Market Commentary - Mid-Session
Barometers extent losses; consumer durables shares decline As on : 25-Oct-24  11:31

The domestic equity indices traded with significant losses in mid-morning trade. The Nifty slipped below the 24,200 level after hitting the day's high of 24,440.25 in early trade. Consumer durables shares extended losses for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, slipped 558.82 points or 0.70% to 79,506.74. The Nifty 50 index dropped 226.90 points or 0.93% to 24,172.50.

In the broader market, the S&P BSE Mid-Cap index fell 1.56% and the S&P BSE Small-Cap index declined 2.14%.

The market breadth was weak. On the BSE, 590 shares rose and 3,145 shares fell. A total of 100 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Afcons Infrastructure received bids for 24,21,984 shares as against 8,66,19,950 shares on offer, according to stock exchange data at 11:20 IST on Friday (25 October 2024). The issue was subscribed 0.03 times.

The issue opened for bidding on Friday (25 October 2024) and it will close on Tuesday (29 October 2024). The price band of the IPO is fixed between Rs 440 to Rs 463 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

The initial public offer (IPO) of Godavari Biorefineries received bids for 77,26,782 shares as against 1,12,74,739 shares on offer, according to stock exchange data at 11:20 IST on Friday (25 October 2024). The issue was subscribed 0.69 times.

The issue opened for bidding on Wednesday (23 October 2024) and it will close on Friday (25 October 2024). The price band of the IPO is fixed between Rs 334 to Rs 352 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.

Buzzing Index:

Nifty Consumer Durables index dropped 3.65% to Rs 39,242.35. The index fell 3.93% in past two consecutive trading sessions.

Dixon Technologies (India) (down 12%), Rajesh Exports (down 4.14%), Kalyan Jewellers India (down 3.51%), Whirlpool of India (down 3.08%), Cera Sanitaryware (down 2.58%), Crompton Greaves Consumer Electricals (down 2.4%), V-Guard Industries (down 2.37%), Titan Company (down 2.13%), Voltas (down 2.06%) and Havells India (down 2%) declined.

Stocks in Spotlight:

ITC rallied 3.71% after the diversified conglomerate's net profit rose 3.07% to Rs 4,917.45 crore in Q2 FY25 as against Rs 4,926.96 crore posted in Q2 FY24. Net revenue (excluding excise duty) was at Rs 19,150.32 crore in the September quarter FY25, up 16.81% from Rs 16,393.74 crore recorded in the corresponding quarter previous year.

Radico Khaitan gained 3.87% after the company's standalone net profit jumped 32.82% to Rs 82.19 crore on 20.68% increase in net sales to Rs 1,116.30 crore in Q2 FY25 over Q2 FY24.

Global Markets:

Most Asian stocks advanced on Friday as investors looking ahead for Japan's general election over the weekend. Japanese shares declined in anticipation of a hotly contested general election this Sunday. Concerns about potential currency market intervention by the Japanese government, as the yen approached three-month lows, also weighed on sentiment.

Soft inflation data further pressured the yen. The October headline Tokyo Consumer Price Index (CPI) rose 1.8% year-over-year (YoY), compared to 2.2% in the previous month, according to the Statistics Bureau of Japan.

U.S. equities were mixed on Thursday as investors prepared for a series of major tech earnings reports. Rising geopolitical tensions in the Middle East, with Israel threatening a strike against Iran, also dampened risk appetite. The Dow Jones Industrial Average fell 0.33%, while the S&P 500 rose 0.21%, and the NASDAQ Composite gained 0.76%.

Tesla led the broader market index, surging nearly 22% after reporting third-quarter results that exceeded expectations. This marked its best day since 2013. Whirlpool and UPS also climbed after posting strong results.

IBM dragged down the Dow, falling over 6% as its consulting revenue narrowly missed estimates. Boeing slipped 1.2% after its machinists rejected a new labor contract.

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