Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Monday’s trading session in the negative territory. The NSE Nifty 50 plunged 218.85 points or 0.87% to settle at 24,795.75, while the BSE Sensex fell 638.46 points or 0.78% to 81,050. The broader indices ended in negative territory, with fall led by mind-cap and small-cap stocks. Bank Nifty index ended lower by 983.15 points or 1.91% to settle at 50,478.90. IT stocks outperformed among the other sectoral indices while Media and Banking shed.
HCL Tech, ITC, Trent, Wipro, and Hero MotoCorp are the top gainers on NSE Nifty 50 index whereas the top laggards includes Titan Company, Hindustan Unilever, Britannia Industries, ONGC, and Maruti Suzuki India.
The NSE Nifty 50 opens up by 69.50 points or 0.28% at 25,084.10, while the BSE Sensex jumps 238.83 points or 0.29% to 81,927.29 in the opening trade.
Commenting on the stock market outlook today Prashanth Tapse, Senior VP (Research), Mehta Equities said that in the past week, panic-selling hit Dalal Street, pushing Nifty near the psychological 25,000 mark. However, a potential rebound is on the cards as Nifty bulls may regroup following a strong close on Wall Street after the US September Jobs Report eased recession fears.
Tapse also added that the key upcoming events include the FOMC Meeting Minutes and RBI MPC outcome on 9th October, and the US CPI data on 10th October. Traders should also watch crude oil prices, which have surged to $74.4 per barrel amid Middle East tensions. Preferred trade: Buy Nifty (CMP 25015) with targets at 25,450/25,600, and Bank Nifty (CMP 51462) with targets at 51,900/52,600. Top stock pick: Minda Corporation (CMP 596), with a target of 652/701.
The NSE added GNFC, Bandhan Bank, Birlasoft, Granules India, Hindustan Copper, Manappuram Finance, and RBL Bank in the F&O Ban on October 07, 2024.
“Bank Nifty is currently seeing major support at 51,000, and the overall risk-reward setup remains favorable for buying. Traders are advised to focus on buying on dips, particularly around the 51,300-51,400 zone, with a stop loss at 51,000 to manage risk effectively. On the upside, the immediate targets are 52,500 and 53,000, offering a strong opportunity for potential gains as the trend remains positive,” said Riyank Arora Technical Analyst at Mehta equities.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded unchanged at 102.49.
WTI crude prices are trading at $74.11 down by 0.36%, while Brent crude prices are trading at $77.66 down by 0.47%, on Monday morning.
Foreign institutional investors (FII) offloaded shares worth Rs 9,896.95 crore, while domestic institutional investors (DII) bought shares worth Rs 8,905.08 crore on October 04, 2024, according to the provisional data available on the NSE.
GAIL (India) and AM Green BV (AMG) signed a Memorandum of Understanding (MoU) to explore projects aimed at advancing sustainable energy solutions in India. The company said that the partnership focuses on the long-term supply of carbon dioxide (CO2) for eMethanol production and the exploration of hybrid renewable energy projects across India.
IndusInd Bank reported net advances at Rs 3,56,980 crore as of September 30, 2024, a 13% on year jump compared to Rs 3,15,454 crore reported in the year-ago period. On a sequential basis, it was up by 3% as against Rs 3,47,898 crore posted by the lender in Q1 FY25. The deposits grew 15% on year to Rs 4,12,704 crore in Q2 FY25 against Rs 3,59,786 crore in the same period year ago. On a quarter-on-quarter basis, the growth was recorded at 4%.
Stocks rose on Friday after a higher-than-expectations jobs report gave investors confidence in the health of the economy. The S&P 500 rose 0.9% to 5,751.07, while the Nasdaq Composite jumped 1.22% to 18,137.85. The Dow Jones Industrial Average added 341.16 points, or 0.81%, to notch an all-time closing high of 42,352.75.
Titan Company reported a growth of about 25% year-on-year in the second quarter of FY25. The company added 75 stores, taking Titan’s total combined retail network presence to 3,171 stores. Domestic jewellery operations saw an increase of 25% YoY.