Market Commentary - Mid-Session
Benchmarks trade with minor cuts; consumer durables stocks slide As on : 30-Oct-24  10:33

The key equity benchmarks traded with minor losses in morning trade. The Nifty traded below the 24,450 mark. Consumer durables shares declined after advancing in the past two trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 261.48 points or 0.31% to 80,112.70. The Nifty 50 index lost 60.90 points or 0.25% to 24,405.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.28% and the S&P BSE Small-Cap index added 1.37%.

The market breadth was strong. On the BSE, 2,441 shares rose and 694 shares fell. A total of 123 shares were unchanged.

Economy:

The Indian diaspora's confidence in the Indian economy has soared, as evidenced by the significant increase in Non-Resident Indian (NRI) deposits. According to the Reserve Bank of India's (RBI) latest monthly bulletin, inflows into NRI deposit schemes surged to $7.82 billion in the period of April-August 2024, more than double the $3.74 billion recorded in the same period last year.

Both dollar-denominated (FCNR(B)) and rupee-denominated (NRE(RA)) deposits witnessed substantial growth.

Among the various NRI deposit schemes, Foreign Currency Non-Resident (FCNR) deposits witnessed the highest inflow, attracting $3.47 billion during the period, compared to $1.55 billion in the corresponding period a year ago. These deposits, denominated in foreign currencies, offer security against currency fluctuations and provide attractive returns.

Non-Resident External (NRE) deposits, which are rupee-denominated accounts, also saw a significant increase, with inflows of $2.51 billion during this period, compared to an inflow of $868 million in the corresponding period a year ago.

Non-Resident Ordinary (NRO) deposits, which are also rupee-denominated, also saw inflows worth $1.84 billion from April泡ugust, 2024, compared to $1.32 billion during the same period a year ago.

This surge can be attributed to factors such as attractive returns in Indian markets, strong economic fundamentals, and a more stable domestic monetary policy environment compared to many global economies.

With total outstanding NRI deposits reaching $158.94 billion as of August 2024, the Indian diaspora's continued trust in the country's economic prospects is evident.

New Listing:

Shares of Godavari Biorefineries were currently trading at Rs 315.85 at 10:07 IST on the BSE, representing a discount of 10.27% as compared with the issue price of Rs 352.

The scrip was listed at Rs 310.55, exhibiting a discount of 11.78% to the issue price.

So far, the stock has hit a high of 331.70 and a low of 308.05. On the BSE, over 0.23 lakh shares of the company were traded in the counter so far.

Result Today:

Larsen & Toubro (up 0.34%), Tata Power (up 0.33%), Dabur India (up 0.95%), Biocon (down 0.50%), Aditya Birla Capital (up 0.85%), 3i Infotech (up 1.75%), Aeroflex Industries (up 2.42%), AGS Transact Technologies (up 0.61%), AIA Engineering (down 0.30%), Automotive Axles (up 0.26%), DCM Shriram (up 2.43%), Grindwell Norton (up 3.16%), IRB Infrastructure Developers (up 1.37%), KRN Heat Exchanger and Refrigeration (up 2.78%), The New India Assurance Company (up 2.10%), Paisalo Digital (up 3.53%), Procter & Gamble Hygiene & Health Care (down 1.58%), Protean eGov Technologies (up 1.86%), Prudent Corporate Advisory Services (up 2.72%), Sterlite Technologies (up 2.26%), and TTK Prestige (down 0.42%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Consumer Durables index fell 1.05% to 39,642.30. The index rose 0.32% in the past two trading session.

Voltas (down 4.79%), Amber Enterprises India (down 2.2%), V-Guard Industries (down 1.77%), Dixon Technologies (India) (down 1.09%) and Kalyan Jewellers India (down 0.94%), Havells India (down 0.81%), Blue Star (down 0.73%), Titan Company (down 0.35%), Crompton Greaves Consumer Electricals (down 0.18%) edged lower.

On the other hand, Rajesh Exports (up 1.49%), Century Plyboards (India) (up 0.9%) and Bata India (up 0.57%) edged higher.

Stocks in Spotlight:

Force Motors zoomed 18.83% after the company's consolidated net profit jumped 43.83% to Rs 135.02 crore in Q2 FY25 as against Rs 93.87 crore posted in Q2 FY24. Revenue from operations grew 7.75% to Rs 1,941.33 crore in the quarter ended 30 September 2024.

Dynacons Systems & Solutions jumped 8.48% after the company informed that it has received a follow-up contract of Rs 108 crore from the National Bank for Agriculture and Rural Development (NABARD) for delivering an advanced CBaaS solution for the Haryana State Cooperative Bank.

Capri Global Capital (CGCL) rallied 14.21% after the NBFC's consolidated net profit surged 48.65% to Rs 96.98 crore on 34.98% increase in total income to Rs 752.81 crore in Q2 FY25 over Q2 FY24.

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