Stock Market Live Updates: Benchmark Indices Ended Flat; Nifty Metal Shines

Amid the volatile session, benchmark indices ended flat on Friday. Sensex gained 153.06 points or (0.24%) to close at 64,985.26 while Nifty gained 47.40 points or (0.24%) to settle at 19,442.70. On Nifty, the top 5 gainers were NTPC, ONGC, Tata Consumer Products, Tech Mahindra and UltraTech Cement while the top 5 losers were Hero Motocorp, M&M, HCL, Titan and Hindalco Ind. On the sectoral front, metal was the top performer whereas Nifty Media followed the IT sector the worst.

The Indian stock market experienced a week of consolidation and intrigue as Diwali festivities approached. The Nifty 50, after scaling intraday highs of 19,423 in the first two days, navigated a narrower 60-point range during the following sessions. Despite global uncertainties, the index is set to secure its second consecutive weekly gain, demonstrating remarkable resilience.

Throughout the week, the Nifty 50 remained range-bound while managing to accumulate gains of nearly 1%. Foreign investors turned into significant sellers in the cash market on Thursday, while domestic investors maintained their position as net buyers. In the midst of this, the Nifty Bank, following its recent six-week losing streak, is on course for a second consecutive weekly gain, inching closer to the elusive 44,000 mark.

As the week draws to a close, the spotlight is on several stocks poised to make headlines on Friday. Bajaj Finance successfully completed a Qualified Institutional Placement (QIP) issue, raising a substantial Rs 8,800 crore. Prominent institutional players, including SBI Mutual Fund, Morgan Stanley Asia, ICICI Prudential Mutual Fund, and Nippon India Mutual Fund, secured substantial stakes in the process.

Meanwhile, Ashok Leyland has committed to a significant investment of Rs 1,200 crore in "Switch" to expand its product portfolio, bolster research and development, and enhance operational capabilities. Key stocks such as Aditya Birla Fashion, Aurobindo Pharma, Zee Entertainment, Piramal Enterprises, Muthoot Finance, Torrent Power, and Rail Vikas Nigam (RVNL) will respond to their quarterly earnings reports. The financial markets also anticipate earnings reports from companies like Biocon, Glenmark Pharma, Hindalco, Mahindra & Mahindra (M&M), ONGC, and Sun TV for the second quarter.

While Indian markets gear up for Diwali celebrations, global cues suggest a cautious approach. Asian equities opened the final trading day of the week with declines, as the Nikkei 225 and South Korea's Kospi registered losses. Futures for the Hang Seng indicate a subdued start to the trading session.

On Wall Street, the multi-day winning streak came to a halt after Federal Reserve Chair Jerome Powell's statement regarding potential rate hikes to control inflation. The S&P 500 and Nasdaq closed 0.8% and 1% lower, respectively.

As the market closes on Samvat 2079, investors are maintaining vigilance in the face of a complex global landscape. The Nifty 50's ability to retain gains in a week marked by consolidation provides optimism for the upcoming festive season. Investors are now looking ahead to the new Samvat with a blend of anticipation and caution, prepared to navigate the uncertainties that lie ahead.

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Nov 10, 2023, 3:06 pm IST

Reliance Industries Allots 20,00,000 Secured, Redeemable, Non-Convertible Debentures (NCDs)

The company has today allotted 20,00,000 Secured, Redeemable, Non-Convertible Debentures (“NCDs”) of the face value of Rs. 1,00,000 each (“PPD Series P"), issued on private placement basis aggregating Rs. 20,000 crore, inclusive of base issue of Rs. 10,000 crore with an option to retain oversubscription (Green Shoe Option) upto Rs. 10,000 crore. The tenure of the instrument is 10 years and the issue comes with a coupon rate of 7.79% p.a. The NCD has been rated “CRISIL AAA/ Stable” (“CRISIL TRIPLE A rating with stable outlook”) by CRISIL Ratings Limited and “CARE AAA/Stable” (“CARE TRIPLE A rating with stable outlook”) by CARE Ratings Limited.

Nov 10, 2023, 2:42 pm IST

M&M Q2 Results

For the quarter that ended on September 30, Mahindra & Mahindra Limited reported a 15% decline in its consolidated net profit to Rs 2,348 crore. In the same quarter the previous year, the company generated a consolidated net profit of Rs 2,773 crore. Compared to Rs 29,870.38 crore in Q2FY23, the company's consolidated revenue from operations climbed 14.76 per cent to Rs 34,281.20 crore during Q2FY24. With a 16.25% growth, the total income for Q2FY24 was Rs 35,027.23 crore as opposed to Rs 30,130.85 crore year-on-year (y-o-y).

Nov 10, 2023, 2:35 pm IST

Hindalco Industries Q2 Results

The metals flagship of the Aditya Birla Group, Hindalco Industries Limited, reported a consolidated EBITDA of Rs 6,096 crore in Q2 FY24, up 6% YoY and unchanged QoQ. Net profit was Rs 2,196 crore, unchanged from the same quarter last year but down 11% quarter on quarter mostly as a result of accounting changes brought on by the switch from US GAAP to Ind AS. Due to the highest-ever metal exports, the copper business recorded its best quarterly EBITDA of Rs 653 crore, a 23% increase QoQ. The downstream EBITDA in the Indian aluminium segment was Rs 171 crore, up 16% QoQ on higher exports, while the upstream business EBITDA was Rs 2,074 crore, up 7% QoQ. The company positioned itself effectively for organic development, maintaining a healthy balance sheet and liquidity with a net debt to EBITDA ratio well below 2x.

Nov 10, 2023, 2:18 pm IST

Hindalco Q2 Results

Hindalco shares traded flat after Q2 results, however, in the red. The metal company posted net profit of Rs 847 crore in Q2FY24, up by 54.6% YoY. Revenue jumped 12.5% YoY to Rs 20,676 crore. EBITDA were up by 27.5% YoY to Rs 1,756 crore, while EBITDA margins were at 8.5% YoY.

Nov 10, 2023, 1:01 pm IST

Gold Price: After Falling By Rs 900, Gold Price Gains; Should You Buy On Dhanteras?

Gold price in India witnessed a rally today after falling by Rs 900 last 5-days. The price of 22 carat of 10 grams gold in India today is Rs 56,000 after the jump of Rs 300 while price of 24 carat of yellow metal is Rs 61,090 after the surge of Rs 330. 22 carat of 10 grams gold prices have fallen by Rs 1200 so far and appreciated by Rs 500 from November 1, 2023. Amit Sajeja said, "Ahead of Dhanteras 2023, one big correction was expected and that has happened. But, there can be one more dip during day time and gold prices may go to the tune of Rs 59,500 per 10 gm levels. So, my suggestion to fresh investors is to wait for one correction in the yellow metal and buy gold in Rs 59,500 to Rs 59,000 Zone." He urged investors to keep stop loss at Rs 58,500 levels while taking fresh position in gold.

Nov 10, 2023, 12:20 pm IST

Stock Market Statistics

Source:NSE

Nov 10, 2023, 12:14 pm IST

CarTrade Shares Trade 14.94% Higher To Reach 52-Week High

The share price of CarTrade Ltd jumped over 14% higher at Rs 836.75 on Friday, to hit their 52-week high of Rs 825 on the NSE on Friday. The stark jump in the stock's share price was seen after the company reported its September quarter earnings where its online classifieds and auto auction platform reported a 44% jump in its revenue growth and a 132% growth in profit.

Nov 10, 2023, 11:22 am IST

Rupee Remaines Unchanged At 83.28 Against The US Dollar

The Indian rupee remained almost unchnaged at 83.28 agaist the US dollar in early trade on Friday as the local currency tracked a weak American currency and softening crude oil prices.

Nov 10, 2023, 10:24 am IST

Top 5 Gainers and Losers Today

Source:NSE

Nov 10, 2023, 10:14 am IST

ESAF Small Finance Bank Makes Strong Market Debut, Lists At 20% Premium To Offer Price

ESAF Small Finance Bank stock made a strong stock market debut on Friday, as the company's shares got listed at a 19% premium to the IPO price on November 10. The stock opened at Rs 71 on the NSE and Rs 71.9 on the BSE compared to the issue price of Rs 60.

Nov 10, 2023, 9:49 am IST

Adani Ports Surges 1%, Emerges As Top Nifty Gainer

Adani Ports shares are experiencing a 1% increase in value today, making it the leading gainer in the Nifty 50 index. Over the past six months, the stock has shown significant growth, surging by 17.8%. Notably, the company has achieved an impressive 27.6% growth in its revenue for the September quarter, reporting total earnings of Rs 6,646.4 crore in contrast to Rs 5,210.8 crore from the previous year.

Nov 10, 2023, 9:46 am IST

Ramco Cements Sees 4% Downturn, Is Top Midcap Loser

Ramco Cements, previously a standout performer in the Nifty Midcap segment, now faces a downturn as its shares register a decline of nearly 4% over the past two days. Despite this recent dip, the stock had previously demonstrated impressive growth, surging by 39.4% throughout the year.

Nov 10, 2023, 9:27 am IST

Market Opens Lower, Nifty Slides Below 19,350

On November 10, the Indian stock market kicked off the day on a lower note, as the Nifty dipped below 19,350 due to weak global market trends. The Sensex witnessed a decline of 224.10 points, equivalent to 0.35%, reaching a level of 64,608.10. Similarly, the Nifty experienced a decrease of 58.60 points, representing a 0.30% drop, settling at 19,336.70.

Nov 10, 2023, 9:19 am IST

USD-INR Outlook Today

"The ascent to 83.3 that we have been playing for the last few days, has been slow and agonising. A turn lower from here is anticipated, with congestion point at 83.19 expected to absorb initial pressure, and downside momentum may not kick in until below 82.98. Alternatively outright rise above 83.4 could call for extended upsides aiming 84 initially," stated Anand James, Chief Market Strategist at Geojit Financial Services.

Nov 10, 2023, 9:18 am IST

Nifty Derivative Outlook Today

"Nifty weekly contract has highest open interest at 19400 for Calls and 19400 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19400 for Calls and 19400 for Puts in weekly and at 19500 for Calls and 19400 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.76%, increased future index shorts by 0.03% and decreased in index options by 16.30% in Call longs, 7.47% in Call short, 22.10% in Put longs and 17.21% in Put shorts," said Anand James, Chief Market Strategist at Geojit Financial Services.

Nov 10, 2023, 9:18 am IST

Nifty Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, "Expectation of a turn lower discussed yesterday from either 19475, 19550 or 19630 appears to be maturing with last few days’ trades unable to push above 19475. This sets up the first downside objective as 19329, the recent reaction low, but expect bargain buying to trickle in if dips stretch to the 10d SMA of 19262. In the event of extended dips, we expect 19170 to hold, while an outright rise above 19433 could also signal that we are back on to the 19840 trajectory."

Nov 10, 2023, 9:17 am IST

Morning Market Outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The 8-day winning streak in S&P 500 was halted by a slightly hawkish statement from the Fed chief Jerome Powell that “the Fed will not hesitate to tighten policy if needed.” The lingering concern that ‘the rates may remain higher for longer’ will continue as a headwind for stock markets for some time, but is unlikely to drag it down meaningfully. The Indian market texture indicates that the ‘buy on dips’ strategy will continue to work. In Samvat 2080, Financials are likely to do well supported by attractive valuations and impressive growth. Sustained FII selling in financials, which is impacting the sector, will be only temporary. For investors with a 2-year time horizon, the leading private banks and 3 or 4 PSU banks are good buys with good return potential. The mid and small-cap rally is partly driven by retail exuberance and since the valuations in this broader market is high, investors have to exercise some caution."

Nov 10, 2023, 9:10 am IST

Rupee Opens Flat Vs Yesterday's Closing Of 83.28 Per Dollar

The Indian rupee commenced the trading day on Friday at an unchanged rate of 83.28 per dollar, mirroring the previous day's closing rate of 83.28.

Nov 10, 2023, 9:06 am IST

GIFT Nifty Signals Potential Gap-Down Start For Indian Market

The GIFT Nifty is presently trading with a more than 100-point discount in comparison to the Friday closing rate of Nifty Futures. This significant markdown hints at an opening in the Indian market with a gap-down, introducing an element of unpredictability into the trading day.

Nov 10, 2023, 9:04 am IST

Wall Street's Winning Streak Breaks Amid Rate Hike Concerns

Wall Street experienced the end of its consecutive days of gains following Federal Reserve Chair Jerome Powell's announcement regarding potential interest rate increases to manage inflation. The S&P 500 and Nasdaq, in turn, concluded the session with declines of 0.8% and 1%, respectively.

Nov 10, 2023, 9:02 am IST

Asian Markets Encourage Cautious Tone, Nikkei & Kospi Open Lower

As Indian markets prepare for Diwali festivities, the global signals indicate a need for caution. On the last trading day of the week, Asian stocks began with declines, with both the Nikkei 225 and South Korea's Kospi showing losses. Futures for the Hang Seng point to a muted start to the trading session.

Nov 10, 2023, 8:36 am IST

Q2 Results Today

Life Insurance Corporation of India, Oil and Natural Gas Corporation, Coal India, Mahindra and Mahindra, Hindustan Aeronautics, Hindalco Industries, Eicher Motors, Steel Authority of India, 3M India, Biocon, BSE Limited, Ipca Laboratories, Sun TV Network, Fortis Healthcare, Tata Chemicals, Glenmark Pharma, Timken India, Housing & Urban Development Corporation, Hindustan Copper, Shyam Metalics & Energy, Swan Energy, Galaxy Surfactants Ltd.

Nov 10, 2023, 8:30 am IST

Market Outlook Today

Aditya Gaggar Director of Progressive Shares said, "The resistance level of 19,450 played its part very well and after a rangebound session (negative bias), the Index finally settled at 19,395.30 with a loss of 48.20 points. The Realty sector continued to soar higher and ended the day at a fresh 52-week high. Buying in frontline Auto stocks lifts the sector higher; on the flip side, the FMCG segment was the major underperformer while the IT sector remained a laggard. For the past two trading sessions, the Index has been finding it difficult to breach its immediate hurdle of 19,450, a strong compelling close above the mentioned level is a must for continuing its uptrend while the immediate support is placed at 19,330."