Market slides for 5th day; Nifty settles below 24,200; VIX rallies 4.74%

The key equity indices traded ended with major losses on Thursday, declining for the fifth day in a row. The Nifty settled below the 24,200 level after the hitting the days high of 24,440.25 in early trade. Consumer durables, oil & gas and metal stocks declined while FMCG and pharma shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex, dropped 662.87 points or 0.83% to 79,402.29. The Nifty 50 index slipped 218.60 points or 0.90% to 24,180.80.

In the broader market, the S&P BSE Mid-Cap index fell 1.48% and the S&P BSE Small-Cap index dropped 2.44%.

 

The market breadth was weak. On the BSE, 843 shares rose and 3,099 shares fell. A total of 79 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 4.74% to 14.63.

IPO Update:

The initial public offer (IPO) of Afcons Infrastructure received bids for 64,41,856 shares as against 8,66,19,950 shares on offer, according to stock exchange data at 15:20 IST on Friday (25 October 2024). The issue was subscribed 0.07 times.

The issue opened for bidding on Friday (25 October 2024) and it will close on Tuesday (29 October 2024). The price band of the IPO is fixed between Rs 440 to Rs 463 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

The initial public offer (IPO) of Godavari Biorefineries received bids for 1,95,17,232 shares as against 1,12,74,739 shares on offer, according to stock exchange data at 15:20 IST on Friday (25 October 2024). The issue was subscribed 1.73 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 Consumer Durables index dropped 2.60% to 39,672.45. The index fell 2.97% in two consecutive trading sessions.

Dixon Technologies (India) (down 7.43%), Rajesh Exports (down 4.22%), Kalyan Jewellers India (down 3.51%), Century Plyboards (India) (down 2.38%), Whirlpool of India (down 2.29%), Voltas (down 2.24%), V-Guard Industries (down 2.2%), Titan Company (down 1.93%), Havells India (down 1.65%) and Bata India (down 1.44%) declined.

Stocks in Spotlight:

IndusInd Bank tumbled 18.66% after the bank reported 39.24% decline in standalone net profit to Rs 1,325.45 crore in Q2 FY25 as against Rs 2,181.47 crore posted in Q2 FY24. However, total income increased 9.91% year on year (YoY) to Rs 14,870.18 crore in the quarter ended 30 September 2024.

JSW Steel shed 0.84%. The companys net profit slumped 85.43% to Rs 404 crore on 10.90% decline in total revenue to Rs 39,684 crore in Q2 FY25 over Q2 FY24.

ITC advanced 2.20% after the diversified conglomerates net profit rose 3.07% to Rs 4,917.45 crore in Q2 FY25 as against Rs 4,926.96 crore posted in Q2 FY24. Net revenue (excluding excise duty) was at Rs 19,150.32 crore in the September quarter FY25, up 16.81% from Rs 16,393.74 crore recorded in the corresponding quarter previous year.

Godrej Consumer rallied 3.10% after the companys consolidated net profit increased 13.53% to Rs 491.31 crore on 2.3% rise in total income to Rs 3,752.32 crore in Q2 FY25 over Q2 FY24.

Radico Khaitan declined 1.80%. The companys standalone net profit jumped 32.82% to Rs 82.19 crore on 20.68% increase in net sales to Rs 1,116.30 crore in Q2 FY25 over Q2 FY24.

Mahanagar Gas slipped 2.44% after the company reported 16.5% fall in standalone net profit to Rs 282.8 crore despite a 9% rise in net revenue from operations to Rs 1,711.62 crore in Q2 FY25 over Q2 FY24.

VST Industries dropped 9.36% after the companys standalone net profit fell 37.38% to Rs 47.56 crore on 3.12% increase in revenue from operations (excluding excise duty) to Rs 358.95 crore in Q2 FY25 over Q2 FY24.

Suryoday Small Finance Bank slumped 11.12% after the bank reported 9.76% decline in net profit to Rs 45.39 crore in Q2 FY25 as against Rs 50.30 crore posted in Q2 FY24. However, total income jumped 29.89% YoY to Rs 554.65 crore in the quarter ended 30 September 2024.

Glenmark Life Sciences fell 9.18% after the companys standalone net profit declined 19.72% to Rs 95.32 core on 14.86% slide in revenue from operations to Rs 506.88 crore in Q2 FY25 over Q2 FY24.

Bikaji Foods International rallied 3.30% after the company reported 14.7% rise in net profit to Rs 68.6 crore on a 26% increase in total revenue from operations to Rs 721.2 crore in Q2 FY25 over Q2 FY24.

R R Kabel lost 6.29% after the companys consolidated net profit declined 33.16% to Rs 49.52 crore in Q2 FY25 as against Rs 74.09 crore posted in Q2 FY24. Revenue from operations was at Rs 1,810.13 crore in second quarter of FY25, marking a growth of 12.45% as against Rs 1,609.67 crore in Q2 FY24.

Nippon Life India Asset Management added 0.98%. The companys consolidated net profit jumped 47.33% to Rs 360.10 crore on 45.59% rise in total income to Rs 692.08 crore in Q2 FY25 over Q2 FY24.

Global Markets:

Most European stocks declined while Asian shares ended mixed on Friday.

Japanese shares declined in anticipation of a hotly contested general election this Sunday. Concerns about potential currency market intervention by the Japanese government, as the yen approached three-month lows, also weighed on sentiment.

Soft inflation data further pressured the yen. The October headline Tokyo Consumer Price Index (CPI) rose 1.8% year-over-year (YoY), compared to 2.2% in the previous month, according to the Statistics Bureau of Japan.

U.S. equities were mixed on Thursday as investors prepared for a series of major tech earnings reports. Rising geopolitical tensions in the Middle East, with Israel threatening a strike against Iran, also dampened risk appetite. The Dow Jones Industrial Average fell 0.33%, while the S&P 500 rose 0.21%, and the NASDAQ Composite gained 0.76%.

Tesla led the broader market index, surging nearly 22% after reporting third-quarter results that exceeded expectations. This marked its best day since 2013. Whirlpool and UPS also climbed after posting strong results.

IBM dragged down the Dow, falling over 6% as its consulting revenue narrowly missed estimates. Boeing slipped 1.2% after its machinists rejected a new labor contract.

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