Benchmarks snap 2-day gaining streak, Nifty ends near 24,200 level

The domestic equity benchmarks ended with major losses on Thursday, snapping its two days gaining streak. The Nifty settled around the 24,200 level. All the sectoral indices on the NSE were ended in the red with metal, pharma and realty stocks declining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex dropped 836.34 points or 1.04% to 79,541.79. The Nifty 50 index fell 284.70 points or 1.16% to 24,199.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.67% and the S&P BSE Small-Cap index declined 0.44%.

The market breadth was positive. On the BSE, 1,823 shares rose and 2,134 shares fell. A total of 96 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.05% to 15.03.

IPO Update:

The initial public offer (IPO) of Niva Bupa Health Insurance Company received bids for 10,86,73,000 shares as against 17,28,57,143 shares on offer, according to stock exchange data at 15:20 IST on Thursday (07 November 2024). The issue was subscribed 0.63 times.

The issue opened for bidding on Thursday (07 November 2024) and it will close on Monday (11 November 2024). The price band of the IPO is fixed between Rs 70 to Rs 74 per share. An investor can bid for a minimum of 200 equity shares and in multiples thereof.

The initial public offer (IPO) of ACME Solar Holdings received bids for 3,72,94,668 shares as against 5,82,03,223 shares on offer, according to stock exchange data at 15:20 IST on Thursday (07 November 2024). The issue was subscribed 0.64 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 275 to Rs 289 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

The initial public offer (IPO) of Swiggy received bids for 5,08,36,970 shares as against 16,01,09,703 shares on offer, according to stock exchange data at 15:20 IST on Thursday (07 November 2024). The issue was subscribed 0.32 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 371 to Rs 390 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The initial public offer (IPO) of Sagility India received bids for 1,12,19,76,000 shares as against 38,70,64,594 shares on offer, according to stock exchange data at 15:20 IST on Thursday (07 November 2024). The issue was subscribed 2.90 times.

The issue opened for bidding on Tuesday (05 November 2024) and it will close on Thursday (07 November 2024). The price band of the IPO is fixed between Rs 28 to Rs 30 per share. An investor can bid for a minimum of 500 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index dropped 2.73% to 9,392.85. The index rallied 4.49% in past two consecutive trading sessions.

Hindalco Industries (down 8.29%), Vedanta (down 3.29%), National Aluminium Company (down 2.5%), Hindustan Copper (down 2.43%), Adani Enterprises (down 2.43%), JSW Steel (down 1.84%), Tata Steel (down 1.57%), APL Apollo Tubes (down 1.29%), Hindustan Zinc (down 1.15%) and NMDC (down 0.81%) declined.

Hindalco Industries tumbled 8.29% after the companys subsidiary Novelis Inc. reported 18% drop in net income to $128 million in the second quarter of fiscal year 2025. Net sales for the second quarter of fiscal year 2025 increased 5% versus the prior year period to $4.3 billion, mainly driven by higher average aluminum prices and a 1% increase in total flat rolled product shipments to 945 kilotonnes.

Tata Steel declined 1.57%. The steel major reported consolidated net profit of Rs 758.84 crore in Q2 FY25 as against net loss of Rs 6,511.16 crore reported in Q2 FY24. Total revenue from operations declined 3.19% year on year (YoY) to Rs 53,904.71 crore in the quarter ended 30 September 2024.

Stocks in Spotlight:

Mahindra & Mahindra slipped 1.56%. The company reported 13.2% rise in standalone net profit to Rs 3,840.88 crore on 12.25% increase in income from operations to Rs 28,919.34 crore in Q2 FY25 over Q2 FY24.

Apollo Hospitals Enterprise jumped 6.54% after the company reported 62.64% surge in consolidated net profit to Rs 378.8 crore in Q2 FY25 as against Rs 232.9 crore posted in Q2 FY24. Revenue from operations increased 15.31% year on year (YoY) to Rs 5,589.3 crore in the quarter ended 30 September 2024.

Delta Corp shed 0.63%. The companys consolidated net profit tumbled 61.14% to Rs 26.98 crore in Q2 FY25 as compared with Rs 69.44 crore in Q2 FY24. Revenue from operations dropped 28.12% YoY to Rs 187.65 crore in Q2 FY25.

Chambal Fertilisers and Chemicals advanced 2.12% after the company reported 40.79% YoY increase in consolidated net profit to Rs 536.37 crore in Q2 FY25. However, net sales declined 19.30% year-on-year (YoY) to Rs 4346.18 crore in Q2 FY25.

Sonata Software lost 1.01%. The companys consolidated net profit increased marginally 0.81% to Rs 106.49 crore in Q2 FY25 as compared with Rs 105.63 crore in Q1 FY25. Revenue declined 14.13% QoQ to Rs 2,169.83 crore in Q2 FY25.

Avalon Technologies was locked in an upper circuit of 20% after the companys consolidated net profit surged 140.44% to Rs 17.48 crore on 37.5% increase in revenue from operations to Rs 275.01 crore in Q2 FY25 over Q2 FY24.

India Pesticides added 0.66%. The company's consolidated net profit surged 32.87% to Rs 25.91 crore in Q2 FY25 as against Rs 19.50 crore posted in Q2 FY24. Revenue from operations jumped 13.27% year on year to Rs 228.78 crore in the quarter ended 30 September 2024.

Venky's (India) slumped 9% after the companys net profit dropped 77.23% to Rs 7.76 crore in Q2 FY25 as against Rs 34.09 crore posted in Q2 FY24. However, Revenue from operations fell by 15.16% YoY to Rs 774.20 crore during the quarter.

Usha Martin shed 0.70%. The company reported 5.38% rise in consolidated net profit to Rs 109.72 crore in Q2 FY25 as against Rs 104.11 crore posted in Q1 FY25. Revenue from operations added 7.84% to Rs 891.17 crore in Q2 FY25 as against Rs 826.37 crore posted in Q1 FY25.

Polycab India slipped 1.06%. The company said that it has emerged as the lowest bidder (L1) for a project floated by Bharat Sanchar Nigam (BSNL) worth Rs 1,549.66 crore.

TeamLease Services fell 3.90% after the companys consolidated net profit declined 28% to Rs 25 crore despite 8% increase in revenue from operations to Rs 2797 crore in Q2 FY25.

Gulf Oil Lubricants India declined 3.67%. The companys net profit jumped 14.68% to Rs 84.44 crore on 5.86% rise in revenue from operations to Rs 849.33 crore in Q2 FY25 over Q2 FY24.

Kirloskar Ferrous Industries slipped 1.29% after the company reported 4.93% decline in consolidated net profit to Rs 77.64 crore in Q2 FY25 as compared to Rs Rs 81.67 crore in Q2 FY24. However, revenue from operation gained 6.81% to Rs 1,666.02 crore in Q2 FY25 as compared to Rs 1,559.69 crore posted in the same period last year.

Rain Industries lost 2.04% after the company reported consolidated net loss of Rs 154.94 crore in Q3 CY24 as compared with net loss of Rs 65.75 crore in Q3 CY23. Revenue from operations declined 5.43% YoY to Rs 3,934.28 crore in the quarter ended 30 September 2024.

Kansai Nerolac Paints fell 2.33% after the company reported 27.64% decline in standalone net profit to Rs 130.16 crore as against Rs 179.89 crore posted in Q2 FY24. Revenue from operations was at Rs 1,863.77 crore in Q2 FY25, up 0.98% as against Rs 1,845.57 crore in Q2 FY24.

Global Markets:

The Dow Jones index future was up 70 points, signaling a positive opening for U.S. stocks today.

Most European and Asian stocks advanced on Thursday as investors continued to digest Donald Trumps presidential election win and political upheaval in Germany. The focus is now on potential stimulus measures from China and monetary policy decisions from the U.S. Federal Reserve and Bank of England.

While most Asian markets saw significant gains on Wednesday, Chinese stocks were more subdued due to concerns over potential strict trade tariffs. Trump has pledged to impose a 60% tariff on all Chinese imports. Attention is now on the meeting of Chinas National Peoples Congress, which began earlier this week, for insights into possible fiscal stimulus measures.

Regional markets received limited positive influence from a strong session on Wall Street, where U.S. benchmark indexes reached record levels following Trump's victory. The S&P 500 increased by 2.5% to a record high of 5,929.04 points, the NASDAQ Composite rose 2.9% to 18,978.65 points, and the Dow Jones Industrial Average surged 3.6% to 43,729.93 points, marking its best day since 2022.

Trump Media & Technology Group, owner of the Truth Social platform, saw its shares rise by 6%. Tesla's stock jumped over 14%, as the company is perceived as a major beneficiary of Trumps win, partly due to Elon Musk's support of Trump's campaign. Financial stocks like Citigroup, Bank of America, and Wells Fargo experienced strong gains as investors speculated that Trumps presidency would lead to decreased regulation in the banking sector.

Investors are now awaiting the outcome of a Federal Reserve meeting later on Thursday for more guidance on interest rates. The Fed is expected to cut rates by 25 basis points, though the outlook remains uncertain amid Trump's presidency and persistent inflationary pressures.

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