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Sensex surged 809 points to 81,765.86, and Nifty climbed 240.95 points to 24,708.40, marking a seven-week high ahead of the RBI policy. IT and bank stocks led the rally, with Infosys and TCS each gaining over 3%. The broader market also thrived, with 2,144 stocks advancing.
UBS anticipates elevated slippages for Micro Finance companies due to a significant rise in overdues, with Portfolio at Risk for zero days increasing by 130 basis points to 17.5% in October. The firm notes that while recent floods may have impacted collection efficiency, the overall delinquency trend suggests ongoing over-leverage issues. UBS maintains a "neutral" rating on several banks with substantial MFI exposure, as tighter disbursement norms are expected to reduce liquidity for weaker borrowers and exacerbate delinquencies in the latter half of the financial year.
The Sensex surged by 702.50 points to close at 79,746.24, while the Nifty rose by 209.20 points to 24,123.40, driven by gains in pharma, infrastructure, energy, and auto sectors. Despite this rebound, experts caution that ongoing FII selling and other negative factors may hinder a sustained recovery, advising investors to remain cautious.
In the latest earnings season, Nifty-50 experienced its lowest growth in 17 quarters, with benchmark indices dropping nearly nine percent from their 52-week highs. Motilal Oswal identified ten "winners," including SBI, Sun Pharma, and M&M, which showed resilient performances despite the overall muted results. Conversely, Tata Motors and Asian Paints were highlighted as laggards following disappointing earnings.
Morgan Stanley has set an overweight rating for LTIMindtree with a target price of ₹7,050 per share, noting a strong deal pipeline and new client additions despite elusive discretionary spending. Meanwhile, Nomura has reduced its rating, targeting ₹5,140 per share, emphasizing the need for double-digit growth to achieve a 17-18% EBIT margin band as the company aims for $10 billion in revenue by 2031-32 while embracing an AI pivot.
The Nifty and Sensex reversed gains after a strong opening, closing lower due to declines in auto and energy stocks. The Sensex fell by 147.14 points to 79,962.71, while the Nifty dropped 39.40 points to 24,182.50, amid concerns over earnings and a lack of positive market triggers. Despite a significant influx of foreign institutional investment, experts caution that the recent rally may not be sustainable.
The Indian markets are experiencing their longest losing streak in five months, down over 10% from September highs, driven by disappointing Q2 earnings, foreign outflows, and rising global tensions, particularly from the Ukraine conflict. With inflation surpassing the RBI's comfort zone and foreign investors retreating, the outlook remains bleak as the dollar reaches a one-year high, complicating the path to a bull market revival on Dalal Street. The current environment favors bears, leaving bulls with a challenging road ahead.
Ramkrishna Forgings has seen a 33% increase in share value in 2024, significantly outperforming the Nifty 50"s 8% rise. UBS projects a potential upside of nearly 60%, setting a target price of ₹1,500, driven by factors such as EV penetration, recent acquisitions, and growth in various sectors. The company reported a 17.2% revenue growth to ₹1,054 crore and a net profit surge of 131% to ₹190 crore in Q2 FY24, bolstered by a one-time gain from a subsidiary sale.
The Sensex and Nifty fell by 1% amid persistent FII outflows and disappointing earnings, marking the fifth consecutive session of declines. The broader market suffered significantly, with the BSE Midcap and Smallcap indices down 2% and nearly 3%, respectively, while India VIX rose over 7%. IndusInd Bank's shares plummeted nearly 20% following poor quarterly results, contrasting with Godrej Consumer Products, which saw a 2% rise after positive brokerage calls.
Nifty tested 24,400 amid market volatility but closed off the day's low, with broader markets facing selling pressure. The NSE advance-decline ratio stood at 2:3, with FMCG, realty, and autos lagging, while banks and pharma gained. Key gainers included Ultratech, Shriram Fin, and SBI, while HUL and Hindalco were among the notable losers.
M&M
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Indian Stock Market Hits Seven Week High Led by IT and Banking Stocks
Indian Rupee
M&M
Tata Consultancy Services Limited
Titan
ICICI Bank Ltd
Bajaj Finance Limited
Infosys Ltd
Bharti Airtel Ltd.
NTPC Limited
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11:21 05.12.2024
UBS warns of rising slippages in micro finance sector amid overdue surge
13:45 29.11.2024
Sensex and Nifty rebound as pharma and infra stocks surge
10:43 29.11.2024
winners and laggards emerge from muted earnings season in second quarter
09:37 28.11.2024
brokerage updates on ltimedia and morgan stanley target adjustments
03:39 27.11.2024
markets decline as auto and energy stocks weigh on gains
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07:50 26.11.2024
Indian markets face challenges amid global tensions and economic downturns
04:23 21.11.2024
Ramkrishna Forgings poised for growth with UBS target price of 1500 rupees
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10:20 19.11.2024
markets decline amid foreign selling and disappointing earnings reports
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07:47 25.10.2024
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11:50 24.10.2024
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