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Markets are poised to potentially extend their rally for a fifth consecutive day, with particular attention on Torrent Pharma and L&T. Investors are encouraged to stay updated with relevant content and transaction notifications.
Maharashtra's recent elections saw the BJP-led Mahayuti alliance secure over 200 seats, signaling continuity in policy. However, promises of direct cash handouts to 26 million women raise concerns about the state's fiscal spending and potential impacts on capital expenditure, particularly affecting EPC stocks like L&T and Ashoka Buildcon. In the first seven months of the financial year, projects worth Rs 1.5 lakh crore were awarded across various sectors, but a slowdown in state capex could hinder future growth.
Nifty and Sensex closed strongly, buoyed by the BJP-led Mahayuti Alliance victory in Maharashtra, despite some intraday gains being pared. The Sensex rose by 992.74 points to 80,109.85, while the Nifty increased by 314.60 points to 24,221.90, with broad-based gains across sectors. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted the positive political message from the election for the market.
J Kumar Infra, L&T, and other EPC firms saw significant gains as investors anticipated policy continuity following the Mahayuti alliance's victory in Maharashtra. The BSE India Infrastructure Index rose 3.5%, with J Kumar Infraprojects surging 16% and L&T up 4.2%. The government awarded projects worth Rs 1.5 lakh crore in the first seven months of the fiscal year, with major contracts going to key players in the region, bolstering expectations for a robust capex cycle ahead.
The Q2 earnings season for FY25 is underway, with major companies like Apollo Hospitals, Kansai Nerolac Paints, and Trident set to release their results. While many firms have reported, the overall corporate earnings scorecard has been weak, with only 62% meeting or exceeding profit expectations, particularly in the consumption sector. Notably, GAIL's earnings missed expectations due to lower gas trading margins, while Power Grid's profit remained flat year-on-year.
Nifty dropped below 24,200 on the last day of Samvat 2080, marking its worst month since March 2020 with a 6% decline in October. Foreign institutional investors (FIIs) have sold over ₹1 lakh crore, contributing to a 2,000-point correction from record highs. While midcaps faced pressure, smallcaps performed well, with pharma and media sectors remaining in the green.
Benchmark indices Nifty and Sensex fell further into negative territory on October 31, driven by a sharp decline in IT stocks and weak global cues, particularly disappointing US economic data. At noon, the Sensex was down 424.10 points (0.53%) at 79,518.08, while the Nifty dropped 104.50 points (0.43%) to 24,236.30. Despite this, Nifty Pharma and Healthcare gained over a percent, with Cipla, L&T, and ONGC emerging as key gainers. The broader market showed mixed results, with midcaps slipping and smallcaps rising nearly one percent.
Nifty and Sensex continued their decline for a second consecutive session on October 31, influenced by weak global cues, particularly from the US economy. The Sensex fell by 87.90 points to 79,854.28, while the Nifty dropped 10.60 points to 24,330.20. Despite domestic investors buying the dips, market sentiment is expected to remain negative until foreign institutional investors reduce their selling.
Indian equity markets are consolidating ahead of the monthly expiry of futures and options contracts on October 31, with the Nifty 50 declining by half a percent on October 30. The index has been trading within the 24,100-24,500 range for a week, and a decisive move above 24,500 could signal upward momentum, while a drop below 24,100 may trigger selling pressure towards the August low of 23,900. Key stocks to watch include L&T, Dabur, Tata Power, and IRB Infra.
Motilal Oswal Financial Services has identified ICICI Bank, Zomato, L&T, and Five Star Business Finance among its top stock picks for Samvat 2081. Other notable selections include Amber Enterprises, highlighting a diverse investment strategy for the upcoming financial year.
L&T
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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