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As per provisional closing data, the S&P BSE Sensex fell 638.45 points or 0.78 per cent to 81,050. The Nifty 50 index slipped 218.85 points or 0.87 per cent to 24,795.75.
The market as a whole has underperformed the front-line indexes. The S&P BSE Mid-Cap Index fell 1.85% and the S&P BSE Small-Cap Index fell 3.27%.
The scale of the market was small. On BSE, 643 stocks rose and 3,416 stocks fell. A total of 119 stocks remained unchanged.
The NSE’s India VIX index, a gauge of near-term market volatility expectations, jumped 6.74 per cent to 15.08.
Hum rating:
The Nifty Media index fell 3.65 per cent to 1,995.30. The index fell 8.16% in three consecutive trading sessions.
Nazara Technologies (down 5.83%), Network 18 Media & Investments (down 5.62%), Hathway Cable & Datacom (down 4.64%), Zee Entertainment Enterprises (down 4. 53%), TV18 Broadcast (down 4.35%), Saregama India (down 4.35%). 3.9%), PVR Inox (down 3.16%), Dish TV India (down 2.99%), Tips Music (down 2.11%) and Sun TV Network (down 2.99%), 2.05%) decreased.
Actions in the spotlight:
Titan Company slipped 2.23%. The Tata group company recorded standalone revenue growth of 25% in Q2FY25. The company also launched 75 new outlets during the quarter, taking its total retail network to 3,171 stores.
Info Edge (INDIA) fell by 2.46%. The company announced that its standalone billings increased by 14.29 per cent to Rs 650.3 crore in Q2 FY25 from Rs 569 crore in Q2 FY24.
Tata Steel lost 1.56%. The company said that in Q2FY25, India division’s crude steel production stood at 5.27 million tonnes (up 5% YoY) and deliveries were 5.10 million tonnes (up 6% year-on-year).
Adani Wilmar slipped 1.43%. The FMCG company said it achieved a robust volume growth of 16% year-on-year in Q2FY25.
Kalyan Jewelers lost 0.72%. The jewelry retailer said its revenues jumped around 39% from its India operations during the second quarter of FY25 compared to the second quarter of FY24.
Life Insurance Corporation of India (LIC) fell 4.14%. The company revealed that the insurance major increased its stake in Bank of Maharashtra from 4.05% to 7.10% and in Apollo Tires from 4.983% to 5.030%.
Metropolis Healthcare fell 2.21%. The healthcare services provider said its revenue jumped about 13% year-on-year (y-o-y) in the quarter ended September 30, 2024.
Indusind Bank slipped 1.95%. The private lender’s net advances jumped 13% to Rs 3,56,980 crore as on September 30, 2024 from Rs 3,15,454 crore as on September 30, 2023.
Bank of India fell 3.03%. Domestic deposits of banks increased by 12.34% to Rs 6,72,731 crore in September 2024, compared to Rs 5,98,850 crore posted in September 2023.
IDBI Bank fell by 3.91%. The bank said its total business jumped 15 per cent to Rs 4,78,614 crore in Q2 FY25 from Rs 4,17,936 crore in Q2 FY24.
The Federal Bank fell 4.90%. The bank reported 15.6% growth in total deposits to Rs 2,69,105 crore in September 2024, compared to Rs 2,32,868 crore in September 2023.
Avantel rose 4.26% after the company reported a 42.44% increase in its consolidated net profit at Rs 22.89 crore in Q2FY25 compared to Rs 16.07 crore in Q2 of FY24. The company’s operating revenue jumped 42.5% YoY to Rs 77.42 crore in the second quarter of FY25.
Antony Waste Handling Cell added 0.51%. The company’s wholly owned subsidiary, AG Enviro Infra Projects, has been awarded a contract for door-to-door C&T of MSWs at Navi Mumbai Municipal Corporation (NMMC).
Global markets:
Dow Jones futures lost 201 points, indicating a negative open for U.S. stocks today.
Most European stocks fell while Asian stocks ended higher on Monday after strong U.S. job growth data eased recession fears and reduced expectations for a rate cut. interest.
This week, three central banks are expected to announce their interest rate decisions, namely the Bank of Korea, the Reserve Bank of New Zealand and the Reserve Bank of India.
Short-term U.S. Treasury yields rose after the nonfarm payrolls report showed more jobs created than expected in September. Crude oil prices fell slightly despite ongoing tensions in the Middle East.
U.S. stocks rebounded Friday after the positive jobs report boosted investor confidence in the economy. The S&P 500 rose 0.9%, while the Nasdaq Composite jumped 1.22%. The Dow Jones Industrial Average added 0.81%, reaching an all-time closing high of 42,352.75. Tech stocks like Tesla, Amazon and Netflix led the gains, while financial stocks also performed well.
Data showed that nonfarm job creation increased by 254,000 in September, far exceeding the expected gain of 150,000. The unemployment rate fell to 4.1% despite expectations that it would remain at 4.2%.
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First publication: October 7, 2024 | 3:53 p.m. STI