BSE Sensex ended the day with the decline of 152 points to 81,820 and Nifty fell 70 points to 25,057 on October 15, 2024. Nifty Bank surged marginally by 89 points to 51,906and Nifty Midcap gained 127 points to 59,593 on October 15, 2024. Bank of Maharashtra today announced a jump of 44% in its September 2024 net profit to Rs 1327 crore but its shares jumped marginally by 0.07% to 54.20 in afternoon trade on BSE. Meanwhile, Angel One shares surged over 14% after the firm reported stellar Q2 results on October 14. Angel One shares today soared nearly 14% on BSE. Current market price of Angel One shares on BSE today is Rs 3092.20 per share.
Earlier, the stock markets opened higher on Tuesday but quickly turned negative. At 11:50 AM, the Sensex was down 105 points (0.17%) at 81,867.63, and the Nifty 50 was down 50 points (0.20%) at 25,074. Most sectoral indices were trading in the green, with the Nifty Media leading the gains at 1.33%. Nifty Bank, Infra and Financial Services also saw strong performances. While the Nifty auto was down 1.31%
Tracking positive global cues the Indian benchmark indices opened on a green note on Tuesday as Nifty started higher at 25,186.30 level while Sensex was seen 200 pts higher above 82,101 level. On the Nifty 50 index, the top gainers in the opening session were Asian Paints, BPCL, Britannia Industries, Infosys and HCL Tech while the top 5 losers were ONGC, Power Grid, Hindalco Ind, Nestle India and Tata Steel.
The Dow Jones and S&P 500 Wall Street indices reached all-time highs overnight. Asian equities saw a boost in early trade today, with the Nikkei up 1.59% at 40,228.27 and the Topix as a broader index up 1.15%. Reliance Industries surpassed forecasts on Monday for the second quarter of FY25, even though the company reported a drop in net profit year over year. Tuesday's emphasis will be on RIL shares following Q2FY25's consolidated net profit at Rs 16,563 crore, down 4.8% from PAT of Rs 17,394 crore in the same period last year.
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Oct 15, 2024, 3:07 pm IST
HDFC Life Q2 Results: Net Profit Surged 15% To Rs 433 Cr; Healthy Performance Across All Metrics
The HDFC Life Board of Directors approved and adopted the consolidated and standalone financial statements for the half-year that ended on September 30, 2024. The net profit of HDFC Life Insurance Co. increased by 15% year over year to Rs 433 Cr in the July-September quarter of the current fiscal year, up from Rs 377 Cr in the same period the previous year.
The company reported a net profit of Rs 911 crore was achieved in H1 FY25, reporting a steady growth of 15% year-on-year.
Vibha Padalkar, Managing Director and CEO of HDFC Life, said "The private sector and overall industry continued its strong momentum in Q2, growing in H1FY25 by 24% and 21% respectively on an individual weighted received premium basis. We have outperformed the private sector by growing at 28% during this period and 19% on a 2 year CAGR basis. We registered an increase of 22% in the number of policies, which was significantly ahead of the private sector growth of 13%. We experienced secular growth trends across Tier 1, Tier 2 and Tier 3 geographies."
Oct 15, 2024, 2:47 pm IST
Gold Prices Get Cheaper In India: 24K/100 Gram Gold Price Falls By Rs 2K, Silver Dips
Gold prices in India registered decline for 2nd consecutive day today thus offering slight relief to buyers as traders are looking forward to more insights on US Federal Reserve’s approach on interest rate cut. US elections could push gold demand higher as hedge against ambiguity. 22k gold prices today slipped by Rs 200 to Rs 70,950/10 grams and 100 grams of 22 carat precious metal prices today fell by Rs 2000 to Rs 7,09,500 in India on October 15, 2024. 24k gold prices today fell by Rs 220 to settle at Rs 77,400/10 grams and 100 grams of 24 carat yellow metal prices today declined by Rs 2200 to Rs 7,74,000.
Why Gold Prices Are Falling For Last 2-Days: According to Renisha Chainani, Head Research - Augmont - Gold For All, “several factors have combined to push the price of precious metals downward during the past two days. The recent spike in US Treasury bond rates has been attributed to traders' lack of expectation of another massive interest rate decrease by the Federal Reserve in November.
Oct 15, 2024, 2:34 pm IST
Angel One Shares Zoom 14.41% On BSE After Q2 Results
Mid cap company operating in financial services sector, Angel One shares today soared nearly 14% on BSE after the firm reported stellar Q2 financial results a day before. The broking firm declared its revenue from operations for September 2024 at Rs 1514.7 crore, up 44.5% as compared to Rs 1048 crore declared in the corresponding quarter of last year. The company’s consolidated net profit for September 2024 came at Rs 423 crore, up 39% from Rs 304 crore announced in the similar quarter of last year. The company’s market capitalisation stood at Rs 28,072.12 crore. Angel One shares witnessed sharp rally of 19.94% in last 1-week only. Current market price of Angel One shares on BSE today is Rs 3092.20 per share. The ROE of Angel One is 25.55 and PE is 18.26.
Oct 15, 2024, 2:19 pm IST
Gujarat Toolroom Bags Order From Reliance Industries
Gujarat Toolroom shares today zoomed 4.96% on BSE and touched upper circuit after the company informed receiving new order worth Rs 310 million from Reliance Industries. Current market price of Gujarat Toolroom Ltd shares on BSE stood at Rs 14.38 per share. The company’s market capitalisation stood at Rs 230.28 crore. The company has paid all its debt and become debt-free for the 1st time since last 5-years period. Gujarat Toolroom shares offered phenomenal returns to its shareholders with return of 25.81% in last 1-week and gained 373% in last 2-years. However, Gujarat Toolroom stock slipped 26% in last 1-year. The penny stock also recommended stunning dividend this year.
Oct 15, 2024, 2:00 pm IST
Indian Overseas Bank Hikes Lending Rate for Short-Term Loans
Indian Overseas Bank has raised its lending rate by 5 basis points for overnight and one-month tenures. The revised rates came into effect on October 15.
Oct 15, 2024, 1:44 pm IST
PVR Inox Reports Rs 12 Crore Loss in Q2FY25 Amid Revenue Decline
PVR Inox, India's top multiplex chain, recorded a consolidated net loss of Rs 12 crore for the quarter ending September 30, 2024, a sharp reversal from the Rs 166 crore profit it posted in the same period last year. The company's revenue from operations fell to Rs 1,622 crore in Q2 FY25, down nearly 19% from Rs 2,000 crore in Q2 FY24. The revenue decline is attributed to lower footfalls and weaker box office collections.
Oct 15, 2024, 1:16 pm IST
Can Fin Homes to Weigh Fundraising Plan of Up to Rs 4,000 Crore
The Board of Can Fin Homes is scheduled to meet on October 22 to review the company’s unaudited financial results for Q2 FY25. Additionally, the Board will consider raising up to Rs 4,000 crore through the issuance of non-convertible redeemable debentures (NCDs) on a private placement basis, to be executed in one or more tranches.
Oct 15, 2024, 12:45 pm IST
SpiceJet Shares Surge 3% After Securing Million Settlement with Lessors
Shares of the financially troubled low-cost airline SpiceJet rose by 3% on October 15 following the company's announcement of a settlement with two additional lessors for a total of million.
The airline resolved a .39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) through amicable negotiations, opting to settle outside of court.
Oct 15, 2024, 12:24 pm IST
J Kumar Infraprojects Bags Rs 297.83 Crore Work Order from Pune Municipal Corporation
J Kumar Infraprojects has secured a significant work order valued at Rs 297.83 crore from the Pune Municipal Corporation. The project focuses on the development of the Mula River, spanning from the Wakad Bypass to the Sangvi Bridge, covering stretches 1, 2, and 3.
Oct 15, 2024, 11:57 am IST
India Gold Prices Plummets For The Second Consecutive Day This Week
Gold prices in India took a significant hit on 15th October .The price for 10 grams of 24-carat gold is now at Rs.77,400/-, while 22-carat gold stands at Rs. 70,950/-.
Gujarat Toolroom Ltd. Successful Completion of Rs 290 Million Order and Award of Rs 310 Million Order from Reliance Industries
Gujarat Toolroom Limited successfully completed an order worth R290 million for construction supplies to Reliance Industries Limited on 14th October 2024. This order was previously secured on 5th March 2024 and marks a critical milestone in our partnership with one of India’s most prominent conglomerates. The successful execution of this project demonstrates our ability to deliver high quality solutions within the stipulated timeline. The Company also announced that it has been awarded a new order worth R310 million from Reliance Industries Limited for the supply of additional construction materials. This order is expected to be completed within the next two months, further strengthening our ongoing collaboration with Reliance Industries.
Oct 15, 2024, 11:16 am IST
KPI Green Energy Limited Announced The Signing Of Power Purchase Agreement
KPI Green Energy Limited (the Company) has successfully signed Power Purchase Agreements (‘PPAs’) with Gujarat Urja Vikas Nigam Limited (‘GUVNL’) for 620MWAC (917MWDC) renewable energy projects. 250 MWAC (275MWDC) grid connected Solar Photovoltaic Power Project won through competitive bidding process vide RFS No. GUVNL / 500 MW / Solar (Phase-XXIV) dated March 15, 2024 issued by GUVNL for Procurement of Power from 500 MW grid connected Solar Photovoltaic Power projects located at anywhere in India with Greenshoe option of additional capacity upto 500MW without energy storage. 370 MWAC (642MWDC) grid-connected Hybrid RE Power Project won through a competitive bidding process vide RFS No. GUVNL / 500 MW / Hybrid RE (Phase-II) dated February 14, 2024 issued by GUVNL for procurement of power through competitive bidding process (followed by reverse e-auction) from 500 MW Hybrid RE project (Phase - II) with Greenshoe option of additional capacity upto 500MW without energy storage.
Oct 15, 2024, 10:56 am IST
Angel One Limited Announces the Appointment of Chief Business Officer
Angel One Limited today announced the appointment of Mr. Arief Mohamad as Chief Business Officer-Direct Business of the Company effective October 15, 2024.Mr. Arief Mohamad pursued PGDM in Marketing from IIM (Indian Institute of Management), Lucknow. He is involved in sales and Marketing with experience of more than a decade. Mr. Arief was Head of fashion at Flipkart and was also previously associated with SPAR, Heinz India Limited and Cadbury India Limited.
Oct 15, 2024, 10:33 am IST
Cyient Partners With Business Finland To Drive Innovation In Emerging Technologies And Sustainability
Business Finland and Cyient, a global Intelligent Engineering company delivering solutions for a digital, autonomous and sustainable future, have entered into a memorandum of understanding (MoU) to collaborate in advancing technology innovation. This strategic partnership aims to foster joint initiatives focused on cutting-edge technologies, including 5G, AI, sustainability solutions, space technology, and robotics. The MoU aims to facilitate cooperation opportunities between Cyient and Business Finland. The collaboration will leverage Cyient’s strong presence in Europe, especially in Finland, and a robust platform to work with the Finnish ecosystem, including startups. Business Finland will enable a joint go-to-market to enhance market access and visibility. Through this alliance, Business Finland aims to bolster Finland's status as a leader in innovation and to foster the development of new digital industries.
Oct 15, 2024, 10:13 am IST
WABAG Wins Mega Order Worth INR 1,000 Crores Indosol Solar For Their Solar PV Manufacturing Facility
VA TECH WABAG, a leading pure-play water technology Indian Multinational Group, continues to strengthen its Global Leadership position in the Desalination Segment with this mega order worth INR 1,000 Crores from Indosol Solar Private Limited (‘Indosol Solar’). With this order win, WABAG embarks on its journey to provide water security for the Solar PV sector. This order includes the Engineering Procurement (EP) scope of design, engineering, supply, Installation, Testing and Commissioning of the 100 MLD Desalination Plant which will be executed over a 38-month period, followed by a 15 years Operation and Maintenance (O&M) contract. This plant will be built with the state-of-the-art Desalination technologies, designed for superior energy efficiency and production of water to meet the requirements of the 10 GW integrated Solar PV manufacturing unit of Indosol Solar in Andhra Pradesh.
Oct 15, 2024, 10:05 am IST
SpiceJet Shares In Focus
SpiceJet announces the successful settlement of a .39 million dispute for an aggregate sum of million, along with an agreement regarding the treatment of specific aircraft engines, with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited.
Oct 15, 2024, 9:31 am IST
Opening Bell
Monitoring positive global cues Tuesday saw a positive start for the Indian benchmark indices, with the Sensex opening 200 points higher than the 82,101 level and the Nifty starting higher at 25,186.30. Asian markets are mostly up today following yesterday's positive European indices closing up 0.3 to 0.7% and Monday's positive US market closing saw the Dow and S&P 500 reach new all-time highs.
Oct 15, 2024, 9:17 am IST
Nifty Derivative outlook today by Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 26000 for Calls and 25000 for Puts while monthly contracts have highest open interest at 27000 for Calls and 25000 for Puts. Highest new OI addition was seen at 25400 for Calls and 25100 for Puts in weekly and at 25600 for Calls and 24800 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 3.69%, decreased future index shorts by 2.10% and in index options, 4.80% increase in Call longs, 2.15% increase in Call short, 4.37% increase in Put longs and 6.77% increase in Put shorts.
Yesterday, we ran the risk of having our downside marker at 24900, which was close enough to get triggered, but the preferred positive expectations had enough merit to attract momentum and take us a step closer to our initial target of 25390. That said, we are about to enter a region which has triggered rejection trades lately. This prompts us to pull up the downside marker to 25040, and wait out a potential turbulence. Direct rise above 25234 could however clear an upside trajectory though. However, a direct fall back below 25040 could deflate upside momentum, though an outright fall to 24370-23900, seen as worst case objectives, may not unfold in a hurry.
Oct 15, 2024, 9:13 am IST
Rupee Vs Dollar
In contrast to Monday's close of 84.05., the Indian rupee kicked off untouched on Tuesday at 84.06 per dollar.
Oct 15, 2024, 9:08 am IST
Bank Nifty Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
The index has formed a robust bullish candle on the daily chart. The index managed to climb above its 50 DMA, signaling renewed strength, although it remains below the 20 DMA, indicating that it has more ground to cover before confirming a sustained uptrend. The daily RSI has recovered from the lower level and moving above the average line of 50 could shift the momentum to the higher side. The resistance remains at 52,300, followed by 52,500, while the support has shifted higher from 50,800 to 51,200.
Overall, the current structure indicates that Nifty Bank is gaining traction, but needs to overcome the 20 DMA and key resistance levels to sustain its upside direction.
Oct 15, 2024, 9:02 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Going into the Q2 results season, the market has been expecting good numbers from IT and banking. HCL Tech’s good results confirm the optimistic expectations and the banking results, particularly from the leading private banks, also are likely to be good. Unlike IT stocks where there is only limited valuation comfort, the banking stocks offer decent valuation comfort and, therefore, have the potential to move up from the present levels.
The sharp cut in Brent crude by 3% is a macro positive for India, but CPI inflation for September coming worse than expected at 5.49% is a concern and the MPC will be forced to take this seriously and postpone the rate cut to 2025.
Even though FIIs continue to sell, the intensity of their selling has come down reducing the pressure on largecaps.
Oct 15, 2024, 8:59 am IST
Nifty Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
In the hourly chart, 25,250 still poses an immediate resistance and only a break above this level could accelerate the upward movement. Meanwhile, the support is seen at 25,000 followed by 24,900 supported by hourly Bollinger Band.
India VIX, the fear index, has cooled off to 13, bringing comfort to bulls. However, the broader outlook remains balanced, with Nifty neither too optimistic nor overly pessimistic at this stage.
Oct 15, 2024, 8:28 am IST
Bank Nifty Outlook Today
Nifty Bank's outlook remains bullish, with the daily chart showing a breakout from its inside bar range and trading above the previous week’s high, indicating upward momentum. The higher low formation on the hourly chart further highlights strong buyer support. Options data further supports this bullish sentiment with put writers adding positions at lower strikes (51,500-51,700) and call unwinding. A sustained breakout above 52,000 could push the index toward 52,500, while failure to surpass this level might present a buying opportunity on dips, provided the index stays above the crucial 51,000 mark to maintain its upward trend, predicted Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Oct 15, 2024, 8:27 am IST
Bank Nifty Options Market Insights By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
Significant open interest is seen at the 53,000 strike calls (24.82 lakh contracts) and 51,000 puts (28.55 lakh contracts). Trading activity in the 51,800-51,900 calls and 51,600-51,700 puts suggests resistance near 51,900-52,000 and support between 51,500-51,700, reflecting growing bullish sentiment. Increased put writing at 51,500-51,700 indicates buyers shifting to higher levels, while call unwinding signals emerging bullish momentum. The put-call ratio (PCR) surged to 1.00 from 0.69, highlighting a bullish tilt as put writers take charge. The max pain level at 51,800 serves as a key pivot.
Oct 15, 2024, 8:27 am IST
Nifty Bank Eyes 52,000 as Breakout Above Key Levels Boosts Sentiment
The Nifty Bank index outperformed the benchmark Nifty, closing 1.26% higher (+644 points) at 51,817. On the daily chart, the index broke out of its inside bar range and closed above the previous week’s high, indicating a positive outlook. The hourly chart shows a strong price structure, forming a higher low before the breakout, suggesting buyers are active at lower levels. As the index approaches the psychological level of 52,000, strong call writing has been observed, creating immediate resistance. A sustained move above 52,000 would confirm the reversal, commented Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Oct 15, 2024, 8:27 am IST
Nifty trapped between the 25,250 resistance and 24,900 support
Nifty’s outlook remains neutral, trapped between the 25,250 resistance and 24,900 support. The significant open interest at these levels underscores a standoff between buyers and sellers. A sustainable breakout above 25,250 could push the index toward 25,500. Conversely, a failure to break this level may present a buying opportunity on dips, provided the index remains above the critical support of 24,900, a key level for bulls to maintain their stance, said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Despite the formation of a base and signs of a reversal, bearish sentiment lingers, with call writing outpacing put writing. This suggests caution among traders as sellers maintain control. Significant open interest is concentrated at the 26,000 strike calls (65.49 lakh contracts) and 25,000 puts (66.99 lakh contracts), indicating a bullish undertone. Active trading in 25,100-25,200 calls and 24,800-24,900 puts highlights resistance near 25,100-25,200 and support at 24,780-24,890. The ongoing battle between buyers and sellers at these levels could determine the index’s direction. The put-call ratio (PCR) slightly decreased to 0.70 from 0.75, maintaining a bearish bias with call writers in control. The max pain level remains at 25,150, serving as a crucial pivot point for upcoming moves.
Oct 15, 2024, 8:26 am IST
Nifty Outlook Today By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
The index remained range-bound throughout the day. It stayed confined within an inside bar range of 25,240 to 24,945. On the hourly chart, Nifty shows early signs of a reversal by forming a higher low, marking 24,900 as a crucial support level. The index reclaimed the 25,000 level, signalling renewed buyer confidence. However, on the daily chart, it continues to trade near its immediate resistance at 25,150-25,250, where strong call writing activity is observed.
Oct 15, 2024, 8:21 am IST
Nifty Prediction Today By Rupak De, Senior Technical Analyst, LKP Securities
Nifty moved up after a brief consolidation on the daily chart, suggesting a rise in optimism. The sentiment remains strong as the index reclaimed 50EMA on the daily timeframe. On the higher end, strength might continue to the take Nifty towards 25350/25400. On the lower end, support is seen at 24900.
Oct 15, 2024, 8:15 am IST
HCL Q2 Results Outlook By Shaji Nair, Research Analyst at Sharekhan by BNP Paribas
HCLTech reported strong revenue growth of 1.6% q-o-q in cc beating our estimates of 0.6% growth q-o-q in CC. EBIT margin rose to 18.6%, up ~150 bps q-o-q , beating our estimates of 17.9% Deal win momentum moderated on expected lines with new Deal TCV at 18 million, up 13% q-o-q / down 44% y-o-y slightly lower than 8 quarter average . The company has raised the lower end of the guidance for FY25 to 3.5-5% from 3-5%while keeping margin guidance unchanged.
The company reported strong revenue growth and margin beating estimates with growth being well distributed across verticals. The pipeline remains strong with Data & AI, Digital Engineering, SAP migration and efficiency led programs. With softer quarters behind we believe the company would continue to deliver industry leading growth among Tier 1 companies. We have Buy rating on the stock.
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