Market Commentary - Mid-Session
Nifty slides below 23,500; Hindalco Inds jumps over 5% As on : 18-Nov-24  13:38

The key equity barometers traded with limited losses in afternoon trade. The Nifty traded below the 23,500 level. Metal, realty and auto shares advanced while IT, oil & gas and media stocks corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex declined 262.27 points or 0.34% to 77,318.04. The Nifty 50 index shed 74.75 points or 0.32% to 23,457.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.06% and the S&P BSE Small-Cap index shed 0.39%.

The market breadth was weak. On the BSE, 1,700 shares rose and 2,307 shares fell. A total of 160 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 4.06% to 15.38.

Gainer & Losers:

Hindalco Industries (up 5.30%), Hero Motocorp (up 3.48%), Tata Steel (up 2.92%), Adani Ports and Special Economic Zone (up 1.30%) and JSW Steel (up 1.27%) were major Nifty gainers.

Tata Consultancy Services (down 3.19%), Infosys (BPCL) (down 2.81%), Wipro (down 2.68%), Trent (down 2.46%) and Dr. Reddy's Laboratories (down 2.10%) were major Nifty losers.

Hero Motocorp rallied 3.48% after the company reported 14.2% increase in consolidated net profit to Rs 1,203.54 crore on 10.8% rise in revenue from operations to Rs 10,463.21 crore in Q2 FY25 over Q2 FY24.

The company also reported its highest-ever quarterly revenue from Part, Accessories, and Merchandising at Rs 1,456 crore. The firm sold 15.20 lakh units of motorcycles and scooters in Q2 FY25 as compared with 14.16 lakh units sold in Q2 FY24.

Stocks in Spotlight:

Honasa Consumer (Mamaearth) was locked in lower circuit of 20% after the company reported a consolidated net loss of Rs 18.57 crore in Q2 FY25 as against net profit Rs 29.43 crore recorded in Q2 FY24. Revenue from operations declined 6.90% YoY to Rs 461.82 crore in the quarter ended 30 September 2024, up 5.7% YoY.

Brainbees Solutions rallied 4.04% after the company posted consolidated net loss of Rs 162.85 crore in Q2 FY25 as against with net loss of Rs 1,119.4 crore posted in Q2 FY24. However, revenue from operations jumped 26.41% YoY to Rs 1,904.9 crore in the second quarter of FY25.

Crompton Greaves Consumer Electricals advanced 6.17% after the company's standalone net profit jumped 30.05% to Rs 123.28 crore on 11.45% increase in revenue from operations to Rs 1,645.33 crore in Q2 FY25 over Q2 FY24.

Muthoot Finance advanced 5.55% after the company reported 26.25% jump in standalone net profit to Rs 1,251.14 crore on 34.57% increase in total income to Rs 4,117.44 crore in Q2 FY25 over Q2 FY24.

Elgi Rubber Company hit a lower circuit of 10% after the company reported consolidated net loss of Rs 4.12 crore in Q2 FY25 as compared with net profit of Rs 10.21 crore. Revenue from operations declined 2.62% to Rs 98.67 crore in Q2 FY25 as compared with Rs 101.32 crore in Q2 FY24.

Regis Industries zoomed 11.96% after the company announced that its board had approved the proposal of sub- division of 1 equity share of face value of Rs 10 each into 10 equity shares of face value of Re 1 each.

Global Markets:

European shares advanced as investors look forward to several key regional data points, including the latest inflation data out of the U.K. on Wednesday.

Asian stocks traded mixed on Monday as traders tempered expectations for Federal Reserve interest rate cuts following recent signs of US economic resilience.

Japanese and Australian shares fell. South Korea's benchmark bucked the trend, led by Samsung Electronics Co.'s rally after it announced a stock buyback plan.

Later on Monday, traders will be watching a speech and media briefing by Bank of Japan Governor Kazuo Ueda for clues on the central bank's next policy move, particularly regarding the weakening yen.

United States equities were lower at the close on Friday, as the post-election rally faded. Strong economic data fueled concerns about fewer Fed rate cuts. At the close in NYSE, the Dow Jones Industrial Average lost 0.70%, while the S&P 500 index declined 1.32%, and the NASDAQ Composite index fell 2.25%.

Applied Materials dropped 9% after a disappointing earnings report, citing slowing demand from China.

US retail sales increased slightly more than expected in October, rising 0.4% last month above the 0.3% expected, and compared with the upwardly revised 0.8% advance in September. Robust consumer spending helped the economy maintain its strong pace of growth last quarter.

At the same time, US import prices unexpectedly rose in October, rebounding 0.3% last month after an unrevised 0.4% decline in September, the latest indication of lack of progress lowering inflation in recent months.

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