Stock Market Live Updates, October 7 - Monday: Equity market experienced a volatile trading session on Monday, pulling back from its initial gains and closing lower. The Sensex ended the day at 81,050, down 0.78%, while the Nifty 50 dropped 218 points, or 0.87%, to close at 24,795. All sectoral indices were in the red, except for the Nifty IT, which rose 0.67%. The broader market indices, BSE Midcap and Smallcap, were down by more than 2% and 3.5%, respectively.
Earlier, Sensex witnessed decline of 653 points to 81,043 and Nifty fell 250 points to 24,779 in afternoon trade on October 7, 2024 amid sharp fall in mid and small cap stocks. Nifty Midcap fell sharply by over 1178 points today to 57295 and Nifty Bank slipped 739 points to 50,669 on Monday. ITC shares rallied over 2% as NCLT approves demerger of hotel business. Meanwhile, NBCC shares today zoomed over 2% as shares traded ex-bonus.
Earlier, Indian stock market turned the tide with bears taking a toll on indices. Sensex and Nifty extended their losses in the mid-session. Indian stock market turned the tide with bears taking a toll on indices. Sensex and Nifty extended their losses in the mid-session. Sensex is down over 300 points, and even touched an intraday low of 81,139.62, while Nifty50 dipped by 117 points and touched an intraday low of 24,798.65.
Adani Ports, NTPC, Titan, Power Grid, SBI, JSW Steel, and Tata Steel are top draggers of market, as these heavyweight large-caps nosedive by 1-4%.
Also, Nifty Midcap and Nifty Smallcap indices dived by nearly 2% each. India's volatile index surged over 3.4%. In terms of sectoral indices, Nifty Media, Nifty Metal, Nifty Consumer Durables, Nifty PSU Bank, and Nifty Oil & Gas took worst hit as they fall by 2-2.5%.
Regarding the domestic scene, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) will be the center of attention for the market. The committee is scheduled to meet from October 7 to 9, 2024, with an announcement of the outcome on Wednesday, October 9. After maintaining the benchmark repo rate at 6.5% for the ninth consecutive meeting in August 2024, the RBI is anticipated to retain it at that level in its upcoming policy review. In addition, the trajectory of the market will be greatly influenced by the price of commodities, the US dollar index, and key macroeconomic data. Globally, geopolitical matters will also continue to play a big role.
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Oct 07, 2024, 3:23 pm IST
Ashok Leyland Commences delivery of AVTR 55T Electric and BOSS Electric vehicles to Billion Electric Mobility
Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, today with Billion Electric Mobility (member of Group BillionE), flagged off its AVTR 55T Electric, BOSS 19T Electric, and BOSS 14T Electric trucks. This flagoff marks the commencement of the delivery of Electric trucks by Ashok Leyland to the BillionE Group. The vehicles were flagged off by Mr. Shenu Agarwal, MD & CEO, Ashok Leyland and Mr. Kartikey Hariyani, Founder & CEO, Billion E-Mobility & ChargeZone, in the presence of Dr. N Saravanan, CTO; Mr. Sanjeev Kumar, President - M&HCV; and Mr. Ganesh Mani, Chief Operating Officer from Ashok Leyland and Mr. Sanjeev Kulkarni, CTO, BillionE; Ravindra Mohan, COO, ChargeZone and Mr. Mustafa Wajid, Member of Board, BillionE. BillionE has placed a large order of 180 Electric Vehicles - BOSS Electric Truck and AVTR 55T Electric Tractor with Ashok Leyland.
State Bank of India emerged as one of the most reliable public sector lenders. The bank offers a vast range of credit cards to its customers in order to meet their financial requirements. SBI credit cards offer numerous advantages ranging from low finance charges to stunning reward programs for cardholders. SBI, largest public sector lender in India, has over 22,000 branches in the country to meet the varied needs of customers. The changes will become effective beginning from November 1 and December 1, 2024.
Rama steel Tubes Ltd. Reports H1FY25 and Q2FY25 Sales Volume
Rama Steel Tubes Limited India’s leading branded structural steel tube company, today announced its sales volume performance for H1FY25 and Q2FY25. The Company registered a sales volume of 50,921.67 Ton in Q2FY25 compared to 37,365.55 Ton in Q1FY25 and 35,780.327 Ton in Q2FY24. For H1FY25, the company reported sales volume of 88,287.22 Ton compared to 84,218.01 Ton in H1FY24.
Oct 07, 2024, 2:33 pm IST
Ola Electric Nosedives 8%
Ola Electric's shares experienced a major decline, falling by 8.5% in the latest trading session. This loss followed a public dispute between the company's founder and CEO, Bhavish Aggarwal, and comedian Kunal Kamra on X (formerly Twitter). Since its IPO in August, Ola Electric's stock has struggled, losing over 20% of its value in the past month.
Oct 07, 2024, 2:13 pm IST
Airtel Business Partners With Fortinet, Launches ‘Airtel Secure Internet’
Airtel Business, the B2B arm of Bharti Airtel ("Airtel"), one of India’s leading telecommunications service providers, has leveraged newage cybersecurity solutions from Fortinet, a global cybersecurity leader driving the convergence of networking and security, to launch ‘Airtel Secure Internet’ — a new-age internet security solution offering a robust and fully-managed defence against cyber threats. The unique solution is designed specifically to enhance security over Internet Lease Line (ILL) circuits, combining Airtel’s trusted internet connectivity with Fortinet’s next-generation firewall. It offers comprehensive, end-to-end protection through Airtel’s state-of-the-art Security Operations Centre (SOC) and Fortinet’s Security Orchestration, Automation and Response (SOAR) platform, ensuring robust management and defence against cyber threats.
Oct 07, 2024, 1:45 pm IST
Gensol Engineering appoints Ankit Jain as CFO
Gensol Engineering on Monday announced the appointment of Ankit Jain as the company's Chief Financial Officer with immediate effect. Jain succeeds Jabir Mahendi Aga, who is moving to an expanded leadership role within Gensol Group, Gensol Engineering said in a statement. "Gensol Engineering appoints Ankit Jain as CFO. He will work with the company's leadership to execute strategies for establishing a solid financial foundation and enhancing corporate governance for the company," it said, according to a PTI report.
Jain joined the company from Zetwerk India where he was Vice President - Finance. He brings over 20 years of experience across finance and accounting functions, including fundraising, merger and acquisition (M&A), investor relations, corporate governance, auditing, and taxation, the statement added. "Ankit's extensive experience in finance and leadership roles, and his expertise in driving strategic financial initiatives will be invaluable in helping Gensol lead the energy transition," said Anmol Singh Jaggi, CMD, Gensol Engineering, added PTI report.
Oct 07, 2024, 1:20 pm IST
France, India To Develop Aeronautics Cluster
France and India are planning to develop an aeronautics cluster as both countries work on boosting their cooperation in the aerospace sector, French Ambassador to India Thierry Mathou said on Monday. Speaking at the conference organised by the French Aerospace Industries Association (GIFAS) in the national capital, he said the partnership between the two countries is not just strategic but universal. India and France have a long-standing partnership in aerospace, defence and other sectors. In the first half of 2024, he said the exports of French aerospace companies to the country stood at 2.7 billion euros. According to him, France and India will be developing an aeronautic cluster as well as an Indo-French campus for aeronautics and space, according to a PTI report.
Oct 07, 2024, 12:49 pm IST
HeidelbergCement India Hits 52-Week High Amid Adani Group Buyout Talks
Shares of HeidelbergCement India surged 18 per cent in intra-day trade on Monday amid reports that the Adani Group is in talks to acquire Indian operations of Germany's Heidelberg Materials, according to a PTI report. The proposed buyout of Heidelberg's India unit will be led by billionaire Gautam Adani-led Ambuja Cements and could be worth around USD 1.2 billion (about Rs 10,000 crore), the reports said. The stock rallied 17.95 per cent to hit its 52-week high of Rs 257.85 apiece on the BSE. At the National Stock Exchange (NSE), it soared 17.93 per cent to Rs 258 per piece -- its 52-week high.
Oct 07, 2024, 12:21 pm IST
Gold Prices Fall In India: 24k/100 Grams Yellow Metal Slips By Rs 2200, Silver Dips Too
In a big relief ahead of the festive season, gold prices in India witnessed decline today amid prospects of smaller rate cut by US Federal Reserve in its upcoming meeting in November after strong jobs report. Meanwhile, traders are looking forward to inflation data and statement from Fed Reserve officials for more cues on the interest rate trajectory.
22k gold prices today dived by Rs 200 to Rs 71,000/10 grams and 100 grams of 22 carat yellow metal prices today slipped by Rs 2000 to settle at Rs 7,10,000. 24k gold price today in India slipped by Rs 220 to Rs 77,450/10 grams and 100 grams of 24 carat precious metal prices today dipped by Rs 2200 to Rs 7,74,500. On the other hand, 18k gold prices today inched lower by Rs 170 to Rs 58,090/10 grams and 100 grams of 18 carat precious metal prices today fell by Rs 1700 to Rs 5,80,900.
It is worth mentioning that gold prices today declined after four consecutive sessions of rise.
Oct 07, 2024, 11:24 am IST
Indices In Bloodbath
Nifty Midcap and Nifty Smallcap indices dived by nearly 2% each. India's volatile index surged over 3.4%. In terms of sectoral indices, Nifty Media, Nifty Metal, Nifty Consumer Durables, Nifty PSU Bank, and Nifty Oil & Gas took worst hit as they fall by 2-2.5%.
Oct 07, 2024, 11:22 am IST
Sensex, Nifty Erase Early Gains, Fall Sharply
Sensex and Nifty extended their losses in the mid-session. Sensex is down over 300 points, and even touched an intraday low of 81,139.62, while Nifty50 dipped by 117 points and touched an intraday low of 24,798.65. Check Out Latest Performance Here:
Oct 07, 2024, 10:43 am IST
Top Movers Of Market
Stocks that rallied are ICICI Bank, ITC, Bharti Airtel, Kotak Bank, and Cipla. While stocks under bearish tone are Adani Ports, BEL, Coal India, ONGC, and Adani Enterprises.
Oct 07, 2024, 10:01 am IST
Union Bank Shares In Focus
The PSU lender declared that it's total advances reached Rs 9.28 Lakh Cr after gaining 9.63% YoY. Union Bank of India said its total deposits climbed 9.17% YoY to Rs 12.42 lakh crore. The bank's net business stood at Rs 21.7 lakh crore up by 9.36% YoY.
Oct 07, 2024, 9:34 am IST
Opening Bell
Amid strong global cues and positive trade of Asian market, the Indian benchmark indices opened on a green note on Monday as Nifty was seen above 25,100 level while Sensex was trading around 300 pts higher in the early trade.
Oct 07, 2024, 9:31 am IST
Market Outlook Today By Mr. Aditya Gaggar, Director of Progressive Shares
The Indian equities witnessed a freefall led by the geo-political tensions as well as the amendments in the F&O segment, with Nifty50 correcting over 4% to form a big bearish candlestick pattern on the weekly timeframe. However, on the daily chart, it is standing near 50DMA with a probable hidden bullish divergence in the RSI. The immediate resistance and support are placed at 25,500 and 24,800 respectively. A break below the support level will drag the Index lower to 24,500; while on the flip side, 25,750 can be expected if the resistance gets breached. BankNifty is replicating Nifty50 with the addition of an inverted hammer candle and a convincing close above 52,400 will confirm a bullish pattern; while 51,150-51,350 will act as a support zone. The Auto sector stands close to its long-term trendline support coupled with 50DMA and if the sector reverses from the mentioned support points, then trend continuation is expected or else some more correction can be seen in the case of a breakdown. Similar observation stands for the Energy segment as well. We continue with our focus on the FMCG segment through the Sugar counters (Balrampur Chini and Dalmia Bharat Sugar). In the IT sector, some of the constituents have attempted a bullish pattern breakout during the week (Infosys and Tech Mahindra- On the Verge of a Bullish Flag and Pole Formation Breakout). A temporary pause can be anticipated in the Metal sector as it has formed a DOJI candlestick pattern at the record levels with a probable bearish divergence in the RSI but the overall trend is strong and one should capitalize on correction of strong up-trending stocks. For the Pharma sector, we will wait for a range breakout on either sides before taking any action. To retest the lower end of the congestion, the Realty sector is likely to correct to the extent of 3-5%.
Oct 07, 2024, 9:18 am IST
Rupee Vs Dollar
Rupee opened flat at 83.98 on Monday against the US Dollar compared to the Friday's close of 83.97.
Oct 07, 2024, 9:15 am IST
Q2 Earnings In Focus
As per Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, the Q2 earnings season is kicking off with key companies like TCS, Tata Elxsi, DMart, and IREDA among others, which will drive stock-specific movements. Domestically, liquidity remains strong, with signs of sectoral rotation from overvalued segments to areas with more attractive valuations. Additionally, commodity prices, the U.S. dollar index, and key U.S. macroeconomic data will play a crucial role in determining market direction. Geopolitical developments will also continue to be a significant factor on the global front.
Oct 07, 2024, 8:45 am IST
Kalyan Jewellers India Q2 Business Update
The firm recorded a consolidated revenue boost in roughly 37% in the quarter ended 30th September 2024 when compared to the same time in the previous financial year. In Q2 FY2025, the company's operations in India saw a 39% increase in revenue compared to Q2 FY2024. This growth was driven by strong operating momentum in all markets, with same-store sales growing at a healthy rate of about 23%.
Oct 07, 2024, 8:24 am IST
Nifty Prediction Today
As per Rupak De, Senior Technical Analyst at LKP Securities, the Nifty witnessed a bear attack for the second consecutive day. Sustained trades below key levels triggered a correction towards 25,000. The sentiment has turned extremely weak, with higher levels being used as selling zones. On the lower end, the next support is seen at 24,750, while on the higher end, resistance is visible at 25,300.
Oct 07, 2024, 8:00 am IST
Nifty Bank Outlook Today By Om Mehra, Technical Analyst, SAMCO Securities
Nifty Bank closed the session at 51,462.05, down 0.74%, marking its fifth consecutive decline. On the weekly chart, Nifty Bank has formed an Evening Star (bearish pattern), indicating a temporary shift in the primary trend towards bearishness. The index has slipped below the 40 and 50 DMA and the key support is now positioned at 50,900. A breach of this level could trigger further downside. However, a short-term bounce is anticipated, with an upside level near 52,100.
Oct 07, 2024, 8:00 am IST
Nifty Outlook Today By Om Mehra, Technical Analyst, SAMCO Securities
Nifty experienced its most significant decline of 4.31% on a weekly basis in 2024. While on Friday, Nifty closed the session at 25,049.85, down 0.79%. The index oscillated broadly higher in the first session, but faced a severe drop in the second session, violating the critical support level at the 50 DMA during this decline. Currently, strong resistance is positioned near the 25,500 level, while the daily RSI has slipped to 40, significantly below the average of 50. The momentum has shifted to the downside, implying that any potential relief rally might be adhered to with selling pressure. The immediate support now remains at 24,800.
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