Indian stock market continued to witness sharp selling pressure with Sensex struggling to hold 78,680 levels and Nifty 50 took beating below 23,980. Bank Nifty dipped nearly 481 points. India's volatility index skyrocketed by nearly 6% amidst bearish market. All sectoral indices plunged with realty and oil and gas indexes taking worst hit.
The downturn was widespread, with all sectoral indices trading in the red. Notably, Nifty Energy led the decline, down by 3%, followed by Nifty Bank, which dropped 1.07%. Other sectors, including media, metals, oil & gas, power, and real estate, also saw losses as investors remained cautious. The broader market indices, the BSE Midcap and Smallcap each declined by 1.5%
Earlier, On Monday, the Indian benchmark indices marked a gap-down start as Nifty opened below the 24,400 level at 24,315.75 while Sensex dropped 500 pts to open at 79,713.14. On the Nifty 50 index, the top 5 gainers were M&M, Tech Mahindra, Cipla, HCL Tech and Eicher Motors whereas the top 5 losers were Sun Pharma, Bajaj Auto, Infosys, Coal India and Adani Ports.
Excellent Q2 results from ICICI Bank, Sun Pharma, Federal Bank, and L&T last week contributed to the benchmark indices' ending higher. Last week, domestic institutional investors (DII) bought stocks worth Rs 9,787 crore, while foreign institutional investors (FIIs) maintained their selling binge, selling stocks worth Rs 14,416 crore. Due to uncertainties concerning the US election on 5th November, the US and UK markets closed the previous week down, at (-0.15%) 42,052 and (-0.87%) 8,177, respectively. Several heavyweights, including IRCTC, IRFC, Titan, Dr. Reddy's, Tata Steel, Power Grid, Apollo Hospital, M&M, Trent, SBI, Tata Motors, Asian Paint, and Divis Labs, are scheduled to release their quarterly results this week, the focus of investors will continue to be on the ongoing result season starting from Monday.
Globally, market watchers will keep an eye on the US presidential election scheduled for November 5th in addition to the upcoming US Fed and BOE interest rate announcements.
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Nov 04, 2024, 2:46 pm IST
Nifty Oil & Gas Stock Takes Beating
The index dipped by over 2.7% to trade at 11,128.55. The index had touched an intraday low of 11,033.45. Major heavyweight oil and gas stocks were in red. Indian Oil, Mahanagar Gas, BPCL, HPCL, Castrol India, Reliance Industries, ONGC, and Indraprastha Gas nosedived by 2% to 5%.
Nov 04, 2024, 2:02 pm IST
Azad Engineering Shares Gain 14% After 700 Cr Order Win
Azad Engineering shares today rallied nearly 14% in trade today on Bombay Stock Exchange after the company signed a Long Term Contract & Price Agreement (LTCPA) with Mitsubishi Heavy Industries Limited, Japan (MHI) for supply of highly engineered & complex rotating and stationary Airfoils for Advanced Gas & Thermal power turbine engines to meet their global demand in the power generation industry. This current Phase of contract, valued at ~ USD ($) 82.89 Million (INR ~ 700 Crores) is a robust step towards cementing our everlasting strategic relationship with Mitsubishi Heavy Industries Limited, Japan (MHI). Current market price of Azad Engineering Ltd shares on BSE stood at Rs 1577.60 per share. Azad Engineering shares gave shareholders returns of 130% so far this year and the scrip plummeted over 2% in last 3-months. The company’s market cap stood at Rs 9,325.67 crore, according to BSE.
Nov 04, 2024, 1:24 pm IST
Indian Wedding Industry 2024: Revenue Projections And Trends
As India enters its peak wedding season from November to March, the industry is buzzing with activity, anticipating significant revenue after a quieter period between April and July. The wedding sector, crucial to the country's economy, is expected to mirror last year's performance, where the Confederation of All India Traders (CAIT) reported a hefty ₹4.25 trillion revenue over just 23 auspicious days. With around 10 million weddings taking place annually in India, stock broking firm Prabhudas Lilladher projects a comparable influx of income from an estimated 3.5 million weddings scheduled between November and mid-December 2024.
Nov 04, 2024, 1:23 pm IST
Great Indian Festival 2024: Amazon India Sets New Records
The Great Indian Festival (GIF) hosted by Amazon India in 2024 has achieved unparalleled success, setting new records in its history. Spanning a month from 27 September to early November, the event attracted a staggering 140 crore customer visits. The surge in activity was particularly noticeable from non-metro cities, contributing to more than 85% of the total traffic. This year's festival not only saw an increase in customer visits but also marked a significant boost in sales for sellers, especially those from tier-2 cities and beyond.
Nov 04, 2024, 12:47 pm IST
Upcoming IPO: Brigade Hotel Ventures Files DRHP With SEBI To Raise Rs 900 Cr Via IPO
Among the top private hotel asset owners in South India, Brigade Hotel Ventures Limited is the second-largest owner of chain-affiliated hotels and rooms. The company has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), the market regulator. A fresh issue of equity shares with a face value of Rs 10 apiece, totalling up to Rs 900 crores, is part of the company's IPO. The issue's Book Running Lead Managers are ICICI Securities Limited and JM Financial Limited.
The owner and developer of hotels in major Indian cities, mostly in South India, is Brigade Hotel Ventures Limited. As of June 30, 2024, they rank second among major private hotel asset owners (i.e., owning at least 500 rooms pan India) of chain-affiliated hotels and rooms in South India, which includes the states of Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, and the Union territories of Lakshadweep, Andaman and Nicobar Islands, and Pondicherry.
Nov 04, 2024, 12:34 pm IST
UAE Gold Prices, Nov 4: Sharp Jump In Gold Price After Falling From Record High
Gold prices in UAE witnessed jump on November 4, 2024 as investors are geared up for crucial week for the world economy ahead of the US presidential elections and strong prospects of yet another rate cut by Federal Reserve. US gold futures and gold prices in India remained steady on Monday.
Nov 04, 2024, 11:41 am IST
Sensex & Nifty Plummet Amid Global Uncertainty, Why Is Market Falling Today?
The Indian stock market endured a heavy selloff on Monday, November 4, as investors grappled with mounting global uncertainties. With the benchmark indices-the Sensex and Nifty 50-plummeting over 1%, and mid and smallcap segments losing up to 2%. The unease in global markets weighed on Indian equities, resulting in substantial losses for investors and creating a bearish start to the trading week.
Cairn Oil & Gas, part of Vedanta Group and India’s leading private oil and gas exploration and production company, has signed a Memorandum of Understanding (MoU) with United Nations Environment Programme’s (UNEP) flagship methane reporting and mitigation initiative - Oil & Gas Methane Partnership (OGMP) 2.0, making it the f irst Oil & Gas producer in India to commit to effective reduction of methane emissions, further accelerating its efforts to decarbonise its operations. OGMP 2.0 established a comprehensive framework that includes best practices for emissions management and a robust reporting system. It emphasises accurate measurement, reporting, and verification (MRV) of methane emissions to drive reductions effectively. Under this MoU, Cairn will establish a 5-year methane reduction target and transparently report its progress to OGMP. This would enable Cairn to analyse its emission profiles and utilise the data to mitigate emissions cost-effectively. With this partnership, Cairn reaffirms its commitment to accelerate its efforts towards becoming Net Zero Carbon by 2030.
Nov 04, 2024, 11:20 am IST
SSWL Declare Monthly Sales
Steel Strips Wheels Limited has achieved monthly net turnover of Rs.370.05 crores in October 2024 vs Rs. 385.76 crores in October 2023 recording a decline of 6.44% YoY and achieved gross turnover of Rs 455 crores in October 2024 vs Rs. 481.41 crores in October 2023 thereby recording a decline of 5.44%YoY
Nov 04, 2024, 10:27 am IST
HSJONJUA AEROINFRA Pvt Ltd. Inks A Position Reservation Agreement For Supply Of Piper Archer DX aircraft
Major Harjinder Singh Jonjua (Retd.), Director of HSJONJUA AEROINFRA Private Limited has signed a Position Reservation Agreement with Piper Aircraft, Inc. for supply of 2xPiper Archer DX aircraft. HSJONJUA AEROINFRA Private Limited has made a Reservation Deposit for the two aircrafts to Piper Aircraft, Inc. in compliance of its obligations under the Agreement. The company will position its aircraft fleet to operate from its base at Mohali International Airport. A photograph of the Piper Archer DX aircraft booked is attached. The Piper Archer DX is a diesel-powered aircraft with durability, reliability, comfort, and state of art technology. The DX is the green alternative, powered by the Continental CD-155 diesel engine, burning the more efficient jet fuel. It also boasts the Garmin G1000 NXi avionics suite in the cockpit
Nov 04, 2024, 10:07 am IST
HCLTech Announces New AI/Cloud Native Lab In Singapore In partnership With Singapore Economic Development Board
HCLTech, a leading global technology company, today announced the creation of a new Singapore-based AI/Cloud Native Lab. HCLTech’s Lab in Singapore will be the company’s fifth in its global network, expected to open in 2025. The Lab, joining others in the US, UK, Germany and India, will be supported by EDB and assist enterprises in the region in accelerating their AI initiatives through HCLTech’s comprehensive suite of integrated AI and GenAI offerings, including AI Force and AI Foundry. The Lab in Singapore will also partner with Nanyang Polytechnic and Singapore Polytechnic to collaborate on transferring knowledge and nurturing young talent and mid-career individuals In AI. Roshni Nadar Malhotra, Chairperson, HCLTech, made the announcement today at an event with the Ministry of Digital Development and Information of Singapore and the Singapore Economic Development Board (EDB). Senior academic members from Nanyang Polytechnic and Singapore Polytechnic also attended the event.
Nov 04, 2024, 9:53 am IST
Canara Bank Shares In Focus
During the second half of the current fiscal year, state-owned Canara Bank aims to recover over Rs 6,000 crore from bad loans. In the second quarter, the bank acquired Rs 2,905 crore, which included recovery from written-off accounts.
Nov 04, 2024, 9:35 am IST
Stocks/Sectors In Focus - Recommended By Aditya Gaggar, Director of Progressive Shares
The Index oscillated between 24,200 and 24,480, and a breakout on either sides is necessary for a clear trend. The same applies to BankNifty where the downside seems protected at 51,300 while the higher side is capped at 52,350. Near its 50WMA, the Auto segment has formed a DOJI candlestick pattern in the weekly timeframe which indicates loosening of the bearish momentum (BharatForge). Heavyweight Reliance is trading in a tight range and a breakout would help derive the trend of the Energy segment. After oscillating in a range over 7 weeks; IT segment has given a breakdown, suggesting a trend reversal and is likely to witness selling pressure on every rise. The technical set-up of select Pharma stocks appears strong where the preferred bet will be Natco Pharma as it has given a breakout from a Bullish Flag and Pole Formation. A Falling Wedge pattern breakout was observed in the PSU Banking space, defining a trend reversal (Bank Baroda and SBIN are on the verge of giving a range breakout).
Nov 04, 2024, 9:35 am IST
Opening Bell
On Monday, the key benchmark indices of the Indian stock market opened on a lower note amid mixed global cues as Nifty was down 190 pts at 24,115 level while Sensex was trading 553 pts lower at 79,170 level. The index has established a "Doji" candlestick pattern on the weekly chart, suggesting that market players are unsure of the index's direction.
Nov 04, 2024, 9:12 am IST
Rupee Vs Dollar
Compared to Thursday's wrap up of 84.08, the Indian rupee began Monday slightly higher at 84.05 per dollar.
Nov 04, 2024, 9:06 am IST
Nifty Prediction Today By Sameet Chavan, Head Research, Technical and Derivative - Angel One
As October concluded, it marked a challenging month for bulls, erasing gains accumulated over the past two months, with Nifty dropping more than 6% one of the steepest monthly declines in recent times, which has impacted the monthly chart's structure. Throughout the week, the 24100–24000 zone provided some support due to oversold conditions, but the index faced persistent resistance on attempted rebounds. Despite multiple efforts, prices couldn’t surpass the 24500 level, part of a resistance zone around 24500–24600, created by a confluence of key moving averages. A strong close above this range is needed before considering aggressive positions, as the market seems poised for a phase of high volatility. Conversely, a breach below this week's support range of 24100–24000 could trigger further weakness, possibly pulling prices toward the 200 SMA near 23500.
Nov 04, 2024, 8:56 am IST
Stock Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
In the next couple of days markets globally will be focused on the US presidential elections and there can be near-term volatility in response to the election outcome. However, this is likely to be short-lived and economic fundamentals like US growth, inflation and the Fed action will influence the market trend.
The Indian market is facing headwinds from decelerating earnings growth. Nifty EPS growth as indicated by Q2 results may dip below 10% in FY25 which will render the present valuations of about 24 times estimated FY25 earnings, difficult to sustain. FIIs may continue to sell in this difficult earnings growth environment, constraining any rally in the market.
Remaining invested in fairly valued largecaps is the safe option for investors in this tough situation.
Nov 04, 2024, 8:53 am IST
Ashoka Buildcon Shares In Focus
According to Ashoka Buildcon Limited, the company has bid on the construction of a 400/220 kV substation and related transmission lines in Nandgaon Peth Dist., Amravati, under Amravati Zone MSETCL, Maharashtra, to Maharashtra State Electricity Transmission Co. Ltd. In addition, the company has been announced as the project's Lowest Bidder (L-1). With GST included, the project's bid price is Rs. 312.13 crore.
Nov 04, 2024, 8:42 am IST
Maruti Suzuki India Monthly Business Update
Maruti Suzuki India Limited had the highest monthly sales volume ever in October 2024, selling 206,434 units in total. The month's total sales comprised 163,130 units sold domestically, 10,136 units sold to other OEMs, and 33,168 units exported—the highest monthly sales ever.
Nov 04, 2024, 8:30 am IST
Hyundai Motor India Shares In Focus; Here’s Why
In October 2024, Hyundai Motor India Limited (HMIL) had total sales of 70,078 units (domestic: 55,568 units and exports: 14,510 units), ranking third in terms of both monthly total sales and domestic sales since the company's founding. HMIL sold 6,47,789 units year-to-date (Jan-Oct 2024) (domestic plus exports). In October 2024, the Hyundai CRETA saw its highest-ever monthly domestic sales of 17,497 units, which included the company's highest-ever monthly SUV sales of 37,902 units.
Nov 04, 2024, 8:20 am IST
Hero MotoCorp Shares In Focus Today; Here’s Why
In October 2024, Hero MotoCorp, the largest motorcycle and scooter manufacturer in the world, sold 679,091 motorcycles and scooters. In October 2023, the company sold 574,930 units, registering a significant double-digit gain of 18% over the same month in the previous fiscal year. Hero MotoCorp's electric vehicle brand, VIDA, maintained its robust growth trajectory this year and reached 8,750 units in October 2024, its largest monthly deliveries to date.
Nov 04, 2024, 8:12 am IST
Nifty Outlook Today By Rupak De, Senior Technical Analyst, LKP Securities
The Nifty index remained volatile before closing on a negative note. On the hourly chart, it encountered resistance around the 21 EMA, leading to a pullback toward 24,200. Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750.
Nov 04, 2024, 8:08 am IST
Bandhan Bank Shares In Focus
With effect from November 1, 2024, Mr Partha Pratim Sengupta has assumed the role of Managing Director and CEO of Bandhan Bank, one of the top universal banks in India. Mr. Sengupta will assume the position of Executive Director and Chief Operating Officer, replacing Mr. Ratan Kumar Kesh, who has served as Bandhan Bank's interim MD and CEO since July 10, 2024.
Nov 04, 2024, 8:06 am IST
Q2 Results Today
Indian Railway Finance Corporation
ABB India
Tube Investments of India Ltd
IRCTC - Indian Railway Catering & Tourism Corp
Sundaram Finance
Exide Industries
Gland Pharma
KEC International
Amara Raja Energy & Mobility
Hatsun Agro Products
Bata India
Raymond
Procter & Gamble Health
JK Paper
Sun Pharma Advanced Research Company
Tilaknagar Industries
VST Tillers Tractors
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