The domestic equity indices ended with modest losses on Wednesday. The Nifty settled below the 25,000 level. Realty, oil & gas and financial services shares advanced while auto, IT and media shares declined.
As per provisional closing, the S&P BSE Sensex, was down 318.76 points or 0.39% to 81,501.36. The Nifty 50 index lost 86.05 points or 0.34% to 24,971.30.
In the broader market, 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 market breadth was positive. On the BSE, 2,030 shares rose and 1,930 shares fell. A total of 108 shares were unchanged.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, rose 0.63% to 13.09.
Economy:
Indias trade deficit or the gap between imports and exports was $20.78 billion during the month of September. The trade deficit narrowed from $29.7 billion a month back, according to data released on October 16, as merchandise export growth turned positive for the first time in three months. India’s merchandise exports in September slightly rose to $34.58 billion against $34.41 billion a year ago. Imports increased by 1.6% to $55.36 billion in September compared to $54.49 billion in the year-ago period.
IPO Update:
The initial public offer (IPO) of Hyundai Motor India received bids for 2,82,96,149 shares as against 9,97,69,810 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (16 October 2024). The issue was subscribed 0.28 times.
The issue opened for bidding on Tuesday (15 October 2024) and it will close on Thursday (17 October 2024). The price band of the IPO is fixed between Rs 1,865 to Rs 1,960 per share. An investor can bid for a minimum of 7 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Auto index fell 1.27% to 25,909. The index declined 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%) edged lower.
On the other hand, Apollo Tyres (up 1.24%), Bajaj Auto (up 0.81%) edged higher.
Stocks in Spotlight:
Larsen & Toubro (L&T) shed 0.59%. The company said that the companys heavy civil infrastructure vertical has secured a ‘significant order from Uttar Pradesh Metro Rail Corporation (UPMRCL) for the design and construction of Agra Metro Phase 1, Line-2.
Rallis India soared 12.34% after the company reported 19.51% increase in net profit to Rs 98 crore in Q2 FY25 as against Rs 82 crore posted in Q2 FY24. Revenue from operations jumped 11.53% year on year (YoY) to Rs 928 crore in the quarter ended 30 September 2024.
KEI Industries dropped 7.18%. The company reported 10.41% increase in consolidated net profit to Rs 154.81 crore in Q2 FY25 as against Rs 140.21 crore posted in Q2 FY24. Revenue from operations jumped 17.21% year on year (YoY) to Rs 2,279.65 crore in Q2 FY25.
Strides Pharma Science jumped 4.03% after the firm said that its associate company, OneSource Specialty Pharma received commitment for raising Rs 801 crore ($95 million) from investors, in the pre-listing round.
Sunteck Realty fell 0.18%. The company said that it has recorded 32.66% increase in pre-sales to Rs 524 crore in Q2 FY25 from Rs 395 crore in Q2 FY24.
Akums Drugs and Pharmaceuticals rallied 5.15% after the company announced that it has entered into a license & distribution agreement with Triple Hair Inc, a company incorporated in New Brunswick, Canada.
BEML jumped 4.04% after the company received a contract worth Rs 866.87 from Integral Coach Factory (ICF), Chennai for design, manufacturing, and commissioning of two high-speed trainsets, each comprising eight cars.
PNC Infratech jumped 4.43% after the company received letters of acceptance from the Maharashtra State Road Development Corporation (MSRDC) for road projects on EPC mode aggregating to Rs 4,630 crore.
Ashoka Buildcon advanced 1.74% after the civil construction company received letter of acceptance (LoA) for projects totalling to Rs 1,126.58 crore from the Brihanmumbai Municipal Corporation (BMC).
RailTel Corporation of India surged 6.62% after the company informed that it has received work order from Maharashtra Housing And Area Development Authority (MHADA) amounting to Rs 79.84 crore.
Global Markets:
European shares declined on Tuesday. The U.K.s statistics agency said average wages excluding bonuses rose 4.9% year on year across June to August, cooling slightly from 5.1% in May to July.
Asian stocks ended lower tracking record highs on Wall Street as the third-quarter earnings season approached, while Chinese stocks fell amid waning optimism over new fiscal stimulus.
Investors assessed trade data out of South Korea, which showed trade surplus surging to $6.7 billion in September, up from $3.7 billion in August.
Japanese shares climbed as sentiment was buoyed by reports that Tokyo Metro raised $2.3 billion in the countrys biggest initial public offering in six years.
A rally in technology shares spurred record highs on Wall Street on Monday, with focus turning to a string of key upcoming earnings and economic readings. The S&P 500 rose 0.77% to a record high of 5,859.85 points, while the Dow Jones Industrial Average rose 0.47% to a record high of 43,065.22 points on Monday. The NASDAQ Composite rose 0.87% to 18,502.64, and was back in sight of peaks hit earlier this year.
Investors will watch for crucial economic data this week, notably the September retail sales figures, for clues on the financial health of U.S. consumers.
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