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Major stock indices on Monday extended their losing streak for the sixth straight session as concerns over FII capital outflows and global geopolitical tensions weighed on investor sentiment. The market as a whole took a big hit, with mid- and small-cap indices significantly underperforming. Second-quarter earnings season is also approaching, with IT majors expected to report results this week. Meanwhile, the RBI’s monetary policy meeting began today, further dampening investor sentiment. The Nifty closed below the 24,800 level after touching the day’s high of 25,143 in early trading. Computer stocks resisted the selloff. PSU banks, energy and metals stocks fell.
In the barometric index, the S&P BSE Sensex dropped 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 50 unit index corrected by 5.42% during five consecutive sessions.
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Adani Ports & Special Economic Zone (down 4.17%), HDFC Bank (down 2.24%) and Reliance Industries (down 1.18%) were major drags.
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, 636 stocks rose and 3,422 stocks fell. In total, 120 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.
Numbers to follow:
The yield on India’s benchmark 10-year federal bond rose 1.82 per cent to 6.953, from 6.829 at the previous close.
In the foreign exchange market, the rupee fell slightly against the dollar. The partially convertible rupee was hovering at 83.9925, compared to 83.9900 in the previous trading session.
MCX Gold futures for December 4, 2024 settlement rose 0.19% to Rs 76,266.
The U.S. Dollar Index (DXY), which tracks the value of the greenback against a basket of currencies, rose 0.03% to 102.55.
The U.S. 10-year bond yield rose 0.71% to 4.011.
In the commodities market, Brent crude for December 2024 settlement gained $1.82 or 2.33% to $79.87 per barrel.
Global markets:
Dow Jones futures fell 178 points, indicating a weak opening for U.S. stocks today.
Stocks in Europe and Asia rose Monday after strong U.S. job growth data eased recession fears and reduced expectations of interest rate cuts.
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%.
Actions in the spotlight:
Avantel rose 3.56 per cent after the company reported a 42.44 per cent 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 0.62 per cent after its subsidiary secured a Rs 908 crore contract for door-to-door waste collection from Navi Mumbai Municipal Corporation.
Natco Pharma jumped 3.47% after the announcement of a settlement in the American dispute concerning the patent for the generic Ozempic. The company is partnering with Mylan for the development of the generic drug. Ozempic, a glucagon-like peptide-1 (GLP-1) receptor agonist, has gained popularity for its effectiveness in managing type 2 diabetes and promoting weight loss.
Hitachi Energy India gained 2.65% as it announced plans to invest Rs 2,000 crore in India to expand its capacity, portfolio and talent base.
CG Power and Industrial Solutions 5.56% after the company acquired Renesas’ Radio Frequency Components business for $36 million, marking its entry into semiconductor design.
Kavveri Telecom Products gained 2% after its radio frequency (RF) products received approval from a major European OEM for integration into their systems.
Mahanagar Telephone Nigam fell 5% after State Bank of India downgraded the company’s term loan account to non-performing asset (NPA) due to non-payment of dues. According to SBI, the total outstanding amount of MTNL is Rs 325.53 crore, of which Rs 281.62 crore is overdue.
Titan Company slipped 2.07%. 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 2.41%. 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 1.47%. 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 1.46%. The FMCG company said it achieved volume growth of 16% year-on-year in Q2FY25, driven by strong execution in the edible oils and food sectors.
Kalyan Jewelers lost 1.61%. 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 4.16%. The company 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 1.77%. 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 2.43%. 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 3.08%. 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 4.14%. 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 5.01%. 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.
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