BSE Sensex witnessed decline of 106 points to 79,898 and Nifty fell 43 points to 24,295 in late afternoon trade on October 29,2024. Nifty Bank gained 628 points to 51,887 and Nifty Midcap fell 122 points to 55,614 in afternoon trade on Tuesday. Leading bank stocks namely ICICI Bank, SBI, and Axis Bank witnessed rally in trade today. Ola Electric shares declined 15% in last 2-weeks.
Earlier, Indian stock market indices, Sensex and Nifty 50, continued the sluggish trade after opening lower this morning. As of 12 noon, the Sensex had declined by 172 points (0.21%) to 79,833, while the Nifty 50 was down by 57.70 points (0.24%) to 24,281. While the overall market trend is negative, some positivity is seen in certain sectors. Nifty Bank index surged by 0.75%. Other sectors like Media, PSU Bank, Private Bank, and Realty also witnessed gains. On the other hand, Auto and Metal indices were trading in the red, indicating a decline in these sectors.
On October 29, Indian markets opened lower amid mixed global signals. The Sensex declined by 167.80 points, or 0.21%, to 79,837.24, while the Nifty fell by 43.90 points, or 0.18%, to 24,295.30. Market breadth showed 1,462 stocks advancing, 794 declining, and 111 remaining unchanged.
Key gainers on the Nifty included NTPC, ICICI Bank, Dr. Reddy's Labs, SBI Life Insurance, and Asian Paints, while Shriram Finance, Reliance Industries, Hindalco, TCS, and Hero MotoCorp were among the top losers.
With Tuesday marking the monthly expiry for the Financial Services index, Nifty Bank stocks will remain in the spotlight. Nifty's critical levels now lie at 24,000 on the downside, which could trigger further losses if breached, and 24,500 on the upside.
Tuesday's trading will feature earnings from major players like Bharti Airtel, Adani Enterprises, Adani Ports, Maruti Suzuki, and Cipla, as well as several broader market names such as Canara Bank, Voltas, and APL Apollo.
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Oct 29, 2024, 3:31 pm IST
Bank Nifty Drives Market
The Bank Nifty index jumped by 1,038.35 points to trade at 52,297.65, few minutes before the closing bell. The index emerged as top performer of market on Dhanteras. Bank Nifty touched an intraday high of 52,354.85. Top bulls on the index were Federal Bank, SBI, ICICI Bank, PNB and Canara Bank which zoomed by 3% to 9%.
Oct 29, 2024, 1:51 pm IST
JSW Group, South Korea's POSCO collaborate to set up 5 MTPA steel unit
JSW Group on Tuesday said it has signed a pact with South Korea-based POSCO Group to develop a 5 MTPA plant in India and to explore opportunities in battery materials, and renewable energy sectors. "JSW Group has signed a Memorandum of Understanding (MoU) with the POSCO Group outlining a framework for collaboration in steel, battery materials, and renewable energy sectors in India," JSW Group said in a statement. Both parties will also explore collaborations in the areas of battery materials related to Electric Vehicles (EVs), and renewable energy for meeting the captive requirements of the proposed integrated steel plant, the statement said. "This MoU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry, according to a PTI report.
Oct 29, 2024, 1:42 pm IST
1:2 Bonus Share Recommended: Aayush Wellness Ltd Issues Update On Rights Issue
FMCG sector company Aayush Wellness Ltd shares today hit upper circuit as soon as the company recommended 1:2 bonus share and issued an update on rights issue. Current market price of Aayush Wellness Ltd shares on BSE is Rs 102.24 per share. Aayush Wellness shares offered 258% in last 3-months and soared 3095% in last 1-year. Aayush Wellness has a market capitalisation of Rs 331.77 crore.
The exchange filing of the company added, “approved the proposal for issuance of equity shares of face value of ₹1.00/- (Rupee One Only) for an amount not exceeding ₹ 49,90,00,000/- (Rupees Forty Nine Crore Ninety Lakh only) through a Rights Issue, to the eligible equity shareholders of the Company as on Record date (to be notified subsequently), in accordance with applicable laws.
Oct 29, 2024, 1:25 pm IST
Chola MS General Insurance Reports 60% Jump In PBT
Chola MS General Insurance Company Ltd has reported a 60 per cent increase in its profits before tax for the six month period ending September 30, 2024 at Rs 350 crore. The city-based company reported profits before tax of Rs 219 crore during the corresponding six months of last year. Chola MS General Insurance Company, is a joint venture between the diversified conglomerate the Murugappa Group and Japan-based Mitsui Sumitomo Insurance Company Ltd. "The rise in profits before tax for the six month period ending September 30, 2024, include Rs 22.7 crore of non-recurring income from interest on an income tax refund," Chola MS General Insurance said in a statement on Tuesday. As on September 30, 2024, the company's net worth stands at Rs 2,753 crore with 84 per cent derived from the accumulated profits, according to a PTI report.
Oct 29, 2024, 12:43 pm IST
Federal Bank Shares Rally 8% After September Quarter Earnings
Shares of Federal Bank on Tuesday jumped 8 per cent after the firm posted an 11 per cent increase in net profit to Rs 1,057 crore in the September quarter. The stock climbed 8 per cent to Rs 199.55 on the BSE. At the NSE, it soared 7.83 per cent to Rs 199.49. The lender had earned a net profit of Rs 954 crore in the year-ago period. The total income increased to Rs 7,541 crore during the quarter under review against Rs 6,186 crore in the same quarter last year, Federal Bank said in a regulatory filing on Monday. The bank reported an interest income of Rs 6,577 crore during the quarter, higher than Rs 5,455 crore in the same period a year earlier, according to a PTI report.
Oct 29, 2024, 12:31 pm IST
Gold Prices Gain In India, Oct 29: 24k/100 Grams Gold Glitters By Rs 6500, Silver Up
Gold prices in India today witnessed gain as the country is celebrating Dhanteras festival. The rise in yellow metal prices can be attributed to the ongoing uncertainty prevailing around US presidential elections. Meanwhile, investors are also looking forward to crucial economic data for more hints on the Federal Reserve's interest rate trajectory.
Meanwhile, gold demand records a rise every year in India on Dhanteras festival as investing in precious metal during this festival and Diwali is considered auspicious as it can bring prosperity and good luck. Dhanteras is celebrated on the 13th day of the Krishna Paksh during Kartik month as per the Hindu calendar. Many people in India make it a point to visit jewellery shops to purchase gold or silver coins on Dhanteras.
24k gold prices today surged by Rs 650 to Rs 80,450/10 grams and 100 grams of 24 carat precious metal prices today rallied by Rs 6500 to Rs 8,04,500. 22k gold prices today soared by Rs 600 to Rs 73,750/10 grams and 100 grams of 22 carat yellow metal prices today edged higher by Rs 6000 to Rs 7,37,500 on Tuesday. 18k gold prices today witnessed gain by Rs 490 to Rs 60,340/10 grams and 100 grams of 18 carat precious metal prices today soared by Rs 4900 to Rs 6,03,400 on October 29, 2024.
Oct 29, 2024, 12:00 pm IST
Gold Rates In India On 29th October
Gold prices in India today witnessed gain as the country is celebrating Dhanteras festival. The rise in yellow metal prices can be attributed to the ongoing uncertainty prevailing around US presidential elections. 24k gold prices today surged by Rs 650 to Rs 80,450/10 grams and 100 grams of 24 carat precious metal prices today rallied by Rs 6500 to Rs 8,04,500. 22k gold prices today soared by Rs 600 to Rs 73,750/10 grams and 100 grams of 22 carat yellow metal prices today edged higher by Rs 6000 to Rs 7,37,500 on Tuesday. 18k gold prices today witnessed gain by Rs 490 to Rs 60,340/10 grams and 100 grams of 18 carat precious metal prices today soared by Rs 4900 to Rs 6,03,400 on October 29, 2024.
PTC India Financial Services Ltd Reports Financial Performance
PTC India Financial Services Ltd Reports Financial Performance for the Quarter and Half Year ended 30th September 2024 which showed that the Profit before Tax (PBT) and Profit after Tax (PAT) for Q2FY25 stood at ₹ 63.41 crore and ₹ 47.34 crore. Significant improvement in Portfolio Quality Gross Stage III assets down by 23% (from ₹ 996 crore in Q2FY24 to ₹ 764 crore in Q2FY25 Net Stage III assets down by 43% (from ₹ 501 crore in Q2FY24 to ₹ 283 crore in Q2FY25) Provision Coverage Ratio for Stage III assets improved from 49.7% in Q2FY24 to 63% in Q2FY25.
Oct 29, 2024, 10:50 am IST
Aurionpro secures major data center projects with a leading hyperscale player in India
Aurionpro Solutions Limited is delighted to announce the acquisition of multiple significant orders in the data centre (DC) sector, including consultancy and end-to-end design-and-build services for Tier-3 data centres. These prestigious orders, awarded by a leading data center colocation player in India, further reinforce our capabilities and highlight the expertise of our skilled team, solidifying our position as a preferred partner for designing and executing complex data center projects in the country. These wins include a comprehensive design and turnkey build execution project for an edge data center in the NCR region valued at approximately ₹150 Crores. Additionally, the design consultancy services for two locations, Mumbai and Chennai, with IT loads of 85MW and 20MW, respectively, are valued at around ₹20 Crores.
Oct 29, 2024, 10:30 am IST
Ramco Cement Ltd announces Monetization Of Non-Core Assets Worth Of Rs.376 Crores
Ramco Cement Ltd has sold the equity shares held in Ramco Industries Limited, an associate company, at the current market value of Rs.326 Crores. These shares were sold to promoter group companies by way of inter-se transfer. Further, during Sep 2024, the Company has also sold part of Compulsorily Convertible Preference Shares (CCPS) of Swiggy Limited for a consideration of Rs.50 Crores. The Company is on track to monetize Rs.1,000 Crores worth of non-core assets.
Oct 29, 2024, 9:58 am IST
Spandana Sphoorty Shares Slide 11% After Q2 Losses
Shares of Spandana Sphoorty Financial fell by 11% following the announcement of a Rs 216 crore loss in Q2, a steep reversal from the Rs 125 crore profit recorded in the same period last year. While net interest income grew by 9% to Rs 341 crore from Rs 312 crore year-over-year, impairments surged significantly to Rs 516 crore compared to Rs 90 crore previously. Additionally, asset quality weakened, with the gross NPA ratio rising to 4.86% from 2.6% in the prior quarter, and net NPA increasing to 0.99% from 0.53%.
Oct 29, 2024, 9:55 am IST
Bharti Airtel Shares Dip as Q2 Profit Declines Despite Revenue and EBITDA Growth
Bharti Airtel's shares saw a decline after the company reported a 13.6% drop in consolidated net profit for Q2, down to Rs 3,593.2 crore from Rs 4,160 crore in the previous quarter. Revenue, however, rose by 7.7% to Rs 41,473.3 crore from Rs 38,506.4 crore, and EBITDA showed a 10.4% increase, reaching Rs 22,020.9 crore from Rs 19,944.2 crore, with margins expanding to 53.1% from 51.8% quarter-over-quarter. The results also reflected an exceptional loss of Rs 853.7 crore, compared to an exceptional gain of Rs 735 crore in the prior quarter, while other income dropped to Rs 254.7 crore from Rs 363.5 crore. Additionally, tax expenses increased sharply to Rs 1,744 crore, up from Rs 1,307.8 crore.
Oct 29, 2024, 9:36 am IST
Sensex and Nifty Dip Amid Mixed Global Cues
On October 29, Indian markets opened lower amid mixed global signals. The Sensex declined by 167.80 points, or 0.21%, to 79,837.24, while the Nifty fell by 43.90 points, or 0.18%, to 24,295.30. Market breadth showed 1,462 stocks advancing, 794 declining, and 111 remaining unchanged.
Oct 29, 2024, 9:10 am IST
Rupee Starts Steady Against Dollar
The Indian Rupee opened steady at 84.06 per US Dollar on Tuesday, barely changed from Monday's close of 84.07.
Oct 29, 2024, 8:54 am IST
Oil Stabilizes Following Sharp Decline Amid Mideast Tensions
Oil prices steadied after a 6% drop on Monday, marking their largest fall in over two years, as attention turned to possible easing tensions in the Middle East and upcoming US economic data. Brent crude hovered near a barrel, while West Texas Intermediate traded just below . Israel suggested it may consider a brief truce in Gaza for hostage exchanges after a retaliatory strike on Iran left the OPEC member’s oil infrastructure intact.
Oct 29, 2024, 8:54 am IST
Asian Markets Show Mixed Performance Amid Pre-Election Jitters
Asian stock markets displayed a mixed trend as investors braced for the upcoming U.S. election and crucial economic data releases, which are expected to influence the Federal Reserve's upcoming policy decision.
Oct 29, 2024, 8:54 am IST
GIFT Nifty Signals a Strong Opening for Indian Markets
Early trends on GIFT Nifty point to a positive start for Indian markets, showing a gain of 22.50 points, or 0.09%. Nifty futures were trading near the 24,354.50 mark, suggesting a solid opening for the broader index.
Oct 29, 2024, 8:53 am IST
Wall Street Rises as Markets Brace for Major Earnings and Pre-Election Momentum
Wall Street finished in the green on Monday as investors geared up for a crucial week of earnings from megacap firms and counted down to the November 5 presidential election. Positive sentiment was further bolstered as energy supplies remained unaffected by recent Middle East tensions. The S&P 500 rose 15.4 points (0.27%) to 5,823.52, the Nasdaq Composite climbed 48.58 points (0.26%) to 18,567.19, and the Dow Jones Industrial Average gained 273.17 points (0.65%) to reach 42,387.57.
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