Summary of the Day's Market Performance

• The Sensex fell by 553.12 points (-0.69%) to 79,389.06, and the Nifty declined by 135.50 points (-0.56%) to 24,205.30.

• BSE Midcap index shed 0.3%, while the Smallcap index gained 1.6%.

• Sector-wise, IT slumped nearly 3%, FMCG dropped nearly 1%, and Bank slipped by 0.5%. However, Pharma and Media saw gains of 1.5% each.

Performance of Key Sectors

• IT: Led losses with significant declines amid underperformance in global tech, impacting domestic IT stocks.

• FMCG and Banking: Experienced mild declines as investors remain cautious over weak Q2 earnings.

• Pharma and Media: Notable gains, driven by select buying in defensive stocks as a hedge against broader market volatility.

💸 Market Transactions:

• Foreign Institutional Investors (FII): ₹-5,813.30 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹3,514.59 crore (Net Buyers)

The market’s negative trajectory was amplified by persistent FII outflows, though DII inflows provided some stability.

• IT Sector Pressure: Following weak results from US tech giants, domestic IT stocks fell sharply as underperformance concerns linger.

• Domestic Outlook: Investors remain wary amid weak Q2 earnings. However, expectations for a rebound in H2, driven by government spending and strong core sector data, offer hope for a recovery strategy in the Samvat 2081 period.

• Muhurat trading this year for Equities, Equity F&O, Currency F&O, and Commodities will be conducted on Friday, November 01, 2024.

Key Stock Movements and News

• Top Losers:

  • Tech Mahindra, HCL Technologies, Infosys, TCS, Wipro

• Top Gainers:

  • Cipla, L&T, Dr. Reddy's Labs, Hero MotoCorp, ONGC

• L&T: Gained over 6% as brokerages praised its Q2 performance, with a projected upside of up to 22%.

• Varun Beverages: Plans to raise ₹7,500 crore through a QIP in November.

• Yatharth Hospital: Continues to rise following its acquisition of a 60% stake in a 400-bed hospital in Faridabad, strengthening its presence in NCR.

• HDFC Bank's HDB Financial: Filed for a $1.5 billion IPO, marking another key development in the financial sector.

• Waaree Energies: Extended its rally for the fourth day, soaring over 80% from its issue price.

• L&T: Positive Q2 results and a bullish outlook from brokerages could make it a strong pick for future growth.

• Yatharth Hospital: Expansion efforts in NCR may provide a competitive edge, particularly in the high-demand healthcare sector.

• Mahindra Group: Its upcoming BEV launch aligns well with evolving EV market dynamics, warranting a closer watch for long-term gains.

On October 31, the Indian equity market ended lower, driven by a tech sector sell-off amid global concerns about IT sector weakness. Weak Q2 earnings and FII outflows also contributed to the market’s cautious tone. However, anticipation for a recovery in H2 and strong DII support indicate a potential upside in the upcoming festive season. Sectors like Pharma and Media showed resilience, while stock-specific news from L&T, Yatharth Hospital, and Mahindra offer focal points for investor optimism.

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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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