Market Commentary - Mid-Session
Barometers trade with small gains; European mkt opens lower As on : 10-Oct-24  13:35

The key equity indices traded with minor gains in afternoon trade. The Nifty traded above the 25,000 level. Private bank, bank and financial services shares advanced while pharma, IT and consumer durables shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex added 274.44 points or 0.34% to 81,699.02. The Nifty 50 index rose 45 points or 0.18% to 25,041.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.36% and the S&P BSE Small-Cap index rose 0.54%.

The market breadth was strong. On the BSE, 2,314 shares rose and 1,521 shares fell. A total of 124 shares were unchanged.

Ratan Tata, the Chairman Emeritus of Tata Sons and a recipient of India's second-highest civilian honor, the Padma Vibhushan, passed away on Wednesday at Mumbai's Breach Candy Hospital. He was 86 years old. Tata had been in critical condition and under intensive care. On Monday, he had disclosed that he was undergoing routine medical examinations due to his age and associated health conditions.

Gainers & Losers:

Kotak Mahindra Bank (up 4.10%), Bharat Electronics (up 1.95%), Power Grid Corporation of India (up 1.77%), Axis Bank (up 1.63%) and NTPC (up 1.45%) were major Nifty gainers.

Cipla (down 2.49%), Adani Enterprises (down 2.07%), Trent (down 1.77%), Titan Company (down 1.70%) and Tech Mahindra (down 1.70%) were major Nifty losers.

Stocks in Spotlight:

G R Infraprojects added 1.03% after the company announced the receipt of a letter of acceptance (LoA) for a project valued at Rs 903.53 crore from Maharashtra Metro Rail Corporation.

JSW Steel rose 0.93%. The company informed that its consolidated crude steel production for the Q2 FY25 was at 6.77 million tonnes, which is higher by 7% as compared with 6.34 million tonnes reported in Q2 FY24.

PNC Infratech rallied 3.55% after the company announced that it has been declared as the lowest (L1) bidder for an EPC project of Rs 2,090.59 crore from City & industrial Development Corporation of Maharashtra (CIDCO)

Rain Industries jumped 6.72% after the company's wholly owned subsidiary, Rain Carbon Inc announced joint development agreement (JDA) with Northern Graphite to develop and commercialize advanced battery anode material (BAM).

Rashtriya Chemical & Fertilizers (RCF) rallied 7.01% after the company awarded a contract worth Rs 1,000.27 crore to L&T for setting up of 1200 MTPD complex fertilizer plant on lump-sum turnkey (LSTK) basis at RCF, ThaI.

Lotus Chocolate Company was locked in lower circuit of 5% after the company's standalone net profit declined 23.64% to Rs 5.23 crore in Q2 FY25 as against Rs 6.86 crore posted in Q1 FY25. Revenue from operations declined 9.21% quarter on quarter (QoQ) to Rs 128.29 crore in the September 2024 quarter.

GTPL Hathway declined 1.94% after the company's consolidated net profit declined 62.65% to Rs 12.78 crore in Q2 FY25 as compared with Rs 34.22 crore in Q2 FY24. Revenue from operations increased 9.8% to Rs 855.56 crore in Q2 FY25 as compared with Rs 779.20 crore posted in corresponding quarter last year.

Global Markets:

European stocks traded lower as investors await the latest U.S. inflation data for more signs that price pressures are easing.

Asian stocks traded higher on Thursday, buoyed by Wall Street's gains and anticipation for Beijing's additional fiscal stimulus measures. The region's markets were positively influenced by the Dow Jones Industrial Average hitting a new record closing high after the Federal Reserve's September meeting minutes indicated a preference for a 50-basis-point interest rate cut. However, the minutes also clarified that the Fed has not committed to a specific pace of rate reductions.

In the U.S., the S&P 500 rose 0.7% on Wednesday, while the Dow Jones Industrial Average surged 1% to a record closing high of 42,512.0. The NASDAQ Composite gained 0.6%. Investors are now closely watching the third-quarter earnings season, with several major banks scheduled to report on Friday. Additionally, concerns about potential damage from Hurricane Milton are being monitored.

The key focus has shifted to the consumer price index data due on Thursday, which will provide valuable insights into inflation trends and their implications for interest rates. Persistent inflation could limit the Fed's ability to rapidly cut rates.

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