The Indian stock market has been turbulent since the news of Iran's attack on Israel emerged. The Sensex closed at 81,793.16, down 703.95 points, or 0.85%, while the Nifty concluded 200.25 points lower, or 0.79%, at 25,049.85 on Friday.
Earlier, Indian stock market continues its bearish trend, with Sensex struggling to hold 82,100 levels, while Nifty50 slipped below the 25,150 mark. The broad-based selloff was seen across sectoral indices. Nifty Midcap 100 and Nifty Smallcap 100 dipped by 1.4% each.
Except for slight buying in IT stocks ahead of its Q2 results, all other sectors are bleeding. Nifty Realty dipped by 2.80%, while Nifty Oil & Gas is down by 1%. Also, Nifty Media and Nifty Metal index dropped by 1.3% each. Auto stocks continued to take a beating as well.
However, India's volatility index surged more than 4%.
On October 4th, Diffusion Engineers will list on BSE and NSE. While Friday's F&O ban list of stocks include Bandhan Bank, Birlasoft, Granules India, Hindustan Copper, Manappuram Finance, and RBL Bank.
Stocks in focus would be DMart, Reliance Power, Bajaj Finance, Sundaram-Clayton, and Bank of Baroda and others.
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Oct 04, 2024, 3:39 pm IST
Nifty falls below 25,000, Sensex drops by 860 points; auto, oil & gas sectors take the hardest hit
As per Justin Khoo, Senior Market Analyst APAC, VT Markets, following the news of Israel being attacked by Iran on Tuesday night, the NIFTY 50 Index Futures have been on a continuous decline. Since then, NIFTY has dropped a total of 575 points. Meanwhile, oil prices have surged for the third consecutive day, with Brent crude approaching per barrel on Thursday. Polymarket, a decentralized prediction platform, currently forecasts a 38% chance of an Israeli response to Iran's attack by Friday. This could lead to a potential shift of capital into safe-haven assets like gold.
Before considering trading gold, two key factors must be monitored: strong labor data on Friday and a decisive gold close above 2685.49. Only if these conditions are met should we proceed to identify suitable buy areas.
Outside of geopolitical concerns, money managers are reducing long positions across Asia to fund investments in China, following the announcement of numerous measures by Chinese authorities to stimulate growth. Although this shift is in its early stages, there has not yet been a significant withdrawal of foreign capital from India. However, the current momentum suggests there may be an argument for a potential rotation from India to China.
Oct 04, 2024, 3:14 pm IST
Sector Update: Electronic Manufacturing Services | 2QFY25 Preview: Government thrust continues with increasing focus on execution
Deepak Agarwal of JM Financial Institutional Securities said, in 2QFY25, we expect both the electronic manufacturing sector (EMS) and contract manufacturing (CM) to see moderate to high growth mainly because of (1) strong order execution, (2) customer addition and (3) localisation as observed in import of critical components like ICs and PCBs which were up c.27%/10% YoY in May-Jul’24 respectively. We expect our manufacturing coverage universe (EMS + CM) to see YoY revenue growth of +73%, and EBITDA and PAT growth of +56%/+65% - led by strong growth on the back of robust execution however mix capped the profitability. Companies started focusing on higher-margin orders.
Oct 04, 2024, 2:55 pm IST
Sector Update: Textile | Global retailers’ commentary suggests improved inventory position and demand
Ashutosh Somani of JM Financial Institutional Securities said, Commentaries by global retailers on inventory position and demand suggest: 1) The global inventory de-stocking cycle has now ended with retailers having optimised stock positions; 2) In their latest earnings calls, global retailers have hinted at reduced inventory levels due to improved demand - Walmart and GAP have indicated a 5% decline in stock for the quarter; 3) In tandem with global retailers’ commentary, Indian Home textile and apparel exporters expect improved demand in 2Q as retailers gear up for the holiday season: Walmart has guided for 4-5% growth in net sales while Target’s stated guidance is ~2% for the year 4) Apparel exports rose by ~12% YoY in August despite the continuing Red Sea crisis and high logistics cost 5) India’s market share in US and EU has risen steadily from 5% in 2019 to 7% in 2024 while the market share in UK is stable at 4%; and 6) China has been losing market share across the world with rising labour costs amidst the China+1’ theme playing out. The huge addressable market size / top-notch execution / UK FTA bode well for key players in India’s home textile / apparel sector. Gokaldas Exports, Welspun Living, and PDS remain our top recommendations.
Oct 04, 2024, 2:19 pm IST
Crude oil outlook amid risk of Israel’s retaliation to Iran’s attack
Mohammed Imran – Research Analyst, Sharekhan by BNP Paribas said, The risk of Israel’s retaliation to Iran’s attack earlier this week, will continue to add risk premiums to crude oil prices in short term, the comment from US President of discussing possibilities of hitting Iran’s oil facilities with Israel sent oil prices higher by 5% on Thursday. Oil is on track for its biggest weekly gain since March 2023 Both benchmarks were on track for weekly gains of about 8%.
Libya returning to normalcy would the pressure on supply concerns as all oilfields and export terminals after a dispute over leadership of the central bank was resolved. The stimulus from China and expectation of rate cuts have added to the recent rally in commodities.
The resilience of economic data from US has helped Dollar index to trade at six weeks high of around 102 level, which has capped oil prices, while any beat on today's Non Farm Payroll data will further strengthen the USD and may cap crude prices upside.
Outlook: Crude oil with remain volatile in short term, and any retaliation could escalate to broader tension in the region, which may see WTI rallying towards -, while any correction in short term should be considered as buying opportunities. While the support remain around - for the day.
Oct 04, 2024, 1:57 pm IST
India To See Steepest Rise In Living Standard Of Common Man: FM
Finance Minister Nirmala Sitharaman on Friday said India would accomplish near doubling of per capita income in the next five years and witness the steepest rise in living standard of the common man in coming decades aided by structural reforms undertaken by the government in the last 10 years. Addressing the 3rd edition of Kautiliya Economic Conclave here, the minister said, India's critical economic performance in the recent decade was underscored by its leapfrog from the 10th to the fifth largest economy in a matter of five years, according to a PTI report. "While it took us 75 years to reach a per capita income of USD 2,730, as per IMF projections, it will take only five years to add another USD 2,000. The upcoming decades will see the steepest rise in living standards for the common man, truly making it a period-defining era for an Indian to live in," she said.
Oct 04, 2024, 1:01 pm IST
BCL Industries Plans Rs 350 Cr Investment In Haryana To Set Up Biogas Plant
BCL Industries plans to invest Rs 350 crore to set up a biogas plant and a distillery in Haryna, a company official said on Friday. The company is making efforts to scale up its green initiatives and will set up a biogas plant of around 20 MTPD (Metric Tonne Per Day) capacity in Fatehabad, the company spokesperson said. "This biogas plant will utilise 250 MT of paddy straw per day. The total capex for establishing the distillery and biogas plant at Fatehabad is estimated at around Rs 350 crore," he added. The expected timeline for the project is about 20 months from the date of ground breaking, according to a PTI report.
Oct 04, 2024, 12:28 pm IST
Diffusion Engineers Shares Zoom 15%, Hit Upper Circuit
Diffusion Engineers Ltd shares on Friday listed with a premium of more than 15% against the issue price of Rs 168 and soon hit the highest trading permissible limit for the day. The stock made its debut at Rs 188, a jump of 11.90% from the issue price on the BSE. Later, it surged 17.47% to Rs 197.35 -- the upper circuit limit. At the NSE, it soared 15.17% to Rs 193.50 in debut trade. The stock further jumped 20.93% to Rs 203.17 -- the highest trading permissible limit for the day. The company's market valuation stood at Rs 738.61 crore. The initial public offer of Diffusion Engineers Ltd got subscribed 114.50 times on the last day of bidding on Monday. The offer had a price range of Rs 159-168 per share. Diffusion Engineers is engaged in the business of manufacturing welding consumables, wear plates & wear parts, and heavy engineering machinery for core industries.
Oct 04, 2024, 11:58 am IST
NDR Auto Components Shares Slip Over 6% On New Bonus Update
NDR Auto Components Ltd shares today witnessed steep decline of 6.02% and fell over 9% in last 1-week. Current market price of NDR Auto Components shares on BSE is Rs 837.75 per share. NDR Auto Components shares offered attractive return of 647% in last 2-years and 181% in last 1-year. Earlier, the company had recommended 1:1 bonus share and fixed September 25 as the record date. The company’s market capitalisation stood at Rs 1972.28 crore.
Board of Directors of NDR held a meeting today and approved the proposal to acquire approximately 25 acres of land at MITL, AURIC, Bidkin, Chhatrapati Sambhaji Nagar, Maharashtra, at an estimated cost of Rs.37.63 crores for future expansion plan of the Company.
Oct 04, 2024, 11:45 am IST
Gold Price Jumps In India, Oct 4: Check Latest Yellow Metal Prices After 3rd Day Rise
Gold prices in India continue to witness rally for 3rd consecutive day as a result of ongoing Middle East tension. Meanwhile, traders are looking forward to US payrolls data for more cues on the trajectory of Federal Reserve’s policy path. Silver prices in India remained steady since September 29, 2024. 22k gold prices today surged by Rs 100 to Rs 71,100/10 grams and 100 grams of 22 carat yellow metal prices today zoomed by Rs 1000 to Rs 7,11,000. 24k gold prices today soared by Rs 110 to Rs 77,560/10 grams and 100 grams of 24 carat precious metal prices glittered by Rs 1100 to Rs 7,75,600 on Friday.
According to Renisha Chainani, Head Research - Augmont - Gold For All, “the price of gold is still trapped in a small trading range due to conflicting underlying signals. Geopolitical worries support the metal, although the strength of the USD limits recent advances. Additionally, traders hesitated to place directional bets, waiting to see what happens with the US NFP report, which is expected to be announced today.”
Oct 04, 2024, 11:26 am IST
Biggest Ola Season Sale: Electric Vehicles Starting at Rs 49,999!
Ola's announcement of this unprecedented sale event has sparked immense anticipation and excitement among consumers. The attractive starting price of Rs 49,999 makes this an opportune moment for those considering the switch to electric vehicles, aligning with Ola's mission to lead the charge in India's transition to green mobility. This sale not only highlights Ola's dedication to promoting environmental sustainability but also reflects the company's innovative approach to overcoming the cost barrier often associated with electric vehicles.
Oct 04, 2024, 11:19 am IST
Shilpa Pharma Lifesciences Achieves Milestone with CEP Certification for Desmopressin
Shilpa Pharma Lifesciences, a subsidiary of Shilpa Medicare, has been awarded a Certificate of Suitability (CEP) by the European Directorate for the Quality of Medicines & Healthcare (EDQM) for its Active Pharmaceutical Ingredient (API) Desmopressin. This API is commonly used in treatments aimed at controlling excessive thirst and reducing the need for frequent urination. Furthermore, it plays a crucial role in managing conditions such as central diabetes insipidus and bedwetting. This certification marks a significant milestone for Shilpa Pharma Lifesciences, enabling it to reinforce its position in the pharmaceutical industry by adhering to high-quality standards in the production of Desmopressin.
Oct 04, 2024, 10:51 am IST
Rupee Turns Flat at 83.96 Against US Dollar
Rupee paused its slide and traded flat at 83.96 against the US dollar in early deals on Friday amid retreating crude oil prices and a weak American currency against major Asian rivals. Subdued sentiment in the domestic equity markets amid massive outflow of foreign funds in the past three days played a spoilsport and prevented a recovery in the rupee, forex traders said. At the interbank foreign exchange, the local unit opened at 83.96 against the greenback and failed to recover from the deep plunge witnessed in the previous session.
Oct 04, 2024, 10:45 am IST
Divyadhan Recycling Attracts 41 Times Subscription Interest!
Shares of Divyadhan Recycling Industries made a strong entrance in the stock market on October 4, with an opening price of Rs 84 on the NSE SME platform. This marked a significant 31.25 percent increase over the IPO price of Rs 64 per share, surpassing expectations set by the grey market. The grey market, an unofficial trading platform, had not anticipated such a premium on the shares, which often begin trading there before the official subscription offer is made public and continue until the listing day.
Oct 04, 2024, 10:34 am IST
Bajaj Finance Reports High Customer Growth: 92.09 Million and Counting!
In the quarter ending September 2024, Bajaj Finance reported a significant expansion in its customer base, which rose to 92.09 million, marking a substantial increase from 76.56 million in the same quarter of the previous year. This growth reflects the company's strong market presence and appealing product offerings that continue to attract a wide customer base. Additionally, the total number of new loans booked during this period saw a 14% rise, reaching 9.69 million, an indicator of the firm's growing business operations and its ability to cater to the diverse financial needs of its clients.
Oct 04, 2024, 10:25 am IST
Nexxus Petro Industries Soars 20% on Stock Market Debut!
Nexxus Petro Industries made a successful entry into the stock market on October 4, as its shares opened at Rs 126 on the BSE SME platform, marking a 20% increase from its IPO price of Rs 105 per share. This performance surpassed expectations set by the grey market, where the shares had not been trading at a premium. The grey market operates parallel to the official markets, allowing trading of shares before the official listing.
Oct 04, 2024, 10:17 am IST
Diffusion Engineers Shares Surge 15% in Thr Market Debut!
In a striking show of investor confidence, shares of Diffusion Engineers experienced a notable rise, surging by 15% on their market debut. This significant increase underlines a strong market reception and showcases the optimistic outlook investors have regarding the company's future prospects. The substantial jump in share prices right from the get-go highlights the enthusiasm and support from the investing community, signaling a positive momentum for Diffusion Engineers as it begins its journey in the financial markets.
Oct 04, 2024, 9:45 am IST
Broad-Based Selling
Except for slight buying in IT stocks ahead of its Q2 results, all other sectors are bleeding. Nifty Realty dipped by 2.80%, while Nifty Oil & Gas is down by 1%. Also, Nifty Media and Nifty Metal index dropped by 1.3% each. Auto stocks continued to take a beating as well.
Oct 04, 2024, 9:44 am IST
Bitcoin's Recovery Derailed
Ryan Lee, Chief Analyst at Bitget Research: Bitcoin has grown to become a global asset, one whose market valuation is impacted by global events. The ongoing crisis in the Middle East has derailed Bitcoin's recovery in September. For October, historically considered a positive month for the market, Bitcoin has fallen by 4.8% to ,683, with current volatility showing that a further plunge might be ahead.
Oct 04, 2024, 9:40 am IST
Sensex, Nifty Continues Downfall
Broad-based selling continued in Indian stock market on October 4, 2024, with Sensex struggling to hold 82,100 levels and Nifty 50 slipping below 25,150 mark. Market are jittery due to escalating war in Middle East as concerns are that it could impact disrupt supply chain globally. Check out latest performance of Sensex, Nifty:
Oct 04, 2024, 9:02 am IST
What Will Drive Market Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: The sharp correction of 2.1% in the Nifty yesterday was more due to the massive FII selling rather than fears of Middle East tensions escalating. The last three days have witnessed huge FII selling of Rs 30614 crores in the cash market. FIIs are moving money from expensive India to cheap Hong Kong on expectations that the monetary and fiscal stimulus being implemented by the Chinese authorities will stimulate the Chinese economy and improve earnings of Chinese companies. It remains to be seen how this Chinese recovery hopes play out.The market direction in the near-term will be influenced by the tug-of-war going on between the FIIs and DIIs. The present reality is that DIIs have deeper pockets than FIIs and they have greater conviction to buy the India Growth Story. Market will start responding to the Q2 results which will start flowing from next week onwards. Leading banks are poised for a recovery."
Oct 04, 2024, 8:25 am IST
Nifty, Bank Nifty Support And Resistance
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty 50 to find support and resistance at 25,000 and 25,500 respectively. While Bank Nifty spot index is likely to see support at 51,300 and resistance at 52,400.
Oct 04, 2024, 8:24 am IST
Stocks To Buy On October 4
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommends buying in three stocks on Friday. These are - BUY HBL POWER cmp 640.60 Stop Loss 626 Target 670; BUY COLPAL cmp 3838 Stop Loss 3755 Target 3990; BUY ALEMBIC PHARMA cmp 1241 Stop Loss 1225 Target 1300
Oct 04, 2024, 8:22 am IST
F&O Ban List
On October 4, stocks like Bandhan Bank, Birlasoft, Granules India, Hindustan Copper, Manappuram Finance, and RBL Bank are under futures & options ban list.
Oct 04, 2024, 8:20 am IST
Market Previously
In the previous trading session, Sensex ended at 82,497.10m down by 2.10%. While Nifty 50 closed at 25,250.10 lower by 2.12%. Vinod Nair, Head of Research, Geojit Financial Services said,
"The domestic market took a sharp downturn following Iran’s launch of ballistic missiles at Israel, sparking fears of retaliation and escalation in war. This could potentially drive-up oil prices and lead to inflationary pressures. Additionally, new SEBI regulations for the F&O segment have raised concerns about reduced trading volumes in the broader market. Lastly, with attractive valuations in China, FIIs have redirected their funds, adding pressure on Indian stocks."
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