As per the provisional close, the S&P BSE Sensex fell 33.49 points or 0.04 per cent to 84,266.29. The Nifty 50 index fell 13.95 points or 0.05 per cent to 25,769.90.
The market as a whole has outperformed the front-line indexes. The S&P BSE Mid-Cap Index rose 0.27% and the S&P BSE Small-Cap Index rose 0.56%.
The scale of the market has been positive. On BSE, 2,304 stocks rose and 1,658 stocks fell. A total of 92 stocks remained unchanged.
The NSE’s India VIX index, a gauge of near-term market volatility expectations, fell 6.25 per cent to 11.99.
The domestic market will be closed on Wednesday, October 2, 2024, on the occasion of Mahatma Gandhi Jayanti.
Economy:
India’s fiscal deficit remained under control between April and August, reaching 27% of the target for the full year. This lockdown was attributed to weak spending in the first months of the financial year. Government spending was lower due to the general election. In comparison, the deficit stood at 36% during the same period in FY24.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell to 56.5 in September from 57.5 in August, highlighting a solid improvement in the sector’s health which was nevertheless the weakest since January.
Due to higher purchase prices, as well as increased labor costs and favorable demand conditions, Indian manufacturers increased their prices in September.
The combination of job creation and slower new business growth has allowed companies to control their workloads.
Buzzing clue:
The Nifty Media added 1.60 per cent to 2,172.75. The index rose 2.74% in two consecutive trading sessions.
Saregama India (up 6.22%), Dish TV India (up 4.84%), Sun TV Network (up 1.88%), Nazara Technologies (up 1.86%), Hathway Cable & Datacom (up 1.8%), Zee Entertainment Enterprises (up 1.74%). %), Tips Music (+1.35%) and TV18 Broadcast (+0.72%) increased slightly.
Impact on automobile sales in September:
Tata Motors lost 0.96%. Vehicle sales of domestic and international automobile majors declined by 11.52% to 2,15,034 units in September 2024 compared to 2,43,024 units sold in September 2023.
Bajaj Auto fell 1.29%. The company reported a 19.60 per cent rise in total automobile sales to 4,69,531 units in September 2024 from 3,92,558 units in September 2023.
Kubota Escorts decreased by 1.69. The tractor manufacturer announced that sales of its agricultural machinery business division increased by 2.47% to 12,380 units in September 2024 compared to 12,081 units sold in September 2023.
Furthermore, the company’s construction equipment business division sold 510 machines in September 2024, recording a decrease of 18.7% compared to the 627 machines sold in September 2023.
Ashok Leyland added 1.28% after the company reported total vehicle sales of 17,233 units for the month of September 2024, a decline of 10% from the sales of 19,202 units sold in September 2023.
Steel Strips Wheels said it achieved monthly net sales of Rs 362.12 crore, a decline of 9.89 per cent from the figure of Rs 401.88 crore recorded in September 2023.
TVS Motor Company fell 0.05%. The company said it recorded monthly sales of 482,495 units in September 2024, a growth of 20% compared to 402,553 units in September 2023.
Actions in the spotlight:
Vipul Organics hit a 20 per cent upper circuit after the company’s rights issue committee approved raising Rs 25 crore through rights issue of shares. The company will offer 1 share for every 3 shares held on the record date with a premium of Rs 44 for the share of par value Rs 10 (total price Rs 54).
Karur Vysya Bank fell 0.37%. The bank reported a total turnover of Rs 1,76,135 crore for the quarter ended September 30, 2024, up 14.73% from Rs 1,53,516 crore recorded during the same period of the last year.
Godrej Properties advanced 3.12 per cent after the company announced that its board of directors has approved the raising of Rs 6,000 crore through various methods in one or more tranches.
Tata Power Company lost 0.34%. The company said it has signed a memorandum of understanding (MoU) with the Rajasthan government for an investment plan of around Rs 1.2 lakh crore in distribution, transmission and renewable energy.
Sun Pharmaceutical Industries rose 0.01%. The company said it has entered into an exclusive global marketing, licensing and supply agreement with Philogen for the commercialization of the latter’s specialty product Fibromun.
Rites fell by 2.97%. The company announced that it has received a Letter of Award (LoA) from Tsiko Africa Logistics (Pty) for the supply and commissioning of a 3,100 HP cape gauge in-service overhaul and locomotive diesel-electric. The total order amount is $4.28 million.
Zydus Lifesciences added 1.10% after the company announced that it had received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its Pharmez transdermal patch manufacturing facility, Ahmedabad. USFDA conducted an inspection July 15-19, 2024 and was classified as Voluntary Action Indicated (VAI).
Welspun Corp fell 3.03%. The company announced that it has received a large order in the United States for the supply of HSAW (helical) submerged arc welded pipes for a gas pipeline project. The value of the said order is approximately Rs 2,400 crore and the said order will be executed in FY25 and FY26.
Global markets:
European stock inflation fell below 2% for the first time since mid-2021, according to preliminary data released on Tuesday, likely increasing the chances of another interest rate cut from the Bank central European.
Asian stocks ended higher after Federal Reserve Chairman Jerome Powell indicated that recent excessive cuts by the US central bank should not be taken as a sign that future measures will be as aggressive. The US dollar strengthened in response. At the same time, heightened tensions in the Middle East have added to market uncertainty.
With mainland Chinese financial markets closed for the rest of the week, the recent rally in Asian markets is expected to pause. Hong Kong’s Hang Seng is also closed on Tuesday.
Japan announced that its unemployment rate for August fell to 2.5%, down from 2.7% in July.
U.S. stocks closed higher on Monday, recovering from earlier losses triggered by Powell’s remarks. The Dow Jones Industrial Average rose 0.04% to a record closing high of 42,330.15. The S&P 500 gained 0.42% to also hit a new closing record at 5,762.48. The Nasdaq Composite added 0.38%.
Investors had been expecting more aggressive rate cuts from the Federal Reserve at its final two meetings of the year. However, Powell indicated the central bank would likely stick to quarter-point rate cuts in the future, citing recent economic data that showed strong growth and consumer spending.
Powered by Capital Market – Live News
Disclaimer: No Business Standard journalists were involved in the creation of this content.
