The domestic stock benchmarks closed lower for the third day in a row on Wednesday. Despite early gains, selling pressure in the final hour pushed the Nifty below 24,450. IT stocks advanced, but pharma, healthcare, and auto shares faced declines. Mixed global cues and relentless FII selling contributed to the volatility.
In the barometer index, the S&P BSE Sensex declined 138.74 points or 0.17% to 80,081.98. The Nifty 50 index shed 36.60 points or 0.15% to 24,435.50. The 50-unit index has fallen 1.68% in three consecutive sessions.
Mahindra & Mahindra (down 3.23%), Larsen & Toubro (down 1.56%) and ICICI Bank (down 1.28%) were major drags.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.48% and the S&P BSE Small-Cap index gained 0.93%.
The market breadth was positive. On the BSE, 2,096 shares rose and 1,827 shares fell. A total of 108 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.31% to 14.59.
Economy:
The International Monetary Fund (IMF) maintained its June growth rate projects for India in its latest World Economic Outlook (WEO). IMF stated that India is set to grow at 7% in the current fiscal year ending March 31, 2025 and 6.5% in the next fiscal year (FY2025-26).
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.45% to 6.931 as compared with previous close 6.938.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0775, compared with its close of 84.0800 during the previous trading session.
MCX Gold futures for 5 December 2024 settlement rose 0.11% to Rs 78,740.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.27% to 104.36.
The United States 10-year bond yield gained 0.38% to 4.224.
In the commodities market, Brent crude for December 2024 settlement lost $1.38 or 1.81% to $74.66 a barrel.
Global Markets:
The Dow Jones index futures were down 212 points, indicating a weak opening in the US stocks today.
European stocks declined while most Asian stocks ended higher on Wednesday.
Hong Kong's stock market led the region, buoyed by a strong debut from China Resources Beverage. Chinese equities also extended their recent rally following Beijing's stimulus measures, including a surprise interest rate cut by the People's Bank of China on Monday.
US stocks saw a flat overnight session. Mixed corporate earnings and the ongoing uncertainty surrounding the U.S. presidential election contributed to the cautious mood. At the close in NYSE, the Dow Jones Industrial Average declined 0.02%, while the S&P 500 index declined 0.05%, and the NASDAQ Composite index added 0.18%.
General Motors stock rose 10% after the company reported stronger-than-expected third-quarter earnings, driven by robust revenue growth and improved profitability.
Verizon stock fell 5% after the telecom giant reported mixed third-quarter results, with earnings slightly beating expectations but revenue falling short.
Stocks in Spotlight:
Hindustan Unilever fell 0.90% In Q2FY25, HUL reported an Underlying Sales Growth (USG) of 2% and Underlying Volume Growth (UVG) of 3%. EBITDA margin at 23.8% continued to remain healthy. Profit After Tax before exceptional items (PAT bei) and Profit After Tax (PAT) declined by 2% and 4% respectively. The board declared an interim dividend of Rs 19 per share.
Bajaj Finance jumped 5% after the NBFC's consolidated net profit jumped 13.03% to Rs 4,013.74 crore on 27.72% rise in total income to Rs 17,095.41 crore in Q2 FY25 over Q2 FY24. Net interest income jumped 23% to Rs 8,838 crore for Q2 FY25 from Rs 7,196 crore in Q2 FY24. Operating expenses to net interest income for Q2 FY25 was 33.2% as against 34% in Q2 FY24.
Coforge surged 11.03% after the company's consolidated net profit surged 51.8% to Rs 202.2 crore on 27.55% rise in revenue to Rs 3,062.3 crore in Q2 FY25 over Q1 FY25.
Persistent Systems zoomed 10.9% after the company's consolidated net profit jumped 6.06 to Rs 324.99 crore on 5.84% increase in revenue from operations to Rs 2,897.15 crore in Q2 FY25 over Q1 FY25.
Can Fin Homes jumped 4.60% after the housing financier's net profit rose 33.8% to Rs 211.49 crore on 10.5% increase in total income to Rs 962.69 crore in Q2 FY25 as compared with Q2 FY24. The spread decreased slightly from 2.61% in Q2FY24 to 2.56% in Q2FY25, while the net interest margin decreased from 3.80% in Q2FY24 to 3.75% in Q2FY25.
Godrej Properties (GPL) added 2.15% after the company's consolidated net profit soared to Rs 335.21 crore in Q2 FY25 as against Rs 66.80 crore posted in Q2 FY24. Revenue from operations zoomed to Rs 1,093.23 crore in the quarter ended 30 September 2024 as compared to Rs 343 crore reported in the corresponding quarter previous year.
SRF advanced 2.63%. The specialty chemical maker's consolidated net profit slipped 33.03% to Rs 201.42 crore in Q2 FY25 as compared with Rs 300.78 crore recorded in Q2 FY24. However, total revenue from operations increased 7.77% year on year (YoY) to Rs 3,424.30 crore in Q2 FY25.
ICICI Prudential Life Insurance Company rose 2.12% after the life insurer's net profit rose 3.06% to Rs 251.72 crore on 42.68% jump in total income to Rs 25,007.53 crore in Q2 FY25 over Q2 FY24.
Gujarat Mineral Development Corporation (GMDC) surged 8.09% after the company's standalone net profit jumped 68.95% to Rs 129.18 crore on 54.93% increase in total income to Rs 593.01 crore in Q2 FY25 over Q2 FY24.
Chennai Petroleum Corporation tumbled 10.55% after petroleum refineries reported standalone net loss of Rs 629.49 crore in Q2 FY25 as against net profit of Rs 1,190.56 crore in Q2 FY24. Revenue from operations (excluding excise duty) fell 26.9% YoY to Rs 12,086.54 crore in the quarter ended 30 September 2024.
Amber Enterprises surged 12.67% after the company reported consolidated net profit of Rs 20.96 crore in Q2 FY25 as compared with net loss of Rs 5.65 crore posted in Q2 FY24. Revenue from operations jumped 81.73% year on year (YoY) to Rs 1,684.70 crore in the quarter ended 30 September 2024.
Olectra Greentech added 1.52% after the company's consolidated net profit zoomed 163.49% to Rs 47.56 crore on 70.48% rise in revenue to Rs 523.67 crore in Q2 FY25 over Q2 FY24.
JSW Energy rallied 2.70% after the company's step-down subsidiary, JSW Renew Energy Eleven, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for ISTS connected solar capacity of 700 MW.
Jyoti Structures jumped 5% after the company said that it has received a letter of acceptance from Adani Energy Solutions for a project worth Rs 450 crore in Navinal, Gujarat
RITES added 1.07% after the company said that it has secured an order worth Rs 453.99 crore from Karnataka Mining Environment Restoration Corporation (KMERC) for construction of railway Private Freight Terminals under turnkey basis in Karnataka.
IPO Update:
The initial public offer (IPO) of Godavari Biorefineries received bids for 30,45,042 shares as against 1,12,74,739 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (23 October 2024). The issue was subscribed 0.27 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.
Deepak Builders & Engineers India's IPO received bids for 37,24,76,076 shares as against 89,67,061 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (23 October 2024). The issue was subscribed 41.54 times.
The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 192 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.
Waaree Energies' IPO received bids for 1,60,91,61,741 shares as against 2,10,79,384 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (23 October 2024). The issue was subscribed 76.34 times.
The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 1,427 to Rs 1,503 per share. An investor can bid for a minimum of 9 equity shares and in multiples thereof.
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