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Nifty and Sensex continued their upward trend for the third consecutive day, buoyed by gains in IT, realty, and FMCG stocks. At 9:30 am, Sensex rose by 250.53 points to 80,360.38, while Nifty increased by 81.90 points to 24,303.80, reflecting positive sentiment following the NDA alliance's electoral success in Maharashtra. Analysts anticipate a focus on government spending as geopolitical risks remain a concern.
The Sensex fell by 424.48 points (0.55%) to 77,153.90, while the Nifty dropped 165.10 points (0.70%) to 23,353.40 amid concerns over a $250 million bribery indictment against Gautam Adani and geopolitical tensions from the Russia-Ukraine conflict. Public sector banks and energy stocks were particularly hard hit, with 2,354 shares declining compared to 958 advancing. Analysts suggest that the combination of these factors is leading investors to adopt a cautious approach, further pressuring the markets.
Markets closed in the red for the seventh consecutive session, marking the longest losing streak since February 2023. The Nifty 50 index saw significant declines, with BPCL, TCS, Infosys, Trent, and Dr Reddy's Labs dropping 2.5-3 percent. In contrast, Hindalco, Hero MotoCorp, Tata Steel, HUL, and M&M emerged as top gainers, rising 1.5-4 percent.
Gautam Chhaochharia, Head of Global Markets at UBS, emphasizes that local policy decisions will be the primary drivers of Indian markets, overshadowing global influences like Trump's policies. He expresses cautious optimism about economic growth and earnings recovery, while highlighting the need for policy support and potential rate cuts in the coming months. Chhaochharia notes that consumer sectors linked to rural recovery are better positioned for growth amidst current valuation concerns.
Tata Steel Ltd. reported a second-quarter profit of 8.3 billion rupees ($99 million), a 13% decline from the previous quarter's 9.6 billion rupees, reflecting weak demand and falling prices for the alloy. The results, however, surpassed average estimates.
Stocks to watch include Titan, NTPC, Infosys, Dr Reddy’s Labs, GAIL, Mankind Pharma, and JK Tyre. On November 6, several companies will report quarterly earnings, including Tata Steel, Power Grid Corporation, Apollo Hospitals, and Jindal Steel & Power, among others.
On October 19, 2024, the Intelsat 33e satellite experienced a catastrophic malfunction in geostationary orbit, breaking into over 57 pieces and disrupting broadband services across Asia, Europe, and Africa. This incident particularly affected sectors reliant on high-throughput connectivity, including inflight Wi-Fi and maritime communications.Intelsat is currently assessing its fleet capacity and coordinating with third-party providers to restore services efficiently. The cause of the satellite's sudden breakdown is under investigation, following a history of technical difficulties since its launch in 2016.
Yes Bank, Tata Power, and Reliance Power experienced significant declines in shareholder numbers, with Tata Power losing over 64,000, Yes Bank 54,000, and Reliance Power more than 47,000. In contrast, Tata Steel gained nearly 800,000 new investors, followed by Tata Motors with 700,000 and Vodafone Idea with 600,000. Other notable increases included IRFC (390,000), NHPC (260,000), and Jio Financial Services (55,000).
The Indian stock market experienced a sharp decline on Tuesday, with the Sensex dropping over 900 points and Nifty falling below 24,500, resulting in a loss of over Rs 9 lakh crore in investor wealth. Major companies like Adani Enterprises, M&M, and Tata Steel were among the top losers, as all sectoral indices closed in the red, with declines of 2-3 percent across various sectors. Despite the turmoil, meme creators on social media, particularly on X, found humor in the situation, generating a wave of stock market crash memes.
Indian benchmark indices faced significant declines on October 22, with the Nifty dropping below 24,500 and the Sensex falling by 930.55 points, or 1.15%, to close at 80,220.72. The market was impacted by extended selling, poor global cues, and weak sector performance, with major losers including Adani Enterprises, M&M, and Tata Steel, while ICICI Bank and Infosys were among the few gainers. All sectoral indices ended in the red, with declines of 2-3% across various sectors.
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