Stock Market Today: Nifty, Sensex Snap Five–Day Losing Streak; ICICI Bank, M&M Rise

At 3:30 p.m., Dow Jones futures contract was 0.6% higher at 42,547.0, that of S&P 500 was up 0.7% at 5,883.75, and Nasdaq 100 was 0.9% up at 5,883.75.

• UK: Confederation of British Industry Realised Sales — 4:30 p.m. IST

• China: The Conference Board Leading Index — 6:30 p.m. IST

The NSE Nifty 50 and BSE Sensex snapped a five–day losing streak on Monday as a rise in share prices of ICICI Bank Ltd., and Mahindra & Mahindra Ltd. The benchmark indices recorded the best session in one month.

The Nifty 50 ended 158.35 points or 0.65% higher at 24,339.15, and the Sensex ended 602.75 points or 0.76% higher at 80,005.04.

A rise in Indian benchmarks' Asian peers also supported the recovery on Monday. Asian share indices mostly gained on Monday as oil prices declined and the Japanese yen declined to the lowest level since July 31.

During the session, the Nifty 50 rose as much as 1.29% to 24,492.60, and the Sensex rose 1.43% to 80,539.81.

Indian markets commenced the truncated week on a firm note under the leadership of Banking counters and in the presence of a follow-through momentum, the Index compounded its gains for most of the session; however, in the last hour of the trading session, a reversal was seen which dragged the Index lower to end the session at 24,339.15 with gains of 158.35 points, said Aditya Gaggar, director, Progressive Shares

All the sectors ended the day in green with PSU Banks and Metal being the top performers. Mid and Smallcaps also surged by 0.83% & 1.20% respectively and outperformed the Benchmark Index. The Index has made a Spinning Top candlestick pattern which suggests indecisiveness. We will wait for a convincing move above 24,600 where it will give a breakout from two different patterns: a change in polarity, falling wedge; whereas, on the lower side, the zone of 24,100-24,180 will act as a strong support area, Gaggar said.

ICICI Bank Ltd., Mahindra & Mahindra Ltd., State Bank of India, Shriram Finance Ltd., and Sun Pharmaceutical Industries added to the index.

HDFC Bank Ltd., Axis Bank Ltd., Coal India Ltd., Bajaj Auto Ltd., and Kotak Mahindra Bank Ltd. weighed on the Nifty 50 index.

All 12 sectors ended higher on NSE. The NSE Nifty PSU Bank was the top performing sector, and the NSE Nifty Energy was the worst performing sector.

Broader indices also rose. BSE Midcap closed 0.69% higher and BSE Smallcap ended 1.1% higher.

Three out of 20 sectoral indices closed lower and 17 rose. BSE Services fell the most and BSE Commodities was top gainer.

Market breadth was skewed in the favour of buyers. As many as 2,593 stocks rose, 1,401 fell, and 159 remained unchanged on the BSE.

The local currency closed flat against the US dollar at 84.0700 on Monday. On Friday, the Indian unit closed at 84.0800 a dollar, according data on Cogencis.

• The NSE Nifty 50 and BSE Sensex posted the best intraday gains since September 20

• The Nifty 50 and Sensex snapped a five–day losing streak.

• ICICI Bank Ltd. and Mahindra & Mahindra Ltd. were the top gainer in the Nifty 50 index.

• HDFC Bank and Axis Bank shares were top loser in the NSE Nifty 50 index.

• The NSE Nifty PSU Bank was the top performing sectoral index. It ended 3.78% higher at 6,521.30.

• The NSE Nifty Energy was the worst performing sectoral index. It ended 0.15% higher at 39,123.50.

• The NSE Nifty Midcap 150 settled 0.64% higher at 20,695.55.

• The NSE Nifty Smallcap 250 ended 1.15% higher at 17,151.60.

• Revenue up 12% at Rs 184 crore versus Rs 163 crore

• Ebitda down 12% at Rs 33 crore versus Rs 38 crore

• Ebitda margin at 18.1% vs 23.1%

• Net profit down 11% at Rs 31 crore versus Rs 35 crore
  
  

The Euro and Pound Sterling rose against the greenback on Monday as the dollar index retreated from fresh two–and–half–month high. The dollar index, which measures the strength of the greenback against six major currencies, was trading flat at 104.26 as of 2:46 p.m. IST.

The Euro and Pound Sterling were trading 0.16% and 0.05% higher, respectively.

• Revenue rose 9.01% at Rs 13,291.4 crore vs Rs 12,192.4 crore

• Ebitda rose 32.2% at Rs 3,939 crore vs Rs 2,979.4 crore

• Ebitda margin at 29.63% vs 24.43%

• Net profit rose 27.94% at Rs 3,040 crore vs Rs 2,376 crore

• Net Profit at Rs 106 crore vs loss of Rs 63 crore

• Revenue rose 28.5% to Rs 6,584 crore vs Rs 5,125 crore

• Ebitda at Rs 275 crore vs Ebitda loss of Rs 154 crore

• Ebitda Margin at 4.2%

Srividya Srinivasan will replace Gautam Kamath as chief financial officer of Gillette India effective Nov 1, it said in an exchange filing.

Europe markets rose on Monday after concerns over middle–east eased following limited effect of Israel's attack on Iran's oil supplying infrastructure.

The Euro Stoxx 50 and FTSE 100 were trading 0.51% and 0.13% higher, respectively.

Most Asia–Pacific markets ended higher on Monday as the Japanese yen hit nearly three–month low, and oil prices slumped over 5%.

The Nikkei 225 ended 1.82% higher at 38,605.53 as the weak yen boosted risk–on sentiment for the export–oriented country. The yen weakened to the lowest level since July 31.

The CSI 300 and Hang Seng ended 0.20% and 0.05% higher, respectively.

• Net Profit rose 29.1% to Rs 67.4 crore compared to Rs 52.2 crore

• Revenue rose 6.6% to Rs 492 crore compared to Rs 461 crore

• Ebitda rose 21.8% to Rs 91.9 crore vs Rs 75.4 crore

• Margin At 18.7% Vs 16.3%

Shares of NBCC (India) Ltd. surged over 6% on Monday after it bagged multiple redevelopment work orders in Goa worth aggregate Rs 1,726 crore.

NBCC stock rose as much as 6.36% during the day to Rs 93.5 apiece on the NSE. It was trading 4.3% higher at Rs 91.6 apiece, compared to a 0.99% advance in the benchmark Nifty 50 as of 1:01 p.m.

The stock has risen 104% during the last 12 months and advanced 68% so far this year. The total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 26, implying its oversold.

Out of four analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold,' and two suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 44%.

Arvind Q2 Earnings Highlights (Consolidated, YoY)

• Net Profit down 25.4% at Rs 62.8 crore versus Rs 84.2 crore.

• Revenue up 13.9% at Rs 2,188 crore versus Rs 1,922 crore

• Ebitda up 7.3% at Rs 221 crore versus Rs 206 crore

• Margin at 10.1% versus 10.7%

Share price of Ambuja Cements extended its gains after reporting its September quarter results.

Ambuja Cements Q2 (Standalone, YoY)

• Revenue up 6.13% at Rs 4213.24 crore vs Rs 3969.79 crore

• Ebitda down 12.02% at Rs 680.52 crore vs Rs 773.43 crore

• Margin at 16.15% vs 19.48% down 333 bps

• Net profit down 22.23% at Rs 500.66 crore vs Rs 643.84 crore

Key Highlights

• Revenues grew despite weak cement pricing environment pan- India

• Ebitda impacted by 71% annual rise in 'purchase of stock in trade"

• Power and fuel costs down 17% year on year

• Freight expenses down 2% on annual basis

• Sales up 9% YoY to 14.2 million tonnes

• Q2 volumes were the highest volume in a Q2 series in last 5 year

Motilal Oswal Financial Services reported a net profit of Rs 1,122 crore compared to Rs 533 crore in the year ago period. The broker's total Income jumped 71.9% year-on-year to Rs 2,846 crore.

The Indian stock market continues to trade in the correction zone and is on track to post the worst monthly losses in over four years as foreign investors keep on with 'sell India' strategy. They, however, remain divided on the causes.

NBCC Ltd. received multiple redevelopment work orders in Goa worth Rs 1,726 crore, it said in an exchange filing.

• Net Profit rose 34.1% to Rs 30.7 crore vs Rs 22.9 crore

• Revenue rose 9.2% to Rs 154 crore vs Rs 141 crore

• Ebitda rose 50.8% to Rs 32.6 crore vs Rs 21.6 crore

• Margin at 21.2% vs 15.3%

For more updates on latest earning release click here.

Cyient Ltd. acquired 27.3% stake in Azimuth artificial intelligence. The company is to build ASIC chips and strengthen semiconductor capabilities, it said in an exchange filing.

DLF Ltd.'s share price rose over 7% on Monday after its second quarter consolidated net profit more than doubled.

Danish Power Ltd., a transformer manufacturer, is set to list on the NSE SME platform on Oct. 29. Ahead of the much-awaited listing, the grey market premium on the initial public offer stood at Rs 246 as of 9 a.m. on Oct. 28, indicating a strong premium. To read the full story click here.

Share price of Shriram Finance Ltd. surged over 7% on Monday—their best single day gain since July 26—after it posted strong quarterly results that were in line with the street's expectations.

The BSE Sensex rose as much as 1.20% to 80,351.49 Mahindra & Mahindra Ltd., and ICICI Bank Ltd. share prices contributed the most to the index's gains

Bandhan Bank Ltd.'s share price jumped over 8% in early trade on Monday after its standalone net profit surged 30% in the second quarter, meeting analysts' estimates.

Phoenix Mills Ltd. share price fell to the lowest level in seven months on Monday as Citi Research cut its target price following a decline in net profit during July–September.

Waaree Energies Ltd. listed at Rs 2,500 on NSE compared to issue price of Rs 1,503. The company listed at a premium of 66.3% on NSE

It listed at Rs 2,550 on BSE compared to Issue Price of Rs 1,503. Waaree Energies listed at a premium of 69.7% on BSE.

Coal India Ltd. saw its stock price tumble over 4% following rather weak financial results for the second quarter of fiscal 2025, which fell short of analysts’ expectations.

InterGlobe Aviation Ltd. share price declined 12.96% to Rs 3.811.75 apiece, the lowest level since June 4. It was trading 12.30% down at Rs 3,829.10 apiece as of 09:41 a.m., as compared to 0.01% decline in NSE Nifty 50 index.

The slump in the share price came after brokerages cut its target price assessing second quarter loss. To know IndiGo's second quarter result click here.

The NSE Nifty 50 and BSE Sensex snapped a five–day losing streak at open tracking a rise in ICICI Bank Ltd., and Shriram Finance Ltd. share prices. As of 09:18 a.m., the Nifty 50 was trading 52.70 points or 0.22% higher at 24,233.50, and the Sensex was trading 288.82 points or 0.36% higher at 79,691.11.

"As we approach a festive week, it will be crucial to see if the market sentiment rebounds or continues under pressure, said Sameet Chavan, head, research, Technical and Derivative, Angel One.

"While the daily chart may not fully capture the depth of this move, the weekly and monthly charts have shown significant distortion, suggesting potential further price corrections, followed by a possible period of time-wise correction. Key support levels now include the August lows near 23z,900, with additional retracement and 200 Simple–Moving–Average supports at 23,750 and 23,400, respectively."

ICICI Bank Ltd., Shriram Finance Ltd., Infosys Ltd., State Bank of India, and Mahindra & Mahindra Ltd. share prices added to the index.

Larsen & Toubro Ltd., Coal India Ltd., Bharti Airtel Ltd., Oil and Natural Gas Corp, and JSW Steel Ltd. restricted gains to the index.

On NSE, nine sectors opened higher, and three declined out of 12. The NSE Nifty PSU Bank rose the most, while the Nifty Energy index declined the most.

Broader markets rose in line with the benchmarks. The BSE Midcap and BSE Smallcap indices were trading 0.30% and 0.37% higher, respectively.

On BSE, seven sectors advanced, four remained flat, and nine sectors declined out of 20. The BSE Bankex rose the most, while the BSE Services declined the most.

Market breadth was skewed in favour of buyers. Around 1,896 stocks advanced, 1,103 stocks declined, and 145 stocks remained unchanged on BSE.

At pre–open, the NSE Nifty 50 was trading 0.29% higher at 24,251.10, and the BSE Sensex was trading 0.33% higher at 79,653.67.

The yield on the 10-year bond opened flat at 6.86%. It closed at 6.85% on Friday, according to data on Bloomberg.

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

• Initiate Buy rating with a target price Rs 20,070, which implied a 70% upside

• At cusp to unveil world’s largest single-site Ti recycling plant

• Firm demand potential in India and global shortage of Ti to lead to speedy rampup

• Believes tie-ups with foreign OEMs for Ti-cast products to be game changer

• PAT could grow at CAGR of 72% (FY24–32E) with capacity ramp-up

• Expect to gain from significant tailwinds in commercial aerospace

• Key risks: Dependence on exports, Delay in commissioning of new capacity

• Revenue rose 55.4% at Rs 322 crore vs Rs 207 crore

• Ebitda rose 54.4% at Rs 200 crore vs Rs 129 crore

• Margin down 40 basis points at 62% vs 62.4%

• Net profit rose 48.6% at Rs 162 crore vs Rs 109 crore

• Maintain outperform with a target price Rs 240, which implied a 42% upside

• Asset quality fared better than feared

• Operating profit slight miss

• Credit costs lower than expected leading to 24% PAT beat

• Secured business to drive growth

Bandhank Bank Ltd.'s standalone net profit rose 30% in second quarter, it said Friday. The earning numbers meet analysts' expectations. The share price may react in Monday's trading session.

To know more about Bandhan Bank's second quarter numbers, click here.

The Japanese yen fell to over near three–month low against the US dollar after the country's ruling coalition failed gain majority in the parliament over the weekend.

The Japanese yen rose 1.03% to 153.88 a dollar so far in the day. It was trading 0.87% down at 153.63 a dollar as of 08:12 a.m.

The dollar index, which measures the greenback's strength against major six currencies, continued to hover around two and a half month high. This pressured the Asian currencies.

The dollar index was trading 0.22% higher at 104.47 as of 8:04 a.m. IST.

Most currencies fell against the greenback. The Indonesian rupiah and Malaysian ringgit were trading 0.47% and 0.41% down, respectively.

Bucking the trend, the South Korean won was trading 0.40% higher against the US unit.

Oil future prices slumped over 5% in early trade on Monday as tension over supply from Middle–East eased temporary after Israel's retaliatory attack bypassed Tehran's oil facilities, Reuters reported.

The December future contract of brent crude was trading 4.29% down at $72.79 a barrel as of 08:02 a.m. IST

• Reiterate BUY with a TP of Rs 4,000 (+29%)

• Execution better than vehicle finance peers; earnings in line

• AUM up 20% YoY; gold and personal loans likely to pick up in 2HFY25

• Asset quality continues to improve with higher PCR on standard loans

• Value at 2.2x FY26E PBV

• Maintain buy with reduced price target of Rs 5,100 (17% upside potential)

• Loss driven by higher cost of groundings, related capacity mitigating measures

• Story remains intact with capacity ramp-up amid constraints for most peers

• Aircrafts on ground peaked, should drive cost normalization ahead

• Cut FY25/26/27 EPS estimates by 12%/2%/2% on Q2 miss

Gold prices eased in Asian trade hours reversing its gain from Friday. It rose on Friday as middle–east tension increased and uncertainty heightened regarding US elections.

The Gold December Futures were trading 0.51% down at $2,740.00 an ounce as of 7:16 a.m. IST

Asia–Pacific stock gauges rose on Monday as traders assessed the outcome of the Japan election over the weekend. Fall in the Japanese yen, and crude oil prices lent support to the share indices.

Over the weekend, Japan's ruling coalition failed to acquire majority, raising political instability. The Nikkei 225 was trading 568.97 points or 1.50% up at 38,482.89 as of 7:11 a.m.

The KOSPI and S&P ASX 200 were trading 0.70% and 0.13% higher, respectively.

Share indices on Wall Street ended on a mixed note. The Dow Jones Industrial Average S&P 500 ended 0.61% and 0.03% down, respectively. The Nasdaq Composite ended 0.56% higher at 18,518.61.

The GIFT Nifty was trading near 24,100 on Monday morning. Bankdhan Bank Ltd., Coal India Ltd., and Torrent Pharma Ltd. share prices may see movement in today's trading session due to latest earning numbers.

The GIFT Nifty was 0.27% or 64.50 points down at 24,145.50 as of 06:30 a.m.

The NSE Nifty 50 and BSE Sensex recorded a five-day losing streak on Friday and posted the worst stretch of weekly decline in over 14 months. The NSE Nifty 50 ended 218.60 points or 0.90% down at 24,180.80 and the BSE Sensex fell 662.87 points or 0.83% to close at 79,402.29.

Motilal Oswal Financial Services expects this weakness to continue in the near term amid cautiousness among investors ahead of the US presidential election on Nov. 5, said Siddhartha Khemka, head, research, Wealth Management.

"Overall market has corrected by approximately 8% from the all-time highs of 26277 levels led by weak global cues, muted Q2 result season, and heavy selling by FIIs," Khemka added.