Stock Market Closing Update: Sensex, Nifty End Lower; IT Stocks Drag

Indian benchmark indices snapped their two-day winning streak on Thursday as Sensex fell 0.10% at 66,408.39 points, while the Nifty 50 slipped 0.09% at 19,794 points.

The Rupee ended 6 paise lower at 83.24 against the US Dollar compared to previous close of 83.18.

Lower-than-expected quarterly results by TCS in Q2-FY24 took investor funds away from IT stocks. As the share price of Infosys fell 1.95% at Rs 1464.55 per share, while TCS and HCL Tech were down 1.88% and 1.74% respectively.

Indian benchmark indices, Sensex and Nifty shed morning gains in the afternoon trade on Thursday. Sensex was down 0.05% at 66,441.91 points, while Nifty was also down 0.05% at 19,801.05 points at 2:18 pm IST

Tech stocks including HCL Tech, Infosys, and TCS traded in the red at the time of writing this article.

Benchmark indices kicked off on a positive note on Thursday with Nifty 50 witnessing marginal surge of 16.35 points to 19,827 and BSE Sensex gaining 48 points to 66,521 at 12:01 pm. Bank Nifty gained 113 points to 44,630 while Nifty Midcap soared 107 points to 40,662 by noon today. Shares of Power Grid Corp, NTPC, Maruti Suzuki, JSW Steel, and Tata Steel gained more than 1% from the pack of Sensex.

In the early trade, Gift Nifty traded higher, while Asian shares also gained traction after Wall Street settled in green overnight.

In the minutes of US Federal Reserve, officials were split of opinions whether additional interest rate hikes would be needed and more policy tightening. However, Fed Apart from this, investors are gauging the developments in the Israel-Hamas conflict.

At home, investors will also react to TCS Q2 results which was broadly in line with Street's expectations. Also, focus will be in major IT stocks like HCL Tech and Infosys as they are scheduled to announce their Q2 earnings later in the day.

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Oct 12, 2023, 3:52 pm IST

Stock Market Closing Update Oct 12: Sensex, Nifty End Lower; IT Stocks Drag

Indian benchmark indices ended lower on Thursday. At market close, the Sensex was down 0.10% at 66,408.39 points, and the Nifty slipped 0.09% at 19,794 points. Top gainers on the Nifty were BPCL, Coal India, Maruti Suzuki, Grasim Industries, and Power Grid Corporation, while losers were Tech Mahindra, Apollo Hospitals, TCS, HCL Technologies, and Infosys.

Oct 12, 2023, 3:13 pm IST

Mining Stocks: Shares Of NMDC, Coal India, NALCO, Hindustan Copper Gain After Cabinet Approved Royalty Rates For Lithium, 2 Other Strategic Minerals

The share price of mining stocks including NMDC, Coal India, NALCO, and Hindustan Copper traded in the Green on Thursday, a day after the Cabinet approved royalty rates for the mining of critical and strategic minerals like lithium, niobium, and some rare earth elements (REEs). The approved royalty rates for lithium, Niobium, and REE are 3%, 3%, and 1%, respectively.

Oct 12, 2023, 2:20 pm IST

Sensex & Nifty Remain Range-bound In A Muted Trading Session

BSE Sensex and Nifty trade with minor cuts in a range-bound session with IT stocks remaining a major drag. IT Index stages a decline of nearly 1.5%, and Tech Mahindra and HCLTech fall more than 2% each. Metal stocks rise, NMDC becomes top Midcap gainer.

Oct 12, 2023, 2:09 pm IST

Laxmi Organic Industries Successfully Raises Rs 259 Crore Through QIP, Stock Down Almost 5%

Laxmi Organic Industries Limited, a diversified chemicals manufacturer said on Wednesday that it has raised Rs 259 crores through a qualified institutions placement (QIP) of its equity shares. According to the company, the Fund-Raising Committee at its meeting held on October 10, 2023, approved the allotment of 9,625,579 equity shares of face value of Rs. 2 at an issue price of Rs. 269.20 per share. The share price of Laxmi Organic Industries was down 4.89% at Rs 287.60 per share at 2:04 IST today.

Oct 12, 2023, 1:53 pm IST

Laxmi Organic Industries Plunges 5% On Fund Raise of Rs 259 crore

Through a qualified institutions placement (QIP) of its equity shares, the company has raised Rs 259 crore. The issuing of 96.25 lakh equity shares at an issue price of Rs 269.20 per share has been approved by the company's fund-raising committee. Following the announcement, the shares fell 5% intraday to Rs 288 per share.

Oct 12, 2023, 12:10 pm IST

Adani Group Shares Rally For 2nd Consecutive Day, Investors Wealth Soars

Adani group shares witnessed a rally on up to 3% today. The stocks that rallied today are Adani Wilmar (surges 0.37%), New Delhi Television Ltd (gains 3.52%), Adani Energy Solutions (rallies 0.09%), Adani Enterprises Ltd (0.65% up), Adani Power (soars 0.05%), Adani Total Gas (gains 0.07%), Adani Ports And Special Economic Zone Ltd (jumps 0.13%). However, ACC Ltd shares declined 0.35% intraday today.

Oct 12, 2023, 12:09 pm IST

Sterlite Technology Inks Alliance with Hygenco For Supply Of Green Hydrogen

Sterlite Technology has inked an alliance with Hygenco, a homegrown green hydrogen solutions provider, for supplying Green Hydrogen to its manufacturing plants. It is worth mentioning that in this long-term offtake agreement, Hygenco will build-own-operate the Green Hydrogen facility for STL for 20 years. This facility will be based on renewable energy and expected to be commissioned in the next 15-18 months.

Oct 12, 2023, 10:47 am IST

Media & Metal Stocks Surge

Nifty Media, Nifty Metal and Nifty Oil & Gas climb in the range of 1-2%, are top gaining sectoral indices. All 10 components of Nifty Media trade with gains with Network18 rising 7%. In the metals pack, 13 out of the 15 names are in the green with NMDC and Nalco surging up to 6%. GAIL and Indraprastha Gas are the top gainers in the Oil & Gas segment.

Oct 12, 2023, 10:34 am IST

Market Slips In The Red, IT Stocks Drag

BSE Sensex Slides more than 100 points, while Nifty slips below 19,800 in the first hour of trade led by IT pack. Broader Index continues to outperform with 65 out of the 100 stocks advancing; NMDC rises nearly 6% to become top Midcap gainer.

Oct 12, 2023, 10:22 am IST

Top 5 Gainers and Losers Today

Source:NSE

Oct 12, 2023, 9:36 am IST

Adani Enterprises In Focus On Rs 700 Crore Fund Raise

The stock is trading with gains of a little over 1% after it said, "As with reference to above subject, we would like to inform that the Company has raised Rs 700 crores today i.e. 11th October, 2023 by allotment of 70,000 Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (“NCDs”) of the face value of Rs 1,00,000/- each on private placement basis."

Oct 12, 2023, 9:31 am IST

Market Opens Slightly Changed, Nifty At 19,830

Sensex and Nifty open with minor gains, Midcap Index outperforms. IT pack remains a major drag after an in0line set of second quarter earnings from TCS. Hindalco climbs nearly 1.5% to become top gainer on the Index.

Oct 12, 2023, 9:19 am IST

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services View On Market

"There are positive developments that can strengthen the rally in the market. Steadily declining trend in the dollar index and the US bond yields, declining crude and sharp dip in FII selling in the cash market are big positives for the market. If the US CPI inflation data expected tonight dips below 3.6 % that will be a shot in the arm for the bulls. The concerns triggered by the Israel-Hamas conflict had resulted in the creation of big short positions in the market, and now these shorts are being covered pushing the markets up. Results of TCS is a mixed bag with the top line disappointing and the bottom line and margins coming good. The market will wait for the results of Infosys and HCL Tech due today for taking a view on the IT segment. The rally in banking stocks have more steam left."

Oct 12, 2023, 9:11 am IST

Nifty Set To Open With Minor Gains

Market keeps up with the ongoing momentum. Nifty sets to open above 19,820. TCS remains the top loser on the index after company reported a decline in its second quarter Dollar revenue for the first time in three years.

Oct 12, 2023, 9:11 am IST

Asian Shares Today

Asian stocks traded higher with Japanese and Hong Kong shares outperforming, as traders assessed the impact of Israel-Hamas war on the market. Also, ongoing hopes of stimulus in China, along with positive trend in US stocks after Fed minutes further lifted the performance. Japan's Nikkei 225 climbed 386.77 points or 1.21%, while Hang Seng index jumped 335 points or 1.9%. China's mainboard SSE Composite Index was up 0.6%, while South Korea's KOSPI index zoomed 0.8%. Australia's ASX/200 index was also in the green.

Oct 12, 2023, 9:11 am IST

US Stocks Performance

Wall Street soared despite mixed opinions from Fed in regards to rate hike cycle ahead, however, their focus also shifted towards the CPI inflation data which is scheduled to come out on Thursday. Inflation data will give much clearer picture of upcoming rate hikes, although, Fed has already hinted for one additional interest rates hike by end of 2023. The Dow Jones Industrial Average gained 65.57 points, while the S&P 500 was up 0.43% and the tech-heavy Nasdaq Composite index outperformed its counterparts with an upside of at least 0.71%.

Oct 12, 2023, 9:10 am IST

FII And DII Data

The only spoilsport for the Indian market which has continued throughout the month would be foreign funds outflow and Wednesday witnessed similar trend. The Foreign institutional investors (FIIs) sold Rs 421.77 crore in Indian stocks, although, domestic institutional investors (DII) offset the impact of outflow from FIIs by becoming major net buyers with an inflow of Rs 1,032.02 crore.

Oct 12, 2023, 9:08 am IST

Crude Oil Prices Thursday Trade Outlook

On Wednesday, oil prices dropped by more than 2% as concerns about supply disruptions in the Middle East diminished. This came a day after Saudi Arabia, the leading OPEC producer, pledged to assist in stabilizing the market, Rahul Kalantri, VP Commodities, Mehta Equities. He added, the decline in crude oil prices was also influenced by the IMF's downward revision of the growth outlook for the Chinese economy in 2024. Additionally, an increase in U.S. oil inventories contributed to the downward pressure on crude oil prices. According to the U.S. API report, crude oil stockpiles in the U.S. increased by approximately 13 million barrels last week. Nevertheless, the dollar index's moderation provided some support to crude oil prices at lower levels. Lastly, he said, "We anticipate that crude oil prices will exhibit volatility in today's trading session. Crude oil finds support in the range of .60 to .80, with resistance at .20 to .10 for today's session. In terms of the Indian Rupee (INR), crude oil has support at Rs 6,920 to Rs 6,840, while resistance is at Rs 7,080 to Rs 7,150."

Oct 12, 2023, 9:07 am IST

Gold, Silver Thursday Trade Guide:

Rahul Kalantri, VP Commodities, Mehta Equities: Gold and silver continued to advance, driven by safe-haven demand stemming from the Israel-Hamas conflict. Gold reached two-week highs in the global markets. Also, gold and silver gained momentum as Federal Reserve members displayed division regarding potential future interest rate hikes, according to the minutes from their recent monetary policy meeting, released on Wednesday. The likelihood of further interest rate hikes by the U.S. Federal Reserve in the November policy meetings diminished, bolstering gold and silver prices. The U.S. dollar index retreated from 11-month highs, and U.S. 10-year bond yields dipped below the 4.60% mark. On Wednesday, the U.S. Producer Price Index (PPI) and core PPI data exceeded expectations slightly, and the market is now awaiting today's Consumer Price Index (CPI) data for further guidance. He said, "We anticipate that gold and silver will maintain a high degree of volatility in today's trading session. Gold finds support in the range of 64 to 51, with resistance at 88 to 96. Meanwhile, silver has support between .88 and .71, and resistance at .21 to .35. In terms of Indian Rupees (INR), gold has support at Rs57,650 and Rs57,450, with resistance at Rs58,240 and Rs58,440. For silver in INR, support is at Rs68,700 to Rs68,110, and resistance is at Rs69,980 to Rs70,550.”

Oct 12, 2023, 8:54 am IST

Day Trading Guide Today!

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher expects a support level in the range of 19,700/19,650 for Nifty 50 on Thursday, however, resistance is factored around 19,550/20,000. While she sees Bank Nifty as having a support level of 44,200/44,150 with resistance around 44,900/44,950.

Oct 12, 2023, 8:47 am IST

Stocks To Watch Today: TCS, Wipro, Vedanta, Patanjali Foods & More

Among TCS, Wipro, Infosys, HCL Tech, and Adani Enterprises, here are the top 10 stocks to watch today on 12th October.

Oct 12, 2023, 8:40 am IST

Commodities Markets Key Factors:

COMEX Gold prices surged above 87/oz owing to boost provided by safe haven buying as Israel intensified air strikes on Hamas targets in Gaza and at least two missiles were fired at Israel from Lebanon. Also, dollar and US treasury yields remained soft despite Federal Reserve Governor Michelle Bowman saying interest rates may need to rise further and stay higher for longer than previously expected to get inflation down to FOMC’s 2% target. WTI Crude oil prices held declines and trades below /bbl as crude flows have seen any major impact from the Israel-Hamas war. Also, Saudi reiterated support for efforts by OPEC+ to balance oil markets and for “everything” that enhances global economic growth."

Oct 12, 2023, 8:37 am IST

Gift Nifty Today

In the early trade, Gift Nifty traded marginally up by 19 points or 0.10% to 19,849.0. The benchmark opened at 19,830.0 and ranged between 19,864.0 to 19,838.5.

Oct 12, 2023, 8:36 am IST

HCL Tech And Infosys Q2 Results Ahead Today

After TCS, both IT giants Infosys and HCL Tech are scheduled to release Q2FY24 results today after market hours. The two IT companies are expected to have a softer growth in revenue, while deal wins is likely to be strong. EBIT margins are expected to expand for the two. However, Infosys is expected to keep its FY24 guidance unchanged, while HCL Tech is likely to narrow down its full-year fiscal guidance. HCL Tech and Infosys will also announce dividends for shareholders.

Oct 12, 2023, 8:34 am IST

Stocks To Watch Today:

Among TCS, Wipro, Infosys, HCL Tech, Adani Enterprises, Federal Bank, Patanjali Foods, Vedanta, and Tata Metaliks here are the top 10 stocks to watch today on 12th October.

Oct 12, 2023, 8:20 am IST

What Will Be Rupee's Range Ahead?

Anindya Banerjee, VP - Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd: USDINR spot closed 6 paise lower at 83.18, due to softness in the US bond yields and the US dollar index. Over the near term, we expect US Fed minutes to give some direction to the pair. Over the near term we expect a range of 82.80 and 83.30 on spot.

Oct 12, 2023, 8:16 am IST

TCS Announces Rs 17,000 Crore Buyback

One of the much-awaited buyback offers has been declared. Tech giant Tata Consultancy Services (TCS) has received board of directors approval for the proposal of buyback of up to over 4.09 crore equity shares for an aggregate amount of Rs 17,000 crore. The buyback size represents 1.12% of the company's total paid-up equity share capital. TCS fixed the buyback price of Rs 4,150 per share, which is at a premium of nearly 15% from the current market price of Rs 3,610.20 per share on BSE by the end of the October 11th trading session.

Oct 12, 2023, 8:15 am IST

Markets To Continue Momentum

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services: Nifty remained in positive territory for the second consecutive day amid buying in index heavyweight and closed with gains of 122 points (+0.6%) at 19811 levels. Market sentiments were buoyed after the IMF raised India's FY24 GDP growth forecast to 6.3% from 6.1% and strong quarterly business updates from several corporates. Among sectors, major gainers were Auto, FMCG, and Realty while PSU Bank and IT closed in red. Going forward, we expect the market momentum to continue on the back of positive global cues, easing of US bond yields, and strong domestic economic position.

Oct 12, 2023, 8:14 am IST

TCS Shares In Focus After Q2 Results

Tata Consultancy Services (TCS) met Street's expectations in the September quarterly earnings for FY24. However, this behemoth Tata stock is expected to react between neutral to negative tone when markets open on October 12 to its Q2FY24 result card. TCS share price closed at Rs 3,610.20 apiece, down by Rs 19 or 0.52% on BSE. TCS shares will react to Q2 numbers on Thursday.

Oct 12, 2023, 8:13 am IST

Indian Market Perfmance October 11th

On Wednesday, Sensex ended at 66,473.05, up by 393.69 points or 0.60%, while Nifty rallied by 121.50 points or 0.62% to settle at 19,811.35. Bank Nifty gained by 157 points to end at 44,516.90. Except for PSU banks and IT stocks, all other sectoral indices held a bullish tone with FMCG, media and auto stocks outperforming.