Stock Market Live Update: Benchmark Indices Ended Flat; Nifty Pharma Lead The Way

In the closing session of Wednesday, the benchmark indices ended on a flat note. BSE SENSEX ended 22.89 points or (0.035%) higher at 64,965.29 while Nifty 50 settled 30.95 points or (0.16%) higher at 19,437.65. Among sectors, pharma was the most gainer at 1.34% followed by realty and oil & gas whereas the worst hit was the bank and IT sectors. Among the Nifty pack, the top 5 gainers were BPCL, Adani Ports, Asian Paint, Cipla and Titan whereas the top 5 losers were ICICI Bank, Infosys, NTPC, Tech Mahindra and Tata Consumer Products.

Shares of Apollo Tyres Ltd rallied 5.94% today to 408.20 per share after the company recorded a strong jump of 164.37 in its consolidated net profit to Rs 474.26 crore for the September quarter.

In a recent trading session, Indian markets exhibited a mixed bag of trends, with varying behaviors from foreign and domestic investors. While the Nifty 50 maintained stability, the Nifty Bank emerged as a standout performer, showcasing significant gains over the last four trading sessions. Additionally, with insights into the F&O cues for the November 9 expiry and critical updates from prominent stocks, Wednesday promises to be a dynamic day in the Indian financial landscape.

The Nifty Bank index has displayed remarkable strength, surging by over 1,000 points in the past four trading sessions. Notably, the index has extended its gains for the year 2023, marking a positive turn of events on Monday. This substantial momentum in the banking sector has piqued the interest of investors.

The Indian stock market witnessed the benchmark indices, Nifty 50 and Sensex, concluding the day on a relatively flat note on Tuesday. However, the broader markets exhibited resilience, outperforming the Sensex and Nifty. This robust performance in the broader markets was largely attributed to a surge in various sectors, with pharma and oil marketing companies (OMCs) standing out.

Two key stocks are expected to draw attention today:
Hero MotoCorp: The company has announced a collaboration with partners in the UK, Spain, and France, with plans to commence operations in the electric vehicle (EV) market by mid-2024. This move underscores the growing importance of EVs in the global automotive industry.
InterGlobe Aviation: The airline anticipates grounding 30-35 more aircraft between January and March 2024, resulting in over 70 grounded aircraft by March 2024. These developments in the aviation sector reflect the ongoing challenges and adjustments within the industry.

Additionally, a slew of notable companies, including IRCTC, Shree Cement, Apollo Tyres, Deepak Nitrite, and Power Grid, will react to their second-quarter earnings reports. The market eagerly awaits these reports to gauge the financial performance and prospects of these prominent entities. Furthermore, investors are keeping a close watch on companies such as Ashoka Buildcon, BHEL, Lupin, Mazagon Dock, Nazara Tech, Oil India, and Pidilite, which are expected to release their quarterly earnings today.

Looking beyond the Indian borders, Asian markets have opened on a positive note after a slight dip in the previous session. Japanese manufacturers' business confidence has improved for the first time since August, contributing to a 0.57% gain in the Nikkei 225 and a 0.1% rise in the Topix. This uptick in confidence hints at a potential economic rebound.

Futures on the Hang Seng indicate a positive start to the trading day, suggesting optimism in the Asian market. Investors are closely monitoring these cues as they assess regional sentiment and global economic trends.

In the United States, Wall Street closed mostly higher on Tuesday, with the S&P 500 and the Nasdaq achieving their longest winning streak in nearly two years. The S&P 500 marked its seventh consecutive day of gains, while the Nasdaq notched its eighth positive session. The S&P 500 saw a 0.3% increase, and the Nasdaq gained an impressive 0.9%. These consistent gains reflect the resilience and positive sentiment in the American financial landscape.

As Wednesday unfolds, investors and traders will be keeping a keen eye on the Indian markets, carefully analyzing F&O cues, and tracking the performance of key stocks. The encouraging global cues further contribute to the overall optimism, foreshadowing an eventful day in the world of finance.

LIVE Feed

Nov 08, 2023, 2:20 pm IST

EaseMyTrip Q2 Results

The company on Wednesday said it has recorded a highest ever net profit of Rs 471.78 crore up by 67.19% YoY from the year-ago quarter. According to a stock exchange filing, the company's revenue from operations of Rs 1,416.94 crore represented a 30.59 per cent increase from Rs 1,084.99 crore in Q2FY23. Three well-known travel agencies—Guideline Travel Holidays Pvt. Ltd. in Mumbai, TripShope Travel Technologies Pvt. Ltd. in Kashmir, and Dook Travels Pvt. Ltd. in Delhi—saw a strategic majority stake acquisition of 51% during this quarter from EaseMyTrip.com. The firm had a 2.3% YoY growth in sales with 29.0 lakh air tickets (net of cancellations). Significant growth was seen in the non-air categories as well. reservations for hotel nights rose by 60.2% to 1.2 lakhs, while reservations for "Others," which includes trains, buses, and other transportation, saw a notable 98.5% YoY jump to 2.7 lakhs.

Nov 08, 2023, 2:09 pm IST

Godrej Industries Approves Raising Funds Via NCDs Worth Rs 1,500 Crore

On Wednesday, the Board of Directors of the company approved the enhancement of the limit of issuing commercial papers by the company from the existing limit of Rs 2,500 Crore to Rs 3,500 Crore. The Board also approved the increase in borrowing powers of the company from Rs 6,500 Crore to Rs 9,500 Crore. “The Board of Directors have approved raising of funds by way of issuance of Unsecured NonConvertible Debentures (NCDs) / Bonds / Other Instruments, listed and / or unlisted, on private placement basis, in one or more tranches, for an amount not exceeding Rs 1,500 Crore (Rupees One Thousand Five Hundred Crore Only), during the period of 1 (One) year from the date of approval by the Shareholders,” said Godrej Industries in a stock exchange filing.

Nov 08, 2023, 1:57 pm IST

Gujarat Pipavav Port Set To Pay Rs 3.60/Share Dividend, Shares Rise 7% Today

Board of mid cap company operating in shipping sector Gujarat Pipavav Port Ltd on Wednesday approved an interim dividend of Rs 3.60 per share for the financial year 2023-24. Last trading price of Gujarat Pipavav share on BSE is Rs 134.20 per share. Gujarat Pipavav shares offered return of 29% YTD and soared 51% in last 1-year. The company declared its consolidated net profit for the quarter ended September 30, 2023 at Rs 92.2 crore from Rs 72.1 crore declared in the corresponding quarter of last year.

Nov 08, 2023, 12:55 pm IST

Apollo Tyres Stock Soars 6%, Volume Spurts 6.02 Times As Net Jumps 164.37%

Shares of Apollo Tyres Ltd rallied 5.94% today to 408.20 per share after the company recorded a strong jump of 164.37 in its consolidated net profit to Rs 474.26 crore for the September quarter on higher revenue and reduced raw material costs. The mid cap tyres sector stock declared its consolidated net profit at Rs 179.39 crore in the corresponding quarter of last year. Apollo Tyres also saw a rise in its volume by more than 6.02 times. Apollo Tyres shares gained 8.56% in last 2-weeks, soared 24% YTD, and rallied 165% in last 3-years.

Nov 08, 2023, 12:54 pm IST

Balrampur Chini Shares Fall Despite 439% Jump In Net Profit

Mid cap sugar stock Balrampur Chini Mills Ltd shares witnessed a decline of 0.39% today despite the company reporting a jump of 439.64% Year-On-Year (YoY) in its standalone net profit to Rs 106.24 crore for the September 30, 2023 quarter. The company declared a net loss of Rs 31.28 crore in the corresponding quarter of last year. The company also declared an interim dividend of 300% i.e. Rs 3.00 per equity share of Re 1/- each fully paid for the FY 2023-24. The company fixed November 20, 2023 as the record date for interim dividend.

Nov 08, 2023, 11:55 am IST

HPCL Stock Rises Almost 7%; BPCL, IOC Gain Too

The share price of Hindustan Petroleum Corporation Ltd (HPCL) gained 6.84% at Rs 297.70 per share at 10:55 am IST on Wednesday after crude oil prices slipped more than 4% on Tuesday. Other oil stocks also traded higher today. The share price of Bharat Petroleum Corporation Limited (BPCL) was up 3.09% at Rs 384.20 per share at 11:18 am IST today, while Indian Oil Corporation Limited (IOCL) was up 0.54% at Rs 104.60 per share at 11:21 am IST.

Nov 08, 2023, 10:46 am IST

Alkem Laboratories Shares Skyrocket 5.91% At 4264.85 Per Piece

Alkem Laboratories shares gained almost 6% at 4264.85 in the intraday trading on Wednesday after the company reported better-than-expected Q2 results. In its earning update for the for the July-September quarter, the Pharmaceutical company's net profit increased 87.6% on year to Rs 6,205 million in Q2 while revenue grew almost 12% to Rs 3,440 crore. During the quarter, the drug maker's operational performance also improved. The pharma company's EBITDA margin was better than Street's estimate as it expanded sharply to 21.7%.

Read More

Nov 08, 2023, 10:08 am IST

Trent Ltd Shares Rise Over 2% At 2481.55 Per Share On Strong Q2 Results

The share price of Trent Ltd was up 2.20% at Rs 2481.55 per share at 9:53 am IST today. The ulift in Trent Ltd shares was seen after the company reported strong Q2 results where its consolidated net profit for the September quarter of FY24 rose 55.9% at Rs 289.6 crore compared to a profit of Rs 186 crore in the same quarter of the previous financial year. Total revenue of the company grew almost 59% at Rs 2,891 crore.

Nov 08, 2023, 10:00 am IST

HPCL's Winning Streak Continues For The Ninth Consecutive Day

For the ninth day in a row, HPCL's shares are on an upward trajectory, surging by 6.7%. This marks the longest streak of consecutive gains since the period from April 17, 2023, to May 4, 2023. Notably, the stock has registered an impressive 24.2% gain year-to-date.

Nov 08, 2023, 9:28 am IST

Indian Indices Begin with Positive Momentum, Nifty Above 19,400

As trading commenced on November 8, Indian stock indices showed a promising start, with the Nifty hovering around the 19,450 mark. The Sensex witnessed a marginal increase of 22.65 points, equivalent to 0.03%, reaching 64,965.05, while the Nifty registered a gain of 18.40 points or 0.09%, reaching 19,425.10. Notably, 1,558 stocks advanced, 415 saw declines, and 116 remained unchanged during the early trading session.

Nov 08, 2023, 9:12 am IST

Rupee Opens Flat At 83.25 Against US Dollar

The Indian Rupee opens unchanged at 83.25 against US Dollar compared to Tuesday's closing level of 83.26 per Dollar.

Nov 08, 2023, 9:11 am IST

USD-INR Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services stated, "We favour a sell on pull back today to 83.3 with yesterday’s upswings failing to gain momentum. Congestion point at 83.19 could pivot down moves, and momentum may not kick in until below 82.98. Alternatively outright rise above 83.4 could call for extended upsides aiming 84 initially."

Nov 08, 2023, 9:10 am IST

Nifty Derivative Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, "Nifty weekly contract has highest open interest at 19500 for Calls and 19300 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19450 for Calls and 18950 for Puts in weekly and at 19400 for Calls and 18950 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 3.06%, decreased future index shorts by 1.26% and increased in index options by 11.52% in Call longs, 7.31% in Call short, 13.38% in Put longs and 9.86% in Put shorts."

Nov 08, 2023, 9:10 am IST

Nifty Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, "Declines were arrested yesterday without allowing slippages to extend much below the day’s pivot of 19360. This allows the upside objectives of 19475 or 19550 to remain in play. A turn lower from this region, that penetrates 19378 could however expose 19170 again though a collapse is less expected today."

Nov 08, 2023, 9:09 am IST

Morning Market Outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "There are three significant trends in equity markets now: One, global markets are stable as indicated by the 7-day winning streak in Dow and S&P 500. Two, a risk on is evident in markets primarily driven by the sharp correction in the US 10-year bond yield from the recent high of 5% to 4.57% now. Three, the crash in Brent crude from around to below now indicates that the market doesn’t expect the Israel-Gaza conflict to aggravate into a wider regional conflict. In brief, the market construct is favourable for the continuation of the rally despite the geopolitical uncertainties. The tug of war between the FIIs and DIIs continues with sustained selling by the FIIs and sustained buying by the DIIs. Since the buy on dips strategy is working, retail investors are buying in the broader market on every dip. There is no selling pressure in the broader market since FII selling is confined to large caps. The best opportunity for long-term investors is in high quality large caps since these stocks will do well when FIIs eventually turn buyers."

Nov 08, 2023, 9:02 am IST

Hindalco In Focus As Novelis Surpasses EBITDA Targets Ahead Of Schedule

Hindalco takes the spotlight on Wednesday as its subsidiary, Novelis, outperforms expectations by achieving its guided operating profit or EBITDA per tonne level ahead of schedule. Novelis had initially set a target to surpass the EBITDA per tonne mark of 0 by the March quarter of the 2024 financial year. Impressively, it reached a remarkable figure of 9 two quarters earlier than anticipated. Novelis significantly contributes to more than 70% of Hindalco's consolidated operating profit or EBITDA, making this achievement a noteworthy development.

Nov 08, 2023, 8:59 am IST

Power Grid Stages 3.6% YoY Surge In Q2 Net Profit

Power Grid announces a notable 3.6% year-on-year increase in its net profit, amounting to Rs 3,781.4 crore for the second quarter ending on September 30, 2023. Additionally, the company's revenue from operations saw a steady 1% growth, reaching Rs 11,267.1 crore, compared to Rs 11,150.6 crore in the corresponding period of the previous fiscal year.

Nov 08, 2023, 8:57 am IST

Shree Cement Gains Spotlight On Surge In Q2 Net Profit

Shree Cement has reported a remarkable 158.95% year-on-year surge in its standalone net profit, reaching Rs 491.3 crore for the second quarter concluding on September 30, 2023. Moreover, the company's standalone revenue from operations also witnessed a substantial 21.3% growth, climbing to Rs 4,584.6 crore in comparison to Rs 3,781 crore during the same period in the previous fiscal year.

Nov 08, 2023, 8:54 am IST

US Market Ends With Gains On Tuesday, Nasdaq Up 1%

Wall Street closed mostly higher on Tuesday, with the S&P 500 and the Nasdaq achieving their longest winning streak in nearly two years. The S&P 500 marked its seventh consecutive day of gains, while the Nasdaq notched its eighth positive session. The S&P 500 saw a 0.3% increase, and the Nasdaq gained an impressive 0.9%. These consistent gains reflect the resilience and positive sentiment in the American financial landscape.

Nov 08, 2023, 8:51 am IST

Asian Markets Open With Minor Gains

Asian markets have opened on a positive note after a slight dip in the previous session. Japanese manufacturers' business confidence has improved for the first time since August, contributing to a 0.57% gain in the Nikkei 225 and a 0.1% rise in the Topix. This uptick in confidence hints at a potential economic rebound. Futures on the Hang Seng indicate a positive start to the trading day, suggesting optimism in the Asian market. Investors are closely monitoring these cues as they assess regional sentiment and global economic trends.

Nov 08, 2023, 8:50 am IST

GIFT Nifty Indicates A Muted Start For The Indian Market

The GIFT Nifty is trading flat against Nifty Futures Tuesday close, which indicates a muted opening for the Indian market.

Nov 08, 2023, 8:25 am IST

Market To See A Muted Start, Nifty Likely To Open Around 19,400

In a recent trading session, Indian markets exhibited a mixed bag of trends, with varying behaviors from foreign and domestic investors. While the Nifty 50 maintained stability, the Nifty Bank emerged as a standout performer, showcasing significant gains over the last four trading sessions. Additionally, with insights into the F&O cues for the November 9 expiry and critical updates from prominent stocks, Wednesday promises to be a dynamic day in the Indian financial landscape.