Summary of the Day's Market Performance

• The Sensex closed down by 426.85 points (-0.53%) at 79,942.18, and the Nifty fell by 126 points (-0.51%) to 24,340.80.

• The BSE Midcap index ended flat, while the Smallcap index rose by 1.5%.

• Sectorally, FMCG, Capital Goods, and Media indices saw gains of 0.5-2%, whereas Bank, Pharma, and IT indices declined by 1%.

Performance of Key Sectors

• FMCG: Positive sentiment helped lift this sector, benefiting from strong domestic demand.

• Capital Goods and Media: Showed resilience with modest gains as investors looked for safe havens amid market volatility.

• Banks, Pharma, and IT: All faced downward pressure, reflecting concerns over Q2 earnings and persistent selling from foreign investors.

💸 Market Transactions:

• Foreign Institutional Investors (FII): ₹-4,613.65 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹4,518.28 crore (Net Buyers)

Despite heavy FII selling, Domestic Institutional Investors (DII) managed to provide a counterbalance, indicating strong local support.

• Cautious Mood: The market remains vigilant due to aggressive selling by FIIs, with increased volatility as investors react to external factors.

• Earnings Concerns: The backdrop of weak Q2 domestic earnings and muted outlooks has led to a moderation in India's premium valuations.

• Global Context: Other emerging markets are also consolidating in anticipation of upcoming U.S. economic data releases, elections, and the FOMC interest rate decision.

• FII sell-off surpasses ₹1 lakh crore in October 2024

Key Stock Movements and News

• Top Losers:

  • Cipla, Shriram Finance, HDFC Life, Trent, SBI Life Insurance

• Top Gainers:

  • Adani Enterprises, Tata Consumer, Hero MotoCorp, Britannia Industries, Maruti Suzuki

• Aditya Birla Capital: Reported a 42% rise in Q2 net profit to ₹1,001 crore, driving a 5% jump in stock price.

• Dabur India: Q2 net profit fell 17% to ₹425 crore but met estimates; the company declared a ₹2.75 dividend.

• Fortis Healthcare: Received CCI approval to acquire the entire stake in Agilus Diagnostics, expanding its portfolio.

• RITES: Stock surged by 3% following an MoU with SAIL-Bokaro Steel Plant for railway infrastructure development.

• SBI Cards: Fell 3% on weak Q2 results, with brokerages downgrading the stock amid warnings of a challenging FY25.

• Nazara Technologies: Keep an eye on the integration of the new agency and its potential impact on growth strategies.

• Aditya Birla Capital: Strong earnings growth and AUM expansion could make it an attractive investment amidst market volatility.

• Fortis Healthcare: The acquisition of Agilus Diagnostics may bolster its position in the healthcare market.

The Indian equity market faced headwinds on October 30, driven by aggressive FII selling and cautious investor sentiment amid weak domestic earnings. While certain sectors like FMCG and Capital Goods showed resilience, others, particularly Banks and Pharma, struggled. With ongoing volatility and external economic factors at play, market participants are likely to remain vigilant as they navigate the festive season.

😊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