Market decline for 2nd day, Nifty settles near 24,150 mark, VIX slides 2.45%

The key domestic indices ended with limited losses on Friday, declining for the second day in a row. The Nifty settled around the 24,150 mark. Realty, PSU bank and media shares declined while IT, consumer durables and FMCG stocks advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 55.47 points or 0.07% to 79,486.32. The Nifty 50 index lost 51.15 points or 0.21% to 24,148.20.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.18% and the S&P BSE Small-Cap index declined 1.52%.

The market breadth was weak. On the BSE, 1,397 shares rose and 2,572 shares fell. A total of 95 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.45% to 14.57.

IPO Update:

The initial public offer (IPO) of Niva Bupa Health Insurance Company received bids for 14,99,30,600 shares as against 17,28,57,143 shares on offer, according to stock exchange data at 15:15 IST on Friday (08 November 2024). The issue was subscribed 0.87 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 14,92,02,693 shares as against 5,82,03,223 shares on offer, according to stock exchange data at 15:15 IST on Friday (08 November 2024). The issue was subscribed 2.56 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 55,00,39,778 shares as against 16,01,09,703 shares on offer, according to stock exchange data at 15:15 IST on Friday (08 November 2024). The issue was subscribed 3.44 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.

Buzzing Index:

The Nifty Realty index lost 2.90% to 967.65. The index declined 3.17% in two consecutive trading sessions.

Godrej Properties (down 4.66%), Prestige Estates Projects (down 4.19%), Sobha (down 4.07%), Macrotech Developers (down 3.47%), Brigade Enterprises (down 3.15%), Phoenix Mills (down 2.83%), DLF (down 2.45%), Raymond (down 1.56%), Oberoi Realty (down 0.86%) and Mahindra Lifespace Developers (down 0.7%) slipped.

Stocks in Spotlight:

State Bank of India (SBI) slipped 2.11%. The largest PSU banks standalone net profit rose 27.92% to Rs 18,331.44 crore on 15.13% increase in total income to Rs 129,141.11 crore in Q2 FY25 over Q2 FY24.

Steel Authority of India (SAIL) dropped 4.30% after the companys standalone net profit declined 32.82% to Rs 833.52 crore on 16.96% slide in revenue from operations to Rs 24,674.70 crore in Q2 FY25 over Q2 FY24.

MRF declined 1.47% after the companys consolidated net profit declined 19.77% to Rs 470.70 crore despite 10.68% increase in revenue from operations to Rs 6,881.09 crore in Q2 FY25 over Q2 FY24.

Cochin Shipyard was locked in a lower circuit of 5% after the companys consolidated net profit slipped 25.89% to Rs 149.39 crore in Q2 FY25 as against Rs 180.89 crore posted in Q1 FY25. However, revenue from operations grew 13% year on year (YoY) to Rs 1,143.20 crore in the quarter ended 30 September 2024.

Lupin shed 0.54%. The companys consolidated net profit jumped 74.1% to Rs 852.63 crore in Q2 FY25 as compared with Rs 489.67 crore in Q2 FY24. Sales increased 11.3% YoY to Rs 5497.01 crore in Q2 FY24.

IRCON International fell 4.18% after the companys consolidated net profit decline 17.90% to Rs 205.9 crore in Q2 FY25 as against Rs 250.8 crore posted in Q2 FY24. Revenue from operations slipped 19.31% to Rs 2,447.52 crore during the quarter as compared with Rs 3,033.27 crore posted in corresponding quarter last year.

RailTel Corporation of India declined 2.63%. The informed that it has received a work order from the Employees Provident Fund Organisation (EPFO) for supply & services amounting to Rs 170.25 crore.

Indian Hotels Company (IHCL) surged 7.22% after the companys consolidated net profit surged 232.24% to Rs 554.58 crore on 27.42% rise in revenue from operations to Rs 1,826.12 crore in Q2 FY25 over Q2 FY24.

Indian Metals & Ferro Alloys jumped 7.11% after the companys standalone net profit jumped 47.54% to Rs 132.73 crore despite 0.1% decline in revenue from operations to Rs 691.92 crore in Q2 FY25 over Q2 FY24.

NHPC slipped 2.59% after the company reported 41.19% decline in consolidated net profit to Rs 908.97 crore in Q2 FY25 from Rs 1,545.85 crore recorded in Q2 FY24. However, revenue from operations rose 4.11% year on year (YoY) to Rs 3,051.93 crore in the quarter ended 30 September 2024.

G R Infraprojects declined 2.19% after the company's consolidated net profit shed 11% to Rs 193.28 crore on 25.94% fall in revenue from operations to Rs 1,394.33 crore in Q2 FY25 over Q2 FY24.

Rail Vikas Nigam (RVNL) dropped 6.19% after the company reported 27.26% decline in consolidated net profit to Rs 286.89 crore in Q2 FY25 as against Rs 394.42 crore posted in Q2 FY24. However, revenue from operations decreased 1.20% YoY to Rs 4,854.95 crore in the quarter ended 30 September 2024.

GMM Pfaudler fell 6.69% after the companys consolidated net profit fell 74.72% to Rs 17.26 crore in Q2 FY25 as against Rs 68.30 crore posted in Q2 FY24. Revenue from operations declined 14.08% to Rs 805.42 crore in Q2 FY25 from Rs 937.48 crore recorded in the corresponding quarter previous year.

Gujarat State Petronet (GSPL) declined 2.41% after the company's net profit slipped 26.83% to Rs 389.29 crore on 51.27% fall in revenue from operations to Rs 257.96 crore in Q2 FY25 over Q2 FY24.

Safari Industries (India) lost 1.63% after the company reported 25.40% decrease in consolidated net profit to Rs 29.66 crore in Q2 FY25 as compared to Rs 39.76 crore recorded in Q2 FY24. However, revenue from operations grew by 23.72% year on year (YoY) to Rs 457.79 crore in the quarter ended 30 September 2024.

Latent View Analytics rallied 4.99% after the companys consolidated net profit rose 4.57% to Rs 40.70 crore on 16.81% jump in revenue from operations to Rs 208.95 crore in Q2 FY25 over Q1 FY25.

NRB Bearings jumped 4.01% after the company's consolidated net profit increased 45.92% to Rs 35.94 crore on 8.07% rise in net sales to Rs 301.51 crore in Q2 FY25 over Q2 FY24.

India Cements added 1.25%. The company reported consolidated net loss of Rs 339.13 crore in Q2 FY25 as against a net loss of Rs 85.54 crore reported in Q2 FY24. Revenue from operations declined 18.39% YoY to Rs 1,031.80 crore in the quarter ended 30 September 2024.

Cummins India advanced 2.27% after the companys standalone net profit jumped 37.16% to Rs 450.61 crore in Q2 FY25 as against Rs 328.51 crore posted in Q2 FY24. Revenue from operations was at Rs 2,448.40 crore in Q2 FY25, marking a growth of 30.82% as against Rs 1871.45 crore reported in the same quarter last year.

Global Markets:

European shares declined on Friday, as investors monitored corporate results and reacted to quarter-point interest rate cuts from the U.S. Federal Reserve and Bank of England.

Asian stocks ended mixed on Friday following a Federal Reserve interest rate cut by 25 basis points to a range of 4.5% to 4.75% on Thursday, a move that was widely anticipated.

Fed Chair Jerome Powell stated that the recent presidential election outcome would have no immediate impact on monetary policy. He emphasized that the Fed will continue to rely on a data-driven approach for future decisions, noting that inflation is cooling as expected, while economic growth remains strong.

In Europe, the Bank of England cut interest rates on Thursday for only the second time since 2020 and said future reductions were likely to be gradual, seeing higher inflation and growth after the new government's first budget. The Monetary Policy Committee voted 8-1 to cut interest rates to 4.75% from 5%.

Investors are now focused on China, where a legislative meeting is concluding and may result in new stimulus measures. While Trump's victory has introduced tariff concerns for China and other developing economies, optimism remains high that Chinese authorities will announce measures to counter potential trade impacts from the US.

In the US, stock indices mostly gained on Thursday, extending the recent rally spurred by Trumps victory. The S&P 500 rose 0.74% to a record 5,973.10 points, and the NASDAQ Composite climbed 1.51% to reach a record 19,269.36 points. The Dow Jones Industrial Average remained flat at 43,729.34 points but stayed close to a record high.

Trump's victory, coupled with a Republican majority in Congress, suggests fewer obstacles for the 47th President in enacting significant policy reforms. He is expected to pursue a looser fiscal policy, while his protectionist trade and immigration stances are anticipated to strengthen the dollar.

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