Stock Market Live: Nifty Off Day's Low; Sensex Trades Near 85,700

The company has approved the issue of upto 13.33 crore warrants, fully convertible or exchangeable for, one fully paid-up equity share of the company at an issue price of Rs. 15/- (Rupees Fifteen Only) per Warrant, aggregating to an amount not exceeding Rs. 200 crore, an exchange filing said.

RITES has got new order of Rs 100 crore from Adani Ports for railway operation & maintenance services, according to an exchange filing. Time period by which the order) is to be executed 5 Years from the effective date i.e. November 1, 2024.

Swiggy Ltd, a major player in food delivery and quick commerce, has submitted an updated draft red herring prospectus to the market regulator Securities and Exchange Board of India for review and public comment. The company seeks a valuation of approximately Rs 83,365 crore, or nearly $10 billion.

Find out if it is cheap or expensive here.

Alembic Pharma has received US FDA Final Approval For Paliperidone Tablets, which are used for treatment of Schizophreniay, according to an exchange filing.

The NSE Nifty 50 and BSE Sensex declined after touching fresh highs as shares of HDFC Bank Ltd., Bharti Airtel Ltd. fell. As of 11:57 a.m., the Nifty 50 was trading 8.10 points, or 0.03% lower at 26,207.95, and Sensex declined 116.05 points, or 0.14% at 85,720.06.

Shortly after opening, the Nifty rose 0.23% to a new high of 26,277.35. The Sensex rose 0.17% to a fresh high of 85,978.25.

For Nifty, 26,000 is the good support to lookout for, said Soni Patnaik, assistant vice president, JM Financial Services Ltd. However, investors should not ignore the fact that the indices are quite overbought at the current levels, not only from technical point of view. It's multiple parameters from derivatives segment as well indicate the indices at overbought zone. It's wise to be cautious, and book profits from the indices, Patnaik said.

Shares of Infosys Ltd., Sun Pharmaceutical Industries Ltd., Titan Co., HCL Technologies Ltd., and Bharat Petroleum Corp. positively contributed to gains in the Nifty.

While those of HDFC Bank Ltd., Bharti Airtel Ltd., Larsen & Toubro Ltd., Power Grid Corp. of India, and ICICI Bank Ltd. limited gains.

Out of 12 sectoral indices compiled by the National Stock exchanges, eight advanced and four declined. The NSE Nifty IT emerged as the lead sector with nearly 3% gain. The NSE Nifty Realty declined the most among sectoral indices.

Earlier in the day, the NSE Nifty Auto rose 0.53% to a record high of 27,641.60. Maruti Suzuki India Ltd. led the gains.

The NSE Nifty Metal rose 1.82% to a record high of 10,167.40 as Hindalco Industries Ltd. rose.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices rose 0.22% and 0.36% higher, respectively.

On BSE, 14 sectors advanced, and six declined out of 20. The BSE Metal was the best performing sector, and the BSE Realty declined the most.

Market breadth was skewed in the favour of buyers. Around 2,156 stocks rose, 1,584 stocks declined, and 151 stocks remained unchanged on BSE.

Ola Electric’s cheapest scooter Ola S1 X 2 kWh has got Auto PLI certification after achieving 50% localisation from ARAI. PLI incentives are at 13-18% of determined sales value of product. The company now has five scooters that have received PLI certification.

Source: Company statement

The Japanese Yen reversed its earlier weakness against the US Dollar and strengthened after former defense minister Shigeru Ishiba won the Liberal Democratic Party leadership election on Friday and would likely become Japan's next prime minister. 

The currency had declined 1.16% to 146.49 against the US dollar earlier in the day, but as of 12:21 p.m, it traded 1.04% higher at 143.31 a dollar.

Supreme Court has issued notice on Adani Enterprises-led consortium's plea that seeks to invoke arbitration against non-allocation of a coal block in Chhattisgarh. The consortium seeks to claim about Rs 100 crores in costs. In July, the Gujarat HC had rejected the consortium's plea to invoke arbitration.

Source: Supreme Court Proceedings

Swiggy on Thursday submitted an updated draft red herring prospectus to markets regulator Securities and Exchange Board of India for review and public comments, after receiving a nod for its listing via the confidential filing route.

With the updated DRHP, Swiggy's FY24 metrics are up for scrutiny against Zomato's. Read more here.

After Torrent Pharma Ltd. refuted claims of its Vitamin D supplements failing Central Drugs Standard Control Organisation's quality test, Alkem Laboratories Ltd. has also disputed claims about its subsidiary's Amoxicillin and Potassium Clavulanate tablets failing quality checks, citing that samples tested are spurious and are not manufactured by the company.

Read more here.

SJVN has signed two MoUs with the Maharashtra government for development of pumped storage projects and floating solar projects in the state, according to an exchange filing which added that the projects are worth Rs 48,000 crore.

Supreme Court has disposed of the plea on government's submission, which said that the threshold has not been met to press the curative plea against a top court order that paved way for GMR to upgrade and operate the airport.

Source: Supreme Court Proceedings

CSI 300, mainland China's stock gauge has gained over 15% this week to be on the path of recording the best week since 2008. Following the measures by the People's Bank of China to stimulate the struggling economy, China's top leaders pledge to arrest decline of the real estate market further propelled the bulls. 

Hang Seng trailed CSI 300 with nearly 14% weekly gain so far in Friday. The index jumped over 4% as WUXI Apptech Co Ltd. and New World Developement rose.

In Japan, Nikkei 225 jumped nearly 5% on Friday tracking the weak yen as it improved the sentiment for the export-oriented country. 

The Japanese yen weakened after probability of Sanae Takaichi winning to be the next premier of Japan rose. Takaichi is considered to be against rate hikes which fed to investors' hope of dovish stance from the Bank of Japan, Bloomberg reported.

Japan's former Prime Minister Fumio Kishida stepped down in August after Liberal Democratic Party's rating declined following alleged corruptions.

CLSA said that both Swiggy and Zomato show strong growth and QSRs are losing market share to aggregators.

Swiggy has 14.03 million monthly transacting users (+11.7% YoY) while Zomato has 20.3 million MTUs (+16.0% YoY), according to CLSA and Swiggy's gross order value growth is 14.3% YoY in 1QFY25, compared to Zomato's 26.6%.

Zomato outpaces Swiggy significantly in revenue growth, CLSA said while noting that the former leads in contribution and EBITDA margins, though Swiggy is narrowing the gap. Despite Zomato's lead, Swiggy remains competitive, with a positive outlook for both companies.

Share price of Reliance Power Ltd. hit the upper circuit limit with a nearly 5% increase on Friday, after three substantial block deals. One was executed before the market opened and the others at the start of trading, with shares being transacted at a price of Rs 43.75 per share, totaling Rs 67.85 crore for approximately 1.55 crore shares.

Bondada Engineering has recieved Rs 468 crore work order from KPI Green Energy. The order is for supply of material for solar power generation plant for 130 MWp/ 100MWac and supply of material for work contract for installation of Solar Power generation Plant 130 MWp/100MWac, an exchange filing said.

Hindalco Industries Ltd.'s share price rose to life high on Friday after its shares changed hands in large trades during pre-market and market hours. After market open, Hindalco Industries' 1.39 lakh shares were traded in a bulk at Rs 751.05 apiece.

Tata Power, Torrent Power, BHEL targets at Rs 577/2268/352, implies 23%/20%/25% upside. It has maintains overweight on NTPC at Rs 496 target, implying 14% upside but has downgraded Suzlon, Power Grid, ReNew to 'equalweight'. Suzlon, Power Grid targets at Rs 88/362 implies 6% upside/1% downside

PC Jeweller Ltd.'s share price rose to over six-year high on Friday after it informed the exchanges the Bank of India nodded for its proposal of a one-time settlement.

RailTel Corp. of India's share price rose on Friday, after the company secured a significant work order worth Rs 156 crore from the Maharashtra government's Rural Development Department.

This project focuses on the operationalisation of ASSK-GP initiatives in the Konkan, Pune, and Nashik regions, according to an exchange filing.

The Nifty50 may attract inflows worth over $1 billion, and the banking stocks may bring around $146 million due to the NSE rejig that will take place on Friday, according to Nuvama Alternative & Quantitative Research.

Read more here.

The Nifty continued its record run and hit a new record high of 26266.40 points on the back of gains in IT stocks and Sun Pharma.

Shares of Prataap Snacks up nearly 12% after Alpana Sanjay Dangi's Authum Investment & Infrastructure Ltd. and Mahi Madhusudan Kela bought stake in the company.

All constituents of the index were trading higher as of 9:36 a.m., shares of Infosys, TCS, and Tech Mahindra contributed the most to the gains. The sector contributed over 96 points, the most to the gains in the Nifty 50.

Benchmark equity indices opened higher Friday led by gains in IT stocks as investors assessed fourth quarter result of Accenture. The sentiment was also buoyed by US GDP number and a prospect of more stimulus by China.

The Sensex hit a new record high of 85,955.50 and Nifty came very close to its record high of 26250.9.

However, soon after opening they erased gains and traded flat as HDFC Bank and L&T weighed. At pre-open, Nifty 50 was at 26248.25, up 0.12% or 32.20 points and Sensex was at 85893.84, up 0.07% or 57.72 points.

According to Shrikant Chouhan, head equity research at Kotak Securities, the market managed to hold above 26100 levels which is positive and based on this we can see 26500 levels in the near future.

"However, on an immediate basis, 26300 would be the major resistance. On the other hand, 26100 and 26000 can be the biggest support zone," he said adding that the strategy should be to buy between 26100 and 26000 and place a stop loss at 25800 on a closing basis.

Shares of Infosys, TCS, Sun Pharma, HCL Tech, and Tech Mahindra contributed the most to the gains. While those of HDFC Bank, L&T, Bharti Airtel, Powergrid, and ICICI Bank weighed.

Most sectoral indices were lower at close but Nifty IT gained nearly 3%.

At pre-open, Nifty 50 was at 26248.25, up 0.12% or 32.20 points and Sensex was at 85893.84, up 0.07% or 57.72 points. According to Vikas Jain, head of research at Reliance Securities, the rally is expected to persist, especially with the Nifty sustaining above the crucial psychological level of 26,000, combined with record-high global markets and strong FII inflows. 

The yield on the 10-year bond opened flat at 6.72% after it closed at 6.72% on Thursday, according to Bloomberg.

The Indian rupee opened flat at 83.65 against the US dollar after it closed at 83.64 on Thursday, according to Bloomberg.

On Thursday, the Indian rupee closed weaker against the US dollar on Thursday, amid stabilising crude prices and month-end dollar demand. The rupee depreciated by 4 paise to close at 83.64 against the US dollar.

Goldman Sachs said that Accenture result and guidance show improving trend at moderate pace and commentary suggests limited expectations of any meaningful improvement in discretionary demand. Its channel checks suggest demand environment improving. Goldman noted that 'buy' rated TCS trades at lower premium to the sector vs history and it remains a defensive play. Buy-rated Infosys is a beneficiary of discretionary demand revival over next 12 months, it said adding that it has a 'sell' on Tech Mahindra and Wipro and 'Neutral' on HCL Technologies

According to Nomura, FY25 revenue guidance includes over 3% inorganic growth and margin guidance implies 10-30 basis points YoY expansion. It said it expects a recovery in discretionary demand and that large caps are likely to outperform small caps. It noted, interest rate cut cycle, potential thaw in decision-making by US corporates post US elections in Nov 2024 could provide a fillip to demand. The brokerage has a 'buy' rating on Infosys, Wipro and Cognizant Technology in large-caps; and Eclerx in mid-caps while it has a 'reduce' rating on LTI Mindtree, Mphasis Ltd, and L&T Technology Services.

Emkay Global said that demand environment has not seen much change, and remains cautious and clients are continuing to limit discretionary spending. Accenture's guidance points to a stable demand environment and conservative approach, it said.

It believes that uptick in technology spending in CY25 hinges on confidence on macro stability, resilience of US economy after the start of the interest rate-cut cycle.

Edward Yardeni, president of Yardeni Research told NDTV Profit that markets could see a correction due to high valuations. He said he sees that happening early in 2025 rather than a complete bear market, while noting that valuations in the US and India are stretched.

On China's stimulus, he said that while Europe could get a lift from China improvement, commodity markets not voting positively to China's stimulus plans. "China may trying to lift their economy, but structural problems in property markets remain," he said

Yardeni prefers India over China and believes India is where China was in the 2000s.

He expects gold prices to move higher as people fear about unstable geopolitical scenarios.

Emkay has upgraded Marico to 'add' from 'reduce' with a higher target of Rs 775 from 700 earlier, implying upside of 12%. It said that improving demand is setting and thrust on enhancing distribution is positive. Moreover, healthy growth in premium personal care, digital brands, foods is positive. The brokerage continues to see steady expansion in FY25 quarterly volume growth trajectory and said inflation in copra is likely to help drive double-digit growth in Parachute in 2HFY25.

Emkay expects price hikes with custom edible oil duty pass-through in H2 to induce double-digit growth and has ifted valuation multiple to 50 times from 47 times.

At 8:04 a.m., both Brent Crude and WTI Crude were down 0.5% at $71.25 a barrel and $67.33 a barrel respectively. Citi Research said that oil prices are falling on higher likelihood of Libya production returning to market. It added Chinese announcements on new economic stimulus to have limited upside impact on demand

Citi expects brent prices to avg at $74 in Q4 2024 and said that the downtrend in oil prices is a deflationary tailwind. It said that falling oil prices will further lower annual spend on oil.

According to Bloomberg, Oil fell further as Saudi Arabia was reportedly committed to increasing output in December, while Libya named its new central bank governor, opening the way to reviving some crude production. 

Public issue of KRN Heat Exchanger and Refrigeration will open for subscription on a third day after it was subscribed to 58.07 times on day 2. That of Diffusion Engineers for a second day after it was subscribed to 7.16 times on day 1.

Ola Electric's arm Ola Electric Technologies has got certification for compliance with eligibilty assessment requirements as per PLI scheme for automobile & auto components for Ola S1 X 2kWh scooter, according to an exchange filing.

Shares of Trent and Bharat Electronics will be in focus as they prepare to enter the benchmark Nifty 50 index following their inclusion which was announced in August while Divi's Laboratories and LTIMindtree  are set to be removed from Nifty 50.

Shares of Punjab National Bank will trade after the lender closed its QIP with an issue price at Rs 103.75 per share, a discount of 5% to the floor price. KEC International's stock will react to the news of raising Rs 870 crore via QIP and issued 91.1 lakh shares at Rs 955 per share.

Torrent Pharma refuted claims of Shelcal 500 allegedly failing CDSCO quality test, saying the sample seized by the regulator is not manufactured by the company and is non-genuine and spurious.

Lemon Tree's stock is likely to rise as it signed pact for 74-room property in Gujarat and Railtel Corp is also expected to gain on receiving Rs 156 crore work order from Maharashtra government for project in Konkan, Pune and Nashik regions.

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Hong Kong's Hang Seng gained nearly 2.6% as of 7:14 am and China's CSI 300 was trading 2% higher, outperforming the gains in the other Asian markets.

The positive sentiment is on the back of new stimulus pledges by the Chinese government after it unveiled interest rate cuts, liquidity for banks and incentives for homebuyers. Investors in the country now await more macro data with its industrial profit data to be released later in the day.

Asian equities also tracked the Wall Street which ended higher as resilient US jobs data affirmed the Fed's soft landing target.

At 7:14 a.m., Nikkei traded 0.90% higher, S&P ASX 200 was up 0.1%, and South Korea's Kospi was the only index that fell.

The GIFT Nifty was trading at 26,358.00, down by 18.5 points, or 0.06% as of 06:57 a.m. On Friday, shares of Trent Ltd., Bharat Electronics Ltd., IndiGo and Lemon Tree Ltd. will remain in focus among others.

In Thursday's session, the NSE Nifty 50 and BSE Sensex extended their record run to the sixth session intraday on Thursday, led by gains in Maruti Suzuki India Ltd. and Mahindra & Mahindra Ltd. The benchmarks have been touching fresh highs since Sept. 19.

The Nifty 50 ended 211.90 points, or 0.81% higher at 26,216.05, and the S&P BSE Sensex ended up 666.25 points, or 0.78% at 85,836.12. Nifty settled at its highest closing level for the fifth straight session.

Overseas investors turned net buyers of Indian equities on Thursday, after staying sellers for two sessions. Foreign portfolio investors mopped up stocks worth Rs 629.9 crore. While, domestic institutional investors stayed net buyers for the fourth session and purchased equities worth Rs 2,405.1 crore, the NSE data showed.

The rupee depreciated by 4 paise to close at 83.64 against the US dollar.