Market ends with minors cuts; FMCG shares slide; VIX drops 4.46%

The headline equity benchmarks ended with minor losses on Thursday, declining for the fourth day in a row. The Nifty settled near the 24,400 level. FMCG, realty and auto stocks declined while PSU bank, bank and pharma shares advanced. Trading was volatile due to weekly F&O series expiry today.

As per provisional closing data, the barometer index, 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.

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, 1,588 shares rose and 2,344 shares fell. A total of 101 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 4.46% to 13.97.

Economy:

India's private sector economy continued to showcase robust growth in October, according to the latest HSBC flash PMI survey compiled by S&P Global.

The HSBC Flash India Composite Output Index a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors stood at 58.6 in October 2024 as compared with 58.3 in September 2024. Manufacturers outperformed service providers regarding rates of expansion for output and sales, and also recorded faster increases in input costs and selling charges.

The HSBC Flash India Manufacturing PMI a single-figure snapshot of factory business conditions calculated from measures of new orders, output, employment, supplier delivery times and stocks of purchases recovered from September's eight-month low of 56.5 to 57.4 in October.

IPO Update:

The initial public offer (IPO) of Godavari Biorefineries received bids for 56,83,650 shares as against 1,12,74,739 shares on offer, according to stock exchange data at 15:40 IST on Thursday (24 October 2024). The issue was subscribed 0.50 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.

Buzzing Index:

The Nifty FMCG index dropped 2.83% to 58,396.90. The index rose 0.16% in the past trading session.

Hindustan Unilever (down 5.91%), Marico (down 3.48%), Colgate-Palmolive (India) (down 3.42%), Varun Beverages (down 3.09%) and Dabur India (down 3.05%) were the top losers. Among the other losers were Godrej Consumer Products (down 2.9%), Nestle India (down 2.89%), Britannia Industries (down 2.48%), ITC (down 2.05%) and Tata Consumer Products (down 1.85%) declined.

Hindustan Unilever (HUL) tumbled 5.91% 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 3.42%. 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.

Stocks in Spotlight:

TVS Motor Company declined 3.38%. 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 0.32%. The companys consolidated net profit declined 48.52% to Rs 199.70 crore on 4.03% increase in revenue from operations to Rs 4,613.52 crore in Q2 FY25 over Q2 FY24.

Strides Pharma Science lost 1.44%. 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 the quarter ended September 2024, registering a growth of 20.17% from Rs 999.43 crore posted in the quarter ended September 2023.

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 16.61% 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 10.12% 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.

AU Small Finance Bank (SFB) shed 0.64%. The companys net profit jumped 42.15% to Rs 571.21 crore in Q2 FY25 as compared with Rs 401.83 crore in Q2 FY24. Net interest income (NII) stood at Rs 1,974 crore in second quarter of FY25, up 58.05% YoY. Net interest margin (NIM) stood at 6.1% during the quarter.

Thyrocare Technologies added 0.62%. The healthcare service provider reported 31.12% increase in consolidated net profit to Rs 26.67 crore in Q2 FY25 from Rs 20.34 crore posted in Q2 FY24. Revenue from operations grew by 19.99% year on year (YoY) to Rs 177.36 crore in the quarter ended 30 September 2024.

MAS Financial Services slipped 2.35%. The companys 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.

Global Markets:

European shares advanced as traders reviewed another batch of earnings reports.

S&P Global Flash UK PMI composite output index which measures the health of the manufacturing and services private sectors, dipped to 51.7 from 52.6 in September.

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.

Powered by Capital Market - Live News