The Indian stock market witnessed a late-session slide, with the Sensex and Nifty 50 giving up their gains to close approximately 1% below their respective highs following a volatile trading session. The Midcap Index, however, managed to hold on to its gains, closing in the green but still off its highs.
HDFC Life, SBI Life, and Kotak Bank emerged as the day's champions, driving the Nifty higher, while ICICI Bank, Reliance Industries, and various pharmaceutical companies dragged the index down. One of the standout underperformers of the day was M&M, which saw a sharp 13% drop from its record high set just last month.
The Sensex fell 238 points, closing at 63,875, while the Nifty lost 58 points, settling at 19,083. The Nifty Bank slipped by 208 points to 42,831, contrasting with the midcap index, which rose by 148 points, ending at 38,883.
Nifty Bank faced its first-ever negative October performance in a decade, with a 3.5% drop for the month. The last time this index experienced an October decline was in 2012, recording a 1.6% dip. October's performance for the Nifty Bank is its worst since 2009 when it witnessed a 4.2% decrease.
Across the globe, the US market indices made significant gains on Monday, with Dow Jones, S&P 500, and Nasdaq Composite closing with impressive increases of 1.6%, 1.2%, and 1.2%, respectively. Concurrently, the US 10-year yield inched up slightly to 4.88% as investors eagerly anticipate major economic data releases and the Federal Reserve meeting outcome in the upcoming week.
Meanwhile, global crude oil prices surged amidst heightened tensions in the Middle East, with Brent crude settling near $83 per barrel. The evolving situation in the oil market continues to be a significant factor for investors to monitor.
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Oct 31, 2023, 4:01 pm IST
Market At Close: Sensex And Nifty 50 Give Up Gains Amid Volatility
The Indian stock market witnessed a late-session slide, with the Sensex and Nifty 50 giving up their gains to close approximately 1% below their respective highs following a volatile trading session. The Midcap Index, however, managed to hold on to its gains, closing in the green but still off its highs.
Oct 31, 2023, 3:28 pm IST
Praj Industries Records Strong Q2 Earnings
Praj Industries has reported robust second-quarter financial results. The company's net profit soared by 29.5% to Rs 62.3 crore compared to Rs 48 crore year-on-year, showcasing remarkable growth. While revenue witnessed a marginal increase of 0.6%, reaching Rs 882.3 crore, the most significant growth was seen in EBITDA, which surged by 24.3% to Rs 83.9 crore, with an improved EBITDA margin of 9.5% compared to 7.7% year-on-year. The stock is currently trading with gains of 1% at Rs 536 per share.
Oct 31, 2023, 2:58 pm IST
V-Guard Posts Strong Q2 Earnings
V-Guard has revealed its second-quarter financial results. The company reported a 34% increase in net profit, reaching Rs 59 crore, compared to Rs 44 crore in the previous year. The company's revenue saw a notable growth of 15%, reaching Rs 1,134 crore, while EBITDA surged by 26% to Rs 93 crore. The EBITDA margin also improved to 8.2% from 7.5% year-on-year, and other income increased significantly to ₹14 crore from ₹3 crore year-on-year. Despite posting strong results, the stock was trading with cuts of nearly 1% at Rs 301.60 per share.
Oct 31, 2023, 2:28 pm IST
Ajanta Pharma's Records Strong Q2 Performance
Ajanta Pharma has reported a healthy set of second-quarter financial results. The net profit surged by 25% to Rs 195.3 crore compared to Rs 157 crore year-on-year, driven by a 9.6% increase in revenue, which reached Rs 1,028.4 crore. The company's EBITDA also saw substantial growth, rising by 48% to Rs 290.4 crore and EBITDA margin expanded to 28.2% from 21% in the same period last year. The stock is trading with mild gains of 0.5%.
Oct 31, 2023, 1:53 pm IST
Bluestar Shares Soar Over 9% After Q2 Results
Shares of Blue Star Ltd gained more than 9% on Tuesday to hit their highest level in 52 weeks after the company announced strong earnings for the quarter ended September 2023 (Q2FY24). The company announced strong 20% revenue growth in the second quarter compared with a year ago on the back of strong demand from industrial areas and hospitality segments.
Its total revenue from operations jumped to Rs 1,890.4 crore in Q2FY24 compared to Rs1,576.2 crore in Q2FY23, led by its unitary cooling products (UCP) and electro-mechanical projects (EMP) divisions.
Oct 31, 2023, 12:43 pm IST
BOJ Loosens Grip On Long Term Interest Rates
The Bank of Japan further loosened its grip on long-term interest rates by tweaking its bond yield control policy again on Tuesday, taking another small step towards dismantling the past decade’s massive monetary stimulus, according to a Reuters report. The nine-member board also revised up its price forecasts to project inflation well exceeding its 2% target this year and next, underscoring a growing conviction that conditions for phasing out ultra-loose monetary policy are falling into place.
Oct 31, 2023, 12:43 pm IST
P&G Q1 Profit Soars 36% YoY To Rs 211 Crore
Procter & Gamble Hygiene & Health Care declared a surge of 36% on-year in net profit to Rs 211 crore for quarter ended September FY24 (Q1FY24), led by acceleration of volume growth coupled with product price-mix and productivity. Revenue from operations jumped 9% YoY to Rs 1,138 crore pushed by a superior retail execution and integrated growth strategy.
Oct 31, 2023, 11:59 am IST
L&T Shares Trade Lower Ahead Of Second Quarter Results
Larsen & Toubro Ltd shares traded a tad lower ahead of the Company's Q2 results scheduled to be announced today. The share price of L&T was trading 0.32% lower at Rs 2917.00 per share at 11:56 am IST on Tuesday.
Oct 31, 2023, 11:46 am IST
KPIT Technologies Shares Jump 6% To Reach 52-Week High At Rs 1,253.9 On 69% YoY Growth In Net Profit
The share price of KPIT Technologies roser 6% to reach a 52-week high at Rs 1,253.9 in the intraday trading on Tuesday after the company reported a 69.21% year-on-year (YoY) growth in net profit for the quarter ended September 30, 2023.
Oct 31, 2023, 11:25 am IST
DLF Shares Trade In Green After Company Posts 30% Growth In Net Profit In Q2 Results
DLF shares grabbed everyone's attention on Tuesday as the share price DLF Ltd was 1.11% at Rs 560 per share at 10:19 am IST today. The spike in the company's shares was seen a day after the firm reported a 30.6% growth in its net profit at Rs 622.8 crore in its Q2 results announced on Monday.
For the quarter ending September 30, 2023, the Gurugram-based property developer delivered a strong performance across all parameters and this has probably pleased investors taking the stock's share price higher in today's intraday trading.
Market gives up opening gains with Nifty hovering around 19,100 and Sensex near the crucial 64,000 mark. Broader markets hold on to the gains, Midcap Index trading more than 250 points higher with Fertilizers and Chemicals Travancore rising nearly 8% followed by Vodafone Idea.
Oct 31, 2023, 9:40 am IST
Market Outlook Today
Mr. Aditya Gaggar, Director of Progressive Shares said, "After a tug-of-war between bulls and bears on the opening day of the week, bulls had the upper hand and Nifty50 ended the day higher at 19,140.90. The benchmark index is heading towards its crucial resistance zone of 19,200-19,250 while the downside seems to be protected at 19,060. The best part of yesterday's rally was the participation of the heavyweight banking stocks (Bullish on Kotak Bank- Bullish Bat pattern with a Positive Divergence and Bullish Engulfing candlestick pattern). BankNifty is also moving towards a meaningful level of 43,400 while support stands at 42,700. From the Energy sector, heavyweight Reliance has given a strong reversal from its 3-year-old trendline support and is now standing on the verge of a descending channel breakout. Apart from Reliance, we are bullish on ONGC as well. After a minor corrective action, the Realty sector is moving in tandem with the primary uptrend."
Oct 31, 2023, 9:23 am IST
Tata Motors Rises 2% On Arbitral Tribunal Ruling
Tata Motors opened with gains of more than 2% and is top gainer on the Nifty in today's trade after an arbitral tribunal has ruled in favour of Tata Motors regarding claims for the Singur manufacturing unit. The tribunal has ordered the West Bengal Industrial Development to pay Tata Motors Rs 766 crore plus interest at 11%.
Oct 31, 2023, 9:20 am IST
Market Opens With Gains, Nifty Above 19,200 & Nifty Bank Up 300 Points
Market opens with healthy gains on Tuesday, with Nifty starting with gains of 92 points and above 19,200. Nifty Bank is opening more than 300 points higher with all its constituents starting the session in the green.
Oct 31, 2023, 8:55 am IST
Nifty Rebounds After a Rocky Start; Nifty Bank Suffers Worst October 11 Years
The Indian stock market took investors on a roller-coaster journey on Monday as the Nifty 50 plummeted below the critical 19,000 mark, only to stage a remarkable rebound, ultimately closing 200 points above its intraday low. This rally was spearheaded by heavyweight contributors, HDFC Bank and Reliance Industries, propelling the Nifty 50 to gain 93 points during the trading session.
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