The domestic equity benchmarks ended with modest losses on Monday, declining for the seventh day in a row. The Nifty closed below the 24,500 level after hitting the day's high of 23,606.80 in early trade. IT, oil & gas and media shares declined while metal, FMCG and PSU bank shares advanced.
As per provisional closing data, the barometer index, the S&P BSE Sensex declined 241.30 points or 0.31% to 77,339.01. The Nifty 50 index lost 78.90 points or 0.34% to 23,453.80. The 50-unit index dropped 4.21% in seven consecutive trading sessions.
In the broader market, the S&P BSE Mid-Cap index fell 0.17% and the S&P BSE Small-Cap index declined 0.69%.
The market breadth was weak. On the BSE, 1,627 shares rose and 2,470 shares fell. A total of 127 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.65% to 15.17.
IPO Update:
The initial public offer (IPO) of Zinka Logistics Solutions received bids for 2,92,59,144 shares as against 2,25,67,270 shares on offer, according to stock exchange data at 15:15 IST on 18 November 2024. The issue was subscribed 1.30 times.
The issue opened for bidding on 13 November 2024 and it will close on 18 November 2024. The price band of the IPO is fixed between Rs 259 to Rs 273 per share. An investor can bid for a minimum of 54 equity shares and in multiples thereof.
Buzzing Index:
The Nifty IT index fell 2.22% to 41,447.80. The index rose 0.05% in the past trading session.
Tata Consultancy Services (down 3.04%), Infosys (down 3.01%), Mphasis (down 2.93%), LTIMindtree (down 2.65%), Wipro (down 2.36%), Tech Mahindra (down 1.57%), HCL Technologies (down 1.40%), Persistent Systems (down 1.30%), L&T Technology Services (down 1.08%) and Coforge (down 0.76%).
Stocks in Spotlight:
Hero Motocorp jumped 3.04% after the company reported 14.2% increase in consolidated net profit to Rs 1,203.54 crore on 10.8% rise in revenue from operations to Rs 10,463.21 crore in Q2 FY25 over Q2 FY24.
Honasa Consumer (Mamaearth) was locked in lower circuit of 20% after the company reported a consolidated net loss of Rs 18.57 crore in Q2 FY25 as against net profit Rs 29.43 crore recorded in Q2 FY24. Revenue from operations declined 6.90% YoY to Rs 461.82 crore in the quarter ended 30 September 2024.
Indraprastha Gas (down 19.93%), Mahanagar Gas (down 13.79%), Gujarat Gas (down 6.82%), Adani Total Gas (down 2.13%) and Gail (India) (down 1.91%) declined following the government's decision to reduce domestic gas allocation to city gas distributors by ~20% for the second straight month.
Muthoot Finance rallied 6.14% after the company reported 26.25% jump in standalone net profit to Rs 1,251.14 crore on 34.57% increase in total income to Rs 4,117.44 crore in Q2 FY25 over Q2 FY24.
Crompton Greaves Consumer Electricals gained 3.52% after the company's standalone net profit jumped 30.05% to Rs 123.28 crore on 11.45% increase in revenue from operations to Rs 1,645.33 crore in Q2 FY25 over Q2 FY24.
Sobha declined 0.85%. The company reported 74.51% surge in consolidated net profit to Rs 26.09 crore in Q2 FY25 as compared with Rs 14.95 crore recorded in Q2 FY24. Revenue from operations jumped 25.94% YoY to Rs 933.59 crore in the quarter ended 30 September 2024.
Mahanagar Telephone Nigam (MTNL) shed 0.11% after the company's consolidated net loss increased to Rs 890.28 crore in Q2 FY25 from net loss of Rs 792.82 crore posted in Q2 FY24. Revenue from operations declined 11.93% YoY to Rs 174.23 crore in the quarter ended 30 September 2024.
Bharat Global Developers was locked in upper circuit of 5% after its board approved bonus issue in the ratio of 8:10 and stock split in the ratio of 1:10.
Hinduja Global Solutions (HGS) tumbled 7.27% after the company reported a consolidated net loss of Rs 50.51 crore in Q2 FY25 as against a net profit of Rs 18.43 crore in Q2 FY24. Revenue from operations slipped 7.85% to Rs 1,087.15 in Q2 FY25 as against Rs 1,179.86 crore posted in the second quarter of FY24.
Sarda Energy & Minerals declined 1.31%. The company reported 36% jump in consolidated net profit to Rs 203 crore on a 16% increase in revenue from operations to Rs 1,159 crore in Q2 FY25 as compared with Q2 FY24.
Regis Industries surged 8.65% after the company announced that its board had approved the proposal of sub- division of 1 equity share of face value of Rs 10 each into 10 equity shares of face value of Re 1 each.
Avanti Feeds advanced 4.23% after the company reported 53.11% jump in consolidated net profit to Rs 113.65 crore on 5.99% increase in revenue from operations to Rs 1,355.09 crore in Q2 FY25 over Q2 FY24.
Swan Energy rallied 6.43%. The company's consolidated net profit tumbled 39.38% to Rs 51.27 crore on 15.61% decline in revenue from operations to Rs 1032.19 crore in Q2 FY25 over Q2 FY24.
Anupam Rasayan India fell 3.12% after the company reported 37.11% decline in consolidated net profit to Rs 30.62 crore on 25.04% fall in revenue from operations to Rs 293.96 crore in Q2 FY25 over Q2 FY24.
Ahluwalia Contracts (India) slipped 2.70% after the civil construction company's consolidated net profit declined 29.78% to Rs 38.67 crore in Q2 FY25 as against Rs 55.07 crore posted in Q2 FY24. Revenue from operations increased 12.19% year on year (YoY) to Rs 1,011.48 crore in the quarter ended 30 September 2024.
Global Markets:
European shares declined as investors awaited several key regional data points, including the latest inflation figures from the U.K. set to be released on Wednesday.
Most Asian stocks ended lower on Monday as traders tempered expectations for Federal Reserve interest rate cuts following recent signs of US economic resilience.
Japanese and Australian shares fell. South Korea's benchmark bucked the trend, led by Samsung Electronics Co.'s rally after it announced a stock buyback plan.
Later on Monday, traders will be watching a speech and media briefing by Bank of Japan Governor Kazuo Ueda for clues on the central bank's next policy move, particularly regarding the weakening yen.
United States equities were lower at the close on Friday, as the post-election rally faded. Strong economic data fueled concerns about fewer Fed rate cuts. At the close in NYSE, the Dow Jones Industrial Average lost 0.70%, while the S&P 500 index declined 1.32%, and the NASDAQ Composite index fell 2.25%.
Applied Materials dropped 9% after a disappointing earnings report, citing slowing demand from China.
US retail sales increased slightly more than expected in October, rising 0.4% last month above the 0.3% expected, and compared with the upwardly revised 0.8% advance in September. Robust consumer spending helped the economy maintain its strong pace of growth last quarter.
At the same time, US import prices unexpectedly rose in October, rebounding 0.3% last month after an unrevised 0.4% decline in September, the latest indication of lack of progress lowering inflation in recent months.
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