Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 16.50 points or 0.07% to settle at 24,998.45, while the BSE Sensex jumped 144.30 points or 0.18% to 81,611.41. The broader indices ended in mixed territory, with gain led by Small-cap and Mid-cap stocks. Bank Nifty index ended higher by 523.90 points or 1.03% to settle at 51,530.90. Financial Services and Banking stocks outperformed among the other sectoral indices while Pharma and IT stocks shed.
The NSE Nifty 50 gained 16.50 points or 0.07% to settle at 24,998.45, while the BSE Sensex jumped 144.30 points or 0.18% to 81,611.41.
As of 3:20 PM on October 10, 2024, stocks advancing on the BSE totaled 2,244, outpacing the 1,651 stocks that declined, while 115 remained unchanged. Overall, 4,010 stocks were traded on the exchange. Notably, 204 stocks reached a 52-week high, while 22 hit a 52-week low. Additionally, 366 stocks traded in the upper circuit, with 166 in the lower circuit.
As of 3:15 PM, Kotak Mahindra led the top gainers on the NSE with a 4.33% rise, followed by HDFC Bank up 1.80%, Bharat Electronics Limited (BEL) gaining 1.72%, Maruti increasing by 1.45%, and Power Grid advancing 1.43%.
On the losing side, Cipla saw the biggest decline, down 3.82%, followed by Trent losing 2.48%, Tech Mahindra down 2.42%, Sun Pharma falling 2.14%, and Infosys slipping 1.84%.
Lloyds Engineering Works Ltd (LEWL) has signed a Memorandum of Understanding (MoU) to acquire the Engineering Division of Bhilai Engineering Corporation Ltd (BECL), a prominent provider of engineering solutions across various industries. Following this announcement, shares of Lloyds Engineering Works traded flat on the NSE at Rs 79.91.
Power Grid Corporation of India Limited has been declared the successful bidder under tariff-based competitive bidding to establish an inter-state transmission system for the project titled “Transmission System for Evacuation of Power from Rajasthan REZ Ph -IV (Part-2: 5.5 GW) (Jaisalmer/Barmer Complex): Part F (By clubbing Part F1 & F2).” The project will be executed on a build, own, operate, and transfer (BOOT) basis. Following this announcement, shares of Power Grid Corporation traded at Rs 334.30 on the NSE, up by 1.38%.
Alkem Laboratories has signed a licensing agreement with Sonnet BioTherapeutics Holdings, Inc. to develop and commercialize SON-080, aimed at treating Diabetic Peripheral Neuropathy. Following this announcement, shares of Alkem traded at Rs 6,098.35 on the NSE, reflecting a decline of 3.11%.
Shares of defense companies, including Hindustan Aeronautics Limited (HAL), Bharat Dynamics Limited (BDL), and Bharat Electronics Limited (BEL), surged over 3% on Thursday after the Cabinet Committee on Security (CCS) approved defense deals worth Rs 80,000 crore. HAL’s shares rose over 2% to Rs 4,492, while BDL shares jumped over 3% to a day’s high of Rs 1,197. BEL also advanced 2%, trading at Rs 287, reflecting strong investor sentiment in the defense sector following the CCS nod.
The National Company Law Tribunal (NCLT) in Ahmedabad has approved the Scheme of Arrangement between ICICI Bank Ltd, ICICI Securities Ltd, and their respective shareholders. The tribunal has also dismissed objections raised by Quantum Mutual Fund and Manu Rishi Gupta regarding the scheme. Following this development, ICICI Securities shares are trading 3.07% lower on the NSE at Rs 841.60.
IRB Infrastructure Developers announced that Moody’s Investor Service has affirmed its long-term corporate family rating (CFR) and the instrument rating for its USD senior secured notes due 2032. This decision follows the approval of additional debt in a board meeting held on October 9, 2024. Moody’s outlook remains stable. Meanwhile, shares of IRB Infrastructure Developers are trading at Rs 59.53 on the NSE, reflecting a decline of 0.92%.
Shares of Lupin fell as much as 7.6% to an intra-day low of Rs 2,112. The stock was the major loser in the Nifty Midcap 100. The lower band for the stock is placed at Rs 2,057.45. On October 05, the U.S. FDA completed a pre-approval inspection of its biotech facility in Pune, India. The inspection was carried out from September 25, 2024, to October 4, 2024, and concluded with five observations.
Shares of Mazagon Dock Shipbuilders rallied as much as 10.35% to an intra-day high of Rs 4,510. The stock of the top midcap gainer. It has an upper band placed at Rs 4,904. The uptick in stock was seen after the Cabinet Committee on Security (CCS) cleared two defence deals crucial for the country’s security requirements.
G R Infraprojects shares rose almost 6% to an intra-day high of Rs 1,734 after it received an order worth Rs 903.5 crore from the Maharashtra Metro Rail Corporation to design and construct an elevated metro viaduct in Nagpur.
Shares of Kotak Mahindra Bank rose as much as 3.1% to an intraday high of Rs 1,857.65. The stock was the top gainer in the Nifty 50. The stock touched its 52-week high of Rs 1,942 on September 23, 2024.
M&M, Samvardhana Motherson, TVS Motors, Bajaj Auto, and Maruti Suzuki were the top contributors to the Nifty 50 on October 10.
Courtesy: NSE
Suzlon and Jindal Renewables have signed a 400 MW captive wind power agreement aimed at advancing the decarbonization of steel production. Despite the announcement, the stock is trading flat on the NSE at Rs 75.99.
SpiceJet has launched new UDAN flights connecting Shivamogga in Karnataka with Chennai and Hyderabad, starting on October 10, 2024. The expansion is part of the government’s regional connectivity scheme. Following this announcement, SpiceJet shares surged 3.24%, reaching Rs 67.89 on the BSE.
IFGL Refractories has announced plans to enter a joint venture with Marvels International Group Co Ltd of Seychelles and Marvel Refractories (Anshan) Company Limited of China. The joint venture aims to establish a greenfield facility in India with a capital investment of Rs 300 crore. The facility will manufacture key products, including Basic Fired Magnesite Spinel Bricks, Basic Fired Magnesite Bricks, and Fired Magnesia Chrome Bricks, which are used in the Cement, Glass, Non-Ferrous, and Gasification industries. Following the announcement, IFGL Refractories’ stock rose 2.64% to ₹597.35 on the NSE.
Commenting on the gold outlook Renisha Chainani, Head Research – Augmont – Gold For All said that the September FOMC meeting minutes showed that most members favoured a 50 bps rate cut because they believed inflation would eventually approach the 2% target. The US Dollar rose to a nearly two-month high due to the widespread agreement that the excessive rate decrease would not bind the Federal Reserve to any particular pace for any reductions.
Chainani also added that traders are now pricing in a 20% possibility that the Fed will maintain rates in November and a higher likelihood that it would only cut borrowing costs by 25 basis points in November. Despite Israeli Defense Minister Yoav Gallant’s assurance that an attack against Iran would be “lethal, precise, and surprising,” investors continued to be cautious about the mounting tensions between the two countries. Gold has broken important support of $2650 (~Rs 75400) and aims for $2600 (~Rs 73500) next.
Commenting on the RBI Policy Outlook Piyush Baranwal, Sr. Fund Manager (Fixed Income), WhiteOak Capital Asset Management said that RBI kept the policy repo rate unchanged today at 6.50% while effecting a long overdue change in policy stance to neutral despite repo rate being on hold since Feb’23. This dovish move was balanced with repeated comments around durably aligning CPI to 4% target, likely to keep market expectations of easing under check given the risks from geo-politics and financial market volatility.
Baranwal also said that despite we see this change in stance as the first acknowledgement from RBI of the impending rate cut cycle, likely in the 50-75 bps range. This, coupled with the news of India’s inclusion in the FTSE Emerging Market Government Bond Index, third index inclusion over the last 1 year, augurs well for Indian bond yields going ahead.
Tata Consultancy Services shares rose as much as 0.8% at Rs 4,290 ahead of quarterly results. The stock of the company is 6.6% away from its 52-week high. The stock touched its 52-week high of Rs 4,592.25 on August 30, 2024.
NTPC share rose 2.6% to an intraday high of Rs 429.45. The stock was the top gainer in the Nifty 50. The power company’s scrip is 4.2% away from is 52-week high. The stock touched its 52-week high of Rs 448.45 on September 30, 2024. The upper band for the stock is placed at Rs 460.25.
JPMorgan has upgraded Vodafone Idea Ltd. shares to “neutral” from its previous “underweight” rating and raised the price target to Rs 10, up from Rs 7. Despite the upgrade, the revised target remains below the company’s FPO price of Rs 11. In its note, the brokerage highlighted the lack of AGR relief and growing affordability challenges, increasing the likelihood of sustained tariff hikes within the telecom sector.
Shares of Adani Enterprises plunged over 2% to day lows of Rs 3,091.40 on NSE after the flagship company of the Adani conglomerate announced the launch of its qualified institutional placement (QIP) on Wednesday, October 9, following approvals from its board and shareholders. The QIP is aimed at raising Rs 4,200 crore, as per the media report.
Read More: Adani Enterprises board approves QIP; Sets floor price at Rs 3,117.48
L&T, NTPC, Hindalco, BEL, and Axis Bank are the top gainers on SE Nifty 50 index whereas the top laggards include Tata Motors, Adani Enterprises, Apollo Hospital, Infosys, and Hindustan Unilever.
The NSE Nifty 50 opens up by 85.10 points or 0.34% at 25,067.05, while the BSE Sensex jumps 365.55 points or 0.45% to 81,832.66 in the opening trade.
Commenting on today’s market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that TCS officially kicks off India’s Q2 earnings season today, with expectations of a modest single-digit rise in its topline and bottom-line compared to the September quarter of FY24. Tata Elxsi will also announce its earnings for the July-September quarter. Internationally, markets are watching the US CPI data on October 10 and PPI on October 11.
Tapse also added that the Nifty (CMP: 24982) is trading in the 24900-25300 range, with FIIs turning net sellers, pulling out over Rs 49,300 crore this month. Positive sentiment is driven by the RBI‘s shift to a neutral stance, signalling potential rate cuts in December. Exide (CMP 519) is a stock to watch, with a buy recommendation and aggressive targets at Rs 621.
“Bank Nifty continues to exhibit bullish momentum, with major support at 50,800 and major resistance at 51,700. The ongoing pullback suggests the index is poised to move toward the 51,700 to 52,000 range. Traders are advised to adopt a buy on dips strategy, looking for entries near 50,800, with a stop loss below the 50,200 support level. A sustained breakout above 51,700 could lead to further upside, driving the index toward the next target of 52,000,” 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 down by 0.02% at 102.86.