The key domestic benchmarks ended with strong gains on Monday. The Nifty50 settled above the 25,100 level led by IT and banks shares. However, metal and energy stocks declined. The market’s upward trajectory, however, could be challenged by the upcoming US presidential elections and geopolitical tensions in the Middle East.
The S&P BSE Sensex jumped 591.69 points or 0.73% to 81,973.05. The Nifty 50 index added 163.70 points or 0.66% to 25,127.95.
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HDFC Bank (up 2.32%), Larsen & Toubro (up 2.02%) and Infosys (up 1.22%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index gained 0.28% and the S&P BSE Small-Cap index rose 0.06%.
The market breadth was positive. On the BSE, 2,044 shares rose and 2,011 shares fell. A total of 140 shares were unchanged.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, slipped 1.70% to 13.
Economy:
India’s wholesale price index (WPI)-based inflation rose to 1.84% in September as food items, especially vegetables, turned costlier, as per the government data released on Monday. The inflation was 1.31% in August. It was (-)0.07% in September last year.
Meanwhile, the Maharashtra government announced a complete toll waiver for light motor vehicles at all five toll booths in Mumbai. The toll waiver will come into effect from midnight. Commuters will now be able to travel without paying tolls at any of the five toll booths – Dahisar, LBS Road-Mulund, Eastern Express Highway-Mulund, Airoli Creek Bridge and Vashi.
Numbers to Track:
The yield on India’s 10-year benchmark federal paper advanced 1.55% to 6.893 as compared with previous close 6.788.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0600, compared with its close of 84.1050 during the previous trading session.
MCX Gold futures for 31 October 2024 settlement shed 0.06% to Rs 75,691.
The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, was up 0.14% to 103.04.
The United States 10-year bond yield gained 1.14% to 4.118.
In the commodities market, Brent crude for November 2024 settlement lost $1.93 or 2.44% to $77.11 a barrel.
Global Markets:
Most shares in Europe and Asia advanced on Monday as investors assessed Chinas weekend press briefing and awaited a slew of economic data this week from the region.
China’s finance ministry detailed plans for increased government debt issuances and support for provincial governments. However, the lack of specific details, particularly regarding the scale and timing of the measures, caused some disappointment. Analysts expressed concerns about the potential for a significant increase in government debt.
Economic data from China highlighted ongoing weakness. China’s consumer price index (CPI) rose 0.4% from a year earlier last month, against a 0.6% rise in August. CPI was unchanged month-on-month, versus a 0.4% gain in August and below an estimated 0.4% increase. Meanwhile, the producer price index (PPI) fell 2.8% year-on-year in September, versus a 1.8% decline the previous month.
Global market drew support from the positive performance of US stocks on Friday. The S&P500 rose 0.61% to a record high of 5,815.03 points, while the Dow Jones surged nearly 1% to a record high of 42,863.86 points. The Nasdaq lagged, rising 0.3% to 18,342.94 points. Positive earnings from major banks helped investors look past questions over whether the Federal Reserve will cut interest rates in November.
The Producer Price Index (PPI) for final demand in the US rose 1.8% on a yearly basis in September. This reading followed the 1.9% increase recorded in August. The US consumer price index for all urban consumers rise by 0.2% month on month (MoM) on a seasonally-adjusted basis in September, the same rise as in August and July.
This week, investors will focus on additional third-quarter earnings reports and statements from Federal Reserve officials.
Stocks in Spotlight:
Wipro jumped 3.88% after the company said that its board will meet on 16-17 October 2024 to consider bonus share issue.
Avenue Supermarts (DMart) tumbled 8.48%. The company reported a 5.77% increase in consolidated net profit to Rs 659.58 crore in Q2 FY25 as compared with Rs 623.56 crore posted in Q2 FY24. Revenue from operations jumped 14.41% to Rs 14,444.50 crore in Q2 FY25 as against Rs 12,624.37 crore recorded in Q2 FY24.
Hathway Cable & Datacom rallied 3.24% after the companys consolidated net profit jumped 28.61% to Rs 25.80 crore in Q2 FY25 compared with Rs 20.06 crore in corresponding quarter last year. Revenue increased 5.98% YoY to Rs 512.74 crore in Q2 FY25 as compared with Rs 483.79 crore in Q2 FY24.
Hindustan Construction Co. jumped 3.34% after the company received a letter of acceptance (LoA) from Maharashtra State Road Development Corporation (MSRDC) for the construction of a two-lane bridge on Revas-Reddi Coastal Highway. The said contract valued at Rs 1,031.6 crore and it will be executed in 3 months.
Network18 Media & Investments declined 2.96% after the companys consolidated net loss widened to Rs 95.84 crore in Q2 FY25 as compared to net loss of Rs 83.08 crore recorded in Q2 FY24. Revenue from operations declined 2.16% to Rs 1,825.18 crore in Q2 FY25 as against Rs 1,865.50 crore posted in Q2 FY24.
Alok Industries declined 2.50% after the company’s consolidated net loss widened to Rs 262.10 crore in Q2 FY25 as against a net loss of Rs 174.83 crore reported in Q2 FY24. Revenue from operations dropped 35.46% year on year (YoY) to Rs 885.66 crore in the quarter ended 30 September 2024.
Gensol Engineering gained 3% after the company received a contract from UAEs leading sustainable and clean energy development company for constructing rooftop solar photovoltaic (PV) systems for aviation company in Dubai. The said contract is valued at AED 81.6 million (approximately Rs 186 crore) plus taxes and is set to be executed over a 20-month period
PNC Infratech added 2.38% after the company received an order worth Rs 2,039.61 crore from the City & Industrial Development Corporation of Maharashtra (CIDCO) for infra-development in Navi Mumbai’s NAINA region.
Ashoka Buildcon gained 2.26% after the company said that it has received letter of acceptance (LoA) for projects totalling to Rs 3,983.24 crore from the Maharashtra State Road Development Corporation (MSRDCL).
Premier Energies advanced 2.45% after the companys subsidiaries, Premier Energies International, Premier Energies Photovoltaic has received multiple orders from various customers amounting to a total value of Rs 765 crore.
Krystal Integrated Services rose 2.01% after the company received multiple orders from Directorate of Medical Education and Research, Maharashtra, aggregating to Rs 80 crore.
RPP Infra Projects hit upper limit of 5% after its joint venture (JV), Rpp Surendra received letter of acceptance (LoA) worth Rs 127.46 crore from Maharashtra State Infrastructure Development Corporation.
JSW Energy fell 0.57%. The company announced that its step-down subsidiary, JSW Renew Energy Thirteen, has signed a power purchase agreement (PPA) with NTPC for ISTS/STU-connected solar capacity of 700 MW. The PPA is signed for supply of power for a period of 25 years with a tariff of Rs 2.59/KWh. The project is expected to be commissioned by June 2026. The current solar pipeline capacity stands at 3.2 GW with PPAs signed for 2.0 GW.
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