Market Commentary - Mid-Session
Market trades with small gains; Bajaj Finance rallies near 6% As on : 23-Oct-24  13:33

The key equity benchmarks continued to trade with minor gains in afternoon trade. The Nifty traded above the 24,500 level. IT, consumer durables and media shares advanced while pharma, private bank and realty shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 221.40 points or 0.28% to 80,437.52. The Nifty 50 index rose 71.85 points or 0.29% to 24,544.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.10% and the S&P BSE Small-Cap index gained 1.33%.

The market breadth was strong. On the BSE, 2,294 shares rose and 1,542 shares fell. A total of 115 shares were unchanged.

Economy:

The International Monetary Fund (IMF) maintained its June growth rate projects for India in its latest World Economic Outlook (WEO). IMF stated that India is set to grow at 7% in the current fiscal year ending March 31, 2025 and 6.5% in the next fiscal year (FY2025-26).

Gainers & Losers:

Bajaj Finance (up 5.86%), Tech Mahindra (up 2.80%), Bajaj Auto (up 2.60%), Bajaj Finserv (up 2.52%) and Tata Consultancy Services (up 1.82%) were major Nifty gainers.

NTPC (down 1.77%), ICICI Bank (down 1.67%), Eicher Motors (down 1.51%), Adani Ports and Special Economic Zone (down 1.43%) and Mahindra and Mahindra (down 1.38%) were major Nifty losers.

Bajaj Finance advanced 5.86% after the NBFC's consolidated net profit jumped 13.03% to Rs 4,013.74 crore on 27.72% rise in total income to Rs 17,095.41 crore in Q2 FY25 over Q2 FY24.

Stocks in Spotlight:

Persistent Systems soared 11.34% after the company's consolidated net profit jumped 6.06 to Rs 324.99 crore on 5.84% increase in revenue from operations to Rs 2,897.15 crore in Q2 FY25 over Q1 FY25.

Olectra Greentech rose 0.89%. The company's consolidated net profit zoomed 163.49% to Rs 47.56 crore on 70.48% rise in revenue to Rs 523.67 crore in Q2 FY25 over Q2 FY24.

Amber Enterprises surged 14.10% after the company reported consolidated net profit of Rs 20.96 crore in Q2 FY25 as compared with net loss of Rs 5.65 crore posted in Q2 FY24. Revenue from operations jumped 81.73% year on year (YoY) to Rs 1,684.70 crore in the quarter ended 30 September 2024.

JSW Energy fell 0.15%. The company's step-down subsidiary, JSW Renew Energy Eleven, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for ISTS connected solar capacity of 700 MW.

Zomato added 1.56% after the company's consolidated net profit surged 388.89% to Rs 176 crore on 68.5% jump in revenue from operations to Rs 4,799 crore in Q2 FY25 over Q2 FY24. Gross order value (GOV) growth across the company's B2C businesses improved to 55% YoY to Rs 17,670 crore in Q2 FY25.

Chennai Petroleum Corporation tumbled 10.66% after petroleum refineries reported standalone net loss of Rs 629.49 crore in Q2 FY25 as against net profit of Rs 1,190.56 crore in Q2 FY24. Revenue from operations (excluding excise duty) fell 26.9% to Rs 12,086.54 crore in the quarter ended 30 September 2024 from Rs 16,544.56 crore recorded in the corresponding quarter previous year.

Global Markets:

The Dow Jones index futures were down 133 points, indicating a weak opening in the US stocks today.

European stocks advanced while most Asian stocks traded higher on Wednesday. However, gains were capped as rising U.S. Treasury yields and the looming presidential election continued to weigh on investor sentiment.

Hong Kong's stock market led the region, buoyed by a strong debut from China Resources Beverage. Chinese equities also extended their recent rally following Beijing's stimulus measures, including a surprise interest rate cut by the People's Bank of China on Monday.

US stocks saw a flat overnight session. Mixed corporate earnings and the ongoing uncertainty surrounding the U.S. presidential election contributed to the cautious mood. At the close in NYSE, the Dow Jones Industrial Average declined 0.02%, while the S&P 500 index declined 0.05%, and the NASDAQ Composite index added 0.18%.

General Motors stock rose 10% after the company reported stronger-than-expected third-quarter earnings, driven by robust revenue growth and improved profitability.

Verizon stock fell 5% after the telecom giant reported mixed third-quarter results, with earnings slightly beating expectations but revenue falling short.

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