Market Commentary - End-Session
Sensex soars 694 pts, Nifty ends above 24,200; metal shares rally As on : 05-Nov-24  17:30

The domestic equity benchmarks ended Tuesday's trading session with significant gains, primarily driven fag-end buying in metal, banking, and financial stocks. The Nifty 50 index closed above the 24,200 level, recovering from an intraday low of 23,842.75. This uptick was fueled by optimism regarding a potential consumption revival in the second half of the fiscal year and anticipation of a substantial stimulus package from China later this week.

The S&P BSE Sensex rallied 694.39 points or 0.88% to 79,476.63. The Nifty 50 index advanced 217.95 points or 0.91% to 24,213.30.

JSW Steel (up 4.72%), HDFC Bank (up 2.56%) and ICICI Bank (up 1.53%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index added 0.48% and the S&P BSE Small-Cap index rose 0.41%.

The market breadth was strong. On the BSE, 2,468 shares rose and 1478 shares fell. A total of 112 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 4.08% to 16.01.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.78% to 6.918 as compared with previous close 6.909.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0975, compared with its close of 84.1100 during the previous trading session.

MCX Gold futures for 5 Dec 2024 settlement shed 0.04% to Rs 78,394.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 103.77.

The United States 10-year bond yield lost 0.12% to 4.305.

In the commodities market, Brent crude for Jan 2025 settlement gained 45 cents or 0.60% to $75.53 a barrel.

Global Markets:

Most European and Asian shares advanced on Tuesday as investors prepared for the U.S. presidential election and a possible interest rate cut from the Federal Reserve later this week.

Chinese markets were buoyed by strong business activity data. Investors are also closely monitoring the meeting of China's National People's Congress this week, anticipating further clues on fiscal spending.

Regional markets took a neutral stance following a negative session on Wall Street. The S&P 500 declined 0.28%, the NASDAQ Composite fell 0.33% and the Dow Jones Industrial Average dropped 0.61%.

The US Federal Reserve's meeting is scheduled for this week, with a 25 basis point rate cut widely expected, following a 50 basis point cut in September.

Third-quarter earnings have delivered mixed results, with a slew of middling big-tech earnings reported last week. Berkshire Hathaway Inc. fell 2% after missing operating earnings estimates. In contrast, data software firm Palantir Technologies Inc. rallied nearly 13% in after-market trading as its earnings surpassed expectations.

Dollar Tree Inc. rose 6.3% after announcing that CEO Rick Dreiling would resign, and Chief Operating Officer Michael Creedon Jr. would take over on an interim basis.

Stocks in Spotlight:

The Nifty Metal index surged 2.84% today due to the expected Chinese stimulus. This move is seen as a potential catalyst for global commodity prices, including metals. JSW Steel (up 4.57%), SAIL (up 4.06%), Tata Steel (up 3.74%), Hindalco Industries (up 3.51%), Hindustan Zinc (up 2.93%) and Jindal Steel (up 2.87%) surged.

NMDC was up 3.74%. The company has scheduled a board meeting on Monday, 11 November 2024, to consider Q2 September 2024 results, and the proposal to issue bonus shares to its shareholders, subject to necessary regulatory approvals.

NTPC added 0.57%. The company informed that it has signed a joint venture (JV) agreement with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) for Chhabra Thermal Power Plant.

Tilaknagar Industries soared 16.23% after the firm's consolidated net profit surged 57.21% to Rs 58.23 crore on 9.75% rise in revenue from operations to Rs 823.32 crore in Q2 FY25 over Q2 FY24.

JSW Steel jumped 4.72%. The company said that its crude steel production declined 1% to 22.81 lakh tonnes in October 2024 as compared with 23.12 lakh tonnes in October 2023.

ABB India slipped 3.20%. The heavy electrical equipment maker's net profit (from continuing operations) jumped 21.68% to Rs 440.47 crore on 5.16% rise in total revenue from operations to Rs 2,912.16 crore in Q3 CY24 over Q2 CY23.

Procter & Gamble Health rallied 6.06% after the company's net profit jumped 25.56% to Rs 82.33 crore on 2.78% rise in revenue from operations to Rs 313.41 crore in Q2 FY25 over Q2 FY24.

Gland Pharma surged 13.83% after the company's net profit increased 9.39% to Rs 281.71 crore on 5.18% rise in revenue from operations to Rs 1,062.99 crore in Q2 FY25 over Q1 FY25.

Angel One added 1.02%. The company said that its client base jumped 57.8% to 28.06 million in October 2024 as compared with 17.78 million in October 2023.

KEC International declined 1.93%. The company has reported 53% jump in consolidated net profit to Rs 85 crore on a 14% increase in revenues to Rs 5,113 crore in Q2 FY25 as compared with Q2 FY24.

Indian Railway Catering and Tourism Corporation's (IRCTC) added 1.57% after the company's consolidated net profit rose 4.47% to Rs 307.87 crore in Q2 FY25 as compared with Rs 294.68 crore posted in Q2 FY24. Revenue from operations grew by 7.21% to Rs 1,064 crore in Q2 FY25 as compared with Rs 992.40 crore reported in Q2 FY24.

Amara Raja Energy & Mobility slipped 3.92%. The company reported 6.32% rise in net profit to Rs 240.71 crore on an 11.55% increase in revenue from operations to Rs 3,135.83 crore in Q2 FY25 compared with Q2 FY24.

Bata India added 1.43% after the company's consolidated net profit jumped 52.89% to Rs 51.97 crore in Q2 FY25 as against Rs 33.99 crore posted in Q2 FY24. Revenue from operations rose 2.19% year on year (YoY) to Rs 837.14 crore in the quarter ended 30 September 2024.

Saregama India dropped 4.51% after the company's consolidated net profit decreased 6.65% to Rs 44.90 crore in Q2 FY25 as against Rs 48.10 crore posted in Q2 FY24. However, revenue from operations surged 40.31% YoY to Rs 241.83 crore during the quarter.

Raymond declined 2.19% after the company's consolidated net profit tumbled 62.4% to Rs 60.03 crore despite of 122.2% increase in revenue from operations to Rs 1,044.74 crore in Q2 FY25 over Q2 FY24.

Veefin Solutions jumped 4.94% after the company announced the acquisition of 50% stake in Singapore-based GenAI company Walnut in an all-cash deal.

K P Energy gained 4.71% after it received new EPC orders aggregating to 1,003.7 MW from KPI Green Energy for the development of renewable energy projects.

Solar Industries India rose 1% after the company said that it has received an order worth Rs 887 crore from Singareni Collieries Company for supplying of SME explosives, LDC explosives and initiating systems for blasting of overburden.

IPO Update:

The initial public offer (IPO) of Sagility India received bids for 8,66,06,500 shares as against 38,70,64,594 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (05 November 2024). The issue was subscribed 0.22 times.

The issue opened for bidding on Tuesday (5 November 2024) and it will close on Thursday (7 November 2024). The price band of the IPO is fixed between Rs 28 to Rs 30 per share. An investor can bid for a minimum of 500 equity shares and in multiples thereof.

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