Stock Market Live: Nifty, Sensex Fall Sharply As Banks, Infosys Drag

• Total income up 36.05% at Rs 10,362 crore versus Rs 761 crore

• Net profit up 42% at Rs 1,000.9 crore versus Rs 705 crore (Bloomberg estimate: Rs 711 crore)

The Euro and Pound sterling gained against the greenback before Europe GDP and UK Budget release. The Euro and Pound sterling were trading 0.18% and 0.05% higher against the US unit, respectively as of 2:25 P.M. IST.

The dollar index retreated from the fresh two–and–a–half month high it hit in the previous session, which also supported the European currencies. The dollar index, which measures the strength of greenback against six major currencies, was trading 0.22% down at 104.09 as of 2:19 p.m.

• Revenue down 19.4% at Rs 1,044 crore versus Rs 1,295 crore (Bloomberg estimate: Rs 1,299 crore)

• Net profit down 21% at Rs 256 crore versus Rs 324 crore (Bloomberg estimate: Rs 301 crore)

• Ebitda down 28% at Rs 276 crore versus Rs 382 crore (Bloomberg estimate: Rs 344 crore)

• Ebitda margin at 26.4% versus 29.5% (Bloomberg estimate: 27%)

Markets in Europe were trading in losses on Wednesday before the release of region's preliminary flash GDP data for July–September, scheduled for later today. Investors also await the release of UK's budget.

Losses in Asian share indices also pressured benchmarks across Europe.

The NSE India Volatility index jumped 8.16% to 15.70, the highest level since Aug 14. It was trading 7.15% higher at Rs 15.56 as of 1:35 p.m.

Quick commerce exciting category, still in early days of evolution of category, going through quick transformation. Consumer response has been exciting so far, think the industry is still in early days, said management of the company to NDTV Profit

Asia–Pacific markets ended lower on Wednesday except Japan as investors braced themselves from data releases from Europe and US.

P&G Hygiene Q2 Results (YoY)

• Net Profit down 0.4% at Rs 73.5 crore vs Rs 73.8 crore

• Revenue down 0.29% at Rs 1,135 crore vs Rs 1,138 crore

• EBITDA up 2% at Rs 291 crore vs Rs 285 crore

• Margin At 25.6% Vs 25%

• Revenue down 5% at Rs 1,413 crore versus Rs 1,494 crore

• Net loss of Rs 14 crore versus profit of Rs 32 crore

• Ebitda down 30% at Rs 151 crore versus Rs 216 crore

• Ebitda margin at 10.7% versus 14.5%

Shalby Ltd. share price tumbled following its July–September earnings. Here are the highlights:

• Revenue up 12% at Rs 267 crore versus Rs 238 crore

• Net profit up 91% at Rs 2.4 crore versus Rs 27.6 crore

• Ebitda down 13% at Rs 132 crore versus Rs 153 crore

• Ebitda margin at 49.5% versus 64.1%

JTL Industries Ltd. expanded Raipur plant capacity to 2 lakh metric tonn per annum. The company intends to accelerated growth towards 1 million MTPA goal, it said in an exchange filing.

IndusInd Bank Ltd. partnered with Trustmore (Escrowpay) to offer secure digital escrow services across India, it said in an exchange filing.

Most stocks of Adani Group of companies rose on Wednesday. Adani Enterprises Ltd. share price was leading the gains. It rose as much as 4.67% to Rs 2,981.55 apiece, the highest level since Oct 18.

Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

Shares of Elcid Invest Ltd. surged nearly 50% on Wednesday, following a dramatic relisting on the Bombay Stock Exchange the previous day. The small-cap stock saw an astonishing increase of over 450,000% after being relisted on October 29, highlighting a turn in investor interest.

Paisalo Digital Ltd. share price rose after the company reported that its net profit rose 4.9% on the year to Rs 49.5 crore compared to Rs 47.2 crore.

For latest earning releases click here.

Honeywell Automation India Ltd. share price declined 9.12% to Rs 44,500.00, the lowest level since May 10. The stock declined as the company reported 5.73% decline on the year in its net profit for July–September. Its net profit stands at Rs 115 crore compared to Rs 161 crore analysts estimated in a Bloomberg's survey.

Siemens Ltd. received final assessment order from Income Tax Department Of Rs 136.9 crore for assessment year 2022, it said in an exchange filing.

Cipla Ltd.'s share price fell to a five-month low on Wednesday after analysts cut their target price on the stock, citing weaker than expected domestic business and challenges in its key products.

Maruti Suzuki India share price started to recover losses from more than eight–month lows it hit on Tuesday The stock price rose as much as 3.15% to Rs 11,393.80 apiece so far today.

On Tuesday, slumped 6.45% to Rs 10,742.45 apiece, the lowest level since Feb 14 after reporting a 17.4% year-on-year decline in its net profit for the second quarter.

Voltas share price fell to the lowest in over two months on Wednesday as the company reported disappointing results on a sequential basis for July–September.

Voltal share price declined 6.82% to Rs 1,649.90 apiece, the lowest level since Aug 20.

Shares of Shriram Properties Ltd., a residential real estate developer from South India, were up 7% after the company announced a joint development agreement for a six acre land parcel in Undri, Pune.

Bharti Airtel shares gained 0.9% in early trading on Wednesday, buoyed by a positive response from brokerages following the company’s quarterly earnings report. Despite a slight sequential decline in net profit, the stock remains a favored choice among analysts, who continue to recommend a 'Buy' rating.

The NSE Nifty 50 and BSE Sensex started Wednesday on a negative note tracking a decline in Mahindra & Mahindra Ltd. and HDFC Bank Ltd. share prices. As of 09:17 a.m., the Nifty 50 was 103.55 points or 0.42% down at 24,363.30, and the Sensex was trading 332.91points or 0.41% down at 80,036.12.

The Nifty 50 faces an immediate resistance level near 24,630, with 100 daily moving average serving as an overhead barrier. The index is expected to gain bullish momentum upon reclaiming the average line, said Ameya Ranadive, a senior technical analyst, StoxBox. During the day, earnings reports could act as a major trigger.

Maruti Suzuki India Ltd., ITC Ltd., Tata Consultancy Services Ltd., Tata Motors Ltd., and Bharat Electronics Ltd. limited losses to the Nifty 50 index.

On NSE, 10 sectors declined, one remained flat, and one advanced out of 12. The NSE Nifty Pharma declined the most, and the NSE Nifty FMCG rose the most.

Broader markets were trading on a mixed note. The BSE Midcap index was 0.36% down while the Smallcap index was 0.55% up.

On BSE, 12 sectors declined, and eight advanced out of 20. The BSE Consumer Durables declined the most, and the BSE Industrial rose the most.

Market breadth was skewed in favour of buyers. Around 1,977 stocks advanced, 785 stocks declined, and 100 remained unchanged on BSE.

At pre–open, the NSE Nifty 50 was trading 0.39% down at 24,371.45, and the BSE Sensex was trading 0.14% down at 80,255.51.

The yield on the 10-year bond opened 2 basis points lower at 6.84%. It closed at 6.86% on Tuesday, according to data on Cogencis.

The local currency opened flat against the US dollar at 84.0625. On Tuesday, the Indian unit closed at 84.0750 a dollar, according to data on Cogencis.

• Maintain Outperform with a target price Rs 1,764, which implied a 28% upside.

• H1FY25 Mundra traffic is up 18% vs all ports growth of 9% YoY

• Diversified mix helps resurgence of Mundra

• Several moves on strategy with delivery on deleveraging

• Expect EBITDA to be at higher end of the band of 17-18k crore despite challenging global environment

• 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.