Summary of the Day's Market Performance

• Indian benchmark indices ended marginally higher on October 10, despite volatility and global uncertainty.

• The Sensex closed up 144.31 points (+0.18%) at 81,611.41, while the Nifty rose by 16.50 points (+0.07%) to settle at 24,998.50.

• Broader market indices displayed mixed results, with the BSE Midcap index down 0.3%, while the Smallcap index gained 0.4%.

Performance of Key Sectors

• Weakness was seen in the IT (-1%), pharma (-2%), and realty (-0.4%) sectors as investors remained cautious.

• On the positive side, the banking sector rose 1%, supported by strong buying in heavyweights like HDFC Bank and Kotak Mahindra Bank. The power index gained 0.7%, and metals added 0.3%.

Key Factors:

• Range-bound trading: Markets traded in a narrow range with a slight negative bias, as investors awaited the start of the Q2FY25 earnings season.

• Global cues: The Asian markets started strong but turned negative following weak trends in Europe, where concerns over rising global bond yields and upcoming US inflation data loomed.

• Domestic demand caution: Market sentiment remained mixed domestically as investors weighed the subdued momentum in global and rural demand, reflecting caution ahead of Q2 results.

Market Transactions:

• Foreign Institutional Investors (FII): ₹-4,926.61 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹3,878.33 crore (Net Buyers)

Foreign institutional investors continued their selling streak, while domestic investors supported the market with consistent buying.

• Q2 Earnings Caution: Ahead of Q2FY25 results, investors adopted a cautious approach, with expectations of subdued performance, particularly due to global and rural demand concerns.

• Sectoral Weakness: Pharma and IT sectors faced selling pressure due to weak demand outlook, while realty stocks also corrected slightly. Meanwhile, the banking sector attracted buying interest, buoying market sentiment.

• Global Bond Yields: Rising bond yields and anticipation of US inflation data kept the broader market nervous, leading to a mixed performance.

Key Stock Movements and News

• Biggest Nifty Gainers: Kotak Mahindra Bank, HDFC Bank, Bharat Electronics, Maruti Suzuki, and Power Grid Corp.

• Biggest Nifty Losers: Cipla, Trent, Tech Mahindra, Sun Pharma, and Hero MotoCorp.

• Canara Bank: Announced an increase in lending rates by 5 bps.

• JSW Steel: Signed an agreement with BHP and Carbon Clean to explore carbon capture technology.

• Star Health: Stock remained under pressure following reports of a hack compromising 3.1 crore customer data.

• Ola Electric: Stock slipped by -5% amid fears of potential GOI action.

• NBCC (Hindustan Steelworks Construction): Received an order worth ₹1,000 crore from Gondwana University.

• PNC Infratech: Climbed +5% after securing a ₹2,090 crore order.

• Adani Enterprises: Opened its QIP issue, with an expected size of ₹4,200 crore.

• GM Breweries: Dropped by -5% due to weak Q2 results.

• Rain Industries: Subsidiary tied up to develop anode materials for EV batteries.

• CCI: Approved the acquisition of 42.99% shareholding in JM Financial Credit Solutions by JM Financial.

• Arvind SmartSpaces: Booked over ₹500 crore in bookings at its township project in Ahmedabad.

• Jefferies: Retained a 'buy' rating on GMR Airports, with a target price of ₹106.

• PNC Infratech: Positive outlook following new orders worth ₹2,090 crore.

• Rain Industries: Focus on development in the EV battery sector could drive future gains.

• NBCC (Hindustan Steelworks): Strong order book continues to support growth prospects.

• Adani Enterprises: Investors will track developments on the QIP issue and its impact on stock prices.

Indian equity markets ended with marginal gains, driven by positive momentum in banking, power, and metals sectors, while IT and pharma sectors faced selling pressure. Investors are awaiting Q2FY25 results, adopting a cautious stance amid mixed global cues and rising bond yields.

😊Thank you for subscribing to our Market Wrap-Up. Stay tuned for tomorrow's update.

Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

Follow us on Social Media