltd., and Mahindra & Mahindra Ltd. were top laggards in the Nifty 50 index.

• ICICI Bank Ltd., Nestle India Ltd. were top leaders in the Nifty 50 index.

• The NSE Nifty PSU Bank declined the most while the NSE Nifty FMCG declined the least.

• The NSE Nifty Midcap 150 ended 2.57% down at 20,879.45.

• The NSE Nifty Smallcap 250 ended 5.27% down at 17,275.70.

• Net Profit rose 21.8% to Rs 25.6 crore vs Rs 21crore

• Revenue rose 14.5% to Rs 155 crore vs Rs 135 crore

• Ebitda rose 18.9% to Rs 34.2 crore vs Rs 28.7 crore

• Margin at 22% Vs 21.2%

The NSE Nifty Bank index fell 1.51% to 51,179.60. It was trading 1.38% down at 51,245.90 as of 3:21 p.m., as compared to 1.23% decline in the Nifty 50 index.

SRF share price declined 5.77% to Rs 2,146 during the session. It was trading 5.54% down at 2,151.7 as of 3:17 p.m.

• Revenue up 8% at Rs 3,424 crore vs Rs 3,177 crore

• Ebitda down 14% at Rs 538 crore vs Rs 626 crore

• Ebitda margin at 15.7% vs 19.7%

• Net profit down 33% at Rs 201 crore vs Rs 301 crore

• Revenue up 68% at Rs 6,184 crore vs Rs 3,674 crore

• Ebitda up 19% at Rs 1,787 crore vs Rs 1,505 crore

• Ebitda margin at 28.9% vs 40.9%

• Net profit up 172% at Rs 773 crore vs Rs 284 crore

India NSE Volatility Index rose 5.14% to 14.47, the highest level since Oct 19. The index was trading 4.27% higher at 14.36 as of 3:00 p.m. IST.

NBCC (India) arm got work orders worth Rs 1,322 crore from Employees State Insurance Corp, it said in an exchange filing.

• Revenue rose 2.5% to Rs 1,045 crore vs Rs 1,020 crore

• Ebitda rose 5.9% to Rs 125 crore vs Rs 118 crore

• Margin At 11.9% Vs 11.5%

• Net Profit rose 2.6% at Rs 59 crore vs Rs 57.5 crore

• Net Profit fell 22.8% to Rs 85.5 crore vs Rs 111 crore

• Revenue rose 5.1% to Rs 1,179 crore vs Rs 1,122 crore

• Ebitda fell 12.2% to Rs 158 crore vs Rs 180 crore

• Margin at 13.4% vs 16.1% 

Most markets in Europe declined in Europe as investors await officials from the Bank of England, and Federal Reserve officials' speeches at different events. A decline in Asian shares, and Wall Street's mixed session on Monday weighed on the European stocks.

The Bank of England Governor Andrew Bailey will speak at the Bloomberg Global Regulatory Forum, in New York at 6:55 p.m. IST.

BoE Monetary Policy Committee Member Megan Greene and the Fed Philadelphia President Patrick Harker are also scheduled to speak at different events.

Investors will assess all of the central bankers' speeches to get fresh clues about the rate cut trajectory going ahead.

• Revenue down 1% at Rs 682 crore vs Rs 690 crore

• Ebitda down 50% at Rs 31 crore vs Rs 61 crore

• Ebitda margin at 4.5% vs 8.9%

• Net profit down 59% at Rs 15.7 crore vs Rs 37.9 crore

Catch latest second quarter earnings from One 97 Communications Ltd., ICICI Securities Ltd., Coforge Ltd., and Varun Beverages Ltd. on NDTV Profit website here.

• Ebitda margin at 14.1% vs 15.4%

• Ebitda down 10% at Rs 320 crore vs Rs 356 crore

• Revenue down 1.6% at Rs 2,273 crore vs Rs 2,309 crore

• Net Profit fell 15% at Rs 207 crore vs Rs 243 crore 

Allianz is considering exit from life and general insurance joint venture, Bajaj Finserv confirmed.

Allianz indicated that it is committed to Indian insurance market. Discussions with Allianz are at preliminary stage and there is no proposal before the board, it said in an exchange filing

• Net Profit rose 24.9% to Rs 529 crore compared to Rs 424 crore

• Revenue rose 36.7% to Rs 1,707 crore compared Rs 1,249 crore 

The NSE Nifty 59 and BSE Sensex extended losses to trade near day's low. The Nifty 50 was trading 151.80 points or 0.61% down at 24,629.30, and the Sensex was 429.55 points or 0.53% down at 80,721.72.

NBCC (India) Ltd. received multiple work orders worth Rs 128 crore, it said in an exchange filing. The total worth of the order is Rs 127.50 crore.

The company received the businesses from Oil India Ltd., India Infrastructure Finance Co. Ltd. and Munitions India Ltd.

L&T Finance Ltd. fell to the lowest level in over four months on Tuesday as HSBC Global Research reduced its target price citing likely disruption in asset under management and earning per share growth in near term due to sectoral headwinds in microfinance. HSBC Global Research reduced the target price to Rs 180 from Rs 195 apiece. The current target price implied a 14.05% upside from Monday's closing price.

Paytm's stock fell by 5% on Tuesday following the company's quarterly earnings report, despite posting a net profit of Rs 930 crore for Q2.

Amber Enterprises Ltd.'s share price dropped over 10% on Tuesday, ahead of the release of September quarter results.

The company is expected to post a revenue of Rs 1,205 crore, a year-on-year growth of 30%, according to analysts' consensus estimates compiled by Bloomberg. Net profit is projected to be flat at Rs 4 crore.

One 97 Communications Ltd. will provide Rs 225 crore loss guarantee to SMFG India Credit Co. Ltd. over time. The company will provide default loss guarantee on Loans disbursed by lending partner to merchants, it said in an exchange filing.

• Revenue rose 10.5% to Rs 1,660 crore compared to Rs 1,502 crore

• Net profit of Rs 930 crore vs Net loss of Rs 840 crore

• Ebitda loss of Rs 403 crore vs Ebitda loss of Rs 792 crore

• Exceptional item of Rs 2,048 crore for sale of its events business

Note: The profit number is not comparable due to a one time gain

Mazagon Dock Shipbuilders Ltd. share price declined over 7% on Monday as initial reaction to setting a record date for dividend payment for financial year 2024–2025 faded.

• SEBI is working on expanding the bond market, simplifying bond issuances, and increasing transparency.

• Retail bond market participation has increased, with Rs.8.6 lakh crores raised in FY 2024.

Source: Ashwani Bhatia, WTM at SEBI, speaking at the Morningstar Investor's event

Hyundai Motor India Ltd.'s shares listed at Rs 1,934 on the NSE on Tuesday, a discount of 1.3% over the issue price of Rs 1,960 apiece. It debuted on the BSE at a discount of 1.5% at Rs 1,931.

Asian currencies declined against the US unit as the dollar index continued to trade near the highest level since Aug 2. The dollar index, which measures the greenback's strength against major currencies, rose above the 104.00 mark for the first time as the US Federal Reserve officials' remark suggested slower pace of monetary easing.

The Philippine peso declined the most against the US dollar. It was trading 0.46% down at 57.83 a dollar as of 09:48 a.m.

The Indonesian rupiah and Malaysian Ringgit were followed the Philippine pesos's declined. The currencies were trading 0.37% and 0.36% down respectively against the US dollar as of 09:55 a.m.

Bajaj Housing Finance Ltd. share price rose over 4% in early trade on Tuesday after its posted 26% year-on-year jump in its net profit for the quarter ended September.

Orient Cement Ltd. share price jumped over 7% to record high of Rs. 379.00 apiece. The share price jumped after Ambuja Cement announced to buy 46.8% stake in Orient Cement at an equity value of Rs. 8,100 crore.

The NSE Nifty 50 and BSE Sensex started Tuesday's session on a muted note. HDFC Bank Ltd. and HCLTech Ltd. share prices dragged the benchmarks. As of 09:18 a.m., the Nifty 50 was trading 39.70 points or 0.16% higher at 24,820.80, and the Sensex was trading 174.80 points or 0.22% higher at 81,326.07.

The Nifty 50 has failed to cross 25,000 levels on the higher side and reversed its previous day gains holding its previous day low which will be key to hold in the coming few days. The support of 24,500 is very critical being the 100-day average and if we breach on the downside then we could expect another sell off to test the lower support of 23,900 levels. The relative strength index has witnessed some recovery from the lower range and crossover of the averages could witness a strong up move from current levels. The highest call open interest has moved lower to 25,000 strikes while the downside the highest put OI is at 24,500 for the weekly expiry, said Vikas Jain, head, research at Reliance Securities.

Infosys Ltd. Bharti Airtel Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and UltraTech Cement Ltd. share prices added to the benchmark index.

HDFC Bank Ltd., Kotak Mahindra Bank Ltd., State Bank of India, Sun Pharmaceutical Industries Ltd., and Bajaj Auto Ltd. share prices weighed on the index.

On NSE, seven sectors declined, two remained flat, and three advanced out of 12. The NSE Nifty Realty declined the most, while the NSE Nifty IT rose the most.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.27% and 0.96% down, respectively.

On BSE, 16 sectors declined, four advanced out of 20. The BSE Realty declined the most, and the BSE TECK rose the most.

Market breadth was skewed in favour of sellers. Around 1,875 stocks declined, 923 stocks advanced, 120 stocks remained unchanged on BSE.

Ambuja Cements Ltd. announced the acquisition of a 46.8% stake in Orient Cement Ltd. at an equity value of Rs. 8,100 crore.

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At pre–open, the NSE Nifty 50 was trading 0.07% higher at 24,798.65, and the BSE Sensex was trading flat at 81,155.08.

The yield on the 10-year bond opened flat at 6.84%. It closed at 6.83% on Monday, according to data on Bloomberg.

Rupee opened flat at 84.06 against the US dollar. It closed at 84.07 on Monday, according to data on Bloomberg.

UBS Global Research maintains a 'Buy' and raised the target price Rs 8,000 from Rs. 5,000. The current price implied a 22% upside from Monday's closing price.

Exponential growth and new product launches like monthly gold options are catalysts

In the last 12months, earnings estimates have risen by 60% & 75% for FY25 and FY26

Q2 performance strong, Q3 looking better

Volumes and premium increase driving better revenue

Electricity derivatives and other products still under development

Value at 40x FY27E EPS

Risks: regulatory measures, product approval delays, malfunction to platform

Wipro Ltd. partnered with Ericsson billing platform to transform Odido's billing experience for customers, it said in an exchange filing.

• Jefferies maintains 'Buy' on UltraTech Cement Ltd. which cut target to Rs 12,500, which implied a 15% upside

• The September quarter Ebitda weakness reflects impact of price weakness

• Jefferies believe multi-year Ebitda/tonne low has likely bottomed out

• - Believe H2 volumes & profitability will be better

• The company is better places vs peers with cost saving efforts

• Sharply cut Ebitda estimate by 7-14%

• Jefferies expects Ebitda per tonne of Rs 1000/1120-1220 for FY25/FY26-27

Bajaj Housing Finance Ltd. share price is expected to react in Tuesday's session as the company reported a 21% growth in its net profit from July–September. The net profit rose on the year to Rs 546 crore during the second quarter. To know about Bajaj Housing Finance Ltd.'s Q2 earnings click here.

• Initiates coverage with Buy at target price Rs 2,472, which implied an upside of 19.6%

• Ongoing premiumization should drive high quality growth

• Long runaway for India car industry with current penetration at 36/1000

• Estimate India's PV Industry to sustain healthy volume CAGR 6-8% over 5-10 years

• Customers becoming more aspirational and willing to pay more for features

• Hence believe ASPs should continue to rise by 3-5%

• Poised for long term growth with SUV mix at 67%, improving ASP & market share

• Believe Co is best positioned in PV OEM Coverage to handle tech transitions

• Hyundai been consistently been able to predict consumer shift like towards SUVs

• Having Indian management on board is a key advantage

• Estimate Co to deliver 8% volume growth CAGR over FY25-27 driven by 7-8 models

• EBITDA Margins expected to improve to 14% by FY27 vs 13.1% in FY24

• Overall estimate Hyundai to deliver 17% earnings CAGR over FY25-27

• Estimate stock at 25x FY27 P/E

Gold prices stopped its record rally on Tuesday as a rise in US Treasury yields and dollar index reduced its charm to the investors. The prices were hitting record high since Thursday.

Gold December future was trading 0.14% higher at $2,742.80 an ounce as of 07:31 a.m.

The benchmark 10–year US Treasury note surged 2.74% to 4.20%, touching the highest level since July 26, according to data on Bloomberg. The safe–haven rose as the Federal Reserve Bank of Kansas City President Jeffrey Schmid said that he favoured the slower pace of rate cuts.

Further, Minneapolis Fed President Neel Kashkari said the long–term trajectory of rates could be higher.

The yield on the 10–year US Treasury note was trading 0.06% higher at 4.19 as of 7:16 a.m. IST

Asia–Pacific share indices declined on Tuesday, taking cues from overnight development on Wall Street. The Federal Reserve officials in different events on Monday noted that the US economy remained resilient and path forward to monetary easing likely to be gradual.

The Nikkei 225 was trading 1.85% down at 38,246.52, and the S&P ASX 200 was 1.35% down at 8,234.60 as of 07:06 a.m.

US stock indices ended on a mixed note on Monday after the Federal Reserve officials' comment suggested that the monetary easing is likely to be gradual going forward.

The S&P 500 and Dow Jones Industrial Average ended 0.18% and 0.80% down, respectively. The Nasdaq Composite ended 0.27% higher.

The GIFT Nifty was trading near 24,800. Bajaj Housing Finance Ltd., Cyient DLM Ltd. share prices are likely to move as they released their quarterly results on Monday. Moreover. Eicher Motors Ltd. Shriram Finance Ltd. share prices will also be monitored by investors for the recent development. Hyundai Motor India Ltd. will be in traders' focus as the shares list on exchanges today.

The GIFT Nifty was trading 10.50 points, or 0.04%, higher at 24,790.50 as of 06:31 a.m.

The NSE Nifty and BSE Sensex ended lower on Monday, tracking a fall in Kotak Mahindra Bank Ltd. and Infosys Ltd. share prices. Nifty ended 0.29% or 72.95 points down at 24,781.10 and Sensex lost 0.09% or 73.48 points to close at 81,151.27.

Domestic market started the week on a subdued note with weak results from index heavyweights like Kotak Mahindra Bank Ltd., Tata Consumer Products Ltd. and UltraTech Cement Ltd. dragging the indices lower. On the positive side, HDFC Bank Ltd. reported steady numbers which limited the downside. Overall Motilal Financial Services Ltd. expects the market to remain under pressure led by persistent FII selling and muted domestic earnings, said Siddhartha Khemka, head-research, wealth management.