Summary of the Day's Market Performance

• On October 11, Indian equity indices closed lower amid a volatile session, with the Sensex falling 230.05 points (-0.28%) to 81,381.36, and the Nifty down 34.20 points (-0.14%) to settle below the 25,000 mark at 24,964.30.

• The BSE midcap and smallcap indices bucked the trend, rising 0.4% each.

Performance of Key Sectors

• Key sectors, including auto, banking, power, and realty, witnessed a decline of 0.5% each, as cautious sentiment ahead of the earnings season weighed on markets.

• However, IT, metals, oil & gas, pharma, and media sectors outperformed, gaining between 0.5-1%.

Key Factors:

• Lack of fresh triggers: Markets traded sideways due to a lack of decisive catalysts, while the uptick in the US 10-year yield driven by unexpectedly high US core inflation added pressure on sentiment.

• Geopolitical challenges: Ongoing geopolitical tensions have led Foreign Institutional Investors (FIIs) to redirect capital towards more affordable markets, impacting domestic liquidity.

Market Transactions:

• Foreign Institutional Investors (FII): ₹-4,162.66 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹3,730.87 crore (Net Buyers)

FIIs continued to offload positions, while domestic institutional investors remained net buyers, though the inflows were not sufficient to offset foreign outflows.

• US inflation impact: The rise in US core inflation and its impact on bond yields dampened market optimism, increasing caution ahead of the corporate earnings season.

• Geopolitical uncertainty: With foreign investors shifting to affordable markets, domestic markets faced liquidity constraints, contributing to downward pressure.

Key Stock Movements and News

• Top Nifty Gainers: Trent, Hindalco Industries, HCL Technologies, Tech Mahindra, and ONGC led the gains.

• Top Nifty Losers: M&M, TCS, ICICI Bank, Cipla, and Power Grid Corp were among the biggest losers.

• Sudarshan Chemical: Announced plans to acquire the global pigment business of Heubach Group (Germany) for ₹1,180 crore, marking a significant expansion move.

• Noel Tata: Appointed as Chairman of Tata Trusts, signaling leadership continuity within the conglomerate.

• Chennai Petroleum Corporation: Stock in focus following reports of a ₹28,000 crore investment to build an oil refinery in southern India.

• Aurionpro Solutions: Stock surged as the company expanded its transaction banking platform in Saudi Arabia.

• Dev Information Technology: Acquired a 100% stake in Dhyey Consulting Services.

• Adani Enterprises: Closed its QIP issue, with key investors including Quant MF, GQG Capital, and Winro Commercial. Other Investors Include ICICI Pru, HDFC Life, SBI General, SBI Pension & Tata MF

• Bandhan Bank: Soared +12% after announcing the appointment of a new CEO.

• Just Dial: Posted a strong Q2 profit, jumping to ₹154 crore.

• Ahluwalia Contracts: Bagged an order worth ₹1,095 crore from DLF City Centre.

• Adani Enterprises: Closed its QIP issue, with key investors including Quant MF, GQG Capital, and Winro Commercial. Other Investors Include ICICI Pru, HDFC Life, SBI General, SBI Pension & Tata MF

Indian markets ended lower due to a combination of geopolitical tensions, rising US bond yields, and caution ahead of the upcoming earnings season. While the IT, metals, and pharma sectors showed resilience, auto, bank, and realty stocks remained under pressure.

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

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