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Market Commentary - Mid-Session
Barometers trade sideways; Nifty slides below 24,900 level As on : 21-Oct-24  10:33

The key equity indices traded sideways in morning trade. The Nifty slips below the 24,900 level. Media shares declined after gaining in the past trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, advanced 23.16 points or 0.03% to 81,247.91. The Nifty 50 index declined 31.30 points or 0.13% to 24,822.75.

In the the broader market, the S&P BSE Mid-Cap index fell 0.10% and the S&P BSE Small-Cap index shed 0.50%.

The market breadth was positive. On the BSE, 1,377 shares rose and 2,290 shares fell. A total of 181 shares were unchanged.

Result Today:

360 ONE WAM (up 3.09%), Authum Investment & Infrastructure (up 2.50%), Aurionpro Solutions(up 0.47%), Bajaj Housing Finance (down 0.39%), Balu Forge Industries(down 1.49%), Bhansali Engineering Polymers(down 1.03%), CG Power and Industrial Solutions(up 3.36%), City Union Bank(down 1.20%), Cyient DLM(3.06%), Gravita India(down 0.26%), HFCL(down 0.31%), Mahindra Logistics(down 1.38%), Maharashtra scooters(up 6.95%), Rajratan Global Wire( up 4.71%), Route Mobile (up 1.36%), Solara Active Pharma Sciences(down 0.16%) will declare their result today.

Economy:

India's net direct tax collections jumped by 182.02% over last decade to Rs 19.60 lakh crore in FY24, from 6.95 lakh crore in FY15, following strong growth in personal income tax, the latest time series data from the Income Tax Department showed. Personal income tax collections zoomed up nearly 300% to Rs 10.45 lakh crore, from 2.65 lakh crore in FY15, outpacing corporate tax collections, which rose by 112.85% to Rs 9.11 lakh crore from Rs 4.28 lakh crore in FY15.

Buzzing Index:

The Nifty Media index fell 1.36% to 2,014.40. The index rose 1.38% in the past trading session.

Saregama India (down 3.5%), Dish TV India (down 3.17%), Tips Music (down 1.63%), Zee Entertainment Enterprises (down 1.58%) and Sun TV Network (down 0.93%), Hathway Cable & Datacom (down 0.86%), and PVR Inox (down 0.78%) declined.

Stocks in Spotlight:

HDFC Bank rallied 3.50% after the company reported 5.29% increase in standalone net profit to Rs 16,820.97 crore in Q2 FY25 as compared with Rs 15,976.11 crore in Q2 FY24. Total income rose 9.05% YoY to Rs 85,499.64 crore during the quarter as compared with Rs 78,406.23 crore in Q2 FY24.

Jio Financial Services shed 0.17%. The company 's consolidated net profit increased 3.13% to Rs 689.07 crore in Q2 FY25 as compared with Rs 668.18 crore in Q2 FY24. Total income jumped 14.11% to Rs 693.85 crore during the quarter as compared with Rs 608.04 crore in corresponding quarter last year.

JSW Steel fell 0.62%. The company said that Jsquare Electrical Steel Nashik, a subsidiary of the company's joint venture entity, has entered into a share purchase agreement to acquire 100% of equity interest in thyssenkrupp Electrical Steel India. The total purchase consideration for the transaction is Rs 4,051.40 crore, subject to closing adjustments.

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