Title: Daily Market Recap: Nifty Stays Flat, IT Stocks Shine, and Global Market Caution
Key Market Movements:
- Sensex: 80,081.98 â–¼ 0.17%
- Nifty: 24,435.50 â–¼ 0.15%
- Nifty 50: 24,435.50 -36.60 [1-day]
💡 Nifty 50’s Performance Insight:
Nifty 50 has seen a decline between 0% and 1% about 374 times in the last 5 years. The market closed flat today, with little movement in either direction.
Sector Highlights:
- IT Stocks: Led today’s gains, with over a 2% rise across the board.
- Pharma Stocks: Fell the most, dampening overall market sentiment.
Global Market Update:
- US Markets: Closed flat overnight.
- European Markets: Witnessed a downtrend.
- Asian Markets: Mostly up, showing mixed regional trends.
Nifty 50 Top Gainers:
| Company | Price | Change |
|---|---|---|
| Bajaj Finance | Rs 6,995.80 | â–² 4.76% |
| Tech Mahindra | Rs 1,735.95 | â–² 2.32% |
| Bajaj Auto | Rs 10,586.75 | â–² 2.11% |
| Tata Consumer | Rs 1,014.55 | â–² 1.63% |
| HCL Tech | Rs 1,845.75 | â–² 1.26% |
Nifty 50 Top Losers:
| Company | Price | Change |
|---|---|---|
| M&M | Rs 2,793.50 | â–¼ 3.25% |
| Sun Pharma | Rs 1,839.35 | â–¼ 2.55% |
| Power Grid | Rs 316.90 | â–¼ 1.81% |
| NTPC | Rs 408.30 | â–¼ 1.79% |
| Shriram Finance | Rs 3,197.75 | â–¼ 1.74% |
News Highlights:
- CNG Companies: The gas procurement cost for CNG companies is expected to rise by Rs 2-3 per kg, according to CRISIL.
- Government Plans: The Indian government plans to sell chana whole and masur dal at subsidized rates under its ‘Bharat’ grocery brand.
IPO Updates:
- Godavari Biorefineries IPO: Subscribed 0.27 times, with retail participation at 0.48 times. The subscription remains open until 25 October.
- Waaree Energies IPO: Subscribed 76.34 times, with a retail subscription of 10.79 times. Now closed for subscription.
- Deepak Builders & Engineers IPO: Subscribed 41.54 times, with a retail subscription of 39.79 times. Now closed for subscription.
Stock-Specific Updates:
- Hindustan Unilever: Reported a 2.45% YoY drop in net profit to Rs 2,591 crore for the July-September quarter. The company declared a Rs 29 per share dividend, with a record date of 6 November. Additionally, HUL announced the separation of its ice cream business.
- SBI: Set to sign a 150 million euro credit agreement with the German Development Bank on 24 October, which will finance renewable energy projects.
- Bajaj Finserv: Reported an 8.19% YoY rise in net profit to Rs 2,086.97 crore for the July-September quarter.
- SBI Life: Posted a significant 39.25% YoY rise in net profit to Rs 529.42 crore for the July-September quarter.
- JSW Energy: A subsidiary signed a 25-year power purchase agreement with Solar Energy Corporation for 700 MW solar capacity.
- TVS Motor: Reported a 45.08% YoY rise in net profit to Rs 560.49 crore for the July-September quarter.
- Godrej Properties: Posted a remarkable 401.81% YoY increase in net profit to Rs 335.21 crore for the July-September quarter.
- Gujarat Fluorochemicals: The company’s subsidiary, GFCL EV, approved raising Rs 1,000 crore to expand into the electric vehicle and energy storage sectors.
Word of the Day: Joint Venture (JV)
A Joint Venture is when two or more companies come together to form a new company. Companies typically form JVs to leverage each other’s strengths, reduce risks, or save costs. JVs are often used to enter new markets, especially foreign ones where local knowledge and partnerships are essential.
Example:
- Toyota partnered with India’s Kirloskar Group to expand its operations in India.
- Bajaj Allianz is a JV where Allianz entered India’s insurance market through a partnership with the Bajaj Group.
Commodity Market Watch:
| Commodity | Price | Change |
|---|---|---|
| 10g Gold | Rs 78,680 | â–² 0.60% |
| 1kg Silver | Rs 99,420 | â–² 1.22% |
| USD-INR | Rs 84.08/USD | â–² 0.00% |
- Dow Jones: 42,924.89 â–¼ 0.02%
- Nasdaq: 18,573.13 â–² 0.18%
Featured Question:
Q: What is year-on-year (YoY) profit? Is it the total profit for the year or the rise in profit compared to last year?
A: Year-on-year profit refers to the rise or fall in profit compared to the same period last year. For instance, a 30% YoY rise in profit means this year’s profit is 30% higher than last year. YoY is often written as YoY, and similar comparisons can be made quarter-on-quarter (QoQ).
That’s it for today! Stay tuned for tomorrow’s market update.