The benchmark equity indices closed slightly lower on Thursday, extending their losing streak to four sessions. Despite volatile trading due to F&O expiry, the Nifty managed to close near the 24,400 mark. Banks and pharma shares were in demand, while FMCG and realty shares tumbled. The market's resilience was partly supported by India's strong October PMI data, which aligned with the RBI's growth outlook for FY25.
The S&P BSE Sensex shed 16.82 points or 0.02% to 80,065.16. The Nifty 50 index lost 36.10 points or 0.15% to 24,399.40. The 50-unit index fell 1.83% in the past four sessions.
In the broader market, the S&P BSE Mid-Cap index shed 0.13% and the S&P BSE Small-Cap index fell 0.72%.
The market breadth was negative. On the BSE, 1,584 shares rose and 2,349 shares fell. A total of 100 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 4.46% to 13.97.
Economy:
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The HSBC Flash India Composite Output Index, which gauges the overall health of the Indian economy, rose slightly to 58.6 in October from 58.3 in September.
The HSBC Flash India Services PMI Business Activity Index remained relatively unchanged at 57.9 in October, compared to 57.7 in September.
The HSBC Flash India Manufacturing PMI Output Index increased to 60.1 in October from 59.8 in September.
The overall HSBC Flash India Manufacturing PMI rose to 57.4 in October from 56.5 in September.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.80% to 6.941 compared with previous close 6.936.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0750, compared with its close of 84.0775 during the previous trading session.
MCX Gold futures for 5 December 2024 settlement rose 0.69% to Rs 78,350.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 104.19.
The United States 10-year bond yield declined 1.18% to 4.194.
In the commodities market, Brent crude for December 2024 settlement added $1.47 or 1.96% to $76.43 a barrel.
Global Markets:
European stock markets rose Thursday, as investors digested more third-quarter corporate earnings as well as the latest regional economic activity data.
ECB President Christine Lagarde said on Wednesday the central bank would need to be cautious when deciding on further easing, but weak PMI data could force her hand.
Most Asian shares declined on Thursday. South Koreas GDP expanded 0.1% in the third quarter from the previous one, narrowly avoiding a technical recession, following a 0.2% contraction in the second quarter. On a year-on-year basis, South Koreas economy grew 1.5%.
Japanese business activity shrank in October. The au jibun bank flash manufacturing PMI fell to 49.0 in October from 49.7 in September. A reading below 50 indicates contraction, with the sector shrinking for a third consecutive month. The au jibun bank flash services PMI slid to 49.3 in October from 53.1 in the prior month, falling into contraction for the first time since June. The fall in services activity saw the composite PMI for October drop to 49.4 from 52.0 in the prior month.
US stocks fell sharply on Wednesday, with the Dow Jones Industrial Average posting its worst day in more than a month, as higher Treasury yields weighed on market sentiment.
The S&P 500 lost 0.92%. The 30-stock Dow plunged 0.96%, ending the days session at 42,514.95. It was the worst day since early September for the blue-chip index. The Nasdaq Composite lost 1.6%. Both the Dow and S&P 500 notched their third straight losing session.
Stocks in Spotlight:
Hindustan Unilever (HUL) tumbled 5.83% after the company reported 3.86% decline in standalone net profit to Rs 2,612 crore on 1.94% increase in revenue from operations to Rs 15,319 crore in Q2 FY25 over Q2 FY24.
Colgate-Palmolive (India) slipped 3.04%. The company reported net profit jumped 16.17% to Rs 395.05 crore in Q2 FY25 as against Rs 340.05 crore posted in Q2 FY24. Revenue from operations grew by 10.04% year on year (YoY) to Rs 1,609.21 crore in the quarter ended 30 September 2024.
LT Foods dropped 13.52% after the companys consolidated declined 4.23% to Rs 150.61 crore on 6.57% increase in revenue from operations to Rs 2107.78 crore in Q2 FY25 over Q2 FY24. Profit before tax (PBT) fell 5.29% YoY to Rs 199.96 crore in Q2 FY25.
Ujjivan Small Finance Bank slipped 3.89% after the bank's net profit declined 28.89% to Rs 233.03 crore while total income jumped 15.20% YoY to Rs 1,820.04 crore Q2 September 2024 over Q2 September 2023. Net Interest Income (NII) grew by 14.70% to Rs 944 crore in Q2 FY25 from Rs 823 crore in the same quarter a year ago. Net interest margin improved to 9.2% in Q2 FY25 as against 8.8% in Q2 FY24.
TVS Motor Company declined 3.23%. The company reported 23.49% increase in standalone net profit to Rs 662.62 crore in Q2 FY25 as compared to Rs 536.55 crore posted in Q2 FY24. Revenue from operations rose 13.30% YoY to Rs 9,228.24 crore in the September 2024 quarter.
ACC added 0.31%. The companys consolidated net profit declined 48.52% to Rs 199.70 crore on 4.03% increase in net sales to Rs 4,613.52 crore in Q2 FY25 over Q2 FY24.
Strides Pharma Science lost 1.54%. The company reported a consolidated net profit of Rs 93.23 crore in Q1 FY25 as against a net loss of Rs 131.34 crore posted in Q2 FY24. Revenue from operations stood at Rs 1201.1 crore in Q2 September 2024, a YoY growth of 20.17%.
Pidilite Industries rose 1.43% after the company reported 17.83% increase in consolidated net profit to Rs 540.30 crore in Q2 FY25 as against Rs 458.53 crore posted in Q2 FY24. Revenue from operations grew 5.16% YoY to Rs 3,234.91 crore in the quarter ended 30 September 2024.
Piramal Pharma zoomed 18.32% after the pharmaceutical companys consolidated net profit zoomed 350% to Rs 22.59 crore in Q2 FY25 as against Rs 5.02 crore posted in Q2 FY24. Revenue from operations grew by 17.28% year on year (YoY) to Rs 2,241.75 crore during the quarter.
Navin Fluorine International advanced 2.84% after the company reported consolidated net profit of Rs 58.82 crore in Q2 FY25, down 2.90% as against Rs 60.58 crore in Q2 FY24. However, revenue from operations jumped 9.91% to Rs 518.56 crore in Q2 FY25 as against Rs 471.79 crore posted in Q2 FY24.
Aster DM Healthcare surged 10.10% after the company reported consolidated net profit of Rs 96.84 crore in Q2 FY25 as compared with net loss of Rs 30.80 crore posted in Q2 FY24. Revenue from operations jumped 16.89% year on year (YoY) to Rs 1,086.44 crore during the quarter ended 30 September 2024.
MAS Financial Services slipped 2.35%. The company's standalone net profit jumped 27.59% to Rs 76.57 crore in Q2 FY25 as against Rs 60.01 crore posted in Q2 FY24. Total revenue from operations was at Rs 365.05 in Q2 FY25, up 24.09% as against Rs 294.18 crore recorded in same quarter last year.
IPO Update:
The initial public offer (IPO) of Godavari Biorefineries received bids for 60,89,832 shares as against 1,12,74,739 shares on offer, according to stock exchange data at 17:00 IST on Thursday (24 October 2024). The issue was subscribed 0.54 times.
The issue opened for bidding on Wednesday (23 October 2024) and it will close on Friday (25 October 2024). The price band of the IPO is fixed between Rs 334 to Rs 352 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.
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