Market Commentary - End-Session
Benchmarks snaps 5-day losing streak, Nifty regains 24300 level As on : 28-Oct-24  17:40

Domestic equity benchmarks snapped a five-day losing streak on Monday, ending the session on a strong note. The Nifty50 index closed above the 24,300 level, recovering from an intraday low of 24,134.90. All sectoral indices on the NSE finished in the green, with public sector banks, metals, and media stocks leading the charge.

The market rebound was primarily driven by value buying, as recent steep declines attracted investors seeking opportunities. Additionally, easing geopolitical tensions in the Middle East played a significant role. Israel's limited attack on Iran over the weekend raised hopes for a potential de-escalation, boosting market sentiment and leading to a gap-up opening on Monday.

Investors will continue to monitor global developments, especially the ongoing geopolitical tensions, for further market direction.

The barometer index, the S&P BSE Sensex jumped 602.75 points or 0.76% to 80,005.04. The Nifty 50 index gained 158.35 points or 0.65% to 24,339.15.

Adani Enterprises (up 3.96%), ICICI Bank (up 2.96%) and Mahindra & Mahindra (up 2.36%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index gained 0.69% and the S&P BSE Small-Cap index jumped 1.11%.

The market breadth was strong. On the BSE, 2,579 shares rose and 1,412 shares fell. A total of 162 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.34% to 14.29.

Numbers to Track:

The yield on India's 10-year benchmark federal paper gained 1.94% to 6.978 as compared with previous close 6.845.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0800, compared with its close of 84.0875 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement shed 0.39% to Rs 78,226.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 104.25.

The United States 10-year bond yield grew 0.71% to 4.262.

In the commodities market, Brent crude for November 2024 settlement tumbled $4.58 or 6.02% to $71.47 a barrel.

Global Markets:

Dow Jones futures climbed 142 points, signalling a positive open for US stocks. Investor sentiment improved after Israel opted against striking Iran's nuclear and oil facilities over the weekend, easing concerns about a major escalation in Middle Eastern tensions.

Most European shares declined on Monday as market participants were digesting a cooling geopolitical situation in the Middle East.

Most Asian stocks advanced, with the Japanese yen weakening to a three-month low. Investors eagerly awaited details of China's fiscal stimulus plans, as a recent report revealed a deepening decline in industrial profits. The upcoming National People's Congress meeting, scheduled for November 4-8, is expected to address financial work, state asset management, and potential changes to the bond-issuance quota or deficit ratio.

US stocks closed mixed on Friday, with the Nasdaq hitting a new intraday high while the S&P 500 and Dow Jones Industrial Average finished below recent peaks. The S&P 500 ended flat at 5,808.12 points on Friday, while the NASDAQ Composite rose 0.6%. The Dow Jones Industrial Average closed down 0.6%.

Investor interest in technology stocks intensified ahead of a slew of key earnings reports from major tech companies this week. Five of the Magnificent Seven tech giants are set to release their quarterly results. This week, investors will closely monitor a series of crucial economic indicators and corporate earnings reports for insights into the health of the economy and businesses.

Stocks in Spotlight:

Sun Pharmaceutical Industries advanced 2.28% after the pharma major's consolidated net profit jumped 27.97% to Rs 3,040.16 crore on 9.01% rise in revenue from operations to Rs 13,291.39 crore in Q2 FY25 over Q2 FY24.

ICICI Bank added 3% after the private lender's standalone net profit increased 14.47% to Rs 11,745.88 crore on 17.24% rise in total income to Rs 47,714.04 crore in Q2 FY25 over Q2 FY24.

Bandhan Bank soared 10% after the bank reported 29.99% growth in standalone net profit to Rs 937.44 crore on 21.11% rise in total income to Rs 6,094.53 crore in Q2 FY25 over Q2 FY24.

Yes Bank surged 6% after the private bank's standalone net profit zoomed 145.56% to Rs 553.04 crore on 15.35% rise in total income to Rs 9,137.09 crore in Q2 FY25 over Q2 FY24

Shriram Finance rallied 5.45% after the NBFC's standalone net profit jumped 18.30% to Rs 2,071.26 crore on 17.89% increase in total income to Rs 10,096.68 crore in Q2 FY25 over Q2 FY24.

Ambuja Cements rose 2.91%. The cement major's consolidated net profit slipped 52.1% to Rs 472.89 crore in Q2 FY25 as against Rs 987.24 crore recorded in Q2 FY24. However, revenue from operations rose 1.24% YoY to Rs 7,516.11 crore in the quarter ended 30 September 2024.

InterGlobe Aviation (IndiGo) slipped 8% after the company reported consolidated net loss of Rs 986.7 crore in Q2 FY25 as against net profit of Rs 188.9 crore posted in Q2 FY24. However, revenue from operations jumped 13.55% year on year (YoY) to Rs 16,969.6 crore in the quarter ended 30 September 2024.

Sejal Glass hit an upper limit of 5% after the company's consolidated net profit surged 126.85% to Rs 2.45 crore on 55.24% increase in net sales to Rs 61.57 crore in Q2 September 2024 over Q2 September 2023.

Central Depository Services (India) (CDSL) rallied 4.72% after it reported consolidated net profit jumped 48.86% to Rs 162.03 core on 55.79% rise in net sales to Rs 358.51 crore in Q2 FY25 over Q2 FY24.

DLF gained 6% after the realty major's consolidated net profit surged 121.76% to Rs 1,381.08 crore on 46.55% rise in revenue from operations to Rs 1,975.02 crore in Q2 FY25 over Q2 FY24.

New Listing:

Shares of Waaree Energies closed at Rs 2,336.80 on the BSE, a premium of 55.48% as compared with the issue price of Rs 1,503.

The scrip was listed at Rs 2,550, exhibiting a premium of 69.66% to the issue price. The stock has hit a high of 2,600 and a low of 2294.55. On the BSE, over 24.26 lakh shares of the company were traded in the counter.

Shares of Deepak Builders & Engineers India settled at Rs 161.90 on the BSE, a discount of 20.25% as compared with the issue price of Rs 203.

The scrip was listed at Rs 198.50, exhibiting a discount of 2.22% to the issue price. The stock has hit a high of 198.85 and a low of 160.15. On the BSE, over 7.50 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Afcons Infrastructure received bids for 3,15,57,920 shares as against 8,66,19,950 shares on offer, according to stock exchange data at 17:00 IST on Monday (28 October 2024). The issue was subscribed 0.36 times.

The issue opened for bidding on Friday (25 October 2024) and it will close on Tuesday (29 October 2024). The price band of the IPO is fixed between Rs 440 to Rs 463 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

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