Market Commentary - Mid-Session
Sensex, Nifty trade in positive terrain; European mrkt opens higher As on : 11-Nov-24  13:35

The domestic equity benchmarks traded in positive territory with decent gains in afternoon trade. The Nifty hovers above the 24,200 level. IT, PSU Bank and Bank shares advanced while media, metal and pharma shares declined.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 239.79 points or 0.30% to 79,727.73. The Nifty 50 index added 63.15 points or 0.26% to 24,211.35.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.45% and the S&P BSE Small-Cap index fell 0.59%.

The market breadth was weak. On the BSE, 1,688 shares rose and 2,311 shares fell. A total of 131 shares were unchanged.

Economy:

India's forex reserves declined by USD 2.675 billion to USD 682.13 billion for the week ended November 1, the RBI said on Friday. In the previous reporting week, the overall reserves had dropped by USD 3.463 billion to USD 684.805 billion.

For the week ended November 1, foreign currency assets, a major component of the reserves, decreased by $3.902 billion to $589.849 billion, the data released on Friday showed.

Gold reserves increased by $1.224 billion to $69.751 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $1 million to $18.219 billion, the apex bank said.

India's reserve position with the IMF was up by $4 million to $4.311 billion in the reporting week, the data showed.

Gainers & Losers:

Trent (up 4.80%), Power Gird Corporation of India (up 4.54%), Tata Motors (up 1.88%), Maruti Suzuki India (up 1.74%) and Tech Mahindra (up 1.74%) were major Nifty gainers.

Asian Paints (down 8.39%), Britannia Industries (down 3.97%), Apollo Hospitals Enterprise (down 3.62%), Cipla (down 2.69%) and Mahindra & Mahindra (M&M)(down 1.68%) were major Nifty losers.

Asian Paints tumbled 8.39% after the company reported 42.37% decline in consolidated net profit to Rs 694.64 crore in Q2 FY25 as against Rs 1,205.42 crore reported in Q2 FY24. Revenue from operations stood at Rs 8,003.02 crore in Q2 FY25, down 5.31% from Rs 8,451.93 crore recorded in the corresponding quarter previous year.

Stocks in Spotlight:

Power Finance Corporation (PFC) surged 6.92% after the company's consolidated net profit rose 8.85% to Rs 7,214.90 crore on 14.96% increase in total revenue from operations to Rs 25,721.79 crore in Q2 FY25 over Q2 FY24.

Fortis Healthcare rose 0.51% after the company reported a 4.99% gain in consolidated net profit to Rs 193.08 crore on 12.34% jump in revenue from operations to Rs 1,988.39 crore in Q2 FY25 over Q2 FY24.

Samhi Hotels jumped 2.41% after the company reported consolidated net profit of Rs 126 crore in Q2 FY25 as compared with net loss of Rs 880 crore in Q2 FY24.

C.E. Info Systems (MapMyIndia) tumbled 7.62% after the company reported 8.20% decline in consolidated net profit to Rs 30.33 crore in Q2 FY25 as against Rs 33.04 crore posted in Q2 FY24. Revenue from operations jumped 13.82% year on year (YoY) to Rs 103.67 crore in Q2 FY25.

GE Vernova T&D India hit an upper circuit of 5% after the company's standalone net profit surged 289.08% to Rs 144.62 crore on 58.76% jump in revenue from operations to Rs 1,107.77 crore in Q2 FY25 over Q2 FY24.

ITI jumped 11.54% on emerges as the lowest bidder for three packages of BharatNet phase-3 project for a total value of Rs 4,559 crore.

Shipping Corporation of India (SCI) rallied 12.10% after the company's consolidated net profit surged 343.39% to Rs 291.44 crore on 32.71% increase in revenue from operations to Rs 1450.76 crore in Q2 FY25 over Q2 FY24.

Global Market:

European market traded higher after investors digested US election results.

Most Asian stocks declined after China's latest stimulus measures underwhelmed and its October inflation numbers came in lower than expected, prompting concerns over the recovery in the world's second-largest economy.

Meanwhile, Bitcoin surged past $81,000, driven by the incoming president's support for digital assets and the election of pro-crypto lawmakers. Oil prices declined further, extending losses from the previous session, as weak demand from China continued to dampen market sentiment.

In the US, the S&P 500 reached a new record high, driven by optimism surrounding the potential economic benefits of a second term for the incumbent US president. The S&P 500 rose 0.38% to 5,995.54 points on Friday. The Dow Jones Industrial Average rose 0.59% to 43,988.99 points, while the NASDAQ Composite rose 0.09% to 19,286.78 points.

Tesla's stock surged over 8%, boosting its market valuation above $1 trillion, while Airbnb shares fell more than 8% following a mixed quarterly earnings report.

The University of Michigan's Consumer Sentiment reading climbed to 73 in November, up from 70.5 last month, refleThe University of Michigan's Consumer Sentiment reading climbed to 73 in November, up from 70.5 last month, reflecting increased optimism about the economy.

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