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Navkar Corporation revenue jumps 43% YoY in Q2FY25; shares rise 5%

Navkar Corporation revenue jumps 43% YoY in Q2FY25; shares rise 5%

by | Oct 8, 2024 | Share Market


Illustration: Ajay Mohanty

3 min read Last Updated : Oct 08 2024 | 12:25 PM IST


Shares of Navkar Corporation surged up to 4.68 per cent at Rs 128.60 per share intraday on the BSE after the company delivered its July-September quarter earnings for the financial year 2024-25 (Q2FY25).


At 10:44 AM, the stock price of the company recovered some of its losses and was trading down 1.78 per cent at Rs 89.20 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.55 per cent to 81,494.11 level. 

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Navkar Corporation reported consolidated revenue of Rs 136.01 crore, a rise of 42.6 per cent as against Rs 95.37 crore registered in the same quarter last year.

 


Despite the revenue increase, the company reported a net of Rs 2.2 crore, versus a net profit of Rs 2.1 crore in the corresponding quarter of the previous year. 


The company’s total expenses surged 48.8 per cent to Rs 13674 crore, compared with Rs 91.85 crore in the September quarter of FY24. 


The company has a total market capitalization of Rs 1,907.83 crore. Its shares are trading at price to earnings valuation of -103.05 times with an earning per share of Rs -1.23. 


Navkar Corporation share price has outperformed the market as it surged 23.9 per cent year to date, while gaining 110.6 per cent in the last one year. In comparison BSE Sensex has risen 12.6 per cent year to date and 23.4 per cent in a year. 


Navkar Corporation Limited is one of India’s largest Container Freight Stations (CFSs) and Inland Container Depots (ICDs), as well as a leading provider of rail terminal and container train operation services, warehousing, and logistics solutions. The company offers a comprehensive range of customised, technology-enabled integrated logistics solutions and corporate mobility services.


As of March 31, 2023, Navkar operates three Container Freight Stations—two in Ajivali and one in Somathane, Panvel—with a combined capacity exceeding 535,000 TEUs per annum. Our facilities include temperature-controlled chambers capable of handling cargo at regulated temperatures, supported by 92 reefer plug points at our CFSs. We are also certified to manage hazardous cargo at both Ajivali CFS II and Somathane CFS.


In addition to cargo handling, Navkar provides extensive storage solutions, including buffer yards and warehouses. Our services encompass packing, labelling/bar-coding, palletizing, fumigation, and other related activities, with offerings tailored to meet our customers’ specific needs.

First Published: Oct 08 2024 | 12:25 PM IST



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Metal index corrects for 4th day in a row; NMDC, Tata Steel slip up to 8%

Metal index corrects for 4th day in a row; NMDC, Tata Steel slip up to 8%

by | Oct 8, 2024 | Share Market


4 min read Last Updated : Oct 08 2024 | 11:15 AM IST

Shares of metal companies were trading weaker on Tuesday, down by up to 8 per cent on the National Stock Exchange (NSE) in today’s intraday trade.

Stocks of companies operating in the sector were under pressure due to profit booking by investors on concerns of disappointing earnings in the September quarter (Q2FY25) due to weak metal prices, apart from the lack of any new fiscal measures aimed at boosting demand and consumption in the Chinese economy, by the National Development and Reform Commission (NDRC), at a press conference today.

In Q2FY25, metal firms may witness sequential margin contraction as analysts model flat sales volumes quarter-on-quarter (QoQ), while metal prices witnessed correction (with average steel HRC down 8 per cent/6 per cent YoY/QoQ and average LME Aluminium declined by 6 per cent QoQ but stood up by 10 per cent YoY in Q2FY25).

On a YoY basis as well, all metal companies, except aluminium names, could report margin contraction.

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However, the recent stimulus package announced by China has improved sentiments somewhat, ensuring an uptick in China hot rolled coil (HRC) exports by around $43 per tonne. Further, the possible cut of steel production by China in winter, expiry of Bureau of Indian Standards (BIS) certification for some steel mills exporting to India, and the planned maintenance shutdown by major mills of South Korea, should also support HRC prices in the near term, according to analysts.


NMDC, Tata Steel, National Aluminium, JSW Steel, APL Apollo Tubes, Hindalco Industries and Jindal Stainless are down, between the range of 2 per cent and 8 per cent on the NSE in intra-day trade.


At 09:53 AM, the Nifty Metal index, the top loser among sectoral indices, was down 2 per cent, as compared to the 0.35 per cent rise on the Nifty 50. The metal index dipped 3 per cent intra-day, after falling for the fourth straight day. 


Since October 1, the Nifty Metal index has tanked 6 per cent, as compared to the 2 per cent decline in Nifty 50. Prior to that, during the calendar year 2024, the Metal index had zoomed 28 per cent, as compared to the 19 per cent rise in the benchmark index.

Analysts at Elara Capital expect lower iron ore and coking coal prices to partially offset cost pressure for its coverage steel universe. “However, weak steel prices are likely to be a major challenge. Flat steel prices have shown a downward trend for the third consecutive quarter, falling in the range of 5-6 per cent quarter-on-quarter (Q-o-Q),” the brokerage firm stated.

This was further compounded by a sharp QoQ decline of 9-11 per cent in prices of long and semi-finished products. Thus, the brokerage firm expects blended realisation of steel firms to drop Rs 2,700-3,100 per tonne QoQ in Q2FY25E. Analysts also expect a YoY volume decline of 2-14 per cent, with Tata Steel being the only exception.

After a robust increase in Q1FY25, LME aluminium prices softened in Q2, rising approximately 10 per cent year-on-year (YoY) but declining approximately 6 per cent QoQ.

Analysts at Elara Capital expect Hindalco Industries India operations to offset the negative impact of weak aluminium prices through better volume, hedging strategy, higher premium and improved realisation of downstream products.

Further, Novelis’ EBITDA per tonne may decline approximately 4 per cent YoY and approximately 5 per cent QoQ, due to lower volume, weak prices and disruption at its Switzerland plant. Overall, the brokerage firm expects consolidated EBITDA margin to rise around 300bps YoY and around 25bps QoQ.


However, the onset of the busy construction season in the domestic market is set to bolster demand, supporting steel prices. Further, lower coking coal and iron ore prices are likely to ease pressure on profit margins, providing relief for steelmakers, the brokerage firm said in its quarterly preview of the sector.

The increase in Chinese HRC prices has turned the import parity premium of the domestic HRC prices compared to Chinese prices from around 7-8 per cent in September 2024 into an import parity discount of around 3 per cent at present.

“This will essentially support the domestic HRC prices to form a bottom and arrest a further fall in the prices in the near future. While the impact of this Chinese stimulus on steel spreads might be neutral as steel raw material prices have also rallied,” said Axis Securities in metals and mining Q2FY25 result preview.

First Published: Oct 08 2024 | 11:09 AM IST



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Time to downgrade Indian stock markets? Sell India, buy China? Analyst view

Time to downgrade Indian stock markets? Sell India, buy China? Analyst view

by | Oct 8, 2024 | Share Market


India china, India, China(Photo: Shutterstock)

4 min read Last Updated : Oct 08 2024 | 10:26 AM IST


Developments over the last few weeks – flaring geopolitical conflict in West Asia that has triggered 18 per cent rise in crude oil prices to around $80 a barrel in a matter of days, stimulus measures announced by China to prop up its economy and lofty valuation of Indian markets (23x one-year forward earnings) – has seen foreign portfolio investors (FPIs) dump Indian stocks worth over Rs 30,000 crore in the first four trading days of October.

Given this, some experts suggest investors should avoid investing in the Indian stock markets and should look at Chinese equities instead from a short-to-medium term perspective. However, they do expect the underperformance of Indian equities versus their Chinese counterpart to be short-lived.

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“With renewed interest in China equities on the back of recently announced monetary and liquidity measures and market expectations of more fiscal stimulus ahead, there is a rising risk of some near-term underperformance of India equities against the broader Asia-ex-Japan index (AeJ). However, this will not be a long-lasting period, as the structural story of India remains quite attractive,” wrote analysts at Nomura in a recent report.


Those at BCA Research, a Canada-based research firm, on the other hand, suggest absolute-return investors avoid Indian markets in the backdrop of recent developments, especially the stimulus by China. Foreign investors over the next several months, they said, will likely gravitate toward Chinese markets at the expense of Indian ones given the recent meaningful stimulus by Chinese authorities and the beaten down level of that bourse.


“Dedicated emerging market (EM) and Emerging Asian equity portfolios should downgrade India from neutral to underweight. Stay with the relative equity trade we recommended last week: short Indian equities/long Chinese A-shares,” wrote Arthur Budaghyan, chief EM / China strategist at BCA Research in a recent coauthored note.

Credit deceleration and fiscal tightening, BCA Research said, point to an imminent slowdown in India’s economic growth. Fiscal spending, it believes, excluding interest payments is rapidly contracting in nominal terms. Both drivers of stock prices – profits and (earnings) multiples – are headed lower in India at a time when equity valuations are at a record high, the research house warns.


“The credit impulse has turned negative. This will restrict both household spending and corporate investment growth. Indian corporate profits will slow further as simultaneously tight monetary and fiscal policies continue to weigh on firms’ topline growth and profit margins,” Budaghyan said.


Valuation woes


Valuation wise too, Indian stocks, Budaghyan said, are currently overvalued by two standard deviation relative to their own history. Relative to their EM peers, they are overvalued by 1.5 standard deviation. 


“The extreme valuations make this bourse (Indian stocks) highly vulnerable to a major sell-off, which can be caused by any global or domestic trigger. Even a moderate profit disappointment could lead to a major downdraft in share prices,” BCA Research said.

The narrative on China, according to Macquarie, is changing post the recent stimulus measures, and it will be hard for global investors to ignore the Chinese markets. China as an asset class, alongside other EMs, historically has been and still remains a macro trade and will need further cuts by the US Fed to sustain the momentum.


From an equity market standpoint, as China rallies, Macquarie believes pressure on India will rise, especially given its slowing economy and high valuations. Liquidity in this backdrop will be ‘sucked-out’. 


“Investors are giving the benefit of doubt that China will do what it takes. But, it won’t be easy, with the problem being demand for not supply of money, and more radical policies are likely to run against political and social covenants. Long-term, we are still more comfortable with India’s secular outlook than with China’s battle against high saving rates,” said Viktor Shvets, head of global desk strategy at Macquarie Capital.

First Published: Oct 08 2024 | 10:26 AM IST



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F&O Alert: FIIs net sell 3.5 lakh Nifty, Bank Nifty futures in just 3 days

F&O Alert: FIIs net sell 3.5 lakh Nifty, Bank Nifty futures in just 3 days

by | Oct 8, 2024 | Share Market


Futures & Options (F&O) Insights for Tuesday, October 08, 2024: Equity market extended losses for the sixth straight trading session yesterday. Cues from the futures & options data suggest that FIIs have turned fairly bearish on Indian stocks, while retail and proprietary traders have taken bullish bets.


Here’s all you need to know:

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The NSE Nifty October futures ended 0.8 per cent lower at 24,985, while the open interest (OI) rose by 0.3 per cent and the premium from 159 points to 190 points. 


The Nifty has established and broken a monthly momentum level placed at 26,150 in early October itself. We expect the Nifty to remain in consolidative phase for the October series with upside being capped at 26,300 – 26,500 levels, said Sahaj Agarwal, Senior Vice President, Head of Derivatives Research at Kotak Securities:

 


On the downside, a reversal attempt is yet to mature based on the price movements. Currently short term support is placed at 24,700 levels based on recent volatility, Sahaj Agarwal added.


Meanwhile, the Bank Nifty futures shed 1.7 per cent on the back of a 17.7 per cent rise in OI; indicating possible short build-up. The premium, however, jumped from 409 points to 537 points. 


Technically, the Bank Nifty formed a big red candle on the daily scale, indicating weakness. Moreover, the index experienced a short-term trend line breakdown and closed below the 100-DSMA support, indicating further weakness, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.


On the upside, the Bank Nifty will face immediate resistance near the 51,000 – 51,100 levels. On the downside, the psychological level of 50,000 will act as important support, followed by 49,650, Hrishikesh Yedve said.


FII, DII trading activity in F&O on October 07 – Who bought and who sold in the derivatives market on Monday?


Foreign institutional investors (FIIs) were aggressive net sellers for the third straight trading day on Monday. As per data available from the NSE, FIIs net sold 1,17,711 contracts of index futures for a consideration of Rs 7,987.16 crore. In the process, the FIIs have not net sold over 3.5 lakh contracts of index futures in just three trading sessions. 


Pursuant to which, the FIIs long-short ratio from an extremely bullish bias of 4.4:1 had dropped to a bearish 0.88:1 in just five trading sessions. This is the first time since August 14 that the FIIs long-short ratio in index futures has dipped below 1 – indicating a clear change in stance from bullish to bearish.


The NSE data shows that FIIs net sold 70,440 contracts of Nifty futures worth Rs 4,404.26 crore; 44,127 contracts of Bank Nifty futures for Rs 3,387.70 crore and 2,113 contracts of MidCap Nifty futures.


Amid the net sales in Nifty futures, FIIs open interest (OI) in Nifty futures dropped by 5.9 per cent yesterday; and overall has witnessed a 21.2 per cent decline since September 27 – the day the long-short ratio peaked – thus clearly indicating long unwinding.


However, in the case, of Bank Nifty the OI rose over 52 per cent on Monday. The overall OI has soared over 131 per cent in the same period – thus indicating aggressive short building here. The MidCap Nifty futures also saw 10.6 per cent addition of OI yesterday.


On the other hand, retail investors from an extremely bearish bias on September 27 have now turned fairly bullish. The long-short ratio from a low of 0.52:1 has jumped to 1.35:1 – thus implying more than one long position in index futures for every short bet.


Domestic institutional investors (DIIs) long-short ratio dipped to 0.54 in index futures. Whereas, proprietary traders have also turned bullish as the long-short ratio jumped from 0.68 to 1.06 on Monday. 


Key Insights from Nifty, Bank Nifty options data


Bearish sentiment prevails in the options market, with call writing surpassing put writing for the third straight session amidst rising global uncertainties and upcoming geopolitics events, said Dhupesh Dhameja, Technical Analyst at SAMCO Securities.


Notable open interest is seen at the 25,500 call (68.81 lakh contracts) and 24,000 put (55.41 lakh contracts), with trading concentrated between 24,900-25,000 calls and 24,700-24,800 puts, suggesting strong resistance near 25,000-25,200.


Increased put activity between 24,500 – 24,800 indicates a shift in call writers’ stance, while put unwinding hints at mounting bearish pressure. The put-call ratio (PCR) has declined to 0.45 from 0.56, reaffirming the bearish trend, Dhupesh Dhameja explained.


In case of Bank Nifty, significant open interest is noted at the 52,000 call (30.57 lakh contracts) and the 50,000 put (16.18 lakh contracts), with concentrated trading between 50,800-50,900 calls and 50,500-50,600 puts, suggesting a mildly bearish sentiment.


Resistance remains at 50,900-51,200 as call writers dominate. Increased put activity between 50,000-50,500 signals a shift in positioning to lower levels, while put unwinding reflects mounting bearish momentum.


The put-call ratio (PCR) has edged down to 0.53 from 0.63, indicating a cautious market stance. Max pain is positioned at 51,500, a crucial level for upcoming movements, the analyst note from SAMCO Securities stated.


Bullish & Bearish stocks


Among individual F&O stocks, AU Small Finance Bank witnessed some long build-up as the stock rose 2 per cent on the back of 15.3 per cent increase in OI. MphasiS and IDFC First Bank too saw some buying interest on Monday.


On the other hand, short build-up was visible in Federal Bank, Axis Bank and HDFC Bank. These stocks declined in the range of 2- 5 per cent alongside up to 13 per cent rise in OI. SBI, PNB and Shriram Finance also witnessed selling bias.


Stocks in F&O ban period on Tuesday, October 08


A total of 9 stocks are placed under the futures & options ban period on Tuesday. Bandhan Bank, Birlasoft, GNFC, Granules India, Hindustan Copper, IDFC First Bank, Manappuram Finance, PNB and RBL Bank.

 



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Stock Market LIVE Updates: GIFT Nifty signals higher open for Sensex, Nifty; Hang Seng down 7%

Stock Market LIVE Updates: GIFT Nifty signals higher open for Sensex, Nifty; Hang Seng down 7%

by | Oct 8, 2024 | Share Market



Stock Market LIVE Updates, Tuesday, October 8, 2024: GIFT Nifty futures, trading around 40 points ahead at 8:30 AM, from Nifty futures’ last close, at 25,023, indicated a higher open for Indian markets, as markets in China surged after returning from a week-long holiday.




Global stocks also began Tuesday on a cautious note while oil prices stayed elevated as the escalating conflict in the Middle East sapped risk appetite ahead of China’s highly anticipated reopening after a long holiday.




The benchmark 10-year US Treasury yield held above 4 per cent in early Asia trade, as a robust US labour market prompted traders to heavily scale back their expectations for Federal Reserve rate cuts. 




Hezbollah on Monday fired rockets at Israel’s third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, one year after the devastating Hamas attack on Israel that sparked the Gaza war.




Heightened fears of a widespread conflict and disruptions to supply sent Brent crude futures surging above $80 a barrel for the first time in over a month in the previous session.




It was last 0.09 per cent higher at $81.00 per barrel, while US crude futures rose 0.14 per cent to $77.25 a barrel.




Investors in India would also keep an eye on the counting of votes for assembly elections in the state of Haryana and Union Territory of Jammu and Kashmir.




Meanwhile, on Friday, benchmark equity indices BSE Sensex and Nifty 50 gave up their initial gains to settle in the red on Monday, led by a sell-off across sectors. 




The BSE Sensex shed 638.45 points, or 0.78 per cent, to settle at 81,050. 




Similarly, the Nifty 50 fell 218.85 points, or 0.87 per cent, to end at 24,795.75.




Midcap, and Smallcap stocks were the worst hit in the broader markets, with Nifty Midcap 100 and Nifty Smallcap 100 indices ending down by 2.01 per cent, and 2.75 per cent, respectively.




The fear index (India VIX) ended 6.74 per cent higher at 15.08. 




All sectoral indices, barring the Nifty IT index, ended in the red on Monday. 




The PSU Bank, and Media indices were the worst hit, ending lower by over 3 per cent each. This was followed by OMCs and Metal indices, which fell by over 2 per cent. 




That apart, Bank Nifty, Financial Services, Private Bank, Realty, Consumer Durables, and indices ended lower by over 1 per cent each.




The dour mood kept stocks on tenterhooks on Tuesday.




MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.05 per cent, while Asian stocks were mixed. 




Mainland China’s CSI 300 index gained more than 10 per cent, and the Shanghai Composite index climbed over 6 per cent, after markets there re-opened after a week-long holiday. 




Japan’s Nikkei 225 was down 1.01 per cent, while Hong Kong’s Hang Seng index was down nearly 4 per cent. 




Australia’s stock benchmark was down 0.08 per cent and South Korea’s Kospi was down 0.78 per cent.




MSCI’s broadest index of Asia-Pacific shares climbed 0.4 per cent.




S&P 500 futures tacked on 0.03 per cent while Nasdaq futures lost 0.01 per cent.




Before the break, China announced its most aggressive stimulus measures since the pandemic, in a move which sent the CSI300 soaring 25 per cent over five sessions and sparked a rally across global share markets.




Focus will also be on a press conference from the country’s National Development and Reform Commission on Tuesday, for further details around the stimulus pledges that drove the market frenzy.




The US dollar failed to get a further lift on the revised Fed expectations, having already had a strong run last week also owing to safe-haven gains linked to the Middle East conflict.




It was on the back foot in early Asia trade, falling 0.17 per cent against the Japanese yen to 147.97, while sterling rose 0.03 per cent to $1.3089.




Against a basket of currencies, the greenback eased 0.02 per cent to 102.44, though it hovered near a seven-week high hit on Friday.


Elsewhere, spot gold was little changed at $2,643.33 an ounce. 

(With inputs from Reuters.)



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Market Today: State elections, Israel War, Oil, Garuda Construction IPO

Market Today: State elections, Israel War, Oil, Garuda Construction IPO

by | Oct 8, 2024 | Share Market


Stock Market, Market, Crash, Funds, up, Stock, Gain, Lost, decline, statistic, Crisis, Capital, BSE, NSE(Photo: Shutterstock)


Stock market today, October 08, 2024: Benchmark indices – Nifty50 and Sensex – may see a lower start, influenced by movements in Wall Street and GIFT Nifty futures.


At 6:38 AM, GIFT Nifty Futures were trading 114 points lower at 24,871, indicating a potential gap-down opening for Indian markets.

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Wall Street influence


On Monday, Wall Street’s major indices closed approximately 1 per cent lower. The drop followed rising Treasury yields as traders adjusted their expectations regarding Federal Reserve interest-rate cuts, while concerns about escalating conflicts in the Middle East impacted oil prices.

 


The 10-year Treasury yield surpassed 4 per cent, reaching its highest level since early August, applying downward pressure on markets.


Thus, the Dow Jones Industrial Average fell 0.94 per cent, S&P 500 lost 0.96 per cent and Nasdaq Composite dropped 1.18 per cent. 


The CBOE Volatility Index (VIX), often referred to as Wall Street’s fear gauge, increased 3.4 points to close at 22.64, marking its highest level since August 8.


Investors will also keep an eye on the US August trade data, which is expected to be announced later today. 


Asian Markets


Asian markets displayed mixed reactions. Japan’s current account surplus rose to JPY 3,803.6 billion in August 2024, exceeding expectations. However, household spending in Japan declined 1.9 per cent year-on-year, performing better than forecasts of a 2.6 per cent drop. 


Consequently, the Nikkei and Kospi fell over 0.6 per cent, while Australia’s ASX200 managed a slight gain of 0.19 per cent. The Chinese market will reopen today after a week-long holiday.


Middle East war intensifies 


The situation in the Middle East is escalating, with Hezbollah launching rockets at Haifa, Israel’s third-largest city. As Israel prepares to intensify its military operations in Lebanon, fears of a broader regional conflict are mounting, marking the one-year anniversary of the Hamas attack on Israel that initiated the Gaza war.


Hezbollah’s strikes included targeting a military base south of Haifa, and reports indicate around 190 projectiles were fired into Israeli territory on Monday, resulting in at least 12 injuries.


Oil prices continue to fly


US crude oil prices surged over 3 per cent on Monday amid fears of an Israeli strike on Iran. Last week, oil prices spiked considerably, with US benchmark West Texas Intermediate gaining 9.09 per cent for its largest weekly increase since March 2023, while global benchmark Brent rose by 8.43 per cent, marking its biggest weekly gain since January 2023.


As per the latest figures, the November contract for West Texas Intermediate is priced at $77.14 per barrel, reflecting an increase of $2.76, or 3.71 per cent. Year-to-date, US crude oil has appreciated by more than 7 per cent.


Meanwhile, the December contract for Brent is trading at $80.93 per barrel, up $2.88, or 3.69 per cent. Year-to-date, Brent has gained approximately 5 per cent, underscoring the upward momentum in global oil markets.


Gold prices drop


Gold prices fell on Monday as the US dollar strengthened and traders scaled back expectations for significant rate cuts by the Federal Reserve. Spot gold dipped 0.4 per cent to $2,640.74 per ounce, retreating from its record peak of $2,685.42 on September 26. US gold futures decreased by 0.3 per cent to $2,660.1, with the dollar holding near a seven-week high.


State elections update


Exit polls indicated that the national party BJP suffered losses in two key provincial elections, with the main opposition Congress party and its allies projected to come out on top. This setback followed the BJP’s disappointing performance in recent national elections.


Reports suggest that Congress has a strong lead in Haryana, while they also seem to have an advantage in Jammu and Kashmir. 


The elections were conducted in phases concluding on Saturday, and the counting of votes is scheduled for Tuesday, with results expected to be announced on the same day. The exit poll findings were revealed late Saturday evening.


Market activity


On October 07, foreign institutional investors (FIIs) continued their selling spree, offloading shares worth Rs 8,293.41 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 13,245.12 crore.


IPO corner


Hero Motors Ltd, the auto-components firm of the Hero Motors Company (HMC) Group, has withdrawn its documents for an initial public offering (IPO) worth Rs 900 crore, an update with markets regulator Sebi showed on Monday. READ MORE


Apart from that, Garuda Construction and Engineering Limited IPO (Mainline) and Shiv Texchem Limited IPO (SME) are set to open for subscription today, while Subam Papers Limited IPO (SME) and Paramount Dye Tec Limited IPO (SME) will debut on the bourses today.


Previous session recap


On October 08, benchmark equity indices surrendered initial gains, closing in the red. The BSE Sensex fell by 638.45 points (0.78 per cent) to settle at 81,050, while the NSE Nifty50 decreased by 218.85 points (0.87 per cent) to finish the session at 24,795.75. Midcap and Smallcap stocks were particularly hard hit, with the Nifty Midcap 100 and Nifty Smallcap 100 indices down by 2.01 per cent and 2.75 per cent, respectively.


Here’s how analysts are assessing today’s (October 08) trading session:


Deepak Jasani, Head of Retail Research at HDFC Securities


Nifty formed a long bear candle on Monday in a continuation sign of the downside momentum. Nifty moved below the previous bottom of 24,753. The trend of the Nifty remains weak and sell-on-rise behaviour may be witnessed for some more time, although as the short term trend has become oversold, a bounce can be expected any time. Nifty could face resistance from 25,015, while 24,347-24,367 band could provide support in the near-term.


Rupak De, Senior Technical Analyst, LKP Securities


The Nifty slipped further due to ongoing geopolitical concerns, with sentiment worsening as the index fell below the 55 EMA, indicating a bearish trend. A bearish crossover in the RSI is adding to the downward price momentum. In the short-term, the trend may remain volatile, with a predominantly bearish outlook. Overall, the market appears to be “sell on rise” as long as it stays below 25,000. On the downside, support levels are positioned at 25,700, 25,590, and 25,400.


Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates


On the daily chart, the index formed a red candle, signalling weakness. However, the index managed to defend the 24,750 level, providing some relief for the bulls. As long as the index holds within the 24,700–24,750 range, a short-term pullback could be possible. However, if Nifty sustains below 24,700, deeper declines could follow.



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