Stock Market Today: Nifty, Sensex Fall Over 1% To Extend Losses To Fifth Day; RIL, HDFC Bank Biggest Laggards

As of 3:42 p.m., the Dow Jones Industrial Average future was 0.13% down at 44,015.00. The S&P 500 future was 0.12% down at 6,006.25. The Nasdaq 100 future was 0.11% down at 21,165.00.

• US: Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at an interview to Bloomberg Television — 7:00 p.m. 

• US: Federal Reserve Bank of Dallas President Lorie Logan will speak at conference hosted by the central bank at Dallas — 8:15 p.m. 

• US: Federal Reserve Bank of St. Louis President Alberto Musalem will speak at the Economic Club of Memphis — 11:30 p.m. 

The NSE Nifty 50 and BSE Sensex extended losses to fifth session on Wednesday as HDFC Bank Ltd., Reliance Industries Ltd., and Mahindra & Mahindra Ltd. share prices dragged. The Nifty 50 ended at over four–month low for second session in a row.

The market–cap of Nifty 50 companies fell Rs 2.5 lakh crore to Rs 188.07 lakh crore as the index entered correction zone. The benchmark large–cap gauge declined over 10% from its life high of 26,277.35.

The Nifty ended 324.40 points or 1.36% down at 23,559.05, the lowest level since June 24. The Sensex ended 984.23 points or 1.25% down at 77,690.95, the lowest level since June 24.

During the last leg of the trade, the Nifty 50 declined 1.57% to 23,509.60, and the Sensex declined 1.45% to 77,533.30.

The NSE Nifty Bank index declined 2.45% to 49,904.40, the lowest level since Aug 16. The index ended 2.09% down at 50,088.35.

The NSE Nifty Metal index declined 3.04% to 8,802.20, the lowest level since Aug 14. The index ended 2.66% down at 8,836.75.

"Technically, after weak open  throughout the day market registered  selling pressure at higher levels. In addition, bearish candle on daily charts indicating further weakness from the current levels. We are of the view that, the current market texture is weak but oversold hence; we could expect one quick intraday pullback rally from the current levels," said Shrikant Chouhan, head, equity research, Kotak Securities.

"The Index has tested its 200–day–moving–average level which is at 23,545. The market seems slightly oversold and a bounce is warranted but if the Index breaches its 200–day–moving–average due to excessively pessimistic sentiments, then the next critical support is at 23,000 while on the flip side, the higher level is capped at 23,800," said Aditya Gaggar, director, Progressive Shares.

HDFC Bank Ltd., Reliance Industries Ltd., Mahindra & Mahindra Ltd., ICICI Bank Ltd., and State Bank of India weighed on the index.

Tata Motors Ltd., Grasim Industries Ltd., Britannia Industries Ltd., Asian Paints Ltd., and Infosys Ltd. added to the index.

On NSE, 12 sectoral indices ended lower with the NSE PSU Bank declined the most. The NSE Nifty FMCG ended with the least losses.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 2.56% and 3.08% lower, respectively.

On BSE, 21 sectors ended lower with the BSE Realty declining the most. The BSE Focused IT declined the least.

Market breadth was skewed in favour of sellers. Around 3,292 stocks declined, 679 stocks advanced, and 96 stocks remained unchanged on BSE.

Rupee closed flat at 84.38 against the US dollar. It closed at 84.39 on Tuesday, according to data on Bloomberg.

• The NSE Nifty 50 and BSE Sensex declined for five sessions in a row on Wednesday.

• The Nifty 50 and Sensex ended at the lowest level since June 24.

• The Nifty 50 entered correction zone as the benchmark index declined over 10% from its record high of 26,277.35.

• NTPC Ltd., Britannia Industries Ltd., and Tata Motors Ltd. were top gainers in the index.

• Hero MotoCorp Ltd., Hindalco Industries Ltd., and Tata Steel Ltd. were top losers in the index.

• The NSE Nifty Metal Index fell to near three month low. The index ended

• The NSE Nifty Midcap 150 ended 2.67% down at 20,010.75.

• The NSE Nifty Smallcap 250 ended 5.47% down at 16,670.35.

The NSE Nifty Bank declined 2.45% to 49,904.40, the lowest level since Aug 16. HDFC Bank Ltd., and ICICI Bank Ltd. share prices dragged the index.

The NSE Nifty 50 has fallen 10% from its life high of 26,277.35 in the last leg of the trade Wednesday. The index was trading 1.33% down at 23,566.50 as of 2:50 p.m.

• Revenue up 37% at Rs 6,065 crore versus Rs 4,415 crore.

• Ebitda up 4% at Rs 327 crore versus Rs 314 crore.

• Ebitda margin at 5.4% versus 7.1%.

• Net profit down 3.3% at Rs 130 crore versus Rs 135 crore.

The pound sterling and euro declined against the greenback as the dollar index rose to new level of six–month high. The Pound sterling and euro were trading 0.16% and 0.05% down against the US Dollar, respectively.

The dollar index, which measures the strength of the greenback against six major currencies across the globe, rose as much as 0.17% to 106.21. It was trading 0.10% higher at 106.13 as of 2:05 p.m.

The Japanese yen declined to 0.41% to 155.24 a dollar, the lowest level since July 30. It was trading 0.27% down at 155.02 as of 2:16 p.m.

Most share indices in the Europe were trading with marginal gains on Wednesday as investors prepared for the release of US CPI. The headline inflation data is scheduled to release 7:00 p.m. today.

The NSE Nifty Metal declined 2.72% to 8831.75, the lowest level since Aug 14. Tata Steel Ltd., and Hindalco Industries Ltd. were top dragger in the index.

Wockhardt Q2 Highlights (Consolidated, YoY)

• Revenue up 7% at Rs 809 crore versus Rs 753 crore.

• Ebitda up 53% at Rs 110 crore versus Rs 72 crore.

• Ebitda margin at 13.6% versus 9.6%.

• Net loss at Rs 60 crore versus loss of Rs 73 crore.

NTPC Green's IPO proceeds to help with debt repayment of Rs 7500 crore, said Gurdeep Singh, chairman and managing director, NTPC Green. The current debt levels at Rs 7000-8000 crores.

The company needs debt of Rs 5 crore per megawatt, Singh said in an interview to NTPC Green.

Alkem Labs Q2 Highlights (Consolidated, YoY)

• Revenue down 0.7% at Rs 3,415 crore versus Rs 3,440 crore.

• Ebitda up 0.9% at Rs 753 crore versus Rs 746 crore.

• Margin at 22% versus 21.7%.

• Net profit up 14% at Rs 702 crore versus Rs 615 crore.

• Revenue down 4% at Rs 1,685 crore versus Rs 1,763 crore.

• Ebitda up 160% at Rs 46 crore versus Rs 18 crore.

• Ebitda Margin at 2.7% versus 1%.

• Net loss at Rs 104 crore versus profit of Rs 183 crore.

Alert: Company had a one-time gain of Rs 248 crore in Q2 FY24.

For faster updates on second quarter earning releases click here.

NTPC Green Energy Ltd., the renewable arm of India's largest power producer NTPC Ltd., is set to launch its initial public offering on Nov. 19, allowing investors to subscribe until Nov. 22. Read more here.

Premier Explosives targets to reach Rs 1,000 crore revenue by financial year 2030, said TV Chowdary, managing director to an interview to NDTV Profit. The company also plans to do Rs 200 crore capital expenditure in next two years.

Premier Explosives expects increase in prices going forward. The company is not planning to get out of industrial explosive business. The company is working on projects in design & development space for rocket motors, Chowdary said.

Watch more on NDTV Profit

A fire occurred at Indian Oil Corp's Mathura refinery on Tuesday at around 7:00 p.m.. The fire has since been extinguished, and operations remain unaffected, the company said in an exchange filing.

IndiGrid has partnered with British International Investment and Norfund to develop projects in India. The partnership aims to create a $300 million platform for the development of greenfield transmission and battery energy storage system projects in the country, the company said in an exchange filing.

Transformers and Rectifiers (India) is set to acquire a controlling stake in Posco Poggenamp Electrical Steel, it said in an exchange filing.

The initial public offering of the state-run NTPC Ltd.'s green energy arm will open for bidding next week at a price band of Rs 102 to Rs 108 per share. The issue opens for subscription on Nov. 19 and will close on Nov. 22. Read more here. Read more here.

Medplus Health Services Ltd. share price rose 7.36% to Rs 724.95 apiece. The share price rose as the company reported that the net profit rose 178.57% to Rs 39 crore.

PNC Infratech Ltd. share price declined 7.05% to Rs 295.55 apiece. The stock declined as its net profit fell 43.91% on the year to Rs 83 crore.

• National Housing Bank will issue first long term bond issue in 10 years.

• The lender will raise up to Rs 5,000 crore via 10-year bond issue.

• National Housing Bank seeks bids for 10-year bond issue on Thursday.

Alert: NHB last raised long term bonds in 2014

Source: Merchant bankers

PNB Housing Finance Ltd. share price declined 7.94% to Rs 905.05 apiece, the lowest level since Oct 29. The share price declined after its 9.51% or 2.47 crore equity shares changed hands in two large trade. The shares changed hands at the price range of Rs 944.45 – Rs 944.15 apiece as of 09:15 a.m. on National Stock Exchange, according to data on Cogencis.

On Tuesday PNB Housing Finance said Carlyle Group plans to sell shares for up to $273 million in block trade at a floor price of Rs 939.3 apiece through its arm, Quality Investment Holdings Pcc.

PNB Housing Finance has 25.98 crore shares outstanding, according to NSE. Promoter group owns 28.11% equity and 71.89% is owned by public.

Macquarie Equity Research initiated coverage on Power Finance Corp. REC Ltd., Power Grid Corp. and NTPC Ltd., with an 'outperform' rating. The brokerage noted that Indian power landscape looks very different from 10 years ago, with more factors in favour of Indian electric utilities, as well as power lenders,

Share prices of Power Finance Corp., REC Ltd., Power Grid Corp., and NTPC Ltd. opened higher on Wednesday after Macquarie initiated coverage on the four power stocks with an 'overweight' rating.

Swiggy Ltd. share price listed at t Rs 420 on the National Stock Exchange at a 7.7% premium. It listed on the BSE at Rs 412, marking a 5.64% premium from its issue price of Rs 390 on Wednesday

Nykaa's stock rose as much as 5.73% during the day to Rs 188 apiece on the NSE.

Samvardhana Motherson International Ltd. share price fell 2.85% to Rs 161.30 apiece, the lowest level since June 10. The share price declined as brokerages said that there are going to be challenges to Samvardhana Motherson International's growth across major markets.

The NSE Nifty 50 and BSE Sensex opened lower as Mahindra & Mahindra Ltd. and Reliance Industries Ltd. share prices dragged. Losses in Asian share indices also pressured the Indian benchmark indices.

As of 09:20 a.m., the Nifty 50 was 74.00 points or 0.31% lower at 23,809.45, and the Sensex was 128.76 points or 0.16% down at 78,546.42.

"On the technical front, a bearish engulfing pattern formed on the daily chart, highlighting the increased influence of bearish sentiment. The immediate support level is situated at 23,650; if this level is breached, the index may slip further to 23,400. On the upside, resistance remains robust, with selling pressure expected around the 24,200 mark," said Mandar Bhojane, research analyst, Choice Broking.

Mahindra & Mahindra Ltd., Reliance Industries Ltd., Maruti Suzuki India Ltd., ITC Ltd., and Sun Pharmaceutical Industries Ltd. weighed on the index.

HDFC Bank Ltd., Bharti Airtel Ltd., NTPC Ltd., Tata Motors Ltd., and Larsen & Toubro Ltd. added to the index.

On NSE, eight sectors declined and four advanced out of 12. The NSE Nifty Auto declined the most, while the NSE Nifty Media rose the most.

The BSE Midcap and Smallcap indices were trading 0.80% and 1.07% down, respectively.

On BSE, 18 sectors declined, two advanced, and one remained flat out of 21 sectors. The BSE Realty declined the most, while the BSE Utilities rose the most.

Market breadth was skewed in favour of sellers. Around 2,000 stocks declined, 935 stocks advanced, and 129 stocks remained unchanged on BSE.

At pre–open, the NSE Nifty 50 was 0.26% down at 23,822.45, and the BSE Sensex was 0.23% down at 78,494.80

The yield on the 10-year bond opened flat at 6.84%. It closed at 6.83% on Tuesday, according to data on Bloomberg.

Rupee opened flat at 84.39 against the US dollar. It closed at 84.39 on Tuesday, according to data on Bloomberg.

Kalpataru Projects International Ltd. has received new orders worth Rs 2,273 crore, along with joint ventures and international subsidiaries, the company said in an exchange filing.

• Reiterate Buy, Target Price of Rs 8,400, which is 24% upside

• Expect revenue to clock 16% CAGR over FY23-26

• Project EBITDA margin to improve 300bps over FY23-26

• Strong demand in energy and mobility divisions to drive margins

• Opportunity pipeline remains strong with key products like Xcelerator

• Co rightly positioned to capture railway-related opportunities

Gold prices fell to fresh one–and–a–half–month low as the dollar index and US Treasury yield continued to gain strength. The Bloomberg spot gold declined 1.11% to $2,589.77 an ounce on Tuesday. It was 0.51% higher at $2,611.69 an ounce as of 8:41 a.m.

The Gold December future contract was 0.48% higher at $2,618.90 an ounce as of 8:32 a.m.

LTIMindtree Ltd. has established an artificial intelligence and environmental, social, and governance innovation facility in Texas, US, the company said in an exchange filing.

Asian currencies were trading on a mixed note against the greenback as market participants await US CPI data to get further clues about the Federal Reserve's monetary policy going ahead.

On Tuesday, the dollar index, which measures the strength of the US unit against the six major currencies across the globe, rose 0.60% to 106.18, the highest level since May 1. It was pared gains in Asia session to trade 0.07% down at 105.95 as of 8:12 a.m.

The South Korean won and Thai baht were trading 0.25% and 0.28% higher, respectively against the US dollar as of 8:17 a.m.

The Japanese yen was 0.05% down against the US dollar at 154.68 as of 08:17 a.m.

• Retain ADD with TP 190 vs 200 earlier, Upside 14%

• Organic revenue growth was 4-5% higher than the market

• Believe premiumization-led growth in content per vehicle would continue for co

• Better visibility in non-Autos with targets 25% sales contribution

• But outlook is weakening and remains challenged across major markets

• Lower FY25E/26E/27E EPS by 10%/5%/3%, due to lower margins

• Amid the miss in Q2 and cost pressures

• Lower Brent prices support OMC profits as fuel pump rates stay fixed

• Rebound in Indian oil demand post- monsoon to help volumes

• Oil volatility seen as positive, discouraging pump price changes

• Lower future oil prices, stable fuel rates set to support OMC margins

• Brokerage maintains Buy on IOCL, BPCL, HPCL

• IOCL/BPCL/HPCL target price set at Rs 190/460/480

• Target prices of IOCL/BPCL/HPCL imply 37%/49%/28% upside

• Retain Buy with TP 2472, Upside 37%

• The company focussed on quality of growth and premiumization with rising mix of SUVs 68%

• Domestic execution was strong relative to peers

• Maintain estimates for volumes to be flat in FY25F and rise to an 8% CAGR over FY25-27F

• Driven by 7-8 new models including facelifts and capacity increase

• Estimate EBITDA margins to improve to 14% by FY27F from 13.1% in FY24

• Estimate 17% earnings CAGR over FY25-27F, one of the highest in our PV coverage

• Stock is very attractively priced at 18x FY27F P/E

The yield on the 10–year US Treasury note jumped 14 basis points to 4.44% on Tuesday as traders expects policies under Donald Trump are going to cause further increase in US debt levels. Market participants also expect that inflation will rise under Trump's presidency, which may also impact the safe–haven asset.

The benchmark yield on the 10–year US Treasury note was trading flat at 4.42% as of 7:36 a.m.

Asia–Pacific share indices declined on Wednesday, tracking overnight moves on Wall Street. Market participants await US CPI print for October, scheduled for release later today.

The Nikkei 225 was 417.78 points or 1.06% down at 38,938.61, and the KOSPI was 41.63 points or 1.68% down at 2,439.79 as of 07:24 a.m.

On Tuesday, the Dow Jones Industrial Average ended 0.86% down at 43,910.98. The S&P 500 ended 0.29% down at 5,983.99. The Nasdaq Composite ended 0.09% lower at 19,281.40.

The S&P 500 declined Tuesday after recording the best five–day gain in a year, Bloomberg reported.

The GIFT Nifty was trading above 23,800 on Wednesday morning. Investors may monitor share prices of FSN E–Commerce Ventures Ltd., PTC India Ltd., and Varun Beverages Ltd. for latest news about their businesses and earning numbers.

The GIFT Nifty was down 0.13% or 32 points at 23,880.50 as of 06:32 a.m.

The NSE Nifty 50 ended at the lowest level in over four months, and the BSE Sensex ended at over three–month low on Tuesday as banks' stocks dragged the benchmark index.

Motilal Oswal Financial Services expects markets to remain volatile with stock specific action on account of balance second quarter numbers to be announced this week. Key results include Eicher Motors Ltd., Torrent Power Ltd., Kalyan Jewellers Ltd., PI Industries amongst others, said Siddhartha Khemka, Head, Research, Centrum Wealth Management.