Market Commentary - Mid-Session
Sensex, Nifty pare losses; Nifty climbs above 24,000 As on : 05-Nov-24  13:32

The key equity indices reversed all early losses and traded with minor gains in afternoon trade. The Nifty scaled above the 24,000 level. Financial services, bank and private bank shares advanced while consumer durables, media and pharma shares declined.

At 13:30 IST, the barometer index, the S&P BSE, Sensex added 242.95 points or 0.33% to 79,052.09. The Nifty 50 index rose 51.65 points or 0.22% to 24,047.

In the broader market, the S&P BSE Mid-Cap index fell 0.28% and the S&P BSE Small-Cap index rose 0.07%.

The market breadth was positive. On the BSE, 2,045 shares rose and 1,809 shares fell. A total of 129 shares were unchanged.

Gainers & Losers:

JSW Steel (up 3.20%), Tata Steel (up 2.55%), Hindalco Industries (up 1.98%), Bajaj Auto (up 1.86%) and IndusInd Bank (up 1.77%) were major Nifty gainers.

Trent (down 3.53%), Adani Ports and Special Economic Zone (down 3.37%), HDFC Life Insurance Company (down 2.12%), Shriram Finance (down 2.12%) and Mahindra and Mahindra (down 1.50%) were major Nifty losers.

Stocks in Spotlight:

Angel One fell 1.35%. 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.

Larsen & Toubro shed 0.49%. The company said that it has entered into an investment agreement for acquiring upto 41,71,410 equity shares, equivalent to 21% stake, of E2E Networks.

Procter & Gamble Health shed 0.12%. 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.

Tilaknagar Industries soared 19.40% 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.

Gland Pharma surged 11.83% 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.

Bata India fell 0.33%. 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.

Indian Railway Catering and Tourism Corporation's (IRCTC) rose 0.70%. 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.

Global Markets:

European shares declined while 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.

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