Market Highlight, Oct 31: IT stocks drag Sensex, Nifty on last Samvat 2080 day; Muhurat trading eyed

Stock Market Highlights: Benchmark equity indices BSE Sensex and Nifty 50 settled in red on Thursday

Stock Market Highlights, Thursday, October 31, 2024: Benchmark equity indices, BSE Sensex and NSE Nifty50, ended in negative territory for the second consecutive session on Thursday. This also marked the last trading session of Samvat 2080.

Notably, the BSE, National Stock Exchange (NSE), and Multi Commodity Exchange (MCX) will conduct an hour-long Muhurat trading session from 6-7 pm on Friday, November 1, 2024, instead of the regular trading session, to mark the beginning of Samvat 2081.
 

On Thursday, the BSE Sensex shed 553.12 points, or 0.69 per cent, to settle at 79,389.06. Mirroring the Sensex, the Nifty50 ended lower by 135.50 points, or 0.56 per cent, to 24,205.35.  With this, Sensex posted a gain of 22.31 per cent in Samvat 2080, whereas for Nifty50 it stood at 26.40 per cent.
 

The last trading session of the incumbent Samvat ended in favor of the bears as 34 out of 50 constituent stocks ended in the red, dragged down by HCL Tech, Tech Mahindra, TCS, Infosys, and Asian Paints, with losses extending up to 3.61 per cent. Conversely, gains were led by Cipla, Larsen & Toubro, Dr Reddy's Labs, ONGC, and Mahindra & Mahindra, which were among the 16 stocks that ended in the green, with gains extending up to 9.50 per cent on Thursday.

Meanwhile, small-cap stocks outperformed in the broader indices, as the Nifty Smallcap 100 index ended higher by 1.15 per cent.

IT stocks faced the worst hit among sectors, as the Nifty IT index ended lower by 3.03 per cent, dragged down by Persistent Systems and Mphasis.

Other sectoral indices also ended lower, barring Media, Pharma, and Healthcare, which settled higher by over 1 per cent each on Thursday.

3:58 PM

Stock Market Highlights LIVE Updates: Sentiment may continue to be weak as long as Nifty stays below 24,500

The Nifty index remained volatile before closing on a negative note. On the hourly chart, it encountered resistance around the 50 EMA, leading to a pullback toward 24,200. Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750.

(View by: Rupak De, Senior Technical Analyst, LKP Securities)

3:56 PM

Stock Market Highlights LIVE Updates: Core sector data, govt spend to influence Samvat 2081 strategy

The key benchmark indices traded with mild cuts while experiencing a broader sell-off in the technology sector due to weakness in the US IT companies, which has led the domestic IT companies to come under the shadow of underperformance. Investors remain cautious owing to weak domestic earnings for Q2.

However, the market expects the momentum to reverse in H2 due to a rebound in core sector data and government spending, which are likely to influence the Samvat 2081 investment strategy.

(View by: Vinod Nair, Head of Research, Geojit Financial Services)

3:52 PM

Stock Market Highlights LIVE Updates: Stocks to buy, sell in Diwali Muhurat Trading 2024

From a medium to long-term perspective, we remain optimistic on Indian markets and expect indices to give returns in mid double digits over 12 months period. However, from a short-term perspective, markets will be volatile and can see 4-5 per cent correction.

We prefer large-cap stocks over mid and small-cap and expect heavyweight to outperform over next 12 months.

(View by: Aditya Agarwal Head of Derivatives & Technical Analysis at Sanctum Wealth)

3:51 PM

Stock Market Highlights LIVE Updates: Cipla, L&T and ONGC gain on NSE

Cipla was the top gainer on NSE, rising over 9 per cent, followed by L&T and ONGC. 

3:47 PM

Stock Market Highlights LIVE Updates: Nifty Pharma, Healthcare and Media end on top

In a weak market, sectors such as Nifty Pharma, Nifty Healthcare and Nifty Media ended the day in green in otherwise a sector wide weakness.

3:45 PM

Stock Market LIVE Updates: Broader indices mixed

The BSE SmallCap index outperformed benchmarks, rising 1.62 per cent, while the BSE MidCap index fell 0.34 per cent.

3:38 PM

Stock Market Highlights LIVE Updates: 22 out of 30 stocks end in red on Sensex

IT majors remained the top losers on the BSE Sensex at close on Thursday, with Tech Mahindra, HCL Tech and TCS falling the most. 

3:35 PM

Stock Market Highlights LIVE Updates: Nifty50 finishes below 24,250

NSE's Nifty50 settled at 24,205, down 135 points or 0.56 per cent. 

3:32 PM

Stock Market Highlights LIVE Updates: Sensex ends over 400 pts down

The BSE Sensex closed 411 points lower or 0.51 per cent at 79,530 level.

3:23 PM

Stock Market LIVE Updates | IPO calendar next week: Swiggy, 2 others to open; Afcons Infra to list

Beginning with the listing of Afcons Infrastructure on Monday, November 4, the upcoming week promises to be equally exciting for investors. The initial public offerings of online food delivery giant Swiggy, Sagility India, and ACME Solar Holdings from the mainline segment are scheduled to open for subscription. Simultaneously, Neelam Linens and Garments from the SME segment will also commence its public subscription process on Friday, November 8, 2024. READ MORE

3:14 PM

Stock Market LIVE Updates: Rupee hits record low of 84.1/$

Stock Market LIVE Updates: Rupee hits record low of 84.10 per US dollar in intraday trade

>> Indian rupee continues to trade below 84 per US dollar level

Source: Bloomberg

3:02 PM

Stock Market LIVE Updates: 3 PM market update - Sensex, Nifty trade with losses

Stock Market LIVE Updates: Benchmark equity indices BSE Sensex and Nifty 50 were trading deep in red on Thursday, amid mixed global cues. 

At 3 PM, the BSE Sensex was down 579.61 points, or 0.73 per cent, at 79,362.57, while the Nifty 50 was at 24,192.50, lower by 148.35 points, or 0.61 per cent. 

 

2:54 PM

Stock Market LIVE Updates: HDB Financial, a unit of HDFC Bank, files for Rs 12,500 crore IPO

Stock Market LIVE Updates: India's HDB Financial Services, the non-banking lending unit of HDFC Bank, has filed for an initial public offering of up to Rs 12,500 crore ($1.49 billion), in line with its parent's announcement earlier this month.

 

HDFC Bank, which holds a 94.6 per cent stake in the lender, will sell shares worth up to Rs 10,000 crore, while HDB Financial will issue fresh shares worth up to Rs 2,500 crore, according to draft papers filed late on Wednesday. READ MORE

 

2:48 PM

Stock Market LIVE Updates: TP Gopalan Nambiar, founder of BPL Group, passes away at the age of 94

Stock Market LIVE Updates: TP Gopalan Nambiar, the founder of BPL Group, passed away at the age of 94 on Thursday. He died at his Bengaluru residence around 10.15 am. Popularly known as TPG, he was the father-in-law of BJP leader and former Union Minister Rajeev Chandrasekhar. He was not keeping well for quite some time.

 

Confirming the news, Chandrashekhar said on X (formerly Twitter): “It is with great sadness that I inform you all about the passing away of my father-in-law TPG Nambiar, Chairman BPL Group. Om Shanti. He was a true visionary and built one of India's most trusted consumer brands that remains popular to this day. I am pausing my Election campaign work and returning to Bengaluru to be with my family.” READ MORE

 

 

2:39 PM

Stock Market LIVE Updates: MOFSL promoters transfer 4,24,000 shares to Motilal Oswal Foundation for charity

Stock Market LIVE Updates: Motilal Oswal Financial Services today informed that its promoters Motilal Oswal and Raamdeo Agarawal have transferred 2,12,000 equity shares each, aggregating to 0.071 per cent of the total equity share capital of the company, to Motilal Oswal Foundation, for philanthropic reasions. 

According to the company's exchange filing, both Oswal and Agarawal, along with their family members, have pledged to donate 5 per cent equity share capital of the company by each of them, aggregating to 10 per cent of the total paid-up equity share capital of the company, towards charitable purposes.

The company, in an exchange filing, said, "In this regard, we are pleased to inform the Exchange that in order to achieve their philanthropic goal of making a positive impact on society and aligning with the Company’s core values of Social Responsibility and giving back to society, Mr. Motilal Oswal and Mr. Raamdeo Agarawal have transferred 2,12,000 Equity Shares each, aggregating to total 4,24,000 i.e. 0.071 per cent of total paid-up Equity Share Capital of the Company to Motilal Oswal Foundation (“MOFD”) on October 31, 2024."