Market Highlights: Sensex, Nifty close lower, Bank, IT, Pharma drag; Titan, Kotak Bank shine

Indian shares fell on Tuesday and ended October as the worst month this year due to high US interest rates and oil prices, and persistent foreign investor sales. The market was also dragged by a drop in IT stocks in the run-up to the U.S. Federal Reserve's policy decision later this week.

The NSE Nifty 50 index dropped 60 pts to end at 19,079, while the S&P BSE Sensex fell 230 pts to close at 63,874. Only six of the 15 major Nifty sectoral indices advanced.

Titan, Kotak Bank, and SBI Life were among the top gainers in today's session, while Sun Pharma and M&M shed more than 2% each. LTIMindtree and Eicher Motors also were among the top laggards.

Auto, Bank, Energy, and IT dropped in today's session, while Consumer Durable and Realty gained. Only Realty gained more than a per cent with most stocks showing little movement from yesterday's close.

Asian markets declined after the Bank of Japan loosened its grip on long-term interest rates by tweaking its bond yield control policy, in a step to end its stimulus programme.

Japan's Nikkei share average gained after the Bank of Japan (BOJ) added more flexibility to its yield curve control, but kept the stimulative policy in place. The stock benchmark closed 0.53% higher and the broader Topix index rallied 1.01%.

China stocks snapped a five-day winning streak to end lower after data showed manufacturing activity unexpectedly contracted in October, casting a cloud over recent indicators that had suggested a nascent recovery in the world's second-largest economy.

The blue-chip CSI 300 Index dropped 0.3% and the Shanghai Composite Index slipped 0.1% at market close. Both Hong Kong's Hang Seng Index and the Hang Seng China Enterprises Index declined 1.7%.

European stocks kicked off the week with gains as Israel’s military action in Gaza proceeded more cautiously than feared and investors priced an on-hold decision from the US Federal Reserve later this week.

An official survey of manufacturers shows China’s factory activity contracted in October, suggesting the economy remains on uneven footing.

The purchasing managers’ index, or PMI, fell to 49.5 in October on a 100-point scale, down from 50.2 last month, according to the National Bureau of Statistics and the China Federation of Logistics & Purchasing.

A figure below 50 indicates a contraction in manufacturing activity while a number above 50 reflects an expansion. The non-manufacturing PMI for October fell 1.1 percentage points to 50.6, a sign of slowing activity in China’s service and construction industries.

Factory output and supplier delivery times improved while measures of new orders, raw materials and employment contracted. (AP)

Gentari Sdn Bhd, GIC Holdings Pte Ltd and AM Green, promoted by Greenko founders, recently announced plans for one of the world’s largest green-ammonia plants. In an email interview, Greenko founder, president and joint managing director Mahesh Kolli said an equity raise for AM Green Molecules, AM Green Technology & Solutions, and AM Green International would be done at an "appropriate time". He added that AM Green was in talks with various international and domestic lenders to firm up debt and that construction of the ammonia plant would begin next week. (Read More)

The stock market today saw Mufin Green Finance Ltd emerge as one of the notable multibagger stocks of 2023, with its share prices rising from approximately ₹36.55 to ₹111.76 per share, delivering a remarkable return of over 200 percent in the last year. Despite this substantial growth, it appears that the stock still retains some upward momentum.

Mufin Green Finance's share price opened on a positive note and swiftly rose to touch an intraday high of ₹111.76 per share shortly after the stock market's opening bell today. This surge not only marked a new intraday high but also represented a fresh all-time peak for the stock. Notably, the stock has also witnessed upper circuit limits in the past two consecutive sessions. (Read More)

GAIL (India), the state-owned natural gas company, announced a notable 70.3% increase in its net profit for the September quarter, reaching ₹2,404.89 crore, up from ₹1,412 crore in the previous quarter.

Although the company's revenue from operations in the second quarter of FY24 experienced a slight decline, down 1.25% to ₹31,822.62 crore from ₹32,227.47 crore in the first quarter.

GAIL's earnings before interest, tax, depreciation, and amortization (EBITDA) in Q2FY24 showed a substantial growth of 43.5%, amounting to ₹3,492 crore compared to ₹2,433 crore in the previous quarter. (Read More)

India's domestic automobile industry is expected to record moderate growth in volumes in FY24, but a sustained recovery in demand sentiments remains to be seen, amid concerns over the impact of an uneven monsoon on rural demand, ratings agency ICRA said on Tuesday.

The industry has been on a comeback trail over the past two years, aided by a recovery in economic activities and increased mobility although the pace of revival across the various automotive segments has been somewhat mixed, ICRA said in a statement.

The passenger vehicle segment reached all-time high volume levels in FY23, aided by preference for personal mobility and stable semiconductor supplies and the demand sentiments are expected to remain healthy in the segment, 6-9 per cent year-on-year (YoY) growth in FY2024, it added. (PTI)

Indian Oil Corp Ltd (IOC) reported a profit for the second quarter on Tuesday, compared to a loss year ago, as the country's top refiner benefited from higher refining margins.

The state-owned company posted a net profit of 129.67 billion rupees ($1.56 billion) for the quarter ended Sept. 30, compared with a loss of 2.72 billion rupees a year earlier. (Reuters)

Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd on Mumbai Housing Sales Data for October 2023: The registration volumes of residential properties surpassing the 10K mark for October 2023 exhibit the early trend of festive zeal amongst home buyers from the Mumbai Metropolitan City. This is the first case scenario for any month of October in a decade to witness crossing the 10K registrations mark. Strong domestic economic macros are positively influencing the consumption levels seen across categories, including real estate.

No immediate rate change by the RBI and high latent demand owing to festive buying are expected to keep the sales movement on an upward trajectory with sustained momentum. Given the current dynamics, we foresee that 2023 is expected to close with the best annual registration volumes in a decade.

TVS Motor share price touched a 52-week high on Tuesday's trading session as the company's Q2 results were overall positive and in line with the street's estimates. TVS Motor shares opened at an intraday high of ₹1,640 on BSE. TVS Motor share price started on a strong positive note, making a fresh new high however from there, analysts said that they could not see follow-up buying and prices have gradually declined lower. (Read More)

Praveen Sahay - Research Analyst, Prabhudas Lilladher Pvt Ltd. views on Supreme Industries (SI IN): Rating: ACCUMULATE | CMP: Rs4,522 | TP: Rs4,645

Q2FY24 Result Update – Robust volume growth with margin improvement

Supreme Industries (SI) delivered robust volume growth of 23.2% ahead of expectations, mainly led by growth in Plastic pipe segment (up 29.9% YoY) while EBITDA/kg improved to ₹25.9/kg (vs. Rs21.6 QoQ and Rs13.2 YoY). Volume growth was driven by plumbing and infra segments in Q2FY24. SI has increased its volume growth guidance to 23% from 20%+ (28% vs 23-25% in pipe segment) and also increase EBITDA margin guidance to 14.5% from 14%+ for FY24.

We continue to believe SI is well placed to capture demand across its segments given 1) capacity expansion in different geographies, 2) new product expansion e.g. expanding in PVC window & doors manufacturing and adding 4 piping systems namely (i) PP multilayer silent pipe (ii) Gas Piping (iii) PE/AL/PE piping and (iv) PPR pipe, 3) wide pan India distributors n/w of 4500 channel partners, with 1443 distributors for pipe business; additional 100 in FY24, and 4) cash surplus of Rs5.8bn for funding expansion plans. We estimate FY23-26E Revenue/EBITDA/PAT CAGR of 14.9%/21.9%/21.6%, with volume CAGR of 15.5% and EBITDA margin improvement of 250bps. We upward revise our FY24/25E earnings estimates by 1.4%/1.3% and maintain Accumulate rating, at TP of ₹4645 (earlier Rs4225), based on 40x Sep’25 core EPS plus 25% discount to Supreme Petrochem’s stake.

BP Plc’s third-quarter profit rebounded from the prior period, but fell short of estimates as weak results in gas marketing offset a strong performance in oil trading.

Like its Big Oil peers, BP’s earnings were well below last year’s record levels yet high by historical standards as geopolitical tensions keep energy prices elevated. The huge cash inflows have stimulated a spate of dealmaking, with Exxon Mobil Corp. and Chevron Corp. announcing a pair of acquisitions totaling more than $100 billion over the past month — widening their lead over Europe’s majors.

“We remain committed to executing our strategy, expect to grow earnings through this decade, and on track to deliver strong returns for our shareholders,” said Murray Auchincloss, who became interim chief executive officer of BP after the surprise resignation of Bernard Looney. (BLoomberg)

Consumers in India are battling rising onion prices again as retail numbers toched ₹80 per kg in Mumbai. The day-to-day rise in onion prices has buyers calling for government intervention to lower cost.

Vegetable sellers on their part cite shortage in supply for the skyrocketing prices. Manoj from Agra told ANI that they are procuring onions for ₹60-65 from the mandi, but customers have kept away from the expensive Allium. (Read More)

Mumbai city (area under BMC jurisdiction) in October 2023 is estimated to register 10,523 properties, contributing to a revenue of INR 831 Crores (Cr) for the state government. This shows a 25% surge in registrations and a 15% growth in revenue compared to the preceding year. Of the overall registered properties, residential units constitute 80%, the remaining 20% constitute non-residential assets.

Key Highlights:

• The city records best October registrations in 11 years;
• Revenues increase 15% YoY to be recorded at INR 831 Cr in stamp duty collections
• Mumbai registered 104,832 properties since January 2023.
• 56% of registered properties worth INR 1 cr and above

Gokaldas Exports shares encountered a significant drop of nearly 8.56%, reaching ₹784 each in early Tuesday's trade, consequent to the company's weak performance in the September quarter (Q2 FY24). However, the stock has since recovered slightly from its intraday low and is presently trading at ₹815.95 per share as of 11:15 AM.

During Q2FY24, the company recorded a 40% year-on-year (YoY) and a 27.27% quarter-on-quarter (QoQ) decline in its consolidated net profit, which amounted to ₹24 crore. Moreover, the company's consolidated revenue from operations witnessed a downturn, standing at ₹509 crore in Q2FY24 as opposed to ₹576.3 crore during the corresponding quarter last year, reflecting an 11.7% decrease. (Read More)

Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox: Be selective in buying IT stocks post their Q2 results, charts show a mixed outlook

Among IT Stocks, Persistent system and HCL Technologies appear highly optimistic, while others have yet to claim their bullish bias.

Infosys Ltd| Weak

While the current price action is cantered around the 200-simple moving average (SMA) placed at 1378, the bias remains fragile and may drift in the bears' favour if successive closes fall beneath the 200-SMA. The stock may eventually lead to a downward rally toward 1300 level. To recoup the losing bias, the price action must clear the hurdle at 1,430.

Persistent Systems Ltd| Bullish

Sustainably over 6000-level has triggered the next upside in the stock that could see price action moving towards 6500. The overall trend is poised for a gradual upside until the support of 5550 is shielded. It is highly advisable to accumulate this stock on any health correction.

Tata Consultancy Services Ltd| Cautious

The breakdown of “Double Top” has dismantled the upside bias in the shares of Tata Consultancy Services. The counter is trailing the positive sentiment, and if the support of 3305 is negated, its 200-SMA, the price action may enter bearish territory, gliding towards 3,100 and 2,900.

Wipro Ltd| Bearish

The breakdown of “head & Shoulder” has led the price action to disobey significant supports of 400 and 390 levels. The underlying bias remains dicey, with a cautious outlook. The stock is likely to witness selling pressure on reversal and could become a candidate for sell-on-rise.

HCL Technologies Ltd | Sideways

The present establishment discloses a sideways trend in the range of 1270 to 1200 levels. A vital close over 1300 could mean a positive breakout, with price action heading towards 1,450. A breach of 1200 results in a dropdown to 1100.

Canara Bank's share price saw a rise of over 2%, reaching a fresh 52-week high of ₹390.55 during intraday trading on the BSE on Tuesday, October 31. The stock's upward momentum seemed poised to extend into the fourth consecutive session. Opening at ₹383.25, compared to the previous close of ₹382.55, the stock climbed just over 2%, hitting its 52-week high on the BSE. By 11:50 am, the stock was trading 1.27% higher at ₹387.40 on the BSE.

The positive trajectory in Canara Bank's share price has been observed since October 26, following the announcement of its September quarter earnings. Over the last year, the stock has surged by approximately 34%, outperforming the equity benchmark Sensex, which recorded a 5% gain. (Read More)

Engineering company Tube Investments of India Ltd has planned to set up a greenfield precision steel tube manufacturing facility at an outlay of ₹211 crore. The manufacturing unit to come up in western parts of the country would be funded through 'internal accruals,', the Murugappa Group company engaged in manufacturing of precision steel tubes, said. "The Board has approved the establishment of a greenfield precision steel tube manufacturing facility in Western India at an estimated cost of ₹211 crore." the company said in a statement on Tuesday. (PTI)

Gold demand in India, the world's second-largest consumer of the yellow metal, rose 10 per cent to 210.2 tonnes during the third quarter of this calendar year, aided by softening of gold prices and festive demand, according to the World Gold Council (WGC).

Speaking to PTI, WGC India Regional CEO Somasundaram PR said gold prices softened a bit during the last quarter but now they have started inching up. Prices will play a critical role during the Dhanteras festival and wedding season in the next two months.

Trade feedback is that consumers have accepted the ₹60,000 per ten-gram price point, so a downward correction could trigger a significant jump in demand.

Dhanteras is considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, to other valuables. (PTI)

Mid-cap IT firm KPIT Tech experienced an 11% surge in 2 sessions, reaching a record high, subsequent to the upward revision of its FY24 guidance in constant currency (CC) terms. Notably, while several IT majors have adjusted their forecasts downward, KPIT Tech has raised its expectations.

For the ongoing financial year FY24, the company now anticipates a 37% growth in revenue in CC terms, a notable increase from the earlier guidance range of 27% to 30%. Additionally, the company has raised its operating profit or EBITDA (earnings before interest, taxes, depreciation, and amortization) guidance for the year to over 20%, up from the previous range of 19-20%. (Read More)

Perspective by Mr. Cyrus Mody, Founder & CEO, Viceroy Properties: For the fifth consecutive month, home sales in the Mumbai Metropolitan Region (MMR) have exceeded 10,000 transactions and have exhibited a remarkable year-on-year increase of over 20% in total registrations. Notably, a substantial portion of these sales have transpired within the premium housing market segment.

According to available reports, more than 30% of residential property transactions within the last nine months have involved luxury properties. Several factors contribute to this upward trend, including the bolstering of purchasing power, heightened demand for luxury residences in emerging micro-markets, such as the western and central suburbs, significant infrastructural developments throughout the city, and ongoing housing society redevelopment projects.

In light of the ongoing festive atmosphere, we anticipate a robust expansion in Mumbai's real estate sector, particularly within the luxury housing segment, throughout the year.

Union Power and New & Renewable Energy Minister R K Singh on Tuesday said renewable energy sources can supply 65 per cent of the world's total electricity by 2030 and as much as 90 per cent by 2050.

Addressing the inauguration of the Sixth Assembly of International Solar Alliance (ISA), Singh said "Renewable energy sources have the potential to supply 65 per cent of the world's total electricity by 2030 and decarbonise 90 per cent of the power sector by 2050."

Currently, he informed that around 80 per cent of the global population resides in countries that depend on fossil fuel imports, totalling a staggering 6 billion people.

Singh, who is also president of ISA, stated that the recent G20 Summit in New Delhi also underscored the urgent need for a transition to clean energy. (PTI)

Two-wheeler maker TVS Motor Company is putting together a line-up of super-premium products under British motorcycling brand Norton, which it had acquired in 2020, a top company executive said on Monday.

The maker of iQube electric scooters recently introduced the TVS X, an electric motorcycle-scooter crossover, at ₹2.5 lakh ex-showroom, which puts it at the very top end of electric scooters in India. "India will be the largest market for the TVS X and every other product we introduce. Super-premium and premium will be the order of the day in India", KN Radhakrishnan, chief executive officer, TVS Motor Company said in a post-earnings call. (Read More)

Rajgor Castor Derivatives Limited made a favourable debut on the NSE SME, with its share price listed at ₹59 per share, marking an 18% increase from the IPO issue price of ₹50. However, following this promising start, the shares were subsequently locked in a 5% lower circuit.

The price band for Rajgor Castor Derivatives IPO was established within the range of ₹47 to ₹50. (Read More)

Pramod AMTHE and Ravi GUPTA of InCred Equities views on TVS Motor Co Ltd: 

High EBITDA margin difficult to sustain

TVSL IN / TVSM.NS | REDUCE - Maintained | INR1,609 tp:INR1,247

Mkt.Cap:US$9,181m | Avg.Daily Vol:US$18.6m | Free Float:49.7%

■ 2Q EPS rose 21% qoq to Rs10.5, beating our estimate but not Bloomberg estimate. EBITDA margin at a new high of 11% aided by increase in inventory.

■ Raise EPS by 8-12%, as E2W losses below estimate. We feel the current 11% EBITDA margin sustenance is difficult, considering the aggressive launches.

■ Raise SOTP-based TP for superior E2W sales momentum, without subsidy help. Retain REDUCE rating because of the rich +2SD P/E & P/BV valuations.TVS Motor Co Ltd | Full Report

High EBITDA margin difficult to sustain

TVSL IN / TVSM.NS | REDUCE - Maintained | INR1,609 tp:INR1,247

Mkt.Cap:US$9,181m | Avg.Daily Vol:US$18.6m | Free Float:49.7%

Autos

Author(s): Pramod AMTHE (91) 22 4161 1541, Ravi GUPTA

■ 2Q EPS rose 21% qoq to Rs10.5, beating our estimate but not Bloomberg estimate. EBITDA margin at a new high of 11% aided by increase in inventory.

■ Raise EPS by 8-12%, as E2W losses below estimate. We feel the current 11% EBITDA margin sustenance is difficult, considering the aggressive launches.

■ Raise SOTP-based TP for superior E2W sales momentum, without subsidy help. Retain REDUCE rating because of the rich +2SD P/E & P/BV valuations.

The Initial Public Offering (IPO) of Honasa Consumer Limited, recognized for its popular brand Mamaearth, commenced in the primary market today, remaining open for bidding until November 2, 2023. The price for the Mamaearth IPO has been set at ₹308 to ₹324 per equity share. The book build issue is intended for listing on both BSE and NSE.

Market observers have noted that shares of Honasa Consumer Limited are currently available for trade in the unlisted market, with shares commanding a premium of ₹10 in the grey market today. (Read More)

Asian equities slipped on Tuesday, hovering close to a near one-year low, as manufacturing activity data from China disappointed while the yen weakened past 150 per dollar after the Bank of Japan tweaked its bond yield control policy.

The yen fell 0.7% against the dollar to touch a session low of 150.12 after the central bank maintained its target for the 10-year government bond yield around 0% set under its yield curve control (YCC) but redefined 1.0% as a loose "upper bound" rather than a rigid cap.

Under criticism that its heavy defence of the cap is causing market distortions and an unwelcome yen fall, BOJ had raised its de-facto ceiling for the yield to 1.0% from 0.5% in July. (Reuters)

Blue Star, a consumer durable firm, witnessed a strong start to Tuesday's trading session following the positive investor response to its Q2FY24 performance. The company's consolidated revenue from operations surged by 19.5% to ₹1,890 crore, up from ₹1,582 crore during the same period last year. Notably, the revenue from its electro-mechanical projects & commercial air conditioning systems segment, which contributes over 55% to the total revenue, increased by 12.1% to ₹1,077 crore in Q2 FY24, compared to ₹961.22 crore in Q2 FY23. (Read More)

Richard Liu of JM Financial recommendations on Marico Ltd (MRCO IN): 2QFY24 | Another upgrade to FY24E margin guidance

BUY INR 600 

Marico’s Sep-Q earnings were c.2-3% better vs what we were expecting. Topline performance was mostly inline. GPM recovery was again much better, and drove the beat in earnings. Volume trajectory remained soft, though – a sector-wide issue at present, and was due to rural weakness given erratic rainfall patterns in the country, increased competitive activities from smaller players, and inventories being lowered in the general trade channel. Management sounded hopeful of a gradual improvement from H2 and given a benign costs outlook, has also upped its FY24 margin guidance once again - now looking at a potential gross margin gain of 350-400bps in FY24E (vs 250-300bps in July, 200-250bps in May) and EBITDA margin expansion of >200bps (vs >100bps at the start of the year). Newer businesses are growing well and there is a sharp focus on profitability here. We expect the stock to do better hereonwards - price-corrections-led drag on topline would be lower going forward, which, along with continued RM-cost benefits, provides some comfort on earnings visibility. Maintain BUY.

The rupee inched up 1 paisa against the US dollar in early trade on Tuesday, as the support from positive domestic equities was negated by elevated crude oil prices and a strong American currency overseas.

Forex traders said the dollar strengthened on safe-haven demand. However, a positive trend in domestic equities supported the rupee at lower levels.

At the interbank foreign exchange, the rupee was trading in a narrow range. The local unit opened at 83.26 against the dollar. It rose slightly to 83.25 against the greenback in initial trade, up 1 paisa from its previous close. (PTI)

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Buy on dips is the strategy that has worked well in this highly volatile market. In spite of multiple crises, risks and uncertainties the market has been bouncing back smartly as evidenced by the 290-point rally in Nifty in the last two days. Globally, stock markets have refused to discount the West Asian crisis aggravating into a global catastrophe impacting markets. Three signals from the market are significant: one, the dollar index is down 0.40 %; two, crude is down 3%; and three, safe haven buying in gold is limited. The takeaway from these market signals is that the market is climbing all walls of worries and a collapse triggered by geopolitical events is unlikely.

But investors have to be cautious since this is the time of war and unexpected events may happen. Even while remaining cautious investors can slowly accumulate high-quality large caps where safety is high. Financials are fairly valued.

The share price of Fine Organic experienced a 3% decline in early trading on Tuesday, October 31, following the company's release of its September quarter results. Starting at ₹4,485.05, down from the previous close of ₹4,591.05, the stock subsequently dropped by 2.85% to reach ₹4,460. Around 9:20 am, the stock was trading 2.31% lower at ₹4,485. Brokerage firm Motilal Oswal Financial Services downgraded the stock to sell, citing the stock's high valuation. (Read More)

The direct listing of Indian companies on foreign exchanges at the International Financial Services Centre (IFSC) in Gujarat International Financial Tech (GIFT) City is getting closer as the official notification regarding the same is to be released very soon, as reported by Moneycontrol

IFSCA chairperson K Rajaraman, speaking to Moneycontrol during the Asia Securities Forum AGM in Mumbai, shared, "It is currently awaiting the PMO approval and could be out anytime soon. Recommendations by the working group, coordinating with the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI), will also be out in 10–15 days. Then, we can make the necessary amendments to enable the procedure by the end of the year, he told Moneycontrol during the event. (Read More)

China’s factory activity fell back into contraction in October, while an expansion of the services sector unexpectedly eased, signaling that the economy remains fragile and is in need of support.

The official manufacturing purchasing managers’ index slipped to 49.5 this month from 50.2 in September, according to a statement from the National Bureau of Statistics on Tuesday. That compares with an estimate of 50.2 in a Bloomberg survey of economists.

The non-manufacturing gauge, which measures activity in the construction and services sectors, declined to 50.6 from 51.7, lower than the forecast of 52. The 50 level separates growth from contraction. (Bloomberg)

ESAF Small Finance Bank has set the price band for its IPO at ₹57 to ₹60 per equity share, with a face value of ₹10 per share. The subscription for the IPO will commence on Friday, November 3, and conclude on Tuesday, November 7. The allocation to anchor investors is slated for Thursday, November 2. (Read More)

Ameya Ranadive CMT CFTe, Research Analyst, Choice Broking: Today, the benchmark indices Sensex and Nifty are anticipated to commence trading on a slightly positive note, as indicated by trends in the GIFT Nifty. Notably, the Nifty exhibited a robust recovery in the preceding session, culminating at its highest level, surpassing the 19100 mark. This surge witnessed a commendable 200-point rebound from its intraday low. A significant support level for the Nifty rests at 18840, coinciding with its 200-day Exponential Moving Average (EMA).

Over the past three days, the Nifty has demonstrated a consistent pattern of attaining higher highs and higher lows, indicative of a subtle shift in market sentiment. This is further substantiated by the Relative Strength Index (RSI) rebounding from oversold levels of 27. Looking ahead, the Nifty is bolstered by support zones situated between 18850 and 19000. Should a substantial pullback materialize, there is potential for the index to ascend towards the range of 19300 to 19450 in the forthcoming sessions.

In contrast, the bearish sentiment persists in the Bank Nifty, which continues to trade below its crucial 200-day EMA, currently positioned at 43260. The support level for the Bank Nifty is established at 42150, while resistance is likely to be encountered within the 43500 to 43800 range.

Given the unconfirmed trend, adopting a stock-specific approach is advised for prudent market participation.

Today, a handful of major companies will be releasing their Q2 results, including Bharti Airtel Ltd, Adani Total Gas Ltd, DCB Bank Ltd, Indiabulls Real Estate Ltd, Indian Oil Corporation Ltd, Jindal Steel & Power Ltd, Larsen & Toubro Ltd, Reliance Power Ltd, Tata Consumer Products Ltd, and Zee Media Corporation Ltd. (Read More)

The Indian rupee is likely to open little changed on Tuesday on an uptick in Asian peers and a pickup in equity outflows, while investors await the Bank of Japan (BOJ) policy review.

Non-deliverable forwards indicate the rupee will open around Monday's closing of 83.25 to the U.S. dollar.

It is "of little surprise" that the rupee will barely move at open, a Mumbai-based forex trader at a bank said.

"The BOJ policy is quite important from the overall Asia FX and risk appetite perspective. Having said that, it is a stretch to think the rupee will react much." (Reuters)

Siemens Energy is considering selling a large part of its 24% stake in Indian-listed Siemens Ltd to former parent Siemens AG to shore up its balance sheet, according to a person familiar with the matter.

The stake is currently worth around $3.5 billion and a partial sale would be a quick way for the German maker of wind and gas turbines to strengthen its capital base as talks with Berlin and Siemens over guarantees for performance bonds continue. (Read More)

For India's $245 billion IT industry, 2023 will go down as a watershed year. For the first time in a quarter of a century, the country's top ten IT companies, employing over 2 million professionals, are set to end the current fiscal with fewer employees than they began with.

According to a Mint analysis, for the first time ever, the ten biggest IT services companies, also the largest employers in the sector, ended the first half of the current financial year with substantially reduced workforce. Notable examples include Infosys with a decrease of 14,470 employees, Wipro by 13,863, Cognizant by 9,700, and TCS by 5,810. (Read More)

• TVS Motor Company: Recorded a 32% surge in net profit at ₹537 crore and a 13% increase in operating revenue at ₹8,145 crore for Q2 FY2023-24.
• Marico Ltd: Reported a 17.3% growth in net profit at ₹360 crore for Q2FY24, but a 17.5% sequential drop. Revenue from operations slightly dipped to ₹2,476 crore.
• Tata Motors: Awarded over ₹766 crore in compensation by an arbitral tribunal for losses incurred due to protests in West Bengal.
• Vodafone Idea Ltd: Expected to finalize funding talks with investors this quarter, with a commitment of ₹2,000 crore from promoters.
• Bharat Heavy Electricals Limited (BHEL): Inducted Koppu Sadashiv Murthy as Chairman and Managing Director.
• Triveni Engineering & Industries: Witnessed a 98% decline in net profit at ₹29.1 crore for Q2FY24.
• GMR Airports Infrastructure Ltd (GIL): Reported a reduced net loss of ₹190 crore and a 25% increase in net income at ₹1,607 crore.
• Blue Star Ltd: Posted a 66% rise in net profit at ₹70.77 crore for the second quarter, with a 19.47% revenue increase.
• Procter & Gamble Hygiene and Health Care Ltd: Reported a 36.44% increase in profit after tax at ₹210.69 crore for the first quarter, with net sales up by 9.04% to ₹1,135.06 crore.
• Petronet LNG: Approved the setup of a petrochemical plant in Gujarat with an estimated cost of ₹20,685 crore to contribute to the nation's petrochemical hub vision. (Read More)

Oil edged higher after a steep drop spurred by signs that the Israel-Hamas war will remain contained while demand may be softening.

West Texas Intermediate rose toward $83, after losing nearly 4% on Monday to erase all of the gains that followed the Oct. 7 attack on Israel. Global benchmark Brent was near $88. The ground invasion of Gaza has yet to spark a wider regional conflict that could risk crude supplies, although Prime Minister Benjamin Netanyahu has ruled out a cease-fire.

Crude is wrapping up a turbulent month, with prices rocked by the war and mixed indicators on demand. Both WTI and Brent are on course to cap declines in October as the risk premium triggered by the conflict fades away, with concerns of a global slowdown returning to the fore. Data from Asia on Tuesday highlighted the risks as manufacturing in China fell back into contraction. (Bloomberg)

On Monday, Honasa Consumer Ltd, renowned for owning popular FMCG brands including Mamaearth and The Derma Co, successfully allocated 2.36 crore equity shares to 49 anchor investors, generating a substantial sum of ₹765.20 crore in anticipation of the company's upcoming IPO.

The equity shares were allotted at the upper price band of ₹324 per share, incorporating a premium of ₹314 per equity share, alongside a face value of ₹10 per share. As per an exchange filing made on Monday, nearly 28 prominent investors were recipients of shares through the anchor book. (Read More)