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As per the provisional close, the S&P BSE Sensex fell 318.76 points or 0.39 per cent to 81,501.36. The Nifty 50 index lost 86.05 points or 0.34 per cent to 24,971.30.
On a broader market basis, the S&P BSE Mid-Cap Index fell 0.10% and the S&P BSE Small-Cap Index rose 0.31%.
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The scale of the market has been positive. On BSE, 2,030 stocks rose and 1,930 stocks fell. A total of 108 stocks remained unchanged.
The NSE’s India VIX index, a gauge of near-term market volatility expectations, rose 0.63 per cent to 13.09.
Economy:
India’s trade deficit or the gap between imports and exports was $20.78 billion during the month of September. The trade deficit narrowed by $29.7 billion a month ago, according to data released Oct. 16, as growth in merchandise exports turned positive for the first time in three months. India’s merchandise exports rose marginally in September to $34.58 billion from $34.41 billion a year ago. Imports rose 1.6 percent to $55.36 billion in September from $54.49 billion a year ago.
IPO Update:
Hyundai Motor India’s initial public offering (IPO) received bids for 2,82,96,149 shares against 9,97,69,810 shares on offer, according to stock market data as of 3:15 pm IST on Wednesday (October 16, 2024). The issue was subscribed 0.28 times.
The issue opened for bidding on Tuesday (October 15, 2024) and will close on Thursday (October 17, 2024). The IPO price band is set between Rs 1,865 and Rs 1,960 per share. An investor can bid for a minimum of 7 equity shares and in multiples thereof.
Hum rating:
The Nifty Auto index fell 1.27% to 25,909. The index fell 2.48% in two trading sessions.
Mahindra & Mahindra (down 2.92%), TVS Motor Company (down 2.06%), Samvardhana Motherson International (down 2.06%), Exide Industries (down 1.94%) , Hero MotoCorp (down 1.93%), Tata Motors (down 1.18%), Bosch (down 1.1%), Eicher Motors (down 0.95%), Ashok Leyland (down 0.95%) and Maruti Suzuki India (down 0.65%) were marginally lower.
On the other hand, Apollo Tires (+1.24%), Bajaj Auto (+0.81%) increased slightly.
Actions in the spotlight:
Larsen & Toubro (L&T) lost 0.59%. The company said the company’s heavy civil infrastructure business has secured a “major order from the Uttar Pradesh Metro Rail Corporation (UPMRCL) for the design and construction of Phase 1, Line 2 of the Agra Metro “.
Rallis India soared 12.34 per cent after the company reported a 19.51 per cent rise in net profit at Rs 98 crore in Q2 FY25 compared to Rs 82 crore posted in Q2 FY25. FY24. Operating revenue jumped 11.53% YoY (YoY) to Rs 928 crore in the quarter ended September 30, 2024.
KEI Industries fell 7.18%. The company reported a 10.41 per cent increase in its consolidated net profit at Rs 154.81 crore in Q2 FY25 compared to Rs 140.21 crore posted in Q2 FY24. surged 17.21% YoY (YoY) to Rs 2,279.65 crore in Q2FY25.
Strides Pharma Science jumped 4.03% after the company said its associate firm, OneSource Specialty Pharma, received a commitment to raise Rs 801 crore ($95 million) from investors, during the pre-listing cycle.
Sunteck Realty fell 0.18%. The company said it recorded a 32.66 per cent increase in pre-sales at Rs 524 crore in Q2 FY25 compared to Rs 395 crore in Q2 FY24.
Akums Drugs and Pharmaceuticals rose 5.15% after the company announced that it has entered into a licensing and distribution agreement with Triple Hair Inc, a company incorporated in New Brunswick, Canada.
BEML jumped 4.04 per cent after the company received a contract worth Rs 866.87 from Integral Coach Factory (ICF), Chennai, for design, manufacturing and commissioning of two train sets high-speed trains, each comprising eight cars.
PNC Infratech jumped 4.43 per cent after the company received acceptance letters from the Maharashtra State Road Development Corporation (MSRDC) for road projects under EPC mode totaling Rs 4,630 crore.
Ashoka Buildcon advanced 1.74 per cent after the civil construction firm received a letter of acceptance (LoA) for projects totaling Rs 1,126.58 crore from the Brihanmumbai Municipal Corporation (BMC).
RailTel Corporation of India jumped 6.62 per cent after the company informed that it has received a work order from the Maharashtra Housing And Area Development Authority (MHADA) worth Rs 79.84 crore.
Global markets:
European stocks fell on Tuesday. Britain’s statistics agency said average wages excluding bonuses rose 4.9% year-on-year between June and August, falling slightly by 5.1% from May to July.
Asian stocks ended lower, after hitting record highs on Wall Street, ahead of third-quarter earnings season, while Chinese stocks fell amid waning optimism over new measures fiscal stimulus.
Investors weighed South Korea’s trade data, which showed a trade surplus reaching $6.7 billion in September, up from $3.7 billion in August.
Japanese stocks climbed as sentiment was boosted by reports that Tokyo Metro raised $2.3 billion in the country’s biggest IPO in six years.
A rally in technology stocks led to record highs on Wall Street on Monday as attention turned to a series of key earnings and economic figures ahead. The S&P 500 rose 0.77% to a record 5,859.85 points, while the Dow Jones Industrial Average rose 0.47% to a record 43,065.22 points on Monday. The NASDAQ Composite rose 0.87% to 18,502.64, and returned within sight of highs reached earlier this year.
Investors will be watching crucial economic data this week, including September retail sales figures, for clues about the financial health of U.S. consumers.
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First publication: October 16, 2024 | 3:48 p.m. STI