Oct 16, 2024, 4:08 pm IST
Market Ends Lower
On October 16, Indian equity markets closed on a negative note, with the Nifty slipping below the 25,000 mark. The Sensex ended 318.76 points lower, or 0.39%, at 81,501.36, while the Nifty dropped 86 points, or 0.34%, to close at 24,971.30.
Oct 16, 2024, 2:32 pm IST
India's Trade Deficit Rises to .78 Billion in September
India's trade deficit for September increased to .78 billion, compared to .08 billion in the same period last year. Exports for the month saw a slight rise, reaching .58 billion versus .41 billion in September of the previous year. Meanwhile, imports grew to .36 billion, up from .49 billion year-on-year.
Oct 16, 2024, 2:32 pm IST
Nestle India Shares Drop 2% Ahead of Q2 Earnings Announcement
Nestle India shares fell by about 2% on the Nifty 50, making them one of the worst performers, as investors awaited the company's quarterly earnings report set for release on October 17.
Oct 16, 2024, 11:56 am IST
UGRO Capital Partners With United States International Development Finance Corporation (DFC)
UGRO Capital, a leading DataTech NBFC focused on MSME lending, today announced a significant milestone in its mission to bridge the credit gap in India's MSME sector. The Company signed a commitment letter with the United States International Development Finance Corporation (DFC) for USD 40 million (approx. INR 3300 million) loan. The United States Agency for International Development (USAID) is supporting this transaction by committing its staff resources and linking its technical programs to support inclusive and sustainable economic growth. This investment marks a critical step in UGRO Capital’s journey to empower small businesses at the grassroots level and deepen financial inclusion across the country. This financing facility from DFC will mark the third impact deal for UGRO within a year. The Company has already raised ~INR 2,500 million each through Non-Convertible Debentures (NCDs) from the prestigious Asian Development Bank (ADB) in January 2024 and FMO, the Dutch entrepreneurial development bank in December 2023. DFC’s support will enable UGRO Capital to bolster its lending efforts to small and medium sized businesses across India, with a focus on empowering women-owned enterprises. Approximately 70% of the funding will be directed to 2X qualifying businesses (women-owned or led), and at least USD 5 million of the proceeds will support new-to-credit borrowers, with the backing of the CGTMSE Guarantee.
Oct 16, 2024, 11:38 am IST
Gold Prices In India On 16th October; Sharp Rally Observed Following Recent Weakness
The 24-carat gold price in India stands at Rs. 77,890/- per 10 grams, while 22-carat gold price in India is at Rs. 71,400/- per 10 grams. Both variants have seen a significant rise of Rs.490/- and Rs.450/- per 10 grams respectively as compared to yesterday.
Oct 16, 2024, 11:14 am IST
Hyundai Motor India IPO: Public Issue Subscribed 18% On Day 1
Hyundai Motor India's much-anticipated Rs 27,870 crore Initial Public Offering (IPO), the largest in India's history, witnessed a measured response on its first day of subscription, with 18% of the total offer being subscribed. This IPO has garnered attention as it marks the first major share sale by an automaker in over two decades, following Maruti Suzuki's 2003 listing.
Oct 16, 2024, 10:57 am IST
Mach Conferences and Events Ltd Secured a Huge Order For Organising An International MICE Program In Switzerland
Mach Conferences And Events Limited, has been awarded a significant order for providing its services in organizing an International MICE program for 820 pax for consideration amounting to INR 21,80,00,000/- excluding GST. This program will be organized in Switzerland between 13th - 18th December 2024. Securing this huge order underlines MACH’s commitment towards enabling unique and customized services backed by a team of MICE and Events professionals working on the key essence of attention to detail, continuous budget control and endless creativity to help the client to enhance user experience and comfort.
Oct 16, 2024, 10:07 am IST
OneSource Receives Equity Commitments Of INR 8,010 mn (USD 95 mn) From Marquee Investors At A Pre-Money Equity Valuation Of USD 1.65 bn
Strides Pharma Science Limited (Strides) today announced that its associate company, OneSource Specialty Pharma Limited (formerly known as Stelis Biopharma Limited), Group’s Specialty Pharma CDMO, has received confirmed commitments for fundraising of INR 8,010 mn (USD 95 mn) from marquee domestic and foreign institutional investors and family offices, in the pre-listing round. The share subscription agreements are being executed at a pre-money equity value of USD 1.65 bn, delivering to Strides’ shareholders an embedded value of INR 663 per share of Strides’ holding in OneSource representing an 82% premium over the previous embedded value of INR 364 per share as per the Scheme of Arrangement announced earlier in September 23. The strong interest from leading investors reflects growing confidence in our capabilities and the immense potential of the CDMO sector emerging out of India. This fundraise is in line with the Scheme of Arrangement announced in September 23 and the investment is subject to customary closing conditions, including receipt of necessary regulatory approvals.
Oct 16, 2024, 9:44 am IST
Crude Oil Prices Extend Decline
Rahul Kalantri, VP Commodities, Mehta Equities: Crude oil prices extended their decline, reaching two-week lows after Israel announced it would not target Iran’s oil facilities. The market is also grappling with a downbeat demand outlook from OPEC+ and disappointing economic data from China. OPEC+ has revised its crude oil demand projections for 2024 and 2025 downward by 40,000 barrels per day, attributing this to reduced Chinese imports. Recent Chinese economic data released on Monday and over the weekend showed further disappointment, with stimulus measures failing to improve economic sentiment. Notably, Chinese crude oil imports have declined for the fifth consecutive month, raising concerns about demand. The dollar index has surged to ten-week highs, putting further pressure on oil prices. We anticipate that crude oil prices will remain volatile during today’s session. Support levels are identified at .65–69.00, while resistance is expected between .00 and .65. In INR terms, crude oil has support at ₹5,850–5,780, with resistance at ₹6,100–6,180.
Oct 16, 2024, 9:35 am IST
Nifty 50 Opening Bell
The 50-scrip benchmark opened at 25,008.55 before erasing its 25,000 mark to hit an intraday low of 24,994.65. The index is struggling to float above 25,010.
Oct 16, 2024, 9:34 am IST
Sensex Opening Price
The benchmark opened lower at 81,646.60, compared to previous session's print of 81,820.12. The index is trading between the day's high and low of 81,777.94 to 81,579.37.
Oct 16, 2024, 9:01 am IST
Nifty outlook
Anand James, Chief Market Strategist, Geojit Financial Services: Though turbulence played out on expected lines yesterday, the steepness of the declines did raise alarms briefly. The close back above 25040 points to loss in bearish momentum, allowing us to retain the 25390 view for the week. We will now position for swings within the 24900- 25234 region initially.
Oct 16, 2024, 9:00 am IST
Buzzing Stocks For Portfolio
Prashanth Tapse, Senior VP (Research), Mehta Equities: Nifty showed weakness in yesterday’s session as Reliance dropped 2% on softer Q2 results, while market sentiment remained cautious with foreign investors selling Rs 63,900 crore in October. Concerns over China's economic slowdown and Wall Street’s dip due to potential AI chip sale restrictions also weighed on the index. However, oil prices fell to a barrel after Israel confirmed it won’t target Iran’s nuclear sites, offering some relief. HDFC Life declined 2.58% despite strong Q2 results, while Transformers & Rectifiers surged 5%. Technically, Nifty faces resistance at 25,301, limiting upside potential. DLF, Oberoi Realty, and Berger Paints are bullish picks for the week, with DLF (CMP: 879) showing a strong buy opportunity targeting 893/915, with aggressive targets at 951.
Oct 16, 2024, 8:59 am IST
What Will Drive Market On October 16?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: The main force behind the ongoing global rally in stocks has been the steadily climbing US market. The fact that S&P 500 made 46 new highs this year indicates the strength of this bull market led by the US. The rally has the fundamental support of a strong US economy and decent corporate earnings growth. Even though the Middle East geopolitics has been a dampener, it didn’t spike crude prices and therefore, there is no threat to inflation which remains under control allowing the Fed to cut rates. The consensus now is the soft landing scenario for the US economy and, this is the strong support to this bull market. In India the main driver of the bull run has been the sustained domestic flows into the market which has been absorbing all the selling by FIIs. The domestic flows will continue to support the market but elevated valuations will put a cap on the upside. Nifty is likely to consolidate around 25000 levels. Q2 earnings will be weak except in IT, banking and pockets of autos.
Oct 16, 2024, 8:19 am IST
Hyundai IPO Day 1 Subscription Status
On October 15, Tuesday, the IPO received cumulative bids of 1,77,89,457 equity shares, against the offered size of 9,97,69,810 equity shares - registering a subscription of only 18%. The demand has been slow from qualified institutional buyers, while the portion for non-institutional and retail individual investors subscribed 13% and 26% of their reserved size.
Oct 16, 2024, 8:19 am IST
Stocks In Focus
On Indian market, stocks to be in focus are - Bajaj Auto, Cochin Shipyard, LTTS, Central Bank of India, Rallis India. Also, Infosys and Wipro shares will see movement ahead of their Q2 results.
Oct 16, 2024, 8:18 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on Wednesday. These are - 1} BUY HSCL cmp 649 Stop Loss 635 Target 680 ; 2} BUY ICICI BANK cmp 1255 Stop Loss 1230 Target 1305; 3} BUY FINOLEX CABLES cmp 1345.65 Stop Loss 1318 Target 1420
Oct 16, 2024, 8:18 am IST
Nifty, Bank Nifty Outlook Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to find support and resistance around 24,900 and 25,200 levels on Wednesday. While Bank Nifty is expected to have support at 51,600 and resistance at 52,400.
Oct 16, 2024, 8:16 am IST
Market In Previous Session
The Indian stock markets ended Tuesday, October 15, on a mixed note as the Sensex and Nifty slipped into the red, while midcap and smallcap stocks showed resilience and posted gains. Sensex fell by 153 points to close at 81,820, while the Nifty 50 dropped 71 points to end at 25,057. Despite the decline in the benchmark indices, the midcap index gained 155 points to 59,620.
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