Stock markets closed higher today, buoyed by positive investor sentiment following the recent state assembly election results. The Sensex gained 584 pts, 0.72%, ending at 81,634.81, while the Nifty 50 rose 0.88% or 217pts to 25,013.15 points.
Previously, Sensex witnessed surge of 586 points to 81,646 and Nifty jumped 208 points to 25,004 in late afternoon trade on October 8, 2024 as the verdict for Haryana and J&K polls came out today. BJP is set for biggest Haryana win while Congress-National Conference alliance is ahead in J&K. Nifty Midcap jumped 985 points to 58,285 and Nifty Bank surged by 626 points to 51,005. Meanwhile, FMCG shares today witnessed rally. Trent and Adani Enterprises shares witnessed strong rally today.
Earlier, On Tuesday the Indian benchmark indices opened on a flat note amid weak global cues. Nifty opened above the 24,800 mark at 24,832.20 while Sensex opened at 80,826.56. On the Nifty 50 index UltraTech Cement, HUL, M&M, Axis Bank and Trent were the top 5 gainers whereas Tata Steel, Tata Motors, JSW Steel, Wipro and Hindalco Ind were the top 5 losers.
With the Hang Seng down 3% and the Nikkei down 1% anticipating inflation data later in the week that will be widely looked at, geopolitical developments drove most of Tuesday's losses in Asian markets. The impending monetary policy statement in the domestic market will be keenly monitored after the India VIX increased by 6.74% to close at 15.08, and with the VIX above 15, market sentiment is still cautious and contributes to the overall negative standpoint.
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Oct 08, 2024, 3:36 pm IST
Tata Motors Group Global Wholesales At 3,04,189 In Q2 FY25
The Tata Motors Group global wholesales in Q2 FY25, including Jaguar Land Rover were at 3,04,189 nos., lower by 11%, as compared to Q2 FY24. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q2 FY25 were at 86,133 nos., lower by 19%, over Q2 FY24. Global wholesales of Tata Motors passenger vehicles* in Q2 FY25 were at 1,30,753 nos., lower by 6% as compared to Q2 FY24. Global wholesales for Jaguar Land Rover** were 87,303 vehicles, lower by 10% as compared to Q2 FY24. Jaguar wholesales for the quarter were 5,961 vehicles, while Land Rover wholesales for the quarter were 81,342 vehicles.
Oct 08, 2024, 3:22 pm IST
LTI Mindtree Launches Smart Spaces Offering With ESG Suite
LTIMindtree, a global technology consulting and digital solutions company, announced the launch of their new comprehensive digital transformation and ESG platform- Smart Spaces 2.0. With this solution, existing and new buildings can be fitted with the latest IoT devices, and the facilities team can instantly access key data on the platform pertaining to operational and environmental metrics such as energy, emission, water and waste. It can help achieve significant savings and operational excellence for investors, landlords, building managers and tenants across residential and office buildings. In commercial and industrial settings, Smart Spaces 2.0 can help with end-to-end ESG reporting across key factors, while delivering predictive maintenance and repair inputs. Clients can also integrate Smart Spaces 2.0 with their existing building and plant management systems to take instant action on alerts provided by the system.
Oct 08, 2024, 3:12 pm IST
Enkei Wheels (India) Ltd Announces the Appointment of New CFO
Enkei Wheels (India) Ltd has appointed Mr. Kunal Sudhir Chartered Accountant as Chief Financial Officer (CFO) and Key Managerial Personnel of the Company effective from 8t October 2024. Mr.Kunal Sudhir Dhoke, is a qualified Chartered Accountant in addition to the Degree of MBA Finance. He has a rich experience of 18 on Treasury Management, Finalisation of Financial ~Statement, Taxation etc.
Oct 08, 2024, 2:36 pm IST
Allied Digital Secures Pune Safe City(FY2024) Project for Total Contract Value of Rs. 430+ Cr
Allied Digital Services Limited, a global leader in IT services and a Master System Integrator (MSI), proudly announces that it has been awarded the prestigious Pune Safe City Project. This significant project will see Allied Digital design, architect, integrate, implement, and customize a comprehensive set of solutions to enhance Pune's security infrastructure. The six-year contract, in collaboration with the Pune Police and the Government of Maharashtra, Home Department, will result in the deployment of more than 4,000 Artificial Intelligence (AI) enabled cameras across 1,400+ strategic locations throughout Pune city, significantly elevating the city's surveillance capabilities.
Oct 08, 2024, 2:24 pm IST
Airtel and Nokia collaborate to drive sustainability initiatives for mobile networks
Bharti Airtel and Nokia, today, announced a groundbreaking collaboration on “Green 5G” — an initiative aimed at introducing energy-efficient solutions and practices to Airtel’s mobile network. This ambitious project will focus on enhancing energy efficiency across Airtel's extensive 4G/5G Radio Access Network (RAN) by leveraging state-of-the-art technologies like AI/ML, as well as a suite of advanced software features and innovative solutions. The comprehensive solution is expected to enhance energy efficiency during peak and off-peak hours and is projected to reduce Airtel’s carbon emissions by an estimated 143,413 metric tons of CO2 annually.
Oct 08, 2024, 2:09 pm IST
Infosys and Handelsblatt Research Institute Launch the First AI-Powered Trend Report to Drive Innovative Storytelling
Infosys, a global leader in next-generation digital services and consulting, and the Handelsblatt Research Institute (HRI), an independent economic research institute under the umberella of the Handelsblatt Media Group in Germany, today announced the launch of its first research report titled "AI Trend Report: How AI is Transforming Industries," leveraging Infosys Topaz, an AI-first offering using generative AI technologies. The report provides in-depth analysis of the possible applications of artificial intelligence (AI) in select industries. The unique generative AI solution powering this report will allow readers to interact with and customize the content as per their requirement.
Oct 08, 2024, 2:02 pm IST
Skipper Shares Jump 15%
Small cap company engaged in heavy electrical equipment industry, Skipper Ltd shares today skyrocketed by over 15.20% soon after global brokerage firm Nuvama issued buy call with target price of Rs 650 apiece. If you buy Skipper Ltd share today at current market price of Rs 511.50 per share, you can fetch likely returns of 44.67%. The company’s market capitalisation on BSE stood at Rs 5746.81 crores. Skipper Ltd shares gained over 113% so far in 2024 and 581% in last 2-years. Skipper declared a total of 11 dividends since September 17, 2014. FII/FPI have decreased holdings from 4.60% to 3.64% in June 2024 quarter. Number of FII/FPI investors increased from 27 to 32 in June 2024 quarter. Check details below:
Oct 08, 2024, 1:15 pm IST
Cellecor Gadgets Limited Honored as the Fastest Growing Consumer Electronics Brand 2024
Cellecor Gadgets Limited is proud to announce its recognition as the Fastest Growing Consumer Electronics Brand 2024 by the Times Group – The Economic Times. This esteemed accolade was presented during the Times Seaboard Summit 2024 – Leaders of Tomorrow event held on September 29 in Goa, as per PTI report.
The Times Seaboard Summit 2024 – Leaders of Tomorrow, an initiative by The Economic Times, celebrates the exceptional achievements of trailblazers who are redefining success and making significant impacts in their respective fields. The 2024 edition of the summit focused on fresh perspectives, groundbreaking ventures, and the unwavering dedication of this year's cohort of leaders, according to a PTI report.
Ms. PV Sindhu’s presence and her role in presenting the award added to the grandeur of the occasion, making it a truly memorable, star-studded affair that celebrated both talent and achievement.
Oct 08, 2024, 12:28 pm IST
NMDC Share Price: 3.36% Dividend Yield PSU Navratna Mining Stock Declines For 5th Straight Day
The shares of NMDC, India's largest iron ore producer, have extended their bearish streak for the fifth consecutive trading session. In early trade on Tuesday, October 8, NMDC's shares slumped by another 8%, reaching Rs 211 per share, dragging the cumulative loss over the past five days to almost 15%. This extended slide in NMDC's stock price has raised eyebrows, particularly as it comes despite a notable increase in iron ore prices.
The persistent decline in NMDC's share price appears closely tied to the market's reaction to the company's September operational numbers.
Oct 08, 2024, 12:27 pm IST
Gold Price In India, Oct 8: Check Latest 18k, 22k, 24k Gold Prices After Decline
Gold price in India steadied on October 8, 2024 as investors are keenly awaiting the minutes of Federal Reserve’s latest meeting and economic data for more signals on US interest rate trajectory. Silver prices in India witnessed decline for second consecutive day today. 22k gold price today stood at Rs 71,000/10 grams and 100 grams of 22 carat precious metal prices today are retailing at Rs 7,10,000. 24k gold prices today remain unchanged at Rs 77,450/10 grams and 100 grams of 24 carat precious metal prices today trading at Rs 7,74,500.
Meanwhile, 18k gold prices today stood stable at Rs 58,090/10 grams and 100 grams of 18 carat yellow metal prices today stood at Rs 5,80,900.
It is worth mentioning that 22k gold prices witnessed sharp rally of 21.26% from January 1, 2024 to October 8, 2024 as prices stood at Rs 5855 per gram and today prices surged to Rs 7100 per gram.
Oct 08, 2024, 11:53 am IST
Navkar Corporation Limited Releases Unaudited Financial Results for the quarter ended September 30, 2024.
Navkar Corporation Limited has announced its unaudited financial results for the quarter ending September 30, 2024. Despite reporting a quarterly loss of Rs 2.3 crore, the company's stock price rose by 4%. The company's revenue from operations for the September quarter amounted to Rs 133 crore.
Oct 08, 2024, 11:15 am IST
SpiceJet To Induct Ten Planes By November‐End, Bolstering Fleet And Operations
SpiceJet is set to significantly expand its fleet by the end of November with the induction of ten aircraft, marking a major step in the airline’s growth plans. Seven of these aircraft will be acquired on lease, while three previously grounded SpiceJet planes are being reintroduced into service. The airline has already signed agreements for the leased aircraft, with the full induction of all seven planes expected by November 15. Two of these leased aircraft have already arrived in India and are scheduled for immediate induction. SpiceJet will also operationalise its grounded planes in phases, with the first three set to re‐enter service before the end of November. This fleet expansion follows SpiceJet’s successful Qualified Institutional Placement (QIP), which raised INR 3,000 Crore. The QIP saw an overwhelming response from investors, attracting a diverse group of top‐tier institutional names, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd. In addition to the QIP, the airline is set to receive an additional INR 736 Crore from a previous funding round, further bolstering its financial stability and growth trajectory.
Oct 08, 2024, 10:56 am IST
Gold Rates in India Stands At The Previous Days Level
Gold prices in India remained steady today. The cost of 10 grams of 24-carat gold held at Rs. 77,450/-, while 22-carat gold price in India stayed at Rs. 71,000/- per 10 grams.
Eraaya Lifespaces In Focus As Subsidiary Wins Rs 138.75 Cr Contract From Punjab National Bank (PNB)
Since the company announced on Monday that Ebix Cash Limited, the Indian flagship subsidiary of its recently acquired business, has secured a significant contract for Network Integrating Services with Punjab National Bank (PNB), one of India's top three public sector banks, Eraaya Lifespaces Limited's share price is likely to be in the spotlight in the upcoming sessions. The contract, valued at approximately Rs 138.75 crores has been awarded for another 3 years. The contract will cover all of PNB's vast network, which includes 10,800 branches, 5,000 ATMs, and 4,000 branches of Regional Rural Banks supported by PNB. In addition, Ebix Cash will oversee 13 zonal offices and 131 circle offices in addition to the Advanced Network Operations Centre, the Disaster Recovery Centre, and the state-of-the-art Data Centre in Delhi.
FlyArystan Selects AirGain To Strengthen Competitive Rate Intelligence And Passenger Experience
RateGain Travel Technologies Limited (RateGain), a global provider of AI-powered SaaS solutions for travel and hospitality, announced today that FlyArystan, Kazakhstan’s premier low-cost airline and a subsidiary of the Air Astana group, has extended its partnership with AirGain, RateGain's pricing solution for airlines, to gain real-time competitive insights. This continued partnership underscores FlyArystan’s commitment to offering affordable fares and a seamless booking experience to passengers across Central Asia and beyond. By utilizing AirGain’s advanced analytics platform, FlyArystan will continue to access real-time pricing data from over 300 airlines and 50+ OTAs. With a near-perfect data sufficiency rate of 98%, this partnership empowers FlyArystan to refine its dynamic pricing strategies and remain the top choice for budget-conscious travelers in its key markets.
Oct 08, 2024, 9:52 am IST
Nifty Breaks Key Levels
The index oscillated within a high of 25,143 and a low of 24,694.35, covering a range of nearly 448 points. The trend has weakened further as Nifty broke below its previous swing low of 24,753 on the daily chart. The 50 DMA is positioned near the 25,050 mark, and with Nifty closing around 24,800, the distance from this key moving average has widened. Currently, Nifty finds frail support at 24,640, while resistance remains around the 25,100 level. In this heightened volatility, it is crucial to act promptly to capture small movements to navigate the market effectively, said Om Mehra, Technical Analyst, SAMCO Securities.
Oct 08, 2024, 9:32 am IST
Opening Bell
Tracking the weak global cues, the Indian benchmark indices opened lower on Tuesday as Nifty was down 18 points trading below the 24,800 level while Sensex was down 19 points at the 81,030 level. The market has become poor reacting to troubling signals from growing geopolitical tensions in the Middle East, heavy selling from FPIs and market watchers waiting for upcoming monetary policy.
Oct 08, 2024, 9:14 am IST
Nifty Derivative outlook from Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 27950 for Calls and 23100 for Puts while monthly contracts have highest open interest at 27000 for Calls and 25000 for Puts. Highest new OI addition was seen at 25000 for Calls and 23100 for Puts in weekly and at 25000 for Calls and 22500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 14.86%, increased future index shorts by 32.68% and in index options, 11.44% in Call longs, 6.00% in Call short, 18.83%in Put longs and 4.35% in Put shorts.
We have now had six consecutive days of fall. Last such instance was in October 2023, which saw a reversal on the seventh day. VIX at that point had peaked to 13 levels, from the vicinity of 10 prevailing a week earlier. In contrast to that, VIX has now swung from 11.5 vicinity to 15, indicating that range expectations are higher now. While this allows for extension in downtrend towards 23900, recovery hopes, initially aiming 25100-25200 now rest on Nifty’s ability to reclaim 24940, our yesterday’s downside marker.
Oct 08, 2024, 9:12 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Market has turned weak responding to negative cues from escalating geopolitical tensions in the Middle East, massive FPI selling and concerns surrounding the election results due today. The most important trigger which pulled the Nifty 5.6% down from the peak has been the sustained big FPI selling during the last six trading days. There are enough indicators to show that FPIs have been following a ‘Sell India, Buy China’ strategy. Elevated valuations in India and cheap valuations for Chinese stocks triggered this change in FPI strategy.
These are times of abnormal moves in the indices. Hang Seng has spiked 32% in the last one month and Shanghai composite rose 8% in a day. Compared to that, the Indian market is relatively stable, though weak. A significant fact is that the underperformance is India-specific since the US, Europe and other emerging markets are stable.
An important data to note is that the net FPI selling of Rs 50011 crores during the last six trading sessions has been more than offset by the DII buying of Rs 53203 crores. Yet the market has corrected by 5.6% impacted by the weak sentiments. The best strategy now is to accumulate high quality fairly valued bluechips like the leading financials and IT stocks.
Oct 08, 2024, 9:10 am IST
Bank Nifty Options Today
“Significant open interest is noted at the 52,000 call (30.57 lakh contracts) and the 50,000 put (16.18 lakh contracts), with concentrated trading between 50,800-50,900 calls and 50,500-50,600 puts, suggesting a mildly bearish sentiment. Resistance remains at 50,900-51,200 as call writers dominate. Increased put activity between 50,000-50,500 signals a shift in positioning to lower levels, while put unwinding reflects mounting bearish momentum. The put-call ratio (PCR) has edged down to 0.53 from 0.63, indicating a cautious market stance. Max pain is positioned at 51,500, a crucial level for upcoming movements,” commented Dhameja, Technical Analyst, SAMCO Securities.
Oct 08, 2024, 9:10 am IST
Rupee Vs Dollar
Indian rupee began steady at 83.98 per dollar on Tuesday vs Monday's closing of 83.97.
Oct 08, 2024, 8:40 am IST
Bank Nifty Outlook Today By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
The Nifty Bank’s bearish stance is reinforced by its break below 51,000, alongside its upward trend line and prior week's low. The close beneath the 100 DEMA confirms a downward trend, while the RSI below 40 emphasizes weakening momentum. The 51,000 level acts as a significant resistance due to its psychological importance. Continued trading below this level could sustain selling pressure, with any minor pullbacks likely to face a resistance. A breach below 50,200 could lead to further downside, potentially targeting 49,800.
Oct 08, 2024, 8:19 am IST
As Bearish Trend Deepens Nifty Bank Slumps Below 51K
Dhupesh Dhameja, Technical Analyst, SAMCO Securities said the Nifty Bank index continued its downward trajectory for the sixth straight session, reflecting sustained bearish pressure, falling nearly 2.00% (-983 points) intraday and closing below the crucial 51,000 mark @ 50,479, along with its upward sloping trend line and previous week's low. This breakdown highlights intensified selling pressure and a weak market structure. The index's trade below the 100-day Exponential Moving Average (DEMA) on the daily chart signals a bearish shift, with the RSI slipping below the 40 level, further indicating weakening momentum.
Oct 08, 2024, 8:05 am IST
Nifty Weakens Further As It Breaks 25K-Mark; Bearish Trend Solidifies
“Nifty index extended its losing streak to the fifth consecutive session, dropping 0.87% (-219 points) and closing below the crucial 25,000 mark (@24,796), where significant put positions are concentrated, signalling intensified selling pressure. The index's breach of the prior week’s low further underscores the bearish sentiment. On the daily chart, Nifty is trading below the 50-day Exponential Moving Average (DEMA), indicating a bearish shift, while the RSI has slipped below 40 for the first time in five months, highlighting weakening momentum,” said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Oct 08, 2024, 8:05 am IST
Options Market Insights
“Bearish sentiment prevails in the options market, with call writing surpassing put writing for the third straight session amidst rising global uncertainties and upcoming geopolitics events. Notable open interest is seen at the 25,500 call (68.81 lakh contracts) and 24,000 put (55.41 lakh contracts), with trading concentrated between 24,900-25,000 calls and 24,700-24,800 puts, suggesting strong resistance near 25,000-25,200. Increased put activity between 24,500-24,800 indicates a shift in call writers' stance, while put unwinding hints at mounting bearish pressure. The put-call ratio (PCR) has declined to 0.45l from 0.56, reaffirming the bearish trend. The max pain level stands at 25,200, representing a key pivot for upcoming moves,” said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Oct 08, 2024, 8:04 am IST
Market Outlook Today By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
The Nifty’s breakdown below 25,000 and its previous week's low confirms a bearish trend. A close beneath the 50 DEMA signals further downside potential, with the RSI below 40 reinforcing the weakening momentum. Resistance is expected at the 25,100 level, backed by heavy call writing, and sustained trading below this level could maintain the selling pressure. Any minor pullbacks are likely to be met with renewed selling, with a move below 24,700 possibly extending the decline towards 24,500.
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