Stock Market Today: Nifty, Sensex Struggle To Recover From Two–Month Low As HUL, ITC Weigh

• US: Jobless Weekly Claims — 6:00 p.m. IST

• US: Federal Reserve Bank of Cleveland President Beth Hammack will deliver opening remarks at a conference hosted by the Center for Inflation Research at the Federal Reserve Bank of Cleveland and the European Central Bank — 6:15 p.m. IST

• UK: External Bank of England MPC Member Catherine Mann will participate in a panel discussion titled "Global Macro Economy in a New World" at the Washington DC Economic Festival — 6:30 p.m. IST

• US: Flash services and manufacturing PMI — 7:15 p.m. IST

• US: New home sales — 7:30 p.m. IST

• US: Energy Information Administration weekly natural gas storage report — 8:00 p.m. IST​

As of 3: 30 p.m., futures of S&P 500 was 0.4% up at 5,860.75, Nasdaq was 0.8% higher at 20,376.25, while those of Dow Jones fell 0.2% at 42,659.00.

The rupee appreciated by 1 paisa to close at 84.077 against the US dollar. It closed at 84.083 on Wednesday, according to data on Bloomberg.

The NSE Nifty 50 and BSE Sensex settled at over two–month low on Thursday for a third consecutive session as earning releases failed to uplift investors' sentiment. Moreover, a decline in Asian shares, and overnight losses on Wall Street also pressured the Indian benchmarks.

The Nifty 50 ended 36.10 points or 0.15% down at 24,399.40, and the Sensex ended 16.82 points or 0.02% down at 80,065.16.

In Thursday's choppy session, the benchmark indices recovered briefly. Intraday, the Nifty 50 rose 0.18% to 24,480.65, and the Sensex rose 0.22% to 80,259.82.

Intraday, the Nifty 50 fell 0.39% to 24,341.20, and the Sensex declined 0.34% to 79,813.02.

The lacklustre weekly expiry trade ended on a negative note at 24,399.40 with a loss of 36.10 points, said Aditya Gaggar, director, Progressive Shares. Among the sectors, Banking indices were the top performers while correction extended in the FMCG sector plunging over 2% in today's trade and registered as a major laggard followed by Realty. Disparity was seen in the Broader markets where Midcaps underperformed while Smallcaps more or less moved in tandem with the frontline index. Nothing has changed in terms of the support level of the Index i.e. 24,370; and on the flip side, the resistance has shifted lower to 24,560-24,600. In case of a breakdown, the Index is likely to test the level of 24,200, conversely, a break above the mentioned resistance point will push the Index higher to 24,670, Gaggar added.

HDFC Bank Ltd., Mahindra & Mahindra Ltd., State Bank of India, UltraTech Cement Ltd., and ICICI Bank Ltd. supported the Nifty 50 index.

Hindustan Unilever Ltd., ITC Ltd., Hindalco Industries Ltd., SBI Life Insurance Co. Ltd., and Infosys Ltd. weighed don the benchmark index.

On NSE, six sectors declined, and six sectors advanced. The NSE Nifty FMCG declined the most, and the NSE Nifty PSU Bank rose the most.

Broader indices underperformed. BSE Midcap ended 0.13% doen and BSE Smallcap fell 0.7% lower.

Eleven of 20 sectoral indices fell and nine rose. BSE FMCG fell the most.

Market breadth was skewed in the favour of sellers. As many as 2,345 stocks fell, 1,590 rose, and 98 remained unchanged on the BSE.

• The NSE Nifty 50 and BSE Sensex closed at over two–month low for third consecutive session on Thursday.

• Hindustan Unilever Ltd., ITC Ltd. and Hindalco Industries Ltd. shares were top losers.

• HDFC Bank Ltd., State Bank of India Ltd., UltraTech Cement Ltd. were top gainers in the index.

• The NSE Nifty FMCG hit over three–month low and was the worst performing sector on NSE. It ended 2.83% down at 58,396.90.

• The NSE Nifty PSU Bank index was the best performing sector. It settled 1.22% higher at 6,430.

• The NSE Nifty Midcap 150 ended 0.25% down at 20,932.75.

• The NSE Nifty Smallcap 250 ended 0.60% down at 17,352.20

• Revenue flat at Rs 1,224 crore

• Ebitda down 5% at Rs 178 crore vs Rs 188 crore

• Ebitda margin at 14.6% vs 15.3%

• Net profit down 46% at Rs 20 crore vs Rs 37 crore

Insolation Energy Ltd. got order worth Rs 208 crore for supply of solar PV modules at NTPC Khavada, Gujarat, it said in an exchange filing.

Max India Ltd. approved raising up to Rs 100 crore via rights issue, the company said in an exchange filing.

• Net Profit rose 4% at Rs 138 crore vs Rs 133 crore

• NII rose 7% to Rs 367 crore vs Rs 344 crore

• Gross NPA At 1.68 Vs 1.69% (QoQ)

• Net NPA At 0.69 Vs 0.68% (QoQ)

The Pound sterling rose against the US dollar after initial reaction from the lower Purchasing Manager's Index data faded. UK's composite PMI fell to 51.7 in October, against an expectation of 52.6. In September the PMI data was at 52.6.

The Pound sterling was trading 0.33% higher at 1.2963 a dollar as of 2:45 p.m. IST.

The Euro also rose against the greenback after data showed the composite PMI rose to 49.7 in October, from 49.6 in September.

• Revenue up 13% at Rs 1,121 crore vs Rs 994 crore

• Ebitda up 17% at Rs 117 crore vs Rs 100 crore

• Ebitda margin at 10.4% vs 10.1%

• Net profit up 22% at Rs 107 crore vs Rs 88 crore

• Revenue up 7% at Rs 2,108 crore vs Rs 1,978 crore

• Ebitda down 5% at Rs 229 crore vs Rs 240 crore

• Ebitda margin at 10.9% vs 12.2%

• Net profit down 4% at Rs 151 crore vs Rs 157 crore

European markets rose on Thursday as upbeat earnings from Renault, Hermes, and Barclays lifted investors' sentiments. Renault SA reported an unexpected rise in its third–quarter revenue. After the upbeat result it confirmed its full year guidance as the French carmaker expects to benefit from new models, Bloomberg reported.

Hermes reported higher sales tracking a rise in its Birkin bags sales. Barclays reported a surprise increase in fixed–income trading, Bloomberg reported.

Benchmark import price of gold is set at $855 per 10 gram. The import price for silver is set at $1,118 per kilogram, the Ministry of Finance said.

• Net Profit at Rs 190 crore vs Rs 82.2 crore

• Revenue up 17.2% at Rs 1,054 crore vs Rs 899 crore

• EBITDA up 16.2% at Rs 233 crore vs Rs 200 crore

• Margin At 22.1% Vs 22.3%

• One-time gain of Rs 95 crore in Q2 FY25 from sale of subsidiary to Yatra Online
  
  

Azad Engineering received a business award from US-based Honeywell aerospace for high complex components. Phase one of award is valued at $16 million over, it said in an exchange filing.

• Net loss of Rs 330 crore versus loss of Rs 323 crore.

• Revenue up 6.2% at Rs 343 crore versus Rs 323 crore.

• Ebitda up 1.7% at Rs 137 crore versus Rs 135 crore.

• Margin at 39.9% versus 41.7%.
  
  

Most share indices ended lower on Thursday as US stocks declined overnight on uncertainty over pace of rate cuts in the US. Recent strong economic data from the world's largest economy and hawkish remarks from several Fed officials influenced the investors pare back their bets on aggressive rate cuts.

The CSI 300 ended 1.12% down at 3,928 and the KOSPI ended 0.72% down at 2,581.

The Nikkei 225, Japan's benchmark index, was the only contrast and ended 0.10% higher at 38,143.2.

The recent platform fee hike to Rs 10 by Zomato Ltd. is a part of routine business matter, the company said in an exchange filing Thursday. The fee has been hiked by 67% from Rs 6 per order. To read more click here.

• NII rose 15% to Rs 944 crore vs Rs 823 crore

• Net Profit fell 29% to Rs 233 crore vs Rs 328 crore

• Gross NPA Flat At 2.52% (QoQ)

• Net NPA 0.56% Vs 0.41% (QoQ)

• Revenue rose 10.06% to Rs 1,618 crore from Rs 1,470 crore

• Ebitda rose 3.11% to Rs 496 crore from Rs 481 crore

• Margin fell 206 basis points to 30.65% vs 32.72%

• Net profit rose 16.17% to Rs 395 crore vs Rs 340 crore

ABB India Ltd.'s ABB Robotics & NAMTECH signed a memorandum of understanding to establish School of Robotics. NAMTECH stands for New Age Makers’ Institute of Technology, the company said in an exchange filing.

• Net loss of Rs 10 crore versus profit of Rs 35.2 crore.

• Revenue down 9.1% at Rs 431 crore versus Rs 474 crore.

• Ebitda down 39.2% at Rs 38.6 crore versus Rs 63.5 crore.

• Margin at 9% versus 13.4%.
  
  

Tata Power Ltd.'s arm Tata Power Trading Co. Ltd. is in pact with Keppel to launch a cooling-as-a-service solutions in India, it said in an exchange filing.

The NSE Nifty FMCG index fell 3.07% to 58,253.20, the lowest level since July 8. Hindustan Unilever Ltd., and ITC Ltd. share prices dragged the index. It was trading 2.91% down at 58,346.05 as of 12:12 p.m., as compared 0.11% decline in the NSE Nifty 50 index.

At noon, the NSE Nifty 50 and BSE Sensex continued to trade lower as Hindustan Unilever Ltd., and Reliance Industries Ltd. share prices dragged. As of 12:01 p.m., the Nifty 50 was trading 29.65 points or 0.12% down at 24,405.85, and the Sensex was trading 39.54 points or 0.05% down at 80,042.44.

Nvidia Corp launched Hindi artificial intelligence model in India, CEO Jensen Huang announced during his visit to India. Reliance Industries, Tata Communications Ltd., Netweb Technologies Ltd., Tech Mahindra are some of the Indian companies which partnered with California–based chipmaker for the development of Hindi artificial intelligence model.

Netweb Technologies Ltd. broadened range of NVIDIA MGX Platform servers, it said in an exchange filin.g

Sona BLW Precision Forgings Ltd.'s share price recorded its best jump in nearly three years after the company reported higher than expected earnings for the September quarter. The scrip rose as much as 10.85% to Rs 714 apiece, the highest level since Oct. 3.

Tata Consultancy Services Ltd. expanded partnership with Nvidia to launch industry–specific solutions. It introduced Nvidia business unit to accelerate artificial intelligence adoption for customers across industries, it said in an exchange filing.

Titan Co. Ltd. approved appointment of PB Balaji as additional director, effective from October 28, it said in an exchange filing.

The Godavari Biorefineries IPO has been subscribed 0.39 times as of 10:51 a.m. on Tuesday.

• Qualified institutional buyers: Nil.

• Non-institutional investors: 0.17 times.

• Retail investors: 0.69 times.

• October Flash Services PMI At 57.9 Vs 57.7 In September

• October Flash Composite PMI At 58.6 Vs 58.3 In September

• October Flash Manufacturing PMI At 57.4 Vs 56.5 In September

One 97 Communication, popularly known as Paytm, share price rose for a second day on Thursday after Citi research upgraded the stock rating to 'Buy'. The brokerage upgraded the stock rating after the National Payment Corporation of India gave it approval to onboard new users.

Catch latest second quarter earning releases from ITC Ltd., NTPC Ltd., and IndusInd Bank Ltd. here. Godrej Consumer Products Ltd., Adani Total Gas Ltd., Adani Wilmar, Sanghi Industries, Strides Pharma Science' earnings are scheduled for release later today.

The allotment of Waaree Energies Ltd. is scheduled to be finalised on Oct 24. The company's shares will be listed on BSE and National Stock Exchanges.

On the last day, Waaree Energies's initial public offer was subscribed 76.34 times. To know more about today's allotment click here.

Hindalco Industries Ltd. share price declined to the lowest level in over one month Thursday morning after Constellium, a global association of aluminum manufactures, guided for weak demand.

Hindalco Industries share price declined 7.02% to Rs 666.75 apiece, the lowest level since Sept 12. It was trading 4.80% down at Rs 682.70 apiece as of 10:14 a.m.

Amber Enterprises India Pvt. Ltd. has guided for Rs 375 crore capital expenditure for financial year 2025. It also guided that the consumer division business will likely outgrow 30% industry growth, CEO Jasbir Singh said in an interview to NDTV Profit.

The company also guided for electronics division growth of 50% compared to 45% earlier. Amber Enterprises India expects electronics consumption to touch $300bn by FY30 from $115bn now, Singh said.

SRF's share price fell on Thursday after weak earnings for the quarter ended September led some brokerages to reduce the stock's target price and their earnings estimates as the company is uncertain on outlook for specialty chemicals, given weak macro scenario.

Hindustan Unilever Ltd. share price plunged over 4% in early trade on Thursday after net profit in the September quarter declined and analysts trimmed future earnings projections.

Railtel Corporation of India received work order worth Rs 144.9 crore from home department, Government of Gujarat, it said in an exchange filing.

The NSE Nifty 50 and BSE Sensex rebounded from a three–day decline on Thursday morning shortly after open. A rise in HDFC Bank Ltd. and Trent Ltd. share prices supported the benchmark indices.

As of 09:18 a.m., the Nifty 50 was trading 13.40 points or 0.06% higher at 24,448.90, and the Sensex was trading 81.12 points or 0.10% higher at 80,163.09.

"In a shift from the previous day, market sentiments turned more upbeat. The 100-day moving average, currently trading near 24560, is acting as a level of overhead resistance. It is essential to reclaim this moving average to mitigate potential drawdowns effectively," said Ameya Ranadive, senior technical analyst, StoxBox.

HDFC Bank Ltd., Infosys Ltd., Trent Ltd., Sun Pharmaceutical Industries Ltd., and HCLTech Ltd. share prices supported the Nifty 50 index.

Hindustan Unilever Ltd., Hindalco Industries Ltd., SBI Life Insurance Co. Ltd., ITC Ltd., and Bharti Airtel Ltd. weighed on the Nifty 50 index.

On NSE, eight sectors advanced, two declined, and two remained largely flat out of 12. The NSE Nifty FMCG declined the most, and the NSE Nifty Realty rose the most.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.39% and 0.38% higher, respectively.

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

Market breadth was skewed in favour of buyers. Around 1,632 stocks advanced, 1,130 stocks declined, and 104 stocks remained unchanged on BSE.

At pre–open, the NSE Nifty 50 was trading 0.09% down at 24,412.70, and the BSE Sensex was trading 0.06% higher at 80,093.30.

The yield on the 10-year bond opened flat at 6.81%. It closed at 6.82% on Wednesday, according to data on Bloomberg.

Rupee opened flat at 84.07 against the US dollar. It closed at 84.08 on Wednesday, according to data on Bloomberg.

• Net profit rose 6.1% at Rs 71.7 crore vs Rs 67.6 crore

• Revenue rose 5.4% at Rs 586 crore vs Rs 556 crore

• Ebitda flat at Rs 155 crore

• Ebitda margin at 26.4% vs 27.9%

RateGain Travel Technologies Ltd,'s flight centre travel group elevates pricing strategy with AirGain’s price intelligence solution, it said in exchange filing.

The dollar index, which measures the strength of the greenback against six major currencies, rose 104.57, the highest level since July 30, according to data on Bloomberg. The greenback gained as market participants pared their bets on aggressive easing in the US, noting underlying strength of the US economy.

The index rose past the crucial 104.00 level for the first time on Tuesday since Mid–July. From then on, it's hitting fresh nearly three–month high levels.

In Asian trade, the dollar index was trading 0.07% down at 104.36 as of 08:12 a.m. IST.

Hindustan Unilever Ltd. share price may see movement in Thursday's session as its net profit for July–September declined, missing estimates. HUL reported that its net profit fell 2.3% on the year to Rs 2,595 crore, compared to Rs 2,693 crore analysts projected in a Bloomberg's survey.

To know more about Hindustan Unilever's second quarter performance click here.

Most Asian currencies were trading little change against the US dollar in early trade Thursday as the greenback lost some steam after hitting fresh over two–month high.

The Indonesian rupiah and South Korean won were trading 0.17% and 0.11%, higher against the green back respectively as of 08:07 a.m. IST.

The South Korean won rose against the US unit as the economy managed to avoid recession. Its GDP grew 0.1% in the third quarter ended in September, compared to 0.20% contraction in the preceding quarter, Bloomberg reported.

The Japanese yen rose 0.20% to 152.46 a dollar as of 8:13 a.m. IST.

Crude oil future prices rebounded Thursday morning as traders assessed supply side risks in the Middle–East. Further, pared bets on aggressive easing in the US weighed on the demand outlook for the commodity.

The December contract of the brent crude on the Intercontinental Exchanges was trading 0.96% higher at $75.68 a barrel as of 08:05 a.m. It settled 1.42% down at $74.96 a barrel on Wednesday.

• Emkay maintains 'Buy' on Adani Green Energy at Rs 2,550 target, which implied a 50% upside

• July–September consolidated Ebitda rose 25% on the year stable operating performance, jump in equipment sales

• Consolidated net profits fell due to jump in minority interest

• Management estimates 2GW/4GW renewable energy capacity commissioning in Q3FY25/Mar'25

• Management guides annualized Ebitda run-rate of Rs 10800 cr for current 11.2 GW capacity

• Management guides annualized Ebitda run-rate of Rs 16000 cr 17GW FY25-end capacity

• Trim FY25 Ebitda by 7% to reflect H1 run-rate

• Largely retaining FY26-27E Ebitda estimates

• Reduced Price target to Rs 1970 from Rs 2070; downside potential 12%

• Management withdrew FY25 revenue and margin guidance for specialty chemicals

• Guidance withdrawn despite strong order book, signaling limited visibility

• EBITDA Miss due to weak chemicals performance.

• PAT was 16% below estimates due to higher tax rates.

• Delay in customer registrations affecting growth in AIs.

• Refgas revenues declined mid-single digits due to elevated US inventories and Chinese competition in ME/SEA.

• FY25/26 PAT estimates cut by 20%/15%.

• Risk-reward unfavorable, maintain "Underperform" with target price of ₹1,970.

After hitting fresh high in Wednesday's session, Gold spot and future prices halted their rally as US Treasury yields and the dollar index rose. A rise in dollar index makes the bullion expensive for other currency holders, while a rise in US Treasury yields reduces its appeal to the investors.

The spot gold price fell over 1% while the Gold future prices fell 0.90%.

The Gold December future was 0.35% higher at $2,738.80 an ounce as of 07:17 a.m.

The yield on the benchmark 10–year US Treasury note rose to fresh nearly three–month high on Wednesday as investors trimmed their expectations of aggressive rate cuts by the US Federal Reserve.

The yield on the 10–year US Treasury note was trading flat at 4.23% as of 07:04 a.m. IST.

Most Asia–Pacific share indices rose Thursday, brushing off the effect of overnight moves on Wall Street. Stocks in Wall Street slid after US Treasury Yields rose across the board as traders pare their bets that the US Federal Reserve will cut interest rates aggressively.

The Nikkei 225 was trading 0.34% and 124.40 points at 38,232.26. The S&P ASX 200 was 0.11% or 9 points higher at 8,225. The KOSPI was 0.28% or 7.18 points down at 2,591.79 as of 06:59 a.m.

US stocks ended lower on Wednesday, and treasury yields continued to hit new levels of nearly three–month high. The Dow Jones Industrial index posted its worst intraday fall in over one month.

The S&P 500 ended 0.92% down at 5,797.43. The Dow Jones Industrial Average ended 0.95% down at 42,514.95. The Nasdaq Composite index fell 1.60% down at 18,276.66.

The GIFT Nifty was trading near 24,500 level in early trade on Thursday. Escorts Kubota Ltd., Infosys Ltd., and Piramal Pharma Ltd. share prices will be in focus in today's session. Moreover, for recently released quarterly numbers, AU Small Finance Bank Ltd., Bajaj Holding & Investment Ltd. Hindustan Unilever Ltd. share prices are likely to react.

The GIFT Nifty was trading 4.5 points, or 0.02%, higher at 24,500 as of 06:37 a.m.

The NSE Nifty 50 and BSE Sensex extended fall to a third session and ended at over two–month low on Wednesday. The NSE Nifty 50 closed 36.60 points or 0.15%, down at 24,435.50 and the BSE Sensex ended 138.74 points or 0.17%, lower at 80,081.98.

This candlestick formation typically indicates strength. Thus, the 24,378 level serves as crucial short-term support, said Hrishikesh Yedve, assistant vice president, Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.

If Nifty 50 holds above this, it might witness a pullback towards the 24,600–24,700 zone, which coincides with the neckline of the head and shoulder pattern. On the other hand, if Nifty 50 breaks below 24,370, it could drift lower towards the 24,200–24,000 levels. Traders are advised to use any bounce to book profits, considering the overall weakness, he added.