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Domestic equity benchmarks ended with minor gains on Thursday. The market opened with gains following positive global signals, but struggled to maintain momentum as investors awaited U.S. inflation data. The Nifty closed near the 25,000 level. Banks and financial stocks were in demand. On the other hand, pharmaceutical, health and IT stocks fell.
In the barometric index, the S&P BSE Sensex added 144.31 points or 0.18 per cent to 81,611.41. The Nifty 50 index rose 16.50 points or 0.07 per cent to 24,998.45.
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On a broader market basis, the S&P BSE Mid-Cap Index fell 0.36% and the S&P BSE Small-Cap Index rose 0.43%.
Market breadth was strong. On BSE, 2,251 stocks rose and 1,663 stocks fell. A total of 132 stocks remained unchanged.
The NSE’s India VIX index, a gauge of near-term market volatility expectations, fell 4.65 per cent to 13.47.
Numbers to follow:
The yield on India’s benchmark 10-year federal bond rose 1.71 per cent to 6.882, from 6.881 at the previous close.
In the foreign exchange market, the rupee rose slightly against the dollar. The partially convertible rupee was hovering at 83.9800, compared to 83.9650 in the previous trading session.
MCX Gold futures for December 4, 2024 settlement rose 0.22% to Rs 75,098.
The U.S. Dollar Index (DXY), which tracks the value of the greenback against a basket of currencies, fell 0.02% to 102.91.
The US 10-year bond yield gained 0.40% to 4.083.
In the commodities market, Brent crude for December 2024 settlement added $1.05 or 1.37% to $77.63 per barrel.
Global markets:
European stocks fell on Thursday as investors await the latest U.S. inflation data for more signs of easing price pressures.
Most Asian stocks ended higher on Thursday, supported by gains on Wall Street and anticipation of additional fiscal stimulus from Beijing. Markets in the region were positively influenced by the Dow Jones Industrial Average hitting a new closing record after the Federal Reserve’s September meeting minutes indicated a preference for lower rates. interest rate of 50 basis points. However, the minutes also make clear that the Fed has not committed to a specific pace of rate reduction.
In the United States, the S&P 500 rose 0.7% on Wednesday, while the Dow Jones Industrial Average jumped 1% to a record closing high of 42,512.0. The NASDAQ Composite gained 0.6%. Investors are now closely watching the third-quarter earnings season, with several major banks scheduled to report results on Friday. Additionally, concerns about potential damage from Hurricane Milton are being monitored.
The main focus has shifted to consumer price index data due on Thursday, which will provide valuable information on inflation trends and their implications for interest rates. Persistent inflation could limit the Fed’s ability to cut rates quickly.
Actions in the spotlight:
Ratan Tata, chairman emeritus of Tata Sons and recipient of India’s second highest civilian honour, the Padma Vibhushan, died at Breach Candy Hospital in Mumbai on Wednesday. He was 86 years old. Tata was in critical condition and under intensive care. On Monday, he revealed that he was undergoing routine medical checkups due to his age and associated health problems.
Following the announcement of Tata’s demise, investors reacted positively to the Tata group’s shares. Shares saw a steady rise today, reflecting the market’s confidence in the group’s future and its continued adherence to the principles and values set out by Ratan Tata.
Tata Investment Corporation (+5.7%), TRF (+6.31%), Tata Teleservices (Maharashtra) (+5.75%), Tata Chemicals (+4.07%), NELCO (+0.85%) ), Tata Power Co. (+1%), Tata Elxsi (+1.8%), Tata Technologies (+1.5%), Tejas Networks (+0.8%), Indian Hotels Co. (+1, 8%), Taj GVK Hotels & Resorts (+2.24%), Automotive Stampings & Assemblies (+0.79%) and Tata Steel (+0.41%) grew.
JSW Steel rose 1.19% after the company reported that its consolidated crude steel production for the second quarter of FY25 was 6.77 million tonnes, up 7% from 6.34 million tonnes reported in Q2FY24.
GM Breweries fell 5.33 per cent after the company’s net profit fell 3.12 per cent to Rs 21.67 crore in Q2 FY25 compared to Rs 22.37 crore posted in Q2 FY25. FY24. Operating revenue (excluding excise duty) declined 1.69% year-on-year to Rs 149 crore in the quarter ended September 30, 2024.
PNC Infratech rose 3.3% after the company announced that it had been declared as the lowest bidder (L1) for a Rs 2,090.59 crore EPC project of the City & industrial Development Corporation of Maharashtra ( CIDCO).
Rain Industries jumped 6.16% after the company’s wholly owned subsidiary, Rain Carbon Inc, announced a joint development agreement (JDA) with Northern Graphite to develop and commercialize advanced battery anode material ( BAM).
Star Health & Allied Insurance Company fell 1.90%, following a targeted cyberattack resulting in a data breach affecting more than 31 million customers. According to media reports, the hacker responsible for the breach listed the stolen data for sale on the dark web, making shocking allegations against Star Health’s chief information security officer (CISO). The hacker claimed the CISO was involved in selling the data and then attempted to extort more money for backdoor access.
Rashtriya Chemical & Fertilizers (RCF) rose 6.78% after the company awarded a contract worth Rs 1,000.27 crore to L&T for setting up a complex fertilizer plant of 1 200 MTPD on lump sum turnkey (LSTK) basis to RCF, Thailand.
Arvind SmartSpaces gained 2.24 per cent after the company said it had booked bookings of over Rs 500 crore at Arvind Aqua City, its largest township development so far, launched towards the end of September.
Bank of Maharashtra slipped 1.13%. The public sector bank said its gross advances jumped 18.73% to Rs 2,17,426 crore as on September 30, 2024 from Rs 1,83,122 crore as on September 30, 2023. Sequentially, gross advances gained 14.15% during the September quarter compared to Rs. 2,09,031 crore as on June 30, 2024.
Lotus Chocolate Company hit a 5% lower circuit after the company’s standalone net profit declined 23.64% to Rs 5.23 crore in Q2FY25 compared to Rs 6.86 crore posted in Q1FY25. Operating revenue declined by 9.21% quarter-on-quarter (QoQ) to Rs 128.29 crore in September 2024 quarter.
Puravankara fell by 1.78%. The company recorded 18% growth in sales at Rs 1,331 crore in Q2 FY25 compared to Rs 1,128 crore in Q1 FY25.
IPO Update:
Garuda Construction and Engineering’s initial public offering (IPO) received bids for 15,03,43,985 shares against 1,99,04,862 shares on offer, according to stock market data as of 5:00 p.m. IST on Thursday (October 10, 2024). The issue was subscribed 7.55 times.
The issue opened for bidding on Tuesday (October 8, 2024) and will close on Thursday (October 10, 2024). The IPO price band is set between Rs 90 and Rs 95 per share. An investor can offer a minimum of 157 equity shares and multiples thereof.
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