Stock Market Today: Nifty Ends Lower But Snaps Four-Week Fall

US Futures Decline On Caution Before Crucial Inflation Data

As of 3:30 p.m. IST, the Dow Jones Industrial was 048% down at 42,153.00. The S&P 500 futures fell 0.76% to 5,807.25. The Nasdaq 100 futures declined 1.03% to 20,322.75.

Economic Data Due Later Thursday

• Europe: Core CPI Flash Estimate

• Europe: CPI Flash Estimate

• Europe: Italian Prelim CPI

• Europe: Unemployment Rate

• US: Core PCE Price Index

• US: Employment Cost Index

• US: Unemployment Claims

• US: Personal Income

• US: Personal Spending

• US: Chicago PMI

• US: Natural Gas Storage

Rupee Ends Flat Against US Dollar

The India rupee closed at 84.0837 a dollar

The currency hit an all time low of 84.1000 against the greenback intraday

On Wednesday, the Indian unit closed at 84.0863 a dollar.

Source: Bloomberg

Nifty Ends Lower But Snap Four-Week Fall: Closing Bell

Benchmark equity indices of India recorded a second session of fall but Nifty snapped its four four-week losing streak and Sensex ended the week flat ahead of special session on Diwali day. On Thursday, they were dragged by shares of IT and financial services companies.

The stock market will remain open on Friday from 6:00 to 7:00 p.m. in a special Diwali Muhurat trading session held every year.

Nifty 50 ended at 24205.35, down 0.56% or 135.50 points and Sensex closed at 79389.06, down 0.69% or 553.12 points. Intraday, Nifty fell as much as 0.7% and Sensex fell as much as 0.8%

However, smallcap indices outperformed the benchmarks and continued to rise for a fourth consecutive session. Nifty Smallcap 100 closed 1.15% higher at 18602.60 while Nifty Smallcap 250 rose 1.5% to close at 17751.20. On a weekly basis both these indices have gained more than 4%.

Aditya Agarwal, head of derivatives & technical analysis at Sanctum Wealth said, "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% correction," he added. "We prefer large-cap stocks over mid and small-cap and expect heavyweight to outperform over next 12 months."

Infosys Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., HCL Tech Ltd., and Tech Mahindra Ltd. dragged the Nifty while those of Larsen & Toubro Ltd., Cipla Ltd., Mahindra & Mahindra Ltd., Oil & Natural Gas Corp., and Grasim Industries cushioned the fall.

Most sectoral indices fell. Nifty IT was top loser and Nifty Pharma rose the most.

Broader markets ended on a mixed note. The BSE Midcap ended 0.34% down, and Smallcap index ended 1.62% higher.

On BSE, 12 sectors declined, seven advanced out of 21. The BSE Focused IT index ended with the most gain, and BSE Industrial rose the most.

Market breadth was skewed in favour of buyers. Around 2,675 stocks advanced, 1,243 stocks declined, and 108 stocks remained unchanged on BSE.

Weekly Performance

On a weekly basis, Nifty snapped four-week fall and ended 0.1% up and Sensex closed flat. This week, Nifty PSU Bank rose the most and Nifty IT was top loser.

Markets At Close

• Nifty and Sensex fell for a second consecutive session but snapped four-week losing streak.

• Nifty 50 ended at 24237.00, down 0.4% or 103.85 points

• Sensex closed at 79389.06, lower by 0.69% or 553.12 points

• Intraday, Nifty fell as much as 0.7% and Sensex fell as much as 0.8%

• Among broader indices, Nifty Smallcap 250 outperformed and closed 1.5% higher but Nifty Midcap 100 ended 0.4% down

• Most sectoral indices fell. Nifty IT was top loser and Nifty Pharma rose the most.

• Cipla and L&T were top Nifty gainers

• Tech Mahindra and HCL Tech fell the most

Rupee Hits Record Low Against US Dollar

The rupee fell 2 paise against the US Dollar to record low 84.1000 on Thursday, according to Bloomberg. On Wednesday, the Indian unit closed at 84.0863 a dollar.

With Trump Trade And Fund Flows At Play, Here's How India Is Positioned: US Elections

The US Presidential elections are in the final leg, with the preliminary result expected on Nov. 6 morning for Indian markets. While the Wall Street has positioned itself for 'Trump Trade', the results could spring a surprise, based on how the swing states tilt this elections. Pollsters predict a neck-to-neck race between Republican candidate Donald Trump and Democrat rival Kamala Harris, bulls are positioning themselves to a rising market, but the electorate will decide whether the bets are on the right side on Nov. 5.

Click here to read.

Shilpa Medicare Shares Fall As US FDA Issues Form 483: Stock Market Update

Share price of Shilpa Medicare fell after an exchange filing said US FDA has issued Form 483 with 4 observations after its inspection at company's Bangalore unit.

India VIX Hits Over Two-Month High: Stock Market Update

India VIX jumped for a third consecutive session on Thursday to hit its highest level since August 14.

These Four Steel Stocks Could Give 12-42% Returns, Says DAM Capital

DAM Capital has initiated coverage on Jindal Steel & Power Ltd., JSW Steel Ltd., Tata Steel Ltd., and Steel Authority of India with a 'buy' rating, saying that steel prices have likely bottomed out and demand growth in India is expected to rise. The set target price on the four companies implies a potential upside in the range of 12-42%, based on the previous closing prices.
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IIFL Finance Approves Fund Raise: Stock Market News

IIFL Finance has approved raising up to Rs 2,500 crore via non-convertible debentures in one or more tranches, an exchange filing said.

IPO Update: HDB Financial Services Files DRHP

The subsidiary of HDFC Bank, HDB Financial Services Ltd. filed its draft red herring prospectus with the Securities and Exchange Board of India to raise up to Rs 12,500 crore through an initial public offer. The offer entails both fresh issue and offer for sale.
Read more here.

Gensol Engineering Share Price Rises As Promoter Acquires More Stake

Promoter & MD Jaggi has acquired additional 26,500 shares through open market, an exchange filing said. Jaggi held 21.13% stake in company previously

These Mutual Fund Managers Outperformed The Rest In Samvat 2080: Share Market News

A list of the top performing mutual fund schemes of any given year will usually contain thematic funds or a category of schemes that has outperformed in the recent past. For example, defence-focused, infrastructure, and manufacturing would make the cut. But are their fund managers the best in the business? A better way to judge a fund manager's performance, however, is to look at the degree of outperformance they achieved over the benchmark. This is further exemplified by measuring this across various fund categories and allocation guidelines.

Click here to find out.

Dabur India Share Price Falls After Q2 Profit Slip Triggers Target Price Cuts

Dabur India Ltd.'s share price fell over 2% during the morning trade on Thursday after its second-quarter profit decline triggered target price cuts by analysts.

Dabur India Share Price Falls After Q2 Profit Slip Triggers Target Price Cuts

Dabur India Gets Target Price Cuts From Brokerages On Weak Performance In Q2

Biocon Share Price Recovers After Hitting Lowest Since June: Stock Market News

The stock had fallen following Biocon Ltd.'s consolidated net profit falling 84.3% in the second quarter of fiscal 2025. The net profit managed to beat analysts' estimates.

Biocon Share Price Recovers From Four-Month Low After Q2 Profit Beats Estimates

L&T Share Price Rise After Quarterly Earnings And Positive Outlook From Brokerages

Larsen & Toubro witnessed a surge in its stock price, climbing over 6% on Thursday following the company’s steady quarterly earnings report and encouraging forecasts from various brokerages.

L&T Share Price Soars After Q2 Revenue Growth, Positive Outlook From Brokerages

Cipla Share Price Recovers From Two-Session Fall To Log Best Day Since July 2023

The stock rose after US FDA classified Goa facility as 'Voluntary Action Indicated', clearing the way for launch of Abraxane generic. Pancreatic cancer treatment drug Abraxane's approval is contingent upon Goa unit clearance, Citi had said in a report.

Nifty IT Hits Over Two-Month Low; All Constituents Fall

Nifty IT index hit its lowest level since August 19 with all its constituents falling as they tracked the fall in their global peers after big tech quarterly results.

Nifty, Sensex Fall After Opening Flat As Infosys, TCS Drag: Opening Bell

Benchmark equity indices fell after opening with little gains as shares of IT companies dragged tracking their peers in the US after quarterly results announcements of Meta and Microsoft.

At pre-open, Nifty 50 was at 24349.85, up 0.04% or 9 points and Sensex was at 80044.95, up 0.13% or 102.77 points. "Nifty 50 has reversed its previous day gains and closed in an inside range of the previous day candle facing multiple resistance at 24,500 levels," said Reliance Securities. "The range breakout of 24,200-24,500 levels will give an either side breakout from current levels and we expect volatility in the second half with respect to the monthly expiry."

Shares of Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., ITC Ltd., and Tech Mahindra Ltd. dragged the Nifty. While those of Larsen & Toubro Ltd., Cipla Ltd., ICICI Bank Ltd., Sun Pharmaceutical Industries Ltd., and Hero MotoCorp Ltd. cushioned the fall.

Most sectoral indices were lower at open with Nifty IT falling the most.

Nifty, Sensex Little Changed At Pre-Open; L&T, Biocon, Tata Power, RVNL In Focus

At pre-open, Nifty 50 was at 24349.85, up 0.04% or 9 points and Sensex was at 80044.95, up 0.13% or 102.77 points.

Rupee Opens Flat Against US Dollar

-The local currency opened 1 paise higher against the US dollar at 84.0800 on Thursday.

-On Wednesday, the Indian unit closed at 84.0863 a dollar.

Source: Bloomberg

Yield On The 10-Year Bond Opens Flat

-The yield on the 10-year bond opened flat at 6.84%.

-It closed at 6.83% on Wednesday.

Source: Bloomberg

Bernstein On L&T: Stock Market News

Bernstein has retained its 'Outperform' rating on L&T's stock with target of Rs 3,891 implying 14% upside. It said overall execution and working capital makes up for margins and order inflow and revenue growth is better than management guidance of 15% for FY25. Management has retained FY25 guidance but sees it as tough ask. Risk involves softening crude prices unless spending in both M.East and India aid, according to Bernstein.

Bank Of Japan's Policy Outcome

BoJ has keeps overnight call rate at 0.25%. It said that it will raise interest rate and adjust the degree of easing if outlook is realised. Price risks are on upside for FY25

Source: Bloomberg

IPO Update: Acme Solar India Price Band, Dates

Acme Solar Indiahas set IPO price band at Rs 275-289/share and it will open for subscription on November 6, close on November 8, according to Bloomberg.

Nuvama Lowers Dabur Target

Nuvama has maintained 'buy' on Dabur India with lower price target implying 19% upside at Rs 650 from earlier Rs 760. It said muted Q2 results due to inventory rationalisation in general trade denting domestic sales. Weak showing, subdued urban demand, and rising risk from ‘Campa’.

Earnings Post Market Hours On Wednesday

Biocon Q2 FY25 (Consolidated, YoY)

• Revenue up 3.69% at Rs 3590 crore versus Rs 3462 crore (Bloomberg estimate Rs 3,623 crore)

• Ebitda down 7.54% at Rs 686 crore versus Rs 742 crore (Bloomberg estimate Rs 741 crore)

• Ebitda margin down 232 bps at 19.1% versus 21.43% (Bloomberg estimate 20.5%)

• Net profit down 84.3% at Rs 27 crore versus Rs 172 crore (Bloomberg estimate Rs 24 crore)

Larsen & Toubro Q2 FY25 (Consolidated, YoY)

• Revenue up 20.63% at Rs 61554 crore versus Rs 51024 crore (Bloomberg estimate Rs 57,622 crore)

• Ebitda up 12.94% at Rs 6362 crore versus Rs 5633 crore (Bloomberg estimate Rs 6142 crore)

• Ebitda margin down 70 bps at 10.33% versus 11.03% (Bloomberg estimate 10.7%)

• Net profit up 6.69% at Rs 4113 crore versus Rs 3855 crore (Bloomberg estimate Rs 3,205 crore)

Tata Power Q2 FY25 (Consolidated, YoY)

• Revenue down 0.26% at Rs 15698 crore versus Rs 15738 crore (Bloomberg estimate Rs 16,957 crore)

• Ebitda up 21.19% at Rs 3746 crore versus Rs 3091 crore (Bloomberg estimate Rs 3,117 crore)

• Ebitda margin up 422 bps at 23.86% versus 19.64% (Bloomberg estimate 18.4%)

• Net profit up 7.47% at Rs 1093 crore versus Rs 1017 crore (Bloomberg estimate Rs 1052 crore)

IRB Infrastructure Developers Q2 FY25 (Consolidated, YoY)

• Revenue down 9.12% at Rs 1586 crore versus Rs 1745 crore

• Ebitda margin down 3.4% at Rs 767 crore versus Rs 794 crore

• Ebitda margin up 285 bps at 48.36% versus 45.5%

• Net profit up 5.26% at Rs 100 crore versus Rs 95 crore

TCI ExpressQ2 FY25 (Consolidated, YoY)

• Revenue down 2.5% at Rs 312 crore versus Rs 320 crore (Bloomberg estimate Rs 328 crore)

• Ebitda margin down 25.84% at Rs 37.3 crore versus Rs 50.3 crore (Bloomberg estimate Rs 43 crore)

• Ebitda margin down 376 bps at 11.95% versus 15.71% (Bloomberg estimate 13.1%)

• Net profit down 30.55% at Rs 25 crore versus Rs 36 crore (Bloomberg estimate Rs 31 crore)

DCM Shriram Q2 FY25 (Consolidated, YoY)

• Revenue up 9.09% at Rs 2940 crore versus Rs 2695 crore

• Ebitda up 62.37% at Rs 164 crore versus Rs 101 crore

• Ebitda margin up 183 bps at 5.57% versus 3.74%

• Net profit up 96.87% at Rs 63 crore versus Rs 32 crore

• Approved Rs 310 crore capex proposal for 100 TPD aluminium chloride facility and 225 TPD calcium chloride facility.

Automotive Axles Q2 FY25 (Consolidated, YoY)

• Revenue down 15.24% at Rs 495 crore versus Rs 584 crore (Bloomberg estimate Rs 497 crore)

• Ebitda down 20.91% at Rs 51.8 crore versus Rs 65.5 crore (Bloomberg estimate Rs 49 crore)

• Ebitda margin down 75 bps at 10.46% versus 11.21% (Bloomberg estimate 9.8%)

• Net profit down 20% at Rs 36 crore versus Rs 45 crore (Bloomberg estimate Rs 34 crore)

Protean eGov Technologies(Consolidated, QoQ)

• Revenue up 11.8% at Rs 220 crore versus Rs 197 crore (Bloomberg estimate Rs 231 crore)

• EBIT at Rs 24.5 crore versus Rs 8.3 crore

• EBIT margin at 11.1% versus 4.2%

• Net profit down 33% at Rs 28 crore versus Rs 21.09 crore (Bloomberg estimate Rs 29 crore)

Prudent Corporate Advisory Services Q2 FY25 (Standalone, YoY)

• Total income up 53.9% at Rs 258 crore versus Rs 167 crore.

• Net profit up 72.9% at Rs 42.8 crore versus Rs 24.8 crore.

The New India Assurance Co (Consolidated, YoY)

• Net premium earned up 3.9% at Rs 8,567 crore versus Rs 8,245 crore

• Net profit at Rs 73.6 crore versus loss of Rs 195 crore

Electrosteel Castings Q2 FY25 (Consolidated, YoY)

• Revenue down 4.75% at Rs 1828 crore versus Rs 1919 crore (Bloomberg estimate Rs 1,882 crore)

• Ebitda margin down 10.36% at Rs 268 crore versus Rs 299 crore (Bloomberg estimate 387 crore)

• Ebitda margin down 92 bps at 14.66% versus 15.58% (Bloomberg estimate 20.6%)

• Net profit down 11.42% at Rs 155 crore versus Rs 175 crore (Bloomberg estimate Rs 254 crore)

Oil Price Update: Crude Futures Trade Higher

As of 7:32 a.m., December futures of both WTI Crude and Brent Crude were trading 0.3% higher at $68.83 a barrel and $72.79 a a barrel respectively. On Wednesday, they had risen 2% following an unexpected fall in U.S. crude and gasoline inventories last week and reports of OPEC+ delaying planned oil output increase.

Asia Markets Open: Most Indices Lower; Hang Seng Gains

Most Asian indices were lower in the early trade ahead of Bank of Japan’s rate decision and as they assessed China's official purchasing managers’ index for October came in at 50.1 and expanded for first time since April.

As of 7:15 a.m., Nikkei was down 0.4%, Australia's ASX 200 fell 0.2%, and China's CSI 300 was 0.5% lower. Hong Kong's Hang Seng was the only index which gained and traded 0.6% higher.

US Market Close: Indices Lower After Weak Meta, Microsoft Results

The Wall Street ended Wednesday's session on negative note amid a decline in tech stocks after quarterly results of tech companies failed to impress the market. The Dow Jones Industrial Average and S&P 500 ended 0.22% and 0.33% down, respectively. The Nasdaq Composite ended 0.56% lower. Lower than expected US third quarter GDP also weighed on the sentiment.

Tech Hit In Late Hours As Meta Fails To Inspire: Markets Wrap

GIFT Nifty Trades Near 24,300; L&T, Biocon, Tata Power, RVNL Share Price In Focus

GIFT Nifty was trading flat at 24,305 points as of 6:45 a.m. Share prices of L&T, Biocon, and Tata Power are among stocks that will react to their quarterly earnings and RVNL is likely to rise on news of order win.

On Wednesday, the NSE Nifty 50 and BSE Sensex resumed decline after a two–day rally, amid a jump in the market volatility as Infosys Ltd. and ICICI Bank Ltd. share prices declined. The NSE India Volatility index ended at the highest level since Aug. 13.

The Nifty 50 ended 126 points, or 0.51% lower at 24,340.85, and the Sensex ended 426.85 points or 0.53% down at 79,942.18.

Overseas investors remained net sellers of Indian equities for the 23rd consecutive session on Wednesday and offloaded stocks worth a total of Rs 1.19 lakh crore during the period, while domestic institutional investors stayed net buyers for the 27th straight session.

Foreign portfolio investors offloaded stocks with an approximate value of Rs 4,613.6 crore while the DIIs bought stocks worth Rs 4,518.3 crore.

The Indian currency closed flat against the US dollar at 84.0800 on Wednesday.

Your Guide To FII Positions For Oct. 31 Trade. Read more on Markets by NDTV Profit.