The Indian stock market witnessed a challenging week, as geopolitical tensions rattled investor confidence, leading to the Sensex and Nifty 50 sliding for five consecutive sessions. This is the first time such a streak has occurred since March, marking a grim period for investors.
On Wednesday, the Sensex plummeted by 523 points, falling to 64,049, while the Nifty 50 lost 160 points, closing at 19,122. Key market indices were severely impacted, with Nifty Bank slipping 319 points to 42,832 and the Midcap Index declining by 253 points to 38,564.
Out of the 50 Nifty stocks, 40 of them closed in the red. Leading the losses were Apollo Hospitals, Adani Enterprises, and Cipla. Meanwhile, in the Midcap segment, Shriram Finance, Godrej Properties, Bharat Forge, and JK Cement emerged as the top losers.
Some of the major companies are expected to announce Q2 results on October 25th are Axis Bank, Tech Mahindra, Jubilant Foodworks and Indus Tower among others.
However, the trading sentiment in the equity market is likely to be volatile owing to factors like Q2 results, geopolitical risk, crude oil prices, treasury yields, and economic data that will have a major impact.
Nifty 50 is expected to pull back under 19,100 levels on Wednesday, however, the resistance is seen to be between 19,400 to 19,500. Whereas Bank Nifty is likely to fall under the 43,000 psychological mark.
On the global front, Wall Street surged as traders' focus shifted to the quarterly earnings report while monitoring the performance of treasury yields. Also, the MSCI All-World index was higher by 0.6%, marking its first daily rise since October 17th.
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Oct 25, 2023, 4:23 pm IST
Sensex, Nifty End Lower For 5th Consecutive Day
On Wednesday, the Sensex plummeted by 523 points, falling to 64,049, while the Nifty 50 lost 160 points, closing at 19,122. Key market indices were severely impacted, with Nifty Bank slipping 319 points to 42,832 and the Midcap Index declining by 253 points to 38,564.
Oct 25, 2023, 3:29 pm IST
Infosys Contributes The Most To Nifty's Downside
The shares of tech giant Infosys were seen trading with cuts of nearly 3%. The stock traded in the red for the fifth straight session and is down a little over 10% on a year-to-date basis. It is contributing nearly 35 points towards Nifty's downside.
Oct 25, 2023, 3:04 pm IST
Metal Stocks Gain In A Subdued Market
Metal and mining shares registered a surge in today's trade after China unveiled a series of stimulus measures designed to bolster its economy. Companies like Hindalco Industries, Jindal Steel and Power and Nalco climbed more than 2%. Other metal stocks such as SAIL, Tata Steel, NMDC, JSW Steel, and Vedanta also see notable gains.
Oct 25, 2023, 2:27 pm IST
Market Loses Steam, Nifty Slides Below 19,100
Sensex and Nifty decline more than 0.7% each in today's afternoon trade. Nifty shed nearly 150 points and the Sensex tumbled 400 points . The losses were seen across the board, with IT and bank stocks witnessing maximum pressure.
Multibagger mid cap IT Software sector Sonata Software Ltd are scheduled to hold its meeting today to consider and approve un-audited financial results of the Company (standalone and consolidated) for the quarter and half year ended 30th September, 2023 and declare an interim dividend, if any. Board of Sonata may also consider proposal of bonus issue today. Current market price of Sonata Software share on BSE is Rs 1049.85 per share with intraday fall of 2.54%. Sonata Software stock surged 81% YTD and offered return of 106% in last 1-year.
Oct 25, 2023, 12:26 pm IST
Bajaj Consumer Care Share Zooms Over 10% Today, Rallies 60% In 6-Months
Mid cap FMCG sector stock, Bajaj Consumer Care Ltd shares witnessed a sharp rally of 10.51% intraday on BSE. Current market price of Bajaj Consumer Care stock on BSE is Rs 249.20 per share. Bajaj Consumer Care shares offered return of 60% in last 6-months and again 60% in last 1-year. Earlier this year in its June quarter earnings commentary, the company stated that the hair oil market saw growth in both volume and value terms for the first time after nearly 8 quarters.
Gensol Engineering shares rose over 8% on Wednesday after the company said that it has received an order worth Rs301,54,79,730 from Maharashtra State Power Generation Co. Ltd. (MAHAGENCO).
The stock was spotted trading 8.45% higher at Rs 905.75 per share at 10:57 am IST.
Oct 25, 2023, 10:53 am IST
Infosys Shares To Trade Ex-Dividend Today; Plummets Almost 2%
Infosys shares slumped 1.63% at Rs 1385.95 per share at 10:48 a.m. IST today. Infosys shares are trading ex-dividend today. The IT giant had announced an interim dividend of Rs 18 per equity share for the financial year 2023-24. The record date for the said dividend is also today i..e October 25.
The share price of Gautam Adani-led companies remained in focus today after a Bloomberg report highlighted that with an 85% decline in the stock, Adani Total's valuation matched Hindenburg's forecast. According to a Bloomberg report, the conglomerate's city-gas distributor's shares slumped 2.6% to Rs 575.7 on Monday, extending their losses from their closing price of Rs 3,891.75 on January 24 to 85%.
Today, the share price of Adani Total Gas was down 0.78% at Rs 568.85 per share at 10:14 am IST. Shares of Adani Enterprises and Adani Ports were up 0.90% and 0.95% at Rs 2329.95 and Rs 778.30 at 10:15 am IST.
Oct 25, 2023, 10:06 am IST
Nifty PSU Bank Index Gains 1.74% At 4,846.55 Points; IOB, Central Bank, Maha Bank Top Gainers
On Wednesday, the Nifty PSU Bank Index traded positively as it was up 1.74% at 4,846.55 points. The Top gainers on the index were IOB, up 5.52%, Central Bank, up 4.58%, and Bank Of Maharashtra, up 4.34%. The other two Banks which posted gains were UCO Bank and Bank Of India.
Oct 25, 2023, 9:01 am IST
Blue Jet Healthcare IPO: Company Raises Rs 252 Crore Through Anchor Book Prior To IPO Launch
Ahead of the IPO Launch, Blue Jet Healthcare has raised Rs 252.08 crore from 22 anchor investors on October 23.
In an exchange filing, the company said it has finalized the allocation of 72,85,548 equity shares at Rs 346 per piece.
The specialty pharmaceutical and healthcare ingredients developer
The Rs 840.27 crore IPO of Maharashtra-based pharma company Blue Jet Healthcare will open for subscription today. The price band of the public issue has been set at Rs 329-346 per share.
Oct 25, 2023, 8:58 am IST
Bank Nifty Forecast Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher: BankNifty during the intraday session plunged once a breach below the important support zone of 43600 was breached and witnessed intensified profit booking to almost touch the 43000 zone. The index has broken the 200DMA level of 43200 zone weakening the trend and is precariously placed with bias maintained with a very cautious approach. BankNifty would have the daily range of 42800-43400 levels.
Oct 25, 2023, 8:58 am IST
Nifty Forecast Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher: Nifty tanked heavily with profit booking witnessed once it breached below the crucial and important support zone of 19500 levels with bears taking control of the situation and overall bias has turned very cautious. The 19200 zone shall be crucial support zone failing which there can be further intensified selling pressure with next major support maintained near 18800 levels. The support for the day is seen at 19100 levels while the resistance is seen at 19450 levels.
Oct 25, 2023, 8:51 am IST
Trade Guide For Wednesday
Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Nifty made a modest 47-point gain, closing at 19,310, but market sentiment remained largely pessimistic on Dalal Street due to ongoing concerns about lackluster corporate earnings in India, compounded by the looming threats of inflation, economic downturn, and rising interest rates. The recommended trading approach for Nifty and Bank Nifty involved cautious buying on specific dips with predefined stop levels and varied target points. The short-term direction of Nifty hinged on updates from the Middle East and US inflation data. Some relief was found in sluggish oil prices and steady US yields, although market volatility was expected to persist, driven by the expiration of F&O October derivative contracts and substantial foreign institutional investor (FII) selling in excess of Rs. 15,000 crores this October. From a technical perspective, Nifty remained below the rising trendline since March 2023, with downside risks seen around 19,221. Similarly, Bank Nifty fell below the ascending trendline since June 2022, with aggressive downside risks noted near 41,500. The options data indicated a potential trading range for Nifty and significant Call and Put writing at various strike prices, with the 19,600 mark emerging as a key resistance zone, while the Volatility Index hovered around 10.90. Additionally, the day marked the release of Q2 results from notable companies, including Axis Bank, Tech Mahindra, Indus Towers, Jubilant Food Works, Rallis India, and Sonata Software.”
Oct 25, 2023, 8:40 am IST
Adani Shares Fall For Past Seven Days
Of the total 7 listed companies of Adani Group, 5 of them have been in red for the past two seven consecutive days, while two of them have even touched a new 52-week low on October 23rd including Adani Total Gas.
Notably, US-based Hindenburg had also boldly stated that seven listed companies of the Adani Group were 85% overvalued. The short seller's warning seems to be coming true as Adani Total Gas becomes the first of Adani shares to nosedive by 85% since the nerve-wracking controversial report that rocked the financial market between early January to mid-March.
Oct 25, 2023, 8:30 am IST
Tech Mahindra To Announce Q2 Earnings
Tech Mahindra is next in line to announce its September 2023 quarterly earnings on October 25. Also, the company will declare interim dividends for shareholders in the current fiscal.
On Tech Mahindra's Q2 preview, Axis Securities note said, "We expect the company to report revenue de-growth of 0.1% on a QoQ basis while its margins are likely to remain stable during the quarter. Watch out for a) Deal TCVs and pipeline from communication vertical, b) Pricing scenario, c) Attrition, d) Outlook on growth/margins/DSO day, and e) Commentary on 5G rollout."
Oct 25, 2023, 8:25 am IST
Stocks To Watch Today
Stocks that may witness huge movement on Wednesday are Reliance Industries, TCS, Vedanta, JSW Steel, Adani Ports, Interglobal Aviation, SpiceJet, Torrent Pharma, ONGC, NDTV, Mahindra Logistics, Tech Mahindra and Axis Bank.
Oct 25, 2023, 8:23 am IST
Infosys dividend
Infosys will be focus on stock exchanges on Wednesday as the tech player's share price will trade ex-dividend.
Infosys has declared an interim dividend of Rs 18 per share for the current financial year 2023-24. In percentage terms, the dividend payout is 360%. This would be the first interim dividend of the fiscal. The IT player fixed October 25 as the record date to determine eligible shareholders for the dividend payout. Also, this will be the ex-dividend date for Infosys shares.
Oct 25, 2023, 8:21 am IST
Q2 Results Today
Companies like Axis Bank, Tech Mahindra, Chennai Petroleum Corporation, CMS Info, Dreamfolks, Indus Tower, Jubilant Foodworks, Network18, Sonata Software, Welspun India, TV18 Broadcast, and Swaraj Engineering among others will declare their Q2 results on October 25th.
Oct 25, 2023, 8:16 am IST
Markets Performance Of October 23
On Monday, Sensex erased its psychological 65,000 mark to end at 64,571.88, nosediving by 825.74 points or 1.26%, while Nifty 50 slipped below the 19,300 mark, to settle at 19,281.75, shedding 260.90 points or 1.34% in the day. Indian markets were closed on Tuesday due to the celebration of the Dussehra festival.
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