BSE Sensex witnessed decline of 512 points to 79,408 and Nifty fell 138 points to 24,202 in late afternoon trade on October 31,2024. Nifty Bank dipped 421 points to 51,385 and Nifty Midcap slipped 466 points to 55,873 in afternoon trade on Thursday. Nifty IT index falls nearly 3% after US tech earnings disappoint. RattanIndia Enterprises shares jumped 12% in trade today to 74.10 per share on BSE. Elcid Investments Ltd shares hit upper circuit and 52-week high in trade today. Pharma stocks witnessed rally in trade today.
Earlier, Equity Indices, Sensex and Nifty 50 experienced a downturn after opening lower this morning. As of 11: 45 AM, Sensex had dropped by 330.10 (0.41%) to 79,612, while the Nifty declined by 98.55 (0.40%) to 24,242.
The IT sector is underperforming in today's trading session, falling 3.10%, whereas the Nifty Pharma extended gains slightly, rising by 1.29%. Other sectors like NiftyAuto, Bank and FMCG were also in the negative territory, while Healthcare and Realty indices showed positive movement.
Earlier, In the wake of lackluster global cues, Indian stock indices opened lower on October 31, with the Nifty hovering around 24,300. The Sensex dropped 104.86 points, or 0.13%, settling at 79,837.32, while the Nifty fell by 21.10 points, or 0.09%, to reach 24,319.70.
Market breadth indicated a mixed sentiment, with 1,323 shares advancing, 982 shares declining, and 103 remaining unchanged.
On the Nifty, major gainers included Cipla, L&T, Dr. Reddy's Labs, Hero MotoCorp, and Apollo Hospitals. Conversely, the list of losers featured Tech Mahindra, TCS, Titan Company, Hindalco, and NTPC.
Newcomers Trent and Bharat Electronics Limited (BEL) have been standout performers on the Nifty, with Trent almost tripling and BEL more than doubling in value since their inclusion a month ago. Looking forward, the index finds immediate support at 24,300 ahead of Thursday's monthly expiry session. With earnings season slowing down amid festivities, companies like L&T, Biocon, and Tata Power will still see some action following their post-market results on Wednesday.
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Oct 31, 2024, 2:50 pm IST
Top 5 Losers Of BSE
Stocks like FiveStar Business, Electrosteel Casting, Aditya Birla Capital, JTL Industries and IRB nosedived by 5-8%, emerging as top losers of BSE.
Oct 31, 2024, 2:50 pm IST
Shilpa Medicare Stock Falls
This pharma stock dipped over 1% after USFSA issued form 483 With 4 Observations in its Unit VI, Dabaspet, Bengaluru.
Oct 31, 2024, 2:05 pm IST
Silver Prices In India: Should You Buy Silver As Prices Jumped 40.85% From Diwal 2023
Silver prices today in India remained stable after witnessing rally for 2 consecutive days as the country is celebrating Diwali festival. 1kg silver prices in India on October 31, 2024 stood at Rs 100,000 while 100 grams silver prices today are retailing at Rs 10,000. Silver prices witnessed sharp rally in less than 1-year period. The prices on November 12, 2023, the day India celebrated Diwali, stood at Rs 70,998/kg and today the prices have skyrocketed to Rs 1,00,000/kg, indicating a sharp surge of 40.85%.
Should you buy silver today? Saiyam Mehra - Chairman of All India Gem and Jewellery Domestic Council (GJC) said, “buying silver on Diwali transcends mere financial decision-making; it embodies a rich tapestry of tradition and hope. This cherished practice symbolizes prosperity and invites good fortune into our homes. As we celebrate these auspicious occasions, the act of purchasing silver connects us to our cultural heritage, reinforcing bonds with family and friends through the sharing of gifts that carry deep emotional significance. Ultimately, it reflects our aspirations for a bright and prosperous future."
Oct 31, 2024, 1:19 pm IST
Standard Capital Approves 7000 NCDs To Raise Rs 70,00,00,000, Hits Upper Circuit
Following the announcement of the company's fundraising strategy, Standard Capital Markets' shares remained stuck in the upper circuit limit at Rs 1.13 on Thursday during the opening session. In order to raise Rs 70 Cr through private placement, the company has authorised NCDs with a face value of Rs. 1,00,000 each at an issue price of Rs. 1,00,000 each.
Oct 31, 2024, 1:17 pm IST
JTL Industries Declares Q2 Results; November 15 Fixed As Record Date For 1:2 Stock Split
JTL Industries Limited is a rapidly expanding, dynamic steel tube manufacturer with a focus on creating hollow structure sections, large diameter tubes and pipes, pre-galvanized and galvanised steel pipes, and ERW Black pipes. For the quarter and a half that ended on September 30, 2024, JTL is happy to present its financial results.
In the September 2024 quarter, JTL Industries' net profit decreased by 5.55% to Rs 26.36 crore from Rs 27.91 crore in the September 2023 quarter. Sales for the quarter ending in September 2024 fell 4.49% to Rs 479.55 crore from Rs 502.10 crore in the year-ago quarter ending in September 2023.
Oct 31, 2024, 12:45 pm IST
Nandan Denim Hits Upper Circuit On Strong Financials
Today was a good day for shares of Nandan Denim Limited (NDL) as they were able to push and expand the upper circuit to 5% and trade the session at Rs 5.81 per share from the previous Rs 5.54. The 52-week highest for this stock is recorded at Rs 7.33 and the lowest at Rs 2.22. The Bombay Stock Exchange (BSE) also experienced a jump in trading volume above 1.01 times, suggesting that investors' interest greatly increased during the session.
In the last few financial accounts submitted by the company on Nandan Denim, the company has progressed. Nandan Denim Q2 FY25 results recorded total revenue of Rs 852.17 crore which was an increase of 104% and a net profit of Rs 8.78 crore a 7% growth on Q2 FY24. In the first six months of FY25, it was reported that NDL's total income grew 61% amounting to Rs 1,576.03 crore and the net income increased by 64% to Rs 16.27 crore compared to H1 FY24.
Oct 31, 2024, 11:51 am IST
G E Shipping contracts to sell its 2005 built Medium Range Product Tanker
The Great Eastern Shipping Company Limited (G E Shipping) has contracted to sell its 2005 built Medium Range product tanker, Jag Padma of about 47,999 dwt on October 31, 2024 to an unaffiliated third party. The vessel will be delivered to the new buyer by Q3 FY25. Including Jag Padma, company’s current fleet stands at 41 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carrier) and 13 dry bulk carriers (2 Capesize, 8 Kamsarmax, 3 Supramax) aggregating 3.31 mn dwt. Additionally, the company has contracted to sell one Suezmax crude tanker in Sep 2024, which is due for delivery by Q3 FY25.
Oct 31, 2024, 11:31 am IST
Gold rates In India Jump This Diwali
On 31st October, gold rates in India for 24-carat gold jumped by Rs. 170/- and are currently priced at Rs. 81,330/- per 10 grams, while 22-carat gold rose Rs. 150/- per 10 grams to reach Rs. 74,550/-. Similarly, the 18-carat gold price in India today also increased by Rs. 100/- and is presently at Rs. 61,400/- per 10 grams.
Indian IT stocks are struggling today, with the Nifty IT index down 3%. This decline is primarily due to poor earnings reports from major US tech companies. Key Indian IT players like TCS, Infosys, and Tech Mahindra are trading in the red.
Oct 31, 2024, 10:30 am IST
HDFC Bank's NBFC Arm HDB Financial Services Files For Rs 12,500 Crore IPO
HDB Financial Services, the non-banking lending arm of HDFC Bank, is preparing for a market debut with plans to raise up to Rs 12,500 crore (approximately .49 billion) through an initial public offering (IPO). This move aligns with recent announcements from HDFC Bank and marks a pivotal moment for both the subsidiary and its parent company, which holds a 94.6% stake in the lender. The IPO will include a fresh share issuance worth Rs 2,500 crore, complemented by an offer-for-sale (OFS) by HDFC Bank valued at Rs 10,000 crore, as outlined in the draft papers submitted to regulatory authorities.
Biocon Shares Slip 2% Following 84% Drop in Q2 Profit
Biocon's shares fell by 2% after the company reported a significant 84.3% decline in its second-quarter profit, which plummeted to Rs 27.1 crore compared to Rs 172.7 crore in the same period last year. Despite this downturn, the company's revenue increased by 3.7% to Rs 3,590.4 crore from Rs 3,462.3 crore. Additionally, EBITDA decreased by 7.6% to Rs 685.4 crore, down from Rs 741.6 crore, while the margin dropped by 230 basis points to 19.1% from 21.4%. Other income also saw a sharp decline, falling to Rs 32.5 crore from Rs 157.9 crore. Compounding these challenges, Biocon Biologics' drug substance facility in Bengaluru has been classified as Voluntary Action Indicated by the USFDA.
Oct 31, 2024, 9:58 am IST
India's Core Sector Rebounds to 2% Growth in September
India’s core sector growth bounced back to 2% in September, recovering from a 42-month low of a 1.6% contraction in August. Five out of the eight core industries showed improvement, led by gains in coal, petroleum refining, natural gas, cement, and electricity. Coal production expanded by 2.6%, rebounding from an 8.1% contraction in August, while petroleum refinery output rose 5.8% during the month.
Oct 31, 2024, 9:46 am IST
Torrent Pharma Sees Promoter Torrent Investments Sell 1.47% Stake
Torrent Investments, a promoter of Torrent Pharmaceuticals, has sold a 1.47% stake in the company, with shares offloaded at average prices of Rs 3,104.40 and Rs 3,103.07 per share. The transaction totals approximately Rs 3,086.4 crore.
Oct 31, 2024, 9:28 am IST
Sensex and Nifty Decline Amidst Weak Global Trends
In the wake of lackluster global cues, Indian stock indices opened lower on October 31, with the Nifty hovering around 24,300. The Sensex dropped 104.86 points, or 0.13%, settling at 79,837.32, while the Nifty fell by 21.10 points, or 0.09%, to reach 24,319.70.
Oct 31, 2024, 9:09 am IST
Rupee Steady at 84.08 Against the Dollar
The Indian Rupee opened unchanged at 84.08 per US Dollar on Thursday, matching Wednesday's closing rate of 84.08.
Oct 31, 2024, 8:55 am IST
US Economy Surges 2.8% in Q3 as Election Nears
The US economy demonstrated robust growth in the third quarter, expanding at an annualized rate of 2.8%, according to the Commerce Department’s Bureau of Economic Analysis. This solid pace, reported in the bureau’s advance estimate, was fueled by cooling inflation and increased wages, both of which bolstered consumer spending in the lead-up to a high-stakes presidential election centered on economic concerns.
Oct 31, 2024, 8:40 am IST
Oil Prices Climb Amid Strong US Fuel Demand and Potential OPEC+ Supply Delay
Oil prices edged higher on Thursday, continuing Wednesday’s rally, as optimism grew over US fuel demand following an unexpected drop in crude and gasoline inventories. Adding to the momentum, reports suggested OPEC+ might delay its planned output increase. Brent crude futures rose by 35 cents, or 0.5%, to .90 a barrel, while US West Texas Intermediate crude futures were up 32 cents, or 0.5%, at .93 per barrel. Both contracts had jumped over 2% on Wednesday after earlier losses due to easing tensions in the Middle East.
Oct 31, 2024, 8:39 am IST
Asian Markets Show Mixed Movement
On Thursday, Asian markets displayed varied trends, with Japan’s Nikkei index declining while Hong Kong’s Hang Seng gained. Investors are closely monitoring the Bank of Japan’s upcoming rate decision and important business activity data from China.
Oct 31, 2024, 8:39 am IST
GIFT Nifty Signals Sluggish Opening for Indian Markets
Early trends on GIFT Nifty suggest a downbeat start for India's broader index, pointing to a drop of 98 points, or 0.40%. Nifty futures were trading around the 24,275.50 mark, indicating a cautious market opening.
Oct 31, 2024, 8:39 am IST
Wall Street Slips as Chip Stocks Dive and Investors Brace for Earnings Surge
On Wednesday, U.S. stock indexes closed in the red as chip stocks dropped and investors awaited a lineup of major corporate earnings reports. The Dow Jones Industrial Average dipped by 91.51 points, or 0.22%, ending at 42,141.54. The S&P 500 shed 19.25 points, or 0.33%, closing at 5,813.67, while the Nasdaq Composite fell 104.82 points, or 0.56%, to finish at 18,607.93.
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