BSE Sensex ended the day with the gain of 218 points to 81,224 and Nifty surged 104 points to 24,854 on October 18, 2024. Nifty Bank surged 805 points to 52,094 and Nifty Midcap gained 183 points to 58,649 on October 18, 2024. Shares of Tata Steel, Tata Motors, Axis Bank, and ICICI Bank remained the top gainers in trade today. Metals and bank stocks witnessed rally today.
Earlier, Indian stock market opened in a sharp bearish tone with Sensex hitting an intraday low of 80,409.25 and Nifty 50 falling to touch the day's low of 24,567.65. Currently, Sensex nosedived by nearly 550 points, and that of Nifty 50 plunged over 180 points. Bank Nifty slid by over 240 points.
Indian equities tumble due to overvaluation, and FIIs appetite shift towards to Chinese stocks. The Hang Seng index with 23.16% return YTD has been the best performing market in recent weeks, while Nifty 50 have corrected by 6%.
Stocks like Titan, Infosys, Bajaj Auto, BEL, and BPCL were top losers, falling by 2% to 2.5%. Meanwhile, stocks like Wipro, Axis Bank, TCS, Tata Motors, and Eicher Motors were top bulls, surging by up to 4%.
Companies like Infosys, Wipro, Axis Bank, and Tejas Networks will be in focus due to their Q2 earnings.
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Oct 18, 2024, 3:16 pm IST
Siyaram Recycling Gets Rs 5 Cr Order, Shares Rise
Siyaram Recycling Industries' shares opened at Rs 160 per share on the BSE on Friday and were trading 4.51% higher throughout the afternoon session. After the firm revealed that it had received a purchase order for 100 tonnes of brass billets from M/s. Al Qaryan International, Dubai, with a total value of USD 590000 (about Rs 5.00 crore), the stock rose to an intraday high of Rs 168 from the previous close of Rs 158.60.
Recently the Board of Directors of Siyaram Recycling Industries Limited at its meeting held, on Saturday, October 5, 2024 approved fundraising through preferential issue of 30,00,000 fully paid up equity shares of face value of Rs. 10/- each at an issue price of 178/- per equity share for an aggregate amount of up to Rs. 35.40 crore.
Oct 18, 2024, 2:42 pm IST
Elecon Engineering Shares Fall 11%, Q2 Revenue Falls; Buy?
Small cap company engaged in engineering sector, Elecon Engineering Company shares today slipped 11.00 after the company reported Q2 financial results. Last trading price of Elecon Engineering Co shares on BSE stood at Rs 642.00 per share. The company’s market capitalisation stood at Rs 14,446.87 crore. Elecon Engineering shares gained 61% in last 1-year and zoomed 257% in last 2-years. Board of Directors of Elecon Engineering today declared an interim dividend of 0.50/- per equity share of Re 1/- each. The company fixed October 28, 2024 as the record date for interim dividend.
Oct 18, 2024, 2:34 pm IST
Gold Price Rallies In India, Oct 18: 22k/100 Grams Gold Jumps By Rs 8K
Gold prices in India jumped for 3rd consecutive day and witnessed sharpest rally in the month of October ahead of Diwali as U.S. election jitters and boiling Middle East tensions enhanced safe-haven demand. 22k gold prices today zoomed by Rs 800 to Rs 72,400/10 grams and 100 grams of 22 carat precious metal prices today rose by Rs 8000 to Rs 7,24,000 in India on Friday. Meanwhile, 24k gold prices today surged by Rs 870 to Rs 78,980/10 grams and 100 grams of 24 carat yellow metal prices today rose by Rs 8700 to Rs 7,89,800.
On the other hand, 18k gold prices today registered sharp rally of 660 to Rs 59,240/10 grams and 100 grams of 18 carat precious metal prices today rose by Rs 6,600 to Rs 5,92,400.
Why Gold Prices India Hit Record High On Friday? As per Renisha Chainani, Head Research - Augmont - Gold For All, “For the fourth straight day, the price of gold rises and reaches a new all-time high of 27 (around Rs 77640). The yellow metal continues to gain from major central banks' rate-cutting policies. Political unpredictability in the US and tensions in the Middle East give the commodity a further boost. The European Central Bank decreased interest rates yesterday for the third time this year, the first time the rates have been lowered consecutively in 13 years.”
Oct 18, 2024, 1:35 pm IST
Ajmera Realty Greenlights Preferential Allotment of 31.64 Lakh Shares
Ajmera Realty and Infra has sanctioned the issue and allotment of 31,64,557 equity shares, each with a face value of Rs 10, on a preferential basis. The shares will be issued at an issue price of Rs 711 per equity share, raising a total of Rs 2,25,00,00,000 in cash.
Oct 18, 2024, 1:18 pm IST
Adani Enterprises Finalizes Rs 4,200 Crore QIP
Adani Enterprises has successfully concluded its Qualified Institutional Placement (QIP), raising Rs 4,200 crore (approximately 0 million). The funds generated from this QIP will be allocated towards capital expenditure, debt repayment, and general corporate needs.
Oct 18, 2024, 12:56 pm IST
Reliance Industries Arm Partners with Mothercare Plc to Establish New JV
Reliance Brands Holding UK, a fully-owned subsidiary of Reliance Brands, is expanding its collaboration with Mothercare Plc by creating a new joint venture that will manage the Mothercare brand and its intellectual property assets in India, Nepal, Sri Lanka, Bhutan, and Bangladesh. Reliance Brands initially secured the rights to the UK-based Mothercare brand for the Indian market in 2018. In this new venture, Reliance Brands Holding will possess a 51% stake, while Mothercare will retain a 49% share.
Oct 18, 2024, 12:40 pm IST
Aether Industries Launches Additional 5 MW Solar Power Project
Aether Industries has successfully executed and commissioned an additional 5 MW solar power project featuring auto-tracker modules, contributing to its total 15 MW solar power initiative. With this latest installation, the company now has a total of 10 MW operational. The completion of the remaining project components is expected within the next month.
Oct 18, 2024, 12:11 pm IST
RPP Infra Projects Secures Rs 35.60 Crore Order
RPP Infra Projects has received a letter of acceptance for a new project involving the design and construction of a 7 MLD product water conveyance system. This system will connect the 20 MLD Tertiary Treatment Reverse Osmosis (TTRO) Plant at Kelavarapalli, Hosur, to the SIPCOT Industrial Park in Shoolagiri, Krishnagiri District, Tamil Nadu. The contract, valued at Rs 28.25 crore (including GST), also includes an operation and maintenance agreement for one year on a Design-Build-Operate (DBO) basis. Additionally, the company will provide internal water supply arrangements, which entails the construction of two pump rooms in SIPCOT Industrial Park, Shoolagiri Phase I, for a contract value of Rs 7.35 crore (including GST).
Oct 18, 2024, 11:57 am IST
Infosys Share Price Nosedives
Second largest IT company, Infosys has nosedived by nearly 5% to hit an intraday low of Rs 1870 apiece. Infosys turned bearish after its Q2 results, pulling back sharply from its 52-week tones in the previous day.
Oct 18, 2024, 11:34 am IST
Mazagon Dock Shares Surge 5% Ahead of Board Meeting
Shares of Mazagon Dock surged over 5% on October 18 after the company announced that its board would be considering a stock split and an interim dividend during their upcoming meeting on Tuesday, October 22. The public sector undertaking (PSU) also set Wednesday, October 30, 2024, as the record date for the interim dividend payout, should it be approved by the board, for the financial year 2024-25.
Oct 18, 2024, 10:42 am IST
NTPC Shares Defy Bear Market
Amidst a bearish market trend, the share price of Maharatna PSU giant, NTPC Ltd traded on a higher note. NTPC witnessed buying sentiment so much so that the stock jumped by nearly 1% and is trading near its day's high on October 18. Brokerage Sharekhan is the latest to like the stock ahead of its Q2 and has recommended BUY for a target price of Rs 460.
Oct 18, 2024, 10:18 am IST
Wipro Shares Rally
Wipro's share price skyrocketed by more than 5% on Friday, October 17, after the company beat estimates in Q2FY25 earnings. Also, Wipro has announced a big bonus reward for investors. The stock is inching closer to its 52-week high of Rs 580 apiece on BSE. Although Wipro's FY25 guidance was below expectations, the operating performance improved broadly in the quarter. Motilal Oswal is Neutral on the stock.
Oct 18, 2024, 9:39 am IST
Sensex, Nifty Nosedive
In the opening bell, Indian stock market witnessed sharp correction so much so that Sensex nosedived by nearly 550 points, and that of Nifty 50 plunged over 180 points. Bank Nifty slid by over 240 points. The performance comes amid Q2 earnings season, rising geopolitical risks, and FIIs sharp selling bias while DIIs continue to be top buyers. Check out the latest performance of Sensex and Nifty:
Oct 18, 2024, 9:36 am IST
When Will Sensex, Nifty Witness Bulls?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: Trends indicate that FII selling and DII buying is likely to continue. A bounce back is likely in the next two or three days but it is unlikely to sustain since sentiments have turned weak. Investors may wait and watch for the market to stabilise and slowly accumulate largecaps like leading private sector banks beaten down by FII selling. ICICI Bank and HDFC Bank have the potential to give decent returns in the medium-term.
Oct 18, 2024, 9:35 am IST
What Is Impacting Stock Market?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: The 6% correction in Nifty from the peak has made India an under-performer with only 13.83% return YTD in contrast to the 23.16% return in S&P 500 YTD. The Hang Seng index with 23.16% return YTD has been the best performing market in recent weeks assisted by massive buying by FIIs. The high valuations in India has been the main trigger for the sustained selling by FIIs, and recent developments like consensus downward revision of FY25 earnings estimates to below 10% and Bajaj Auto’s concerns regarding weak demand during the festive season dampened the sentiments resulting in big selling in auto stocks."
Oct 18, 2024, 9:14 am IST
Rupee Vs Dollar
The Indian rupee continues to trade above 84 levels against US dollar after the greenback gained despite stronger-than-expected US retail sales and weaker-than-expected jobless claims. The rupee is just a couple of paisas away from touching its all-time low of 84.0750 per dollar.
Oct 18, 2024, 8:58 am IST
Key Stocks To Trend
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd: Key Q2 results due on October 18 include ICICI General Insurance, Jio Finance, L&T Financial, MRPL, Oberoi Realty, Tata Consumer, and Zee Entertainment. On the stock front, Wipro surged with a 21% profit rise and a 1:1 bonus share issue, Infosys missed estimates but raised revenue guidance, Nestlé dropped 3.44% on mixed results, and Bajaj Auto plunged 13% on weak festival sales and a 31.4% profit drop. Our top picks for intraday declines are Dr. Reddy's Labs, NALCO, and Mphasis, with NALCO showing a bullish breakout from a 5-month flag pattern, offering targets of 231/241 and aggressive targets at 253.
Oct 18, 2024, 8:58 am IST
What To Expect On October 18?
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd: Nifty has faced a steep three-day decline, dropping from 26,277.35 to 24,694, with technical signals indicating a Head & Shoulders pattern. A recovery might be tough due to muted Q2 earnings expectations, significant FII outflows of over Rs 74,700 crore in October, and looming Maharashtra and Jharkhand elections.
Oct 18, 2024, 8:57 am IST
Market Previous Session
BSE Sensex ended the day with the decline of 494 points to 81,006 and Nifty fell 221 points to 24,749 on October 17, 2024. Nifty Bank fell by 512 points to 51,288 and Nifty Midcap slipped 985 points to 58,465 on October 17, 2024.
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