Stock Market Live: GIFT Nifty Above 24,400; Kaynes Technology, NTPC, Welspun Enterprises Share Prices In Focus

• Maintains Buy with a target price Rs 16,500 vs Rs 14,250 earlier, which implied a 15.8%

• Solid operational performance in H1FY25, margin uptick remains key

• Expect operating margins recovering to ~14% by FY27E (vs peers 18–20% levels)

• Factor strong execution over FY26–27E given all-time high order book

• Revise FY25E/FY26E/27E EPS by (7%)/(2%)/16%

• Maintain Buy with TP 918 vs 960 earlier, Upside 41%

• Volume growth at 3% vs 8.5% for market leader Kajaria

• Margins at 8.4% is lower than estimates of 9%

• Given the challenging demand scenario, Co has cut volume growth guidance to 5–6% in FY25 from low double digit earlier

• Cut FY25E/26E/27E EPS by 9% each for Somany

• Still sees improvement in EBITDA margins by 100–150bps

• Despite challenging times, Co maintained working capital strength at 13 days

• Retain Buy on balance sheet discipline and increased focus on value-added share to aid margin expansion

NTPC Ltd. commissioned operation of a new solar plant in Bikaner, Rajasthan, which may result in some movement in its share price. The Shambu Ki Burj–2 (Kolayat) solar power plant has a capacity of 32.90 megawatt. To read more click here.

Asian currencies were trading on a mixed note against the greenback as market participants assess mixed set of data from US.

The Japanes yen was trading flat against the US dollar. The South Korean Won and Philippine Peso also remained flat against the greenback as of 08:09 a.m. IST, according to data on Bloomberg.

The Indonesian rupiah rose 0.22%, while the Malaysian Ringgit declined 0.18% down against the US dollar, according Bloomberg data.

The dollar index rose 0.31% to 104.64 on Tuesday following mixed set of data. Data showed that job openings in the US fell to 7.443 million in September, from 7.861 million in August. Analysts expected job openings to remain unchanged at 7.99 million.

Meanwhile consumer confidence in the world's largest economy rose to the highest in nine months. The Conference Board’s Consumer Confidence Index rose to 108.7 in October, from 99.2 in September.

The dollar index was trading 0.04% down at 104.72 as of 08:05 a.m. IST, according to data on Bloomberg.

Crude oil future prices snapped two–day losing streak on Wednesday on signs of easing in geopolitical situation in the Middle–East. The December contract of brent crude was trading 0.45% higher at $71.44 a barrel as of 7:48 a.m. IST.

Israel is seemed to end the war with Hezbollah by year end after its retaliatory strike missed Tehran's oil and nuclear facilities, Bloomberg reported.

• Upgrade to BUY from HOLD at price target of Rs 1756; upside potential 19%

• Key Catalysts:

Approvals for gAbraxane, respiratory, and peptide assets in U.S.

Revival of growth in domestic branded formulation

• Net cash of ~$1 billion supports potential acquisitions for long-term growth.

• Medium-to-long-term outlook bolstered by strategic initiatives.

The yield on the benchmark 10–year US Treasury was trading with little change in Asian session after mixed set of economic data from the US. While the number of job openings in the world's largest economy fell to the lowest level in 2021, and consumer confidence rose. 

The yield on the 10–year US treasury note was trading 0.03% down at 4.24% as of 7:27 a.m. IST.

Most markets in Asia–Pacific declined in early trade in contrast to  overnight moves on Wall Street. Market participants parsed earning reports from mega technology companies, and US Job Openings and Labor Turnover Survey data.

The KOSPI and SP ASX 200 were trading 0.37% and 0.47% down, respectively as of 7:17 a.m.

Bucking the trend, Japan's Nikkei was trading 0.97% higher as investors prepare themselves for the Bank of Japan's rate decision on Thursday.

• Delivered decent Q2, ARPU rose but subscriber base decreased, both an outcome of the tariff hikes

• Retain BUY, Target: Rs 1,900 (earlier Rs 1,750), upside 15.7%

• Bharti’s stable growth and strong FCF continue to bolster its balance sheet

• With tariff hikes undertaken by all players, Bharti is in an enviable position

• Maintain Buy with a target price Rs 1,900 which implied a 15.7% upside.

• Reported strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business

• FY25-26 earnings estimates are broadly unchanged

• Continue to like BHARTI’s superior execution on the premiumization agenda

• With moderation in capex intensity, BHARTI is likely to generate significant FCF

• Maintain Buy and reduced the target price RS 1,900 from Rs 1950, which implied an upside of 15.7%

• Make minor changes to our segmental EBITDA, capex, and net debt forecasts following 2QFY25 results.

• FY25-27E EBITDA changes are 3-4%

Gold prices scaled fresh highs in Asian trade Wednesday as job openings in the US touch the lowest level since 2021. The US Job Openings and Labor Turnover Survey data came in contrast to non–payroll data earlier in October, which foreced traders to take back their bets on aggressive rate cuts.

The Gold December future price rose 0.40% to a record high of $2,792.10. The Bloomberg spot gold rose 0.18% to a fresh high of $2,779.86 an ounce.

The Gold December future contract was trading 0.30% higher at $2,790.10 as of 6:45 a.m. IST. The spot gold was trading 0.11% higher at $2,777.74 an ounce.

Most stocks in the US ended higher on Tuesday as earnings from mega technology companies uplifted investors sentiment. Google's parent Alphabet Inc rose after beating street estimates and pushed the Nasdaq Composite to fresh high, Bloomberg reported.

The Nasdaq Composite rose 1.00% to a record high of 18,753.19.

Reddit Inc. also beat sales expectation for third quarter, while McDonald's sales fell short of Wall Street expectations, Bloomberg reported.

The Nasdaq Composite ended 0.78% higher at 18,712.75, and the S&P 500 settled 0.16% higher at 5,832.92. Meanwhile, the Dow Jones Industrial Average ended 0.36% down at 42,233.05. 

The GIFT Nifty was trading above 24,400 in early trade on Wednesday. Kaynes Technology India Ltd., NTPC Ltd., and Welspun Enterprises Ltd. share prices are likely to react in today's session due to news flow and earning numbers.

The GIFT Nifty was trading flat at 24,450 as of 06:30 a.m.

The NSE Nifty 50 and BSE Sensex ended higher for a second day to recover losses it logged in last week. Bank stocks led the recovery in the benchmarks. The Nifty 50 settled 0.52% or 127.7 points higher at 24,466.85, whereas the BSE Sensex gained 0.45% or 363.99 points to close at 80,369.03.

"We expect the markets to remain range bound amid uncertainty with regard to US elections to be held next week. However we could continue to see sector and stock specific action as more companies announce their quarterly earnings," said Siddhartha Khemka, head, research, Wealth Management, Motilal Oswal Financial Services Ltd.