Stock Market Live Updates: Sensex, Nifty slide into the red amid a midday sell-off

Sensex traded at 80,828.26, lower by 860.19pts or 1.05% as at 1.48 pm, and Nifty 50 traded lower 297.10 pts or 1.19% to 24,717.50.

Indian stock markets relinquished early gains on Monday, with the Sensex and Nifty both trading in negative territory by midday. After opening higher at 81,926.99, the Sensex dropped 305.94 points or 0.37% to 81,382.51 as of 12:43 pm. Similarly, the Nifty50 declined 136.90 points or 0.55% to 24,877.70, retreating from its opening level of 25,084.10. Read more

1. ⁠Sahasra Electronics Solutions: BULK DEAL

Ankush Kedia bought 2L shares at INR 541/share, aggregating to INR 11 Cr. Vinod Kumar bought 1.8L shares at INR 538/share, aggregating to INR 9.6 Cr.

2. Techera Engineering India: BULK DEAL

Sarabpreet Kaur bought 1.2 L shares at INR 125/share, aggregating to INR 1.5 Cr. Avarjit Singh Birghi bought 2.3L shares at INR 128/share, aggregating to INR 2.9 Cr. 

3. Avantel: EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 43% YoY from INR 54 Cr in Sep-23 to INR 77 Cr in Sep-24. Similarly, Net Profit up 44% from INR 16 Cr to INR 23 Cr. On a QoQ basis, Sales up 48% and Net Profit up 3.3x.

4. Jeena Sikho: EMPANELMENT

Company’s 15 Ayurveda Panchkarma Hospital situated in Multan Nagar, Gurugram, Safdarjung, Amritsar, Dera Bassi, Murad Nagar, Lucknow, Navi Mumbai, Thane, Andheri, kota, Ajmer, Jaipur, Udaipur, Jodhpur have been empanelled with Safeway Insurance TPA Private Limited for providing Cashless Ayurveda Panchkarma Treatment i.e. without having to pay upfront (cashless) subject to the terms and conditions of the policy.

5. CEIGALL: ORDER

Company has received a Letter of Intent for a project worth INR 143 Cr for the development of the Kanpur Central bus terminal on a Design, Build, Finance, Operate, and Transfer (DBFOT) basis from the Uttar Pradesh State Road Transport Corporation (UPSRTC). The project is to be executed within 2 years.

6. Senco: FUND RAISE

BoD approved the raising of funds by way of issuance of Equity Shares or any other eligible security for an aggregate amount not exceeding INR 500 Cr by way of Qualified Institutional Placement (QIP).

ICICI Securities has retained a buy call on Signature Global (India) Ltd, with a target price of Rs 1905. ICICI Securities Report- Key Highlights

Investment Overview

* BUY Rating: Signature Global India (Signature) retained at INR 1905 TP.

* Valuation : 10x FY24–26E average embedded EBITDA on sales bookings.

* Sales Growth: 63% sales booking CAGR over FY21–24

* Sales Booking CAGR: Estimated 19% over FY24–27, with FY25–27 sales bookings of INR 100– 120bn annually at >INR 13,000/psf.

• Expansion: Entered premium group -housing projects in prime areas of Gurugram.

Wockhardt Limited announced today that its novel antibiotic WCK 6777 (Ertapenem/Zidebactam) has been granted Fast Track designation by the USFDA for treating complicated urinary tract and intra-abdominal infections. The drug has also successfully completed a Phase I study conducted by the National Institutes of Health (NIH) in the United States. Read more

Power & Instrumentation (Gujarat) has announced the completion of a project for the Government of India’s Department of Atomic Energy, Nuclear Fuel Complex (NFC), Kota. The project is valued at ₹ 10.18 crore.

Stock surges 4.97% on the NSE to ₹219

Zota Health Care subsidiary, Davaindia Health Mart Limited, has announced rapid expansion of its retail footprint with the opening of 501 Operational Company Owned Company Operated (COCO) stores of DAVAINDIA across India

Zota shares trade flat on the NSE at ₹595.35

Mirae Asset Investment Managers (India) Pvt. Ltd. announces the launch of ‘Mirae Asset Nifty Total Market Index Fund’, an open-ended scheme replicating/ tracking Nifty Total Market Total Return Index, offering exposure to 750 companies across various market cap segments.

The Nifty Total Market Index provides a comprehensive representation of the Indian equity market, offering exposure to large, mid, small, and micro-cap segments. This diversified approach may help investors capture growth opportunities across the evolving landscape of the Indian equity market.Mirae Asset Investment Managers (India) Pvt. Ltd. announces the launch of ‘Mirae Asset Nifty Total Market Index Fund’, an open-ended scheme replicating/ tracking Nifty Total Market Total Return Index, offering exposure to 750 companies across various market cap segments.

The Nifty Total Market Index provides a comprehensive representation of the Indian equity market, offering exposure to large, mid, small, and micro-cap segments. This diversified approach may help investors capture growth opportunities across the evolving landscape of the Indian equity market.ving landscape of the Indian equity market.

Hitachi Energy India Limited announced today a significant investment plan of approximately ₹2,000 crore over the next four to five years. The company, celebrating 75 years of operations in India, aims to expand its capacity, portfolio, and talent base to drive sustainable energy solutions in the country. Read more

SAMCO Asset Management Private Ltd today launched the Multi Cap Fund that incorporates a Smaller Cap Allocation for potential growth, stock selection using a proprietary model, hedging in periods of downtrend to mitigate risks, and dynamic rebalancing to optimise performance across market cycles. The New Fund Offer (NFO) opens for subscription on October 10, 2024, and will close on October 24, 2024.

Nestle India Chairman & Managing Director Suresh Narayanan, popularly known as the “turnaround CEO”, will be retiring in July next year. Narayanan will be taking a “well-deserved retirement” after an “illustrious career of 26 years with Nestle Group “at the close of business hours on 31st July 2025.”, the packaged food major said in a BSE filing, At the same time, the company said Amazon’s Manish Tiwary, will take over the position as MD of Nestle India effective from August 1,2025 , it added.

Top gainers: ITC (1.58%), Bharti Airtel (1.43%), Bajaj Finance (0.86%), Cipla (0.74%), Infosys (0.51%)

Top losers: Adani Ports (-4.12%), Coal India (-3.52%), NTPC (-3.45%), ONGC (-3.34%), Power Grid (-3.07%)

Of a total of 4,042 stocks traded on the BSE at 12.04 pm on October 7, 2024, 615 advanced against 3,300 stocks that declined, and 127 remained unchanged. While 151 stocks recorded a 52-week high, 114 hit a 52-week low. 

A total of 200 stocks traded in the upper circuit, and 536 in the lower circuit.

Shares of jewellery and watchmaker Titan Company Ltd traded among top losers of the Nifty 50 pack in early trade on Monday. Brokerages have been positive on the stock following its second-quarter business update. Titan recorded a 25 per cent y-o-y growth in the second quarter of FY25.

In its latest stock exchange disclosure, the company said that a total of 75 stores were added during the quarter, expanding its combined retail network presence to 3,171stores. Read more

Tata Asset Management Company has launched the country’s first index fund based on the newly launched Nifty Capital Markets Index, which will track the performance of stocks from the Nifty 500 Index that are relevant to the capital market theme. The index includes companies from financial services verticals such as, asset management companies, exchanges and data platforms, stockbroking and allied services, depositories, clearing houses, financial products distributors, ratings, and other capital market-related services.

Natural gas futures on the Multi Commodity Exchange (MCX) closed at ₹240.3 MMBtu last week, posting a marginal loss of 1.6 per cent. Nevertheless, the price stays above both 20- and 50-day moving averages. Also, the breakout of ₹240 that occurred last week has kept the broader bias bullish.

From the current level, we expect natural gas futures to resume the uptrend. The nearest notable barrier is at ₹280. Above this, ₹300 is a strong resistance.

On October 6, 2024, Tata Steel announced its production and delivery volumes for Q2 FY25. The company’s Indian operations recorded a 5 per cent year-on-year increase in crude steel production, reaching 5.27 million tons. Domestic deliveries also saw a 5 percent rise, totalling approximately 4.9 million tonnes.

The shares of Tata Steel Limited were trading at ₹164.42 down by ₹2.33 or 1.40 per cent on the NSE today at 11.15 am.

​Bank Nifty​ opened today’s session with a gap-up at 51,543 versus Friday’s close of 51,462. The index is now hovering around 51,530, 0.1 per cent.

​Read more here.​

Wockhardt informed that its β-lactam enhancer-based MDR-active antibiotic, WCK 6777 (Ertapenem/Zidebactam) has completed a Phase I study conducted by the Division of Microbiology and Infectious Diseases (DMID) at the National Institute of Allergy and Infectious Diseases (NIAID)

Stock trades at ₹918.85 on the NSE, lower by 4.83%.

Goa Carbon has resumed operations at the Company’s Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chhattisgarh).

Stock trades at ₹746.35 on the NSE, lower by 5.42%.

Bharti Airtel announced that its commuters can experience uninterrupted and seamless connectivity on the newly inaugurated North-South Corridor of the Pune metro. 

Shares trade at ₹1,654.10 on the NSE, up 0.80%.

Indian Energy Exchange (IEX), India’s leading electricity exchange, posted a total monthly volume of 11,370 MU in September 2024, marking a significant 24 per cent year-on-year (YoY) growth.

According to an exchange filing, the electricity volume, which includes green electricity, reached 10,332 MU, reflecting a 21 per cent YoY increase, while renewable energy certificates (REC) surged to 1,031 MU, doubling the volume from the same period last year.

Gold prices slipped after a stronger-than-expected U.S. jobs report poured cold water on expectations for an aggressive rate cut from the Federal Reserve next month, boosting the dollar. U.S. job growth accelerated in September and the unemployment rate slipped to 4.1%, further easing pressure on the Fed to deliver another 50 basis point rate cut at its Nov. 6-7 policy meeting. US non-farm payrolls showed job additions of 254K against the expectations of 150K and 72K of upward revisions to the past two months of data. Similarly, unemployment data was also reported lower than expectations of 4.1% v/s 4.2%. The dollar index, opens new tab jumped to a seven-week high against its major crosses, after the jobs data. Traders scaled back expectations for a 50 bps rate cut in November to almost 0% from 28%, weighing on metals. Israeli military strikes across Gaza Strip killed at least 29 Palestinians, and sirens blared in Israel in response to renewed rocket fire from militants in the Palestinian enclave. After Iran launching several missiles on Israel market participants are awaiting strong retaliatory response from the latter, increasing the risk premium further for bullions.

Nifty 50 is managing to sustain above 25,000. However, the index seems to be lacking a strong follow-through buying. It is currently trading at 25,070, up 0.22 per cent. The advances/declines ratio is at 22:28. This leaves the bias negative and can keep alive the danger of dragging the Nifty below 25,000. Read more

The rupee rose 2 paise to 83.97 against the US dollar in early trade on Monday, aided by a weaker greenback in the international market and a drop in crude oil prices. The increase in the country’s forex reserves to a new all-time high of $704.88 billion on Friday further pushed the domestic currency, according to forex traders.

However, growing escalation of the conflict in the Middle East and FIIs outflow on Friday capped sharp gains in the domestic unit, they said. Read more

Global Business of the Bank grew by 12.00% Y-o-Y to 13.96 trillion as on Sep 30, 2024. 

Global Advances of the Bank grew by 14.41% Y-o-Y to 6.21 trillion 

Global Deposits of the Bank grew by 10.15% Y-o-Y to 7.75 trillion 

Shares traded lower by 2.22% on the NSE to ₹106.35

BULLION

Last week, gold and silver prices experienced significant volatility due to the Middle East crisis and a strong U.S. dollar. Escalating tensions increased demand for safe-haven assets, driving gold to record highs and silver to a 12-year peak. However, gains were limited by the strengthening dollar and rising U.S. bond yields. Strong non-farm payroll data in the U.S. pushed both the dollar index and 10-year bond yields to two-month highs. Additionally, rising crude oil prices tempered expectations of aggressive rate cuts by the U.S. Federal Reserve, causing gold and silver prices to retreat from their peaks. Gold has support at $2,631-$2,610, with resistance at $2,662-$2,678. Silver has support at $31.82-$31.68 and resistance at $32.35-$32.52. In INR, gold has support at ₹75,880-₹75,670, with resistance at ₹76,450-₹76,650. Silver has support at ₹92,850-₹92,050, while resistance is at ₹94,130-₹94,980.

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CRUDE OIL

Crude oil prices experienced significant volatility last week, recovering from their lows to reach five-week highs, driven by heightened tensions in the Middle East and better-than-expected U.S. non-farm payroll data. Israel’s military actions against Lebanon and its threats of retaliation against Iran in response to missile attacks on Israel have further unsettled global oil markets. The crude oil prices rose due to positive U.S. economic data, including the non-farm payroll report and the unemployment rate. The reopening of Chinese markets this week, combined with recent stimulus measures, is expected to boost China’s oil demand, providing further support to prices. However, gains are being capped by the upcoming OPEC+ production hike starting in December and the strengthening U.S. dollar. We expect crude oil prices to remain volatile during today’s session. Crude oil has support at $73.10–$72.50 and resistance at $74.20–$75.00. In INR, crude oil has support at ₹6,250–₹6,180 and resistance at ₹6,420–₹6,480.

Optival Health Solutions Pvt Ltd, the subsidiary of Medplus Health Services, has received two suspension orders of Drug Licence for stores situated at Tumsar, Maharashtra. 

Medplus stock slipped 0.96% to ₹648.40 on the NSE

Tata Steel India crude steel production in second quarter FY24 stood at 5.27 million tonnes and deliveries were at 5.10 million tonnes. Domestic deliveries were around 4.9 million tonnes, up 5% YoY, broadly in line with the growth in production. On a half-year basis, crude steel production was up 5% YoY, while deliveries increased by 4% YoY.

Tata Steel shares trade flat on the NSE at ₹166.56

NATCO Pharma Ltd announced that Mylan Pharmaceuticals Inc. and Novo Nordisk have reached a settlement of the US patent litigation related to generic Ozempic (Semaglutide). NATCO and Mylan are partnered on the development of generic Ozempic products. The terms of the settlement are confidential.

Stock rose 2.80% on the NSE to ₹1,391.90

Top gainers: Trent (1.71%), ITC (1.70%), Kotak Mahindra (1.15%), HCL Tech (1.07%), HDFC Life (1.05%)

Top losers: Titan (-1.65%), Adani Ports (-0.99%), ONGC (-0.81%), Hindalco (-0.55%), HDFC Bank (-0.55%)

The most important reason for the decline in Indian equities was FII selling, as they wanted to book profits here and redirect funds into the Chinese markets. Geo-political factors, new SEBI rules on F&O, and October seasonality also played a role. We believe the worst of the geo-political impact and China-related issues is now behind us. We began purchasing equities in a significant way yesterday and will continue to do so in the coming days. In the short term, we are positive about the markets. However, longer term, we remain cautious due to deteriorating global macroeconomic conditions and high valuations. Therefore, we plan to book profits on our current purchases by the end of CY 2024.

“Nifty bounced back sharply in the first half on Friday, re-tested the trendline, and made a new low on the hourly chart. However, a positive divergence is visible on the hourly chart. Incase of a pullback, the lower rising trendline which earlier provided support will now act as resistance and its level is 25250 currently. The 40HEMA at 25570, will be a major resistance level in the near term and a trend reversal level as well. On the way down, the low of 24750 is the next major support level.Cross currents on strong equity cues from Wall Street against rising triplets; USD index, crude and US 10 year yields may dominate trade set up for the upcoming week on Dalal Street. Participants may also watch RBI policy outcome (though the expectation is of no change on rate but future direction remains crucial) and the start of Q2 results season. Continue to accumulate stocks on any weakness for year-end melt up but keeping in mind the geopolitical uncertainty and US elections related volatility.”

Crude oil futures traded lower on Monday morning after witnessing their largest weekly gains last week due to escalating tensions in West Asia. At 9.26 am on Monday, December Brent oil futures were at $77.79, down by 0.33 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $74.09, down by 0.39 per cent. October crude oil futures were trading at ₹6241 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6339, down by 1.55 per cent, and November futures were trading at ₹6205 against the previous close of ₹6288, down by 1.32 per cent.

Godrej Properties and Macrotech Developers (Lodha) have sold properties worth over ₹22,000 crore during April-September, up 56 per cent annually, on strong demand for premium homes. During the first six months of the current fiscal year, Godrej Properties sold properties worth over ₹13,800 crore, and Macrotech Developers’ sales bookings stood at ₹8,320 crore. The bulk of these sales were of housing units. Read more

U.S. stocks rallied Friday on fresh signs of a strong labor market, with the Dow Jones Industrial Average ending at a record peak while the bond market cut back recession fears. U.S. stocks ended higher Friday after a stronger-than-expected jobs report, with all three major benchmarks picking up steam in late afternoon trading to end with weekly gains. For the week, the S&P 500 advanced 0.2%, while the Dow and Nasdaq each edged up 0.1%. All three major U.S. equities benchmarks booked a fourth straight week of gains. A stronger-than-expected jobs report underscored the resilience of the US economy and boosted soft-landing hopes. Treasuries sank as traders recalibrated their bets on the size of the Federal Reserve’s next rate cut. 

U.S. employers added 254,000 jobs in September, marking the quickest pace of hiring since March and exceeding economists’ forecasts of 150,000. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.

A high-stakes corporate earnings season kicks into gear next week, with bullish investors hoping results will justify increasingly rich valuations in a U.S. stock market near record highs.

Asian stocks rose after stronger-than-expected US payroll data underscored the health of the world’s largest economy and boosted optimism over a soft landing. Three central banks are set to release their interest rate decisions this week, namely the Bank of Korea, the Reserve Bank of New Zealand and the Reserve Bank of India.

Nifty ended lower for the fifth consecutive session on October 4. It recorded its worst week in over two years amid rising tensions in the middle east. At close, Nifty was down 0.79% or 200.3 points at 25049.9. Nifty fell for the fifth consecutive session on Oct 04 forming a bear candle with a long upper shadow. This means that the upward retracement is happening in a running manner. Over the week, Nifty fell 4.45% retracing the gains of several weeks. This is a negative sign though oversold conditions may mean a small pullback in the near term. Nifty could now take support at 24753 and later 24420 while 25453 could act as a resistance in the near term.

In the past week, panic-selling hit Dalal Street, pushing Nifty near the psychological 25,000 mark. However, a potential rebound is on the cards as Nifty bulls may regroup following a strong close on Wall Street after the US September Jobs Report eased recession fears. Key upcoming events include the FOMC Meeting Minutes and RBI MPC outcome on 9th October, and the US CPI data on 10th October. Traders should also watch crude oil prices, which have surged to $74.4 per barrel amid Middle East tensions. Preferred trade: Buy Nifty (CMP 25015) with targets at 25,450/25,600, and Bank Nifty (CMP 51462) with targets at 51,900/52,600. Top stock pick: Minda Corporation (CMP 596), with a target of 652/701.

Power Mech Projects Ltd.

Bonus issue 1:1

Previous day Closing Price – Rs. 6244

Ex-Dividend 08 Oct 2024 (Tomorrow)

Last date for Cum-Dividend Today

GIFT Nifty +67 pts (25260) from last trade 25193 , 

Nikkei +888 pts , 

Hangseng +211 pts , 

Now @6.53am . 

Dow +341.16 pts ,Nsdq +219.37 pts, S&P 

+51.13 pts , Bovespa +120 pts , Ftse -1 pts , Dax +105 pts , Cac +63 pts , Crude @ $74.06 brl (-0.32), Brent @ $77.68 brl (+0.00) , Gold @ 2670.20 (+2.40), Silver $32.52 (+0.12), Euro @ $1.097, JPY @ $149.04, INR @ 84.025

Today’s Corporate Action

7th Oct Ex Date

GEOJITFSL\u0009

Right Issue of Equity Shares 

JWL\u0009

Interim Dividend - Rs. - 1.0000

KPEL\u0009

Final Dividend - Rs. - 0.1000

NBCC\u0009

Bonus issue 1:2

Today’s Key Results/Board Meetings

07-Oct-24

\u0009 \u0009 \u0009 

AHLWEST\u0009

Audited Results;Quarterly Results\u0009 

ASALCBR\u0009

Issue Of Warrants\u0009 \u0009 \u0009 

CLASELE\u0009

Bonus issue\u0009 \u0009 \u0009 

CMICABLES\u0009

Audited Results\u0009 \u0009 \u0009 

FMNL\u0009

Issue Of Warrants;Preferential Issue of shares;General

GVBL\u0009

Quarterly Results;General\u0009 \u0009 

HFIL\u0009

Quarterly Results;Right Issue of Equity Shares

JAINCO\u0009

General\u0009 \u0009 \u0009 \u0009 

LLFICL\u0009

Increase in Authorised Capital;Issue Of Warrants

OROSMITHS\u0009

Quarterly Results\u0009 \u0009 \u0009 

PADAMCO\u0009

Quarterly Results\u0009 \u0009 \u0009 

SHAKTIPUMP\u0009

Increase in Authorised Capital;Bonus issue;General

SHIKHARLETR\u0009

General\u0009 \u0009 \u0009 \u0009 \u0009 \u0009 

\u0009 \u0009

Stock under F&O ban on NSE

07-Oct-24 

1 BANDHANBNK

2 BSOFT

3 GNFC

4 GRANULES

5 HINDCOPPER

6 MANAPPURAM

7 RBLBANK

IEX: CO ACHIEVES 11,370 MU TOTAL VOLUME IN SEP’24, AN INCREASE OF 24% YOY || GREEN MARKET ACHIEVES GROWTH OF 214% YOY

IOC, BPCL, HPCL ; Escalating tensions in Middle East reduce headroom for petrol, diesel price cuts Says Analyst- BL

TATA STEEL: CO’S 2QFY25 PRODUCTION VOLUMES AT 5.27 MT; DELIVERIES VOLUMES AT 5.10 MT || TATA STEEL NETHERLANDS: 2QFY25 PRODUCTION VOLUMES AT 1.68 MT; DELIVERIES VOLUMES AT 1.57 MT

ITC demerger of hotel business gets NCLT nod

-Titan Q2 revenue rises 25%, adds 75 new stores

CITI UPGRADES CHINA’S CONSUMER STOCKS TO BUY, REAL ESTATE TO NEUTRAL; A-SHARES HAVE MORE UPSIDE THAN H-SHARES DUE TO STRONGER MARKET SUPPORT.

Nomura on Federal Bank: Maintain Buy on Company, target price at Rs 240/Sh (Positive) 

ICICI on Vedanta: Initiate Buy on Company, target price at Rs 600/Sh (Positive) 

Macquarie on Titan: Maintain Outperform on Company, target price at Rs 4100/Sh (Positive) 

Nomura on Macrotech: Maintain Buy on Company, target price at Rs 1600/Sh (Positive) 

JP Morgan on LTIM: Upgrade to Overweight on Company, raise target price at Rs 6900/Sh (Positive) 

JP Morgan on MPhasis: Upgrade to Overweight on Company, raise target price at Rs 3400/Sh (Positive) 

CLSA on India Strategy: Investor sentiments have fallen to neutral zone from extremely bullish zone a week ago (Neutral) 

MOSL on India Strategy: India’s medium-term growth narrative stands out in an extremely volatile global landscape (Neutral) 

Citi on Cement Sector: Industry sources suggest cement demand was flat in Q2 (Neutral) 

Jefferies on Financials: RBI’s proposed norms may require banks to align NBFC-subs, adding that banks including Axis Bank, HDFC Bank, Kotak Mah Bank, Fed Bank can be affected by RBI norms (Neutral) 

Nomura on AU SFB: Maintain Neutral on Company, target price at Rs 650/Sh (Neutral) 

Citi on Titan: Maintain Neutral on Company, target price at Rs 4110/Sh (Neutral) 

Investec on Titan: Maintain Hold on Company, target price at Rs 4100/Sh (Neutral) 

Jefferies on Bandhan Bank: Maintain Buy on Bank, target price at Rs 240/Sh (Neutral) 

MS on RBL Bank: Maintain Underweight on Bank, target price at Rs 210/Sh (Neutral)

The fresh week is likely to begin on a positive note for domestic markets, thanks to a strong rally in global markets. The focus will be on the RBI monetary policy outcome and quarterly results of India Inc that will start trickling in from this week.

Mandar Pitale, Head Treasury, SBM Bank India, said: The forthcoming Monetary Policy Committee (MPC) meeting from October 7-9 will be conducted with the induction of three new MPC members in place of the retiring members. During the last meeting of MPC held in August, internal RBI members were biased towards an extended policy rate hold.

“The September jobs report is hard proof that a soft landing is within the grasp of the Federal Reserve. Obviously, there is healthy momentum in the US labour market — US companies added 254,000 jobs when the projected increase was 150,000. Not just that, US unemployment has also ticked down to 4.1%, when economists expected that the unemployment rate would remain unchanged, or in fact, rise. The report also confirms that we will, most likely, conclude 2024 with two 25 bps cuts in November and December, without any big bang 50 bps rate cut. The jobs report would have strengthened the narrative for market bulls, had it not been for the widening Middle East conflicts. Now, with crude oil prices jumping by $3 a barrel, all eyes would be keenly glued to the fallouts of this geopolitical disturbance.”

The market’s recovery faltered, with the Nifty closing at a 3-week low, managing to stay above 25,000. Selling pressure was widespread, and the overall market breadth favored declines.

Foreign Portfolio Investors (FPIs) are shifting funds away from India, viewing it as a relatively expensive market. Instead, they are turning to China, anticipating an economic revival there. This optimism was fueled by the People’s Bank of China (PBOC) cutting interest rates and lowering the reserve requirement ratio, alongside fiscal stimulus measures. These moves triggered a strong rally in both Chinese and Hong Kong markets, pushing up commodity prices.

On the domestic front, the market’s focus will also be on the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC), which is scheduled to meet from October 7 to 9, 2024, with the outcome to be announced on Wednesday, October 9. The RBI is expected to keep the benchmark repo rate unchanged in its upcoming policy review, having maintained it at 6.5% for the ninth consecutive meeting in August 2024. This aligns with market expectations, as the central bank aims to bring inflation closer to its medium-term target of 4% while supporting economic growth.

The Q2 earnings season is kicking off with key companies like TCS, Tata Elxsi, DMart, and IREDA among others, which will drive stock-specific movements. Domestically, liquidity remains strong, with signs of sectoral rotation from overvalued segments to areas with more attractive valuations. Additionally, commodity prices, the U.S. dollar index, and key U.S. macroeconomic data will play a crucial role in determining market direction. Geopolitical developments will also continue to be a significant factor on the global front.

Technically, the Nifty has the immediate and critical support level stands at 24,750, with the next support around the rising 100-day moving average (DMA) near the 24,400 mark. On the upside, 25,500 and 25,700 will act as key resistance levels during any potential pullback.

While Banknifty, The 100-day moving average (DMA) at 51,100 serves as an immediate support level, with the 50,000-49,500 range, which aligns with the 200-DMA, acting as the next support zone. On the upside, 52,500 and 53,300 will be key resistance levels during any pullback.

Bank of Maharashtra raised Rs 3,500 crore from QIP - allotted at Rs 57.36 against the floor price of Rs 60.37. 

LIC was allotted nearly 26 crore shares (42.56% of the total QIP)

ICICI Prudential Life Insurance allotted over five crore shares - 8.51% of the total QIP

Aditya Birla Sun Life was allotted nearly 3.5 crore shares representing 5.67% of the total QIP.

Bank of Maharashtra - a PSB is headquartered in Pune. It has about three crore customers with 2,489 branches as of March 2024.

Asia Index Private Ltd., a wholly owned subsidiary of BSE, has announces the launch of three indices namely BSE SENSEX Sixty 65: 35, BSE SENSEX Sixty, BSE Power and Energy Index.

“The September jobs report is hard proof that a soft landing is within the grasp of the Federal Reserve. Obviously, there is healthy momentum in the US labour market — US companies added 254,000 jobs when the projected increase was 150,000. Not just that, US unemployment has also ticked down to 4.1%, when economists expected that the unemployment rate would remain unchanged, or in fact, rise. The report also confirms that we will, most likely, conclude 2024 with two 25 bps cuts in November and December, without any big bang 50 bps rate cut. The jobs report would have strengthened the narrative for market bulls, had it not been for the widening Middle East conflicts. Now, with crude oil prices jumping by $3 a barrel, all eyes would be keenly glued to the fallouts of this geopolitical disturbance.”

Fitch Ratings has assigned Adani Green Energy Limited Hybrid RG1’s (AGEL Hybrid RG1) proposed 20-year partially amortising senior secured notes due 2044 a first-time expected rating of ‘BBB-(EXP)‘. The Outlook is Stable. The final rating is contingent upon the receipt of final documents conforming to information already received.

Jio Fin: SEBI has granted in-principle approval to the Company and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund. (Positive) 

Easy Trip Planners: Company resumes bookings to the Maldives following the improvements in the bilateral ties of the governments. (Positive) 

SAMHI Hotels: Company has acquired Innmar Tourism and Hotels Private Limited for Rs 2,050 million. (Positive) 

Federal Bank: Q2 deposits surge 16%, advances grow by 19% on-year. CRISIL upgrades rating on the fixed deposits of Bank to ‘AAA/Stable’ from ‘AA+/Positive’ (Positive) 

Ujjivan SFB: Total deposits up 17% YoY & 5% QoQ. CASA up 26% YoY & 6% QoQ (Positive) 

L&T Finance: Retail loan book at end of Q2FY25 up 28%, retail disbursements for Q2FY25 up 12% YoY. (Positive) 

Macrotech Developers: Collections were Rs 30.7 billion for Q2FY25, up 11% , Q2FY25 pre-sales at Rs 42.9 billion , up 21% YoY (Positive) 

SAMHI Hotels: Company has acquired Innmar Tourism and Hotels Private Limited for Rs 2,050 million. (Positive) 

Avantel: Net Profit at Rs 22.9 cr vs Rs. 16.1 cr (YoY), Revenue at Rs 77.4 cr vs Rs 54.3 cr (YoY). (Positive) 

JSW Steel: Company unit JSW Vijayanagar Metallics Ltd, Company has successfully commissioned its Blast furnace at its integrated steel plant at Vijayanagar with a capacity of 4.5 MTPA (Positive) 

Adani Wilmar: Q2 total sales volume up 10% YoY, in Q2, revenue from alternate channels increased at strong double digit rate YoY. (Positive) 

Bandhan Bank: Total deposits rise 27.2% on a yearly basis to Rs 1.43 lakh crore in September quarter. (Positive) 

Bajaj Housing: AUM at Rs 1.03 lakh crore, up 26% year-on-year. (Positive) 

RKEC Projects: Company gets order worth Rs 186 cr from Maharashtra Maritime Board. (Positive) 

CG Power: Company acquires Radio Frequency Components Business from Renesas, marking its foray into Semiconductor Design. (Positive) 

Senco Gold: Company approved raising of funds up to Rs 5 billion, Company approves sub-division of shares in 1:2 ratio. (Positive) 

Ceigall India: Company got letter of intent for project worth Rs 1.43 billion. (Positive) 

Oil upstream stocks: Oil prices jump by 3 percent after the tensions intensified in Middle East. (Positive) 

Bansal Wire Industries: Company incorporates wholly owned subsidiary BWI steel private ltd, the entity being acquired belongs to iron and steel industry. (Positive) 

IDBI Bank: Total business up 15% as of sept 30, Total deposits as of sept 30 up 11% YoY, Net advances as of sept 30 up 19% YoY (Positive) 

ITC Limited: Company’s Hotels Business Demerger Receives NCLT Approval (Positive) 

Metropolis: Revenue for the quarter grows by 13% year-on-year. B2C revenue up 20% from last year. (Positive) 

Info edge: Standalone Billings Up 14.3% At Rs 650.3 Cr Vs Rs 569 Cr (YoY) (Positive) 

Shiva Cement: Company execution of binding MoU with Bhushan power & steel. (Positive) 

Godrej Prop: Q2 booking value grew 3% YoY to nearly INR 5,200 crore from sale of over 5.1 million sq. ft. (Positive) 

Titan: Jewellery Revenue +26% YoY after a soft Q1 performance (Positive) 

Antony Waste: Arm AG Enviro Infra Projects gets contract worth ₹908 cr from Navi Mumbai Municipal Corporation (Positive) 

Tanfac: Company revises capacity to 90 MT/day from 45 MT/day for Rs 100 crore (Positive) 

Indian Bank: Total Business Up 9.8% YoY At ₹12.44 Lk Cr, total Deposits Up 8.1% YoY At ₹6.93 Lk Cr (Positive) 

GAIL: Signs MoU with AM Green to jointly develop renewable energy projects up to 2.5 GW and green chemical projects (Positive) 

Bank Of Maharashtra: Bank closes QIP today, approves issue price at Rs 57.36/Sh. LIC increases stake in Bank of Maharashtra from 4.05% to 7.1% through QIP (Neutral) 

AU Small Finance Bank: Reports 12.7% jump in Q2 deposits, gross advances rise nearly 6% (Neutral) 

Paytm: Manmeet Singh Dhody ceases to be CTO – payments & SMP of the co w.e.f. October 4, 2024. (Neutral) 

REC: Company’s renewable energy loans aggregated to Rs 5,946 crore, up 37.35% year-on-year in the quarter-ended September 2024. (Neutral) 

J&K Bank: Total business up 9.2% YoY at ₹2.34 lk cr, Total deposits up 8.96% at ₹1.38 lk cr (YoY) (Neutral) 

MTNL: SBI classifies MTNL as non-performing account after repayment default. (Neutral) 

Zomato: Company grants 12 million stock options worth ₹330 crore under ESOP. (Neutral) 

Indusind Bank: Deposits as on sept-end up 15% YoY, Net advances up 13% YoY as of Sept 30. (Neutral) 

Gravita India: Company approved raising of funds up to Rs 10 billion. (Neutral) 

Pitti Engineering: Company received NCLT approval for its amalgamation scheme with Pitti Castings Private Limited and Pitti Rail and Engineering Components Limited. (Neutral) 

Adani Energy: Company incorporated Adani Energy Solutions Global, Entity being acquired belongs to investment holding company. (Neutral) 

Pokarna: Temporary shutdown of production line at Unit ii of Pokarna engineered stone, production line tentatively expected to resume by 7th October 2024. (Neutral) 

Apollo Tyres: LIC increased shareholding in Apollo Tyres from 4.983 % to 5.030 %. (Neutral) 

Network18: Government approves transfer of licenses held by TV18 to Company (Neutral) 

Wipro: Company incorporated wholly-owned subsidiary Wipro, Inc, the entity being acquired belongs to information technology sector. (Neutral) 

Dhanlaxmi Bank: Bank sept quarter total deposit seen at 146 billion vs 138 billion YoY (Neutral) 

Jammu and Kashmir Bank: Total deposits up 8.96%, gross advances as of Sept 30 up 8.30% YoY (Neutral) 

RBL Bank: Total deposits up 20% year-on-year and 7% sequentially to ₹1.08 lakh crore. (Neutral) 

Union Bank: Total Deposits Up 1.45% QoQ & 9.17% YoY At ₹12.41 Lk Cr, Global Gross Advances Up 1.82% QoQ & 9.63% YoY At ₹9.28 Lk Cr (Neutral) 

Lupin: USFDA Inspection of the Company’s Biotech Facility in Pune concluded with five observations (Neutral) 

Gravita India: Company approved raising of funds up to Rs 10 billion (Neutral) 

Network18: Government approves transfer of licenses held by TV18 to Company (Neutral) 

Tata Steel: India Production Up 4.98% At 5.27 mt Vs 5.02 mt (YoY) (Neutral) 

IndusInd Bank: Net advances up 13% year-on-year and 3% sequentially to ₹3.56 lakh crore. Deposits up 15% from last year and 4% from June to ₹4.12 lakh crore. (Neutral) 

Nazara Technologies: Company subsidiary Openplay receives interim relief in Rs 845 Cr GST demand case (Negative) 

IndiGo: Company faced a network slowdown, impacting its website and booking system, and is working to restore stability and normalcy. (Negative)

04 October 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 127530.48 + 9721.83 Total: 137252.31

F&O Volume: 504315.77 + 54720328.04 Total: 55224643.81

Provisional Cash

FII/FPI: NET SELL: -9896.95 

(14524.79 - 24421.74) 

DII: NET BUY: +8905.08 

(20286.53 - 11381.45)

China will hold a press conference on Tuesday, October 8, 2024, at 10:00 AM

Senior officials from the National Development and Reform Commission (NDRC) will provide an update on the “comprehensive

implementation of a package of incremental policies to robustly promote upward economic momentum, optimize structural development, and sustain a positive growth trajectory.”

The officials will also answer questions from the media during the event.

* BIRLASOFT

* BANDHANBANK

* GNFC

* GRANULES

* HINDCOPPER

* MANAPPURAM

* RBLBANK

China @ Market Holiday

14.00 Euro Retail Sales m/m (Expected: 0.2% versus Previous: 0.1%)

23.20 U.S. FOMC Member Kashkari Speaks

Globally investors will closely watch the FOMC minutes, US inflation numbers and speeches by several Fed officials as all this will decide the next policy path of the US Federal Reserve. The recent US jobs data raised hopes for soft landing of the world’s largest economy and seems to have reduced the chances of another 50 bps rate cut by the end of this year. The US inflation continued to fall for fifth consecutive month, dropping to 2.5 percent in August, from 2.9 percent in July.

Additionally, PPI and wholesale inventories data from the US, retail sales from Europe, household spending & PPI numbers from Japan, and vehicle sales from China will also be watched.

1) 8th results of Haryana and J& K

2) 9th RBI policy

3) 10th Result season start

The Indian benchmark indices were knocked down badly last week. Nifty 50, Sensex and the Nifty Bank index tumbled over 4 per cent. Escalating tensions in the Middle East have been weighing on the Indian equities.

Last week, we were bullish and had expected the benchmark indices to go up. That view has gone wrong. The sharp fall last week has turned the short-term picture weak. However, there is not threat for the broader uptrend. Although there is room to fall more from here, supports are coming up which can halt the fall and produce a bounce. 

The Reserve Bank of India’s Monetary Policy Committee (MPC) may prefer to keep the policy repo rate unchanged at their forthcoming meeting as the escalating Iran-Israel conflict could pose inflationary risks due to higher crude oil prices even as growth remains steady.

After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise ₹365 crore. Read more

Nine of the top-10 most valued firms together lost a whopping ₹4,74,906.18 crore in market valuation last week, with Reliance Industries and HDFC Bank taking the steepest hit, in line with weak trends in equities.

A war of words broke out between Ola founder Bhavish Agarwal and stand-up comedian Kunal Kamra on Sunday on social media platform X over the after-sales and service quality of the company’s electric scooters. It started when Kamra responded to a post on X by Agarwal, who posted a photo of Ola’s gigafactory, by putting a picture of several Ola Electric scooters parked together seemingly waiting for servicing. Read more

Mid-cap companies are projected to outperform their large-cap counterparts in FY25 as they quickly adopt emerging technologies and capture market share in niche sectors. Analyst estimates suggest that tier-1 companies, or large-caps, are expected to witness revenue growth of 0.9-3 per cent q-o-q, while mid-caps are expected to grow by 2.1-4.5 per cent. 

Equipped with ₹17,600 crore fundraising and a zero-debt status, Anil Ambani’s Reliance Group companies — Reliance Infrastructure Ltd and Reliance Power Ltd — are poised to execute their growth strategies, according to officials. In the past two weeks, both companies have announced raising ₹4,500 crore through preferential issues of equity shares and ₹7,100 crore from global investment fund Varde Partners through equity-linked long-term FCCBs, having a long maturity period of 10 years and low interest rate of 5 per cent. Read more

The short-term outlook is bearish for IDBI Bank. The stock has been in a strong downtrend since the last week of July this year. The 4.5 per cent fall in the second half of last week has dragged the share price well below the 200-day moving average (DMA). This can continue to keep the stock under pressure. Read more