Stock Market highlights: Sensex tanks 808 points amid sell-off as geopolitical tensions rise

In a volatile trading session, Indian equity markets witnessed a sharp decline on Friday, with the benchmark indices closing significantly lower. The BSE Sensex plummeted 808.65 points or 0.98 per cent to end at 81,688.45, while the Nifty 50 fell 200.25 points or 0.79 per cent to close at 25,049.85.

The sell-off was primarily attributed to rising geopolitical tensions in the Middle East, which pushed crude oil prices higher and dampened investor sentiment. Brent crude surged by $5.5 per barrel to $78, raising concerns about inflationary pressures and potential delays in interest rate cuts. 

The rupee traded on a flat note and settled at 83.96 (provisional) against the US dollar on Friday as surging crude oil prices amid volatile geopolitics weighed on the local unit, while the Reserve Bank intervened to prevent the domestic currency from touching its lowest level.

Forex traders said a weak American currency against major Asian rivals as well as the RBI’s move to sell dollars supported the local unit. However, it was weighed down by weak domestic equity markets and unabated outflow of foreign funds.

At the interbank foreign exchange, the local unit opened at 83.96 and moved between a narrow range of 83.93 and 83.97 against the greenback. The unit failed to recover from its deep plunge witnessed in previous sessions, and ended flat at 83.96 (provisional) against the dollar.

DroneAcharya Aerial Innovations Ltd has expanded its global presence by signing a Memorandum of Understanding (MoU) with American Blast Systems (ABS) Inc. to bring modern drone solutions to the American, European, and UK markets. This partnership aims to introduce ‘Made in India’ drone technology into the American market, while ABS produces these drones locally in the US to accelerate sales.

Top gainers: Infosys (1.51%), ONGC (1.18%), HDFC Life (1%), Tata Motors (0.85%), Wipro (0.65%) 

Top losers: M&M (-3.54%), Bajaj Finance (-2.86%), Asian Paints (-2.40%), Nestle India (-2.33%), BPCL (-2.31%)

It has been a volatile week for Indian markets. Nifty 50 is down -4.5%, Nifty Midcap is down -3.3%, and Nifty Smallcap by -2.3% this week. Nifty Metals, however, continued their upward trajectory, closing the week with 0.3% returns. Two major events in the week gone by have significantly impacted our markets: SEBI’s new F&O regulations and the increasing geopolitical tensions between Iran and Israel.

New SEBI F&O Regulations : Who Benefits and Who Doesn’t: SEBI’s latest F&O regulations introduce changes that will affect different market participants in varying ways. Discount brokers like Zerodha and Groww, which cater to retail traders, may experience lower trading volumes due to the increase in contract size and the restriction of weekly expiries to just one benchmark index per exchange. In contrast, traditional brokers and wealth managers may face less impact, as their client base consists of more institutional and high-net-worth individuals. Meanwhile, BSE could see some benefit from the limitation on weekly expiries, as it may attract traders shifting from NSE. While discount brokers and retail traders are expected to adjust to these changes, AMCs and depositories will likely remain unaffected. RTAs may experience operational changes but without significant disruptions. Overall, SEBI’s aim is to reduce speculative trading and bring more stability to the market, benefiting long-term institutional players while reshaping the dynamics for retail participants.

Geopolitical Situation in the Middle East: The ongoing tensions in the Middle East, particularly between Israel and Iran, have added volatility to global markets, especially with crude oil prices rising by over 5% in the past two days. The situation escalated after a missile strike in Beirut and retaliatory threats between Israel and Iran. Although OPEC+ has reaffirmed plans to increase output in December, concerns remain about potential impacts on Iran’s oil infrastructure. The key lesson here is that while we cannot predict the future, it’s important to have a high-level plan and not react in panic. These geopolitical flare-ups tend to occur periodically, and though the situation may seem critical now, such tensions have arisen before. Nuclear weapons act as a deterrent, ensuring they are never used, while more powerful arms are developed with the hope of avoiding conflict altogether. In the end, this too shall pass, and staying calm remains the best strategy.

IDFC First Bank reported that the merger of IDFC Ltd into IDFC FIRST Bank has been completed with effect from October 1. 

The bank’s Loans and Advances grew from ₹1,83,236 crore as of 30-Sept-2023 to ₹2,22,188 crore as of 30-Sept-2024, with YoY growth of 21.3%

The IDFC First Bank stock trades flat at ₹71.81 on the NSE.

Top gainers: Infosys (1.49%), ONGC (1.11%), HDFC Life (0.67%), Tech Mahindra (0.66%), Tata Motors (0.50%)

Top losers: M&M (-3.62%), Bajaj Finance (-3.34%), Nestle India (-2.80%), Asian Paints (-2.74%), Hero Motocorp(-2.73%)

Of 4,038 stocks traded on the BSE at 3 pm on October 4, 2024, 1,456 advanced against 2,473 stocks that declined, and 109 remained unchanged. While 189 stocks recorded a 52-week high, 60 hit a 52-week low. 

A total of 308 stocks traded in the upper circuit, and 276 in the lower circuit.

The benchmark indices have corrected by approximately 2.10%. This fall can be attributed to the latest escalation in West Asia, with Iran attacking Israel, SEBI’s curbs on Futures and Options, and the likely reallocation of funds to China after it announced a stimulus for its economy. 

These factors, accompanied by a rise in safe-haven assets like the US Treasury yields and the Dollar Index, have pressured risky assets such as emerging market stocks. 

If Iran attempts to block the Strait of Hormuz, it could lead to a crude oil price shock, with Brent breaching the $95/barrel mark. This can have a severe impact on the already struggling global economy, especially on India. 

However, the Indian economy is well-placed to tackle this crisis. Our foreign exchange reserves stand at $692 billion. The current account deficit is comfortable at 1.1%, and external debt is at 18.7% of GDP in FY 2024. 

Corrections such as this can be categorized as technical corrections, as the Indian growth story remains intact. Such corrections should be expected, especially when markets are at an all-time high. Historically, these technical corrections have been bought into, particularly with the high levels of cash available to Domestic Institutional Investors. One should use this opportunity to nibble into quality stocks and deploy incremental money into their mutual fund portfolios. 

Though this correction may feel painful, it will look like an opportunity in hindsight, similar to the correction on election results. Retail investors should maintain their asset allocation and rebalance their assets if we witness a meaningful correction of 10% or more during this technical phase.

1. ⁠Vasa Denticity: FUND RAISE

BoD has approved the issuance of 6.1 lakh equity shares and 8.7 lakh warrants at INR 578 each, aggregating to INR 85 crore. Subscribers include Malabar India Fund, Ashoka India Equity Investment Trust and Whiteoak Capital Fund.

2. ⁠Refex Industries: FUND RAISE

BoD approves the issuance of 87 L shares to non-promoters and 1.1 Cr warrants to promoter and non-promoter at INR 468 each, aggregating to INR 928 Cr.

3. Gensol Engineering: BUSINESS UPDATE

Company achieved revenue of INR 314 Crores in Q2 FY25, reflecting a 58% YoY growth, compared to INR 199 Crores in Q2 FY24. Company maintains its INR 2,000 Cr topline guidance for FY25, with the bulk of revenue expected in H2.

4. H.G. Infra Engineering: ORDER

Company has secured a project valued at INR 862 crore for the construction of an access-controlled highway. This includes a 4-lane highway with paved shoulders from the TN/AP border (Design Chainage km 61+51) to Puttur (Design Chainage km 81+450) on NH-716, as well as a 6-lane highway with paved shoulders from Mallavaram (Design Chainage km 97+100) to Renigunta (Design Chainage km 114+500) on NH-71, both in Andhra Pradesh. The project, awarded under Hybrid Annuity Mode as part of NH(O) (Chennai-Tirupati Package-II), is expected to be completed over a period of two years.

5. Garden Reach Shipbuilders & Engineers: ORDER

Company has received two letters of Acceptance worth INR 226 Cr for Contract for Design, Build, Operation and Maintenance of Hybrid Electric Ferries under the WBIWTLSD Project, Transport Department, Government of West Bengal, needs to be executed within 30 Months.

Piramal Capital & Housing Finance Ltd (Piramal Finance), a diversified financial services company and wholly-owned subsidiary of Piramal Enterprises Ltd (PEL), has priced the tap issuance of its inaugural US dollar bond issued in July this year to raise an additional $150 million from international capital markets. The bonds will be issued at a yield of 7.078% (vs 7.950% in the case of the original issuance in July 24) for the remaining tenor of c. 3.32 years demonstrating strong investor confidence post the company’s maiden issuance.

The high-quality order book and strong demand allowed the company to upsize by $50 million for a final issuance size of $150 million. In July 2024, Piramal Finance made its debut in the International Bond Markets with a $300 million Sustainability Bond issuance. This tap transaction further diversifies Piramal Finance’s borrowing profile, while reaffirming strong demand from high-quality investors.

For this $150-million tap issue, the final order-book received was over $520 million, depicting c. 3.5 times of over-subscription, with the order book peaking over $600 million ahead of the release of the final pricing guidance. A total of 40 investors participated in the final issuance, with 92 per cent of the funds raised from Asia and 8 per cent from EMEA. The deal attracted high-quality demand, with 95 per cent of the funds raised from asset managers, 5 per cent from others, including banks and private banks.

The Dubai Court has ordered attachment of the assets of Honasa Consumer Ltd in the UAE, along with refusal to cancel the trading licence of Honasa Consumer General Trading LLC. The Honasa Consumer stock falls 4.51% on the NSE to ₹427.05

StockGro, India’s first and leading social investment platform that focuses on helping young investors master the art of trading and investing through experiential learning, announces a strategic partnership with CMT Association, Inc. Recognized as the world’s foremost credentialing and advocacy body for technical analysis in the financial services industry. CMT Association, Inc collaborates with StockGro to introduce professional-grade education to its user base, fostering a deeper understanding of market trends and chart analysis.

This partnership will enable StockGro to deliver comprehensive educational resources, such as webinars, courses, and interactive content, designed by CMT Association members who hold the coveted Chartered Market Technician (CMT) designation. Through initiatives based on the CMT body of knowledge, users will learn how to make data-driven trading decisions by leveraging price charts and market analysis tools. With this initiative, StockGro aims to bridge the knowledge gap in technical analysis for traders and investors across India, offering an enriched learning experience.

BLS International FZE, subsidiary of BLS International Services, has acquired 99% share capital of BLS UNITED VENTURES S DE RL DE CV, a company incorporated under the Mexican federal law.

BLS International Services stock trades flat on the NSE at ₹355.30

Mirae Asset Mutual Fund (10.94%), IIFL Securities (7.99%), ADF Foods (4.85%), Redtape (3.59%), ITC Cementation (2.44%)

Modulex Construction Technologies informed that subsidiary of the company “Modulex Modular Buildings Private Limited” had applied for reallotment of 1,60,000 Sq.m land at MIDC Industrial Estate, Dist. Indapur, Pune, Maharashtra for the purpose of setting up of its factory and the subsidiary of the Company Modulex Modular Buildings Private Limited” has received the re-allotment letter for the said land from MIDC on 9th August 2024 and the lease agreement is registered at Indapur.

Shares trade at ₹17.86 on the BSE

Lyka Labs board to consider amalgamation at its meeting on Oct 11

Stock trades flat on the NSE at ₹140.64

Linde India has started commercial production at its new 250 metric tonnes per day Air Separation Unit at Ludhiana, Punjab.

Stock inched up 0.64% on the NSE to ₹8,286.10

Wonderla Holidays board has approved raising of funds for an aggregate amount not exceeding ₹800 crore by way of private placement, qualified institutions placement, preferential issue or any other method or combination of methods in one or more tranches.

It has also approved increasing authorised share capital to ₹80 crore from ₹60 crore.

Shares trade flat at ₹873.30 on the NSE.

Thomas Cook (India) Limited has inaugurated its new franchise outlet in South Bopal, Ahmedabad.

Shares trade flat on the NSE at ₹202.11

MosChip Technologies, a semiconductor design and product engineering services company, announced the launch of MosChip DigitalSky.

MosChip stock trades at ₹236 on the BSE, higher by 3.21%.

Garden Reach Shipbuilders & Engineers has received two letters of Acceptance of Award for Contract for Design, Build, Operation and Maintenance of Hybrid Electric Ferries under the WBIWTLSD Project, Transport Department, Government of West Bengal

(valued at ₹226.18 crore)

Shares rise 1.75% on the NSE to ₹1,687.35

Electronics Mart India Limited has commenced the commercial operations of a new Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ 

Electronics Mart stock trades 2.08% lower on the BSE at ₹211.50

Orient Cement has submitted acceptance of work order received from Madhya Pradesh Power Generating Company Limited to install Clinker Grinding Unit at Satpura Thermal Power Station, Sarni in Madhya Pradesh.

Orient Cement shares trade at ₹303.85 on the NSE, down by 1.78%.

Bajaj Finance informed that its board has allotted 50,000 NCDs, at face value of ₹1 Lakh each, aggregating to ₹ 500 crore on private placement basis.

Shares trade flat on the NSE at ₹7,397.55

Finance Minister Nirmala Sithraman on Friday reiterated the government’s commitment to reducing the fiscal deficit.

“The government continues to uphold its commitment to reducing the fiscal deficit. Aided by buoyant revenue generation, restrained revenue expenditure growth and healthy economic activity, the fiscal deficit is estimated to decline further from 5.6 per cent of GDP in FY24 (provisional actuals) to 4.9 per cent in FY25,” she said, while inaugurating ‘The Kautilya economic conclave,’ here.

Indoco Remedies receives final ANDA approval from the USFDA for Cetirizine Hydrochloride Tablets USP, 10 mg (OTC)

Shares rose 2.49% on the NSE to ₹348

Top gainers on the NSE as at 12 noon:

Infosys (2.74%), ONGC (2.17%), Tata Motors (2.07%), JSW Steel (2.07%), Tech Mahindra (1.98%)

Top losers:

Shriram Finance (-1.56%), Cipla (-1.44%), Hero Motocorp (-1.42%), Trent (-1.09%), Apollo Hospitals (-0.95%)

Stocks advanced on BSE at 12 noon on October 4, 2024, were 2,137 against 1,627 stocks that declined, and 166 remained unchanged. Total stocks traded were 3,930. The number of stocks that recorded a 52-week high was 167, and those that hit a 52-week low was 50. 

A total of 270 stocks traded in the upper circuit, and 208 in the lower circuit.

Reliance Nippon Life Insurance Company Limited, a leading private life insurer has launched a new deferred annuity plan, the Reliance Nippon Life Nishchit Pension, designed to ensure a guaranteed lifelong income, enabling customers to streamline their retirement income and safeguard against any decline in long term interest rates.

As per a report by the Economic Survey, Govt of India, by 2041, 15.9% of India’s population is estimated to be above 60 years of age (up from 9.7% in 2021). Such a large demographic shift is the key driver of accelerated demand for retirement solutions. As per company’s internal research, securing stable, long term cashflows for self and dependents is emerging as a predominant need for customers planning for retirement. The RNL Nischit Pension has been curated with this specific customer need in mind.

Commenting on the launch of the new product, Mr. Ashish Vohra – ED & CEO, said, “With nuclearization of family structures and increased life expectancy, there is a real risk of outliving one’s savings. One should embark on their retirement planning at the earliest possible to ensure a lifelong guaranteed regular income solution for their golden years. That said, it is never too late to plan for one’s retirement. Over the next decade, I see an exponential demand growth for retirement planning.”

Diffusion Engineers Limited, which manufactures heavy machinery for core industries, wear plates and parts, and welding consumables, made a quiet stock market debut, listing for Rs. 193 per share, a significant 15% premium over its issue price of Rs. 168.

Business Functions within a burgeoning industry with substantial investments in infrastructure and industrialization.

The organization is positioned for future growth by prioritizing forward integration and diversity.

shown steady financial growth and expanding profits.

The P/E valuation of the IPO is deemed reasonable. Those who took part in the initial public offering (IPO) may choose to hold onto their shares while keeping a careful eye on the company’s performance and the state of the market, as well as maintaining a stop loss at the issue price.

Samhi Hotels has approved investing the funds to acquire 100% share capital of Innmar Tourism and Hotels Private Limited for an enterprise value of circa ₹205 crore adjusted for net working capital including cash.

Shares trade at ₹195.25 on the BSE, down by 0.69%.

Sensex climbed 325.02 pts or 0.39% to trade at 82,822.12 as at 11.45 am, Nifty 50 traded at 25,336.55, up 86.45 pts or 0.34%.

NDR Auto Components board has approved proposal to acquire approximately 25 acres of land at MITL, AURIC, Bidkin, Chhatrapati Sambhaji Nagar, Maharashtra, at an estimated cost of ₹37.63 crore for future expansion plan of the Company. 

Shares trade at ₹835.55 on the NSE, lower by 5.72%.

Akme Fintrade (India) Limited, a listed financial services company, has opened two new branch offices in Rajasthan this week. The company inaugurated its Bhilwara branch today, located at Principal Palace, 2nd Floor, Shop No. 227 Govindam Complex, Old RTO Road. This follows the opening of a branch in Chittorgarh yesterday, on October 3, 2024, situated at Block – 2 Ambe Market.

Ceigall India board has approved incorporation of two new wholly-owned subsidiary companies under the name Ceigall Southern Ayodhya Bypass Pvt Ltd and Ceigall Northern Ayodhya Bypass Pvt Ltd or such other name as decided by the management and as approved by the statutory authorities. 

Shares trade flat on the NSE at ₹394

Cyient DLM Ltd, an Indian integrated electronics manufacturing company, has acquired the US-based Altek Electronics Inc, through its wholly-owned subsidiary Cyient DLM Inc. The deal, valued at up to $29.2 million, includes an upfront payment of $23.4 million and a performance-based earnout of up to $5.8 million. 

The shares of Cyient DLM Ltd were trading at ₹695.65, up by ₹5.05 or 0.73 per cent on the NSE today at 10.45 am. 

DIFFUSION ENGINEERING LTD IPO

ISSUE PRICE: ₹ 168.00

RETAIL LOT : 88 SHARES

LISTING PRICE

BSE: ₹ 188.00

NSE: ₹ 193.50

PROFIT PER LOT BSE : ₹ 1760

PROFIT PER LOT NSE : ₹ 2244

Coforge (2.43%), Wipro (2.01%), Persistent Systems (1.89%), Infosys (1.82%), Tech Mahindra (1.40%)

Bank Nifty opened today’s session lower at 51,644 versus yesterday’s close of 51,845. The index is now hovering around at 51,860.

The advance/decline ratio stands at 9/3, giving the index a bullish bias. Bank of Baroda, up 2 per cent, is the top gainer whereas HDFC Bank, down 0.5 per cent, is the top loser.

Nifty PSU Bank has appreciated 0.6 per cent today whereas Nifty Private Bank is flat. So, the public sector banks are outperforming the private peers.

Diffusion Engineers shares trade at ₹203.17 on the NSE, after listing at ₹193.50 today (15% premium against issue price of ₹168).

Lodha (-3.14%), Godrej Properties (-2.91%), DLF (-2.30%), Prestige (-1.74%)

Nifty 50 is attempting to recover after a sharp fall on Thursday. The index has risen back after making an intraday low of 25,094 at the opening trades. It touched a high of 25,294 and has come down from there. Nifty is currently trading at 25,190, down 0.23 per cent. The advances/declines ratio is at 23:27. This is negative.

H.G. Infra Engineering informed that Rail Land Development Authority has cancelled the Letter of Acceptance for grant of Lease for Commercial Development on Railway Land at “Abu Road Bungalow no. 102 at Abu Road (NWR)” Measuring 8034.10 Sqm for a period of 60 years.

Shares trade flat on the NSE at ₹1,486.10

Crude oil futures traded marginally lower on Friday morning despite the US discussing possible strikes by Israel on oil facilities in Iran.

At 9.54 am on Friday, December Brent oil futures were at $77.53, down by 0.12 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $73.66, down by 0.07 per cent.

Juniper Hotels board has approved availing of credit facilities through a Term Loan of ₹280 crore from ICICI Bank Limited. 

Juniper Hotels shares trade flat on the NSE at ₹358.40

Reliance Power shares trade at its lower circuit on the NSE at ₹50.95. Company’s board approved a proposal to raise up to USD 500 million (about Rs 4,198 crore) through issuance bonds.

The Confederation of All India Traders (CAIT) has intensified its push for regulatory reform in India’s e-commerce sector, calling for the creation of a specialised, separate and active regulator dedicated to overseeing digital retail platforms.

In a letter to Finance Minister Nirmala Sitharaman, the traders’ body expressed concerns that the Competition Commission of India (CCI) has failed to effectively regulate the monopolistic practices of e-commerce giants Amazon and Flipkart. CAIT highlighted that without targeted oversight, India’s retail landscape could be irrevocably damaged, leaving small and medium traders unable to compete.

More on Suzlon here

Rupee paused its slide and traded flat at 83.96 against the US dollar in early deals on Friday amid retreating crude oil prices and a weak American currency against major Asian rivals.

Subdued sentiment in the domestic equity markets amid massive outflow of foreign funds in the past three days played a spoilsport and prevented a recovery in the rupee, forex traders said.

Citi on Bank Baroda: Maintain Buy on Company, target price at Rs 300/Sh (Positive) 

JP Morgan on SBIN: Maintain Overweight on Bank, target price at Rs 1000/Sh (Positive) 

Investec on M&M: Maintain Buy on Company, target price at Rs 3220/Sh (Positive) 

MS on M&M: Maintain Overweight on Company, target price at Rs 3304/Sh (Positive) 

Investec on Cipla: Maintain Buy on Company, target price at Rs 1900/Sh (Positive) 

MS on Bajaj FIn: Maintain Overweight on Company, target price at Rs 9000/Sh (Positive) 

JP Morganon Coforge: Maintain Overweight on Company, raise target price at Rs 9300/Sh (Positive) 

Citi on VBL: Initiate Buy on Company, target price at Rs 800/Sh (Positive) 

Morgan Stanley Comsumer Picks: Mass urban consumption will continue to accelerate. Top picks DMart, Trent, Page, ITC and Brainbees (Positive) 

Macquarie on Dmart: Maintain Outperform on Company, target price at Rs 5600/Sh (Neutral) 

MS on Dmart: Maintain Overweight on Company, target price at Rs 5769/Sh (Neutral) 

Jefferies on SBI Cards: Maintain Hold on Company, target price at Rs 795/Sh (Neutral) 

Nomura on Yes Bank: Maintain Neutral on Bank, target price at Rs 17/Sh (Neutral) 

Citi on Bajaj Finance: Maintain Buy on Company, target price at Rs 8257/Sh (Neutral) 

MS on M&M Fin: Maintain Equal weight on Company, target price at Rs 320/Sh (Neutral) 

GS on Dmart: Maintain Sell on Company, target price at Rs 4050/Sh (Negative)

Garden Reach Shipbuilders & Engineers has signed Contract for construction and delivery of one of the four additional vessel 7500 DWT MultiPurpose Vessels (MPV). 

Shares trade lower by 2.13% on the NSE at₹1,623.10

Cyient DLM announced its acquisition of Altek Electronics, a prominent EMS (Electronic Manufacturing Services) company based in the United States.

Shares trade flat on the NSE at ₹686.35

Alembic Pharmaceuticals receives USFDA Final Approval for Alcaftadine Ophthalmic Solution, 0.25% (OTC)

Shares trade flat on the NSE at ₹1,228.95

Vedanta’s production update for second quarter ended Sept. 30:

Record Aluminium production of 1205 kt in 1H, while Alumina production jumps 21% YoY 

* Zinc India records a new high for mined metal while the production of refined metal increased by 5% YoY to 524 kt in the first half of the year 

* Zinc International volumes rise 16% QoQ 

* Power sales increase 10% YoY in 1H supported by higher generation from thermal plants 

* Ferrochrome production jumps 70% YoY to 53 kt driven by commissioning of the new furnace

Shares trade lower by 1.41% on the NSE at ₹504.55

Tilaknagar Industries has completed investment in Bartisans of ₹8.03 crore. 

Shares trade at ₹279.15 on the NSE, lower by 2.41%.

ONGC (0.68%), SBI Life (0.68%), IndusInd (0.45%), HCL Tech (0.36%), TCS (0.24%)

Top losers:

BPCL (-3.93%), Bajaj Finance (-3.06%), Trent (-2.80%), Asian Paints (-2.59%), Hero Motocorp (-2.17%)

Crude oil futures traded marginally lower on Friday morning despite the US discussing possible strikes by Israel on oil facilities in Iran. At 9.25 am on Friday, December Brent oil futures were at $77.56, down by 0.08 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $73.67, down by 0.05 per cent. October crude oil futures were trading at ₹6197 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6161, up by 0.58 per cent, and November futures were trading at ₹6172 against the previous close of ₹6137, up by 0.57 per cent.

Indian stock markets opened lower on Friday, extending losses for the fifth consecutive session as geopolitical tensions in the Middle East and significant foreign institutional investor (FII) selloff weighed on sentiment. The benchmark Sensex opened at 82,244.25, down from its previous close of 82,497.10, while the Nifty mirrored this trend.

As of 9.30 am, top gainers on the NSE included ONGC (0.68 per cent), SBI Life (0.68 per cent), IndusInd Bank (0.45 per cent), HCL Tech (0.36 per cent), and TCS (0.24 per cent). Meanwhile, BPCL (-3.93 per cent), Bajaj Finance (-3.06 per cent), Trent (-2.80 per cent), Asian Paints (-2.59 per cent), and Hero Motocorp (-2.17 per cent) were among the top losers.

HDFC Bank’s gross advances and deposits both rose in the second quarter, it said on Friday.

Gross advances up 1.3% in second quarter at ₹25.19 lakh crore, and gross deposits rose 3.1% at ₹23.53 lakh crore

Shares trade flat on the NSE at ₹1,682.50

Narinder Wadhwa, Managing Director, at SKI Capital Services Ltd

The ongoing Iran-Israel conflict is creating significant ripples in global markets, leading to a surge in crude oil prices. For India, which relies heavily on oil imports, this rise in crude prices is concerning. It could exert upward pressure on inflation, widen the fiscal deficit, and limit the RBI’s flexibility to adjust monetary policy. While inflation has been stable recently, sustained high oil prices may disrupt this balance, forcing the RBI to adopt a more cautious stance. 

In addition to geopolitical tensions, Indian markets are grappling with stretched valuations. After a prolonged bull run, certain sectors appear overvalued, heightening the risk of corrections, especially if global factors worsen or domestic growth slows. This makes the market more susceptible to fluctuations, with high volatility likely becoming the norm in the near term. 

Foreign Portfolio Investors (FPIs), who have been net sellers in recent months, are also contributing to this volatility. Driven by risk-off sentiment due to geopolitical uncertainties, FPI outflows could further strain market liquidity. However, India’s long-term growth story remains compelling, and we could see FPI inflows resume once global uncertainties ease. 

Further compounding market volatility are the recent regulatory changes in the Futures & Options (F&O) market. SEBI’s move to curb speculative trading will likely slow down retail investor activity, which has been a major driver post-pandemic. As retail participation pulls back, mid-cap and small-cap stocks could witness some consolidation, adding to market instability in the short term.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“The sharp correction of 2.1% in the Nifty yesterday was more due to the massive FII selling rather than fears of Middle East tensions escalating. The last three days have witnessed huge FII selling of Rs 30614 crores in the cash market. FIIs are moving money from expensive India to cheap Hong Kong on expectations that the monetary and fiscal stimulus being implemented by the Chinese authorities will stimulate the Chinese economy and improve earnings of Chinese companies. It remains to be seen how this Chinese recovery hopes play out.

The market direction in the near-term will be influenced by the tug-of-war going on between the FIIs and DIIs. The present reality is that DIIs have deeper pockets than FIIs and they have greater conviction to buy the India Growth Story. 

Market will start responding to the Q2 results which will start flowing from next week onwards. Leading banks are poised for a recovery.

Epack Durable enters into arrangement with Panasonic India to produce RAC controller as EMS and other key components under the PLI scheme.

1 BANDHANBNK

2 BSOFT

3 GRANULES

4 HINDCOPPER

5 MANAPPURAM

6 RBLBANK

ARISE A.G.M.;General 

GRAVITA

General 

NRBBEARING

Interim Dividend 

RDBRIL

Increase in Authorised Capital;Preferential Issue of shares

ACCELYA 

Final Dividend - Rs. - 40.0000

CLASELE

Bonus issue 5:1 

GPIL

Stock Split From Rs.5/- to Rs.1/- 

KPIGREEN

Final Dividend - Rs. - 0.2000 

REALECO

Stock Split From Rs.10/- to Rs.2/- 

SHIKHARLETR

Bonus issue 3:1

Nikkei +7 pts , 

Hangseng -98 pts , 

Now @6.52am . 

Dow -184.93 pts ,Nsdq -6.65 pts, S&P 

-9.60 pts , Bovespa -1843 pts , Ftse -8 pts , Dax -149 pts , Cac -99 pts , Crude @ $73.90 brl (+0.19), Brent @ $77.62 brl (+0.00) , Gold @ 2675.00 (-4.20), Silver $32.29 (-0.17), Euro @ $1.1036, JPY @ $146.89, INR @ 83.975

-- Justin Khoo, Senior Market Analyst APAC, VT Markets 

Following the news of Israel being attacked by Iran on Tuesday night, the NIFTY 50 Index Futures have been on a continuous decline. Since then, NIFTY has dropped a total of 575 points. Meanwhile, oil prices have surged for the third consecutive day, with Brent crude approaching $75 per barrel on Thursday. Polymarket, a decentralized prediction platform, currently forecasts a 38% chance of an Israeli response to Iran’s attack by Friday. This could lead to a potential shift of capital into safe-haven assets like gold. 

Before considering trading gold, two key factors must be monitored: strong labor data on Friday and a decisive gold close above 2685.49. Only if these conditions are met should we proceed to identify suitable buy areas. 

Outside of geopolitical concerns, money managers are reducing long positions across Asia to fund investments in China, following the announcement of numerous measures by Chinese authorities to stimulate growth. Although this shift is in its early stages, there has not yet been a significant withdrawal of foreign capital from India. However, the current momentum suggests there may be an argument for a potential rotation from India to China.

Cyient DLM Limited’s board approved the acquisition of an US entity through its wholly owned subsidiary, Cyient DLM Inc. This is a strategic move that could potentially expand the company’s global reach and market share.

CRUDE PRICE UPDATE: US CRUDE FUTURES RISE MORE THAN $3/BBL ON MIDDLE EAST CONFLICT 

WTI CRUDE: 73.16, UP 4.32%

China @ Market Holiday

10.30 India Service PMI (Expected: 58.9 versus Previous: 60.8)

14.00 U.K. Construction PMI (Expected: 53.1 versus Previous: 53.6)

18.00 U.S. Non-Farm Employment Change (Expected: 148k versus Previous: 142K)

18.00 U.S. Unemployment Rate (Expected: 4.2% versus Previous: 4.2%)

18.00 U.S. Average Hourly Earnings m/m (Expected: 0.3% versus Previous: 0.4%)

SURYODAY SMALL FINANCE: BANK’S PERFORMANCE FOR Q2 FY25: GROSS ADVANCES: RUPEES 9,360 CR, GROWTH 4%(QOQ) AND 35% (YOY) 

TOTAL DEPOSITS: RUPEES 8,851 CR, GROWTH OF 9% (QOQ) AND 39% (YOY) GROWTH

Revenue from operations of Polycab witnessed a robust growth of 20.8 per cent to ₹4698.03 crore in Q1-FY25 from ₹3,889.38 crore in the corresponding quarter of previous year. The contribution to revenue from wires and cables business was 84 per cent at ₹3942.13 crore as compared to 90.8 per cent in Q1-FY24. 

Given the volatility in commodity prices during the quarter and turn down in government ordering due to elections, the wires and cables segment grew by only 11.6 per cent y-o-y. 

Man Infraconstruction Ltd (MICL) has strong visibility of cash flows from ongoing projects, with a current run rate exceeding ₹321 crore in Q1. The company is set to incur DM fees from its Tardeo-Aaradhya Avaan project, which is 70 per cent sold (of the launched tower). This project is unique for the company, being the tallest building in the city, with 100 per cent approvals. 

Domestic markets are expected to open weak amid geopolitical tension. Gift Nifty at 25,418 signals a gap-down opening of about 70 points for Nifty. According to analysts, the widening West Asia conflict soured risk sentiment, with foreign portfolio investors resorting to heavy selling. According to exchange data, FPIs sold over ₹15,000 worth of shares on Thursday alone.

With the market set for weekend holidays, they are unlikely to carry over their position, they added.

NBCC (India) Ltd.

Bonus issue 1:2

Previous day Closing Price – Rs. 171

Ex-Dividend 07 Oct 2024 (Monday)

Last date for Cum-Dividend Today

Ex-Dividend 07 Oct 2024 (Monday)

Last date for Cum-Dividend Today

Jupiter Wagons Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 497.1

K.P. Energy Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 492.65

Buzzing stocks: BSE, HDFC Bank, RPower, PTC India, BoB, Avenue Supermarts, Bajaj Finance, M&M Financial, Aarti Drugs, Shlpa Medicare, CESC

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Atul Auto: Jitendra AdhiaV, VP Finance

EV Contribution Will Be 1/3rd Of Mix In FY25: Atul Auto

https://www.youtube.com/watch?v=qZA9BAySD0g

CSB Bank: Pralay Mondal, MD & CEO

Proper Documentation Needs To Be In Place For Lenders In Gold Segment: CSB Bank

NMDC: Amitava Mukherjee, Director-Finance

Most Of Capex Will Be Funded By Internal Accruals: NMDC

NLC Nalco India : Prasanna Motupalli, CMD

NEP Is Envisaging 7-8% Demand Increase Till 2031-2032: NLC India

Quick Heal Tech: Vishal Salvi, Chief Executive Officer

Antifraud AI Launch Is Globally First Of Its Kind, Will Help Curb Digital Frauds: Quick Heal

Quick Heal Tech: Vishal Salvi, Chief Executive Officer

Inside Quick Heal: CEO Vishal Salvi on Market Demand and Product Launch Plans

Bajaj Auto: Rakesh Sharma, ED

Expect 6-8% Underlying Growth For Motorcycles & The EV Momentum To Continue In Oct: Bajaj Auto

KRBL: Akshay Gupta, Head, Bulk Exports

Ban On Non-Basmati Rice Lifted, Bulk Business Could Be An ?100-200 Cr Opportunity: KRBL

Max Estates: Rishi Raj, COO

Max Estates Garners Pre-Sales Of ₹4,100 Cr Within 30 Days Of Launch Of Estate 360, Gurugram

M&M: Hemant Sikka, President-

Our Tractor Sales Even In The Shradh Period Are Up 10-15% YoY: Mahindra & Mahindra

Events today…

Results today…

IndianOil and Nepal Oil Corporation Sign B2B Framework Agreements for Major Petroleum Infrastructure Development in Nepal

The G2G MoU extends the Motihari-Amlekhgunj Petroleum Pipeline to Chitwan, Nepal, and includes building oil storage terminals in Chitwan and Jhapa. A new pipeline from Siliguri to Jhapa is also planned. These projects aim to improve petroleum logistics, reduce costs, and enhance Nepal’s energy security. 

The B2B agreement allows IndianQOil and NOC to begin construction, reducing reliance on tank trucks and mitigating environmental risks.

Citi Initiate coverage on Varun Beverages (VBL) with a Buy rating; TP is Rs800

Pecking order in India consumer staples is now Varun Beverages, Hindustan Unilever, Godrej Consumer and Britannia.

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -15243.27 

(17311.91 - 32555.18) 

DII: NET BUY: +12913.96 

(25294.47 - 12380.51)

BL Today’s Pick, Stock Recommendation for October 4, 2024: Get all the Stock Recommendations & our Experts views for today’s pick on Indian Stock Market.

The stock of Vijaya Diagnostic Centre has been in a long-term uptrend. However, over the past few weeks, it has been largely charting a sideways trend. That is, it has been oscillating within ₹890 and ₹960. On Thursday, the stock managed to move above ₹960. Notably, so far this week, the scrip has been appreciating despite the broader market facing a downward pressure.