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Indian Indices

I) Nifty: opened at 24378 and touched a high of 24604 then a low of 24378 and closed at 24435 with a total of - 36 points in Negative

II) Bank Nifty: open 51117 and touched a high of 51551 then a low of 51107 and closed at 51239 With a total of - 18 points Negative

III) Fin Nifty: open 23597 and touched a high of 23903 then a low of 23597 and closed at 23752 With a total of + 51 points in Positive

IV) Nifty Mid Select: open 12436 and touched a high of 12651 then a low of 12400 and closed at 12544 With a total of + 101 points in Positive

NSE Advance and Decline

Nifty 500 Top Gainer

Nifty 500 TOP LOSER

Sectoral Performance

Outperforming stocks vs nifty 500 over 1 week

Underperforming Stock vs Nifty 500 over 1 week

Stock With Rising Volume

Headlines

Indian Stock Market Highlights – October 23, 2024

The Indian stock market on October 23, 2024, was characterized by sector-specific movements, stock-specific developments, and important corporate updates. Here’s a look at the major highlights across key sectors:

1. Banking & Financial Services

The banking and financial services sector showed mixed movements today, with private banks and NBFCs leading the action.

• ICICI Bank remained in focus as it announced an increase in its interest rates on fixed deposits across select tenors. This is in response to the Reserve Bank of India's (RBI) recent monetary policy tightening. Investors showed positive sentiment, and the stock closed with a modest gain of around 1.2%.
• HDFC Bank witnessed a slight dip of around 0.6%, primarily driven by concerns over asset quality in its microfinance segment. The bank's management has reassured investors that it is working to manage risks effectively in the current inflationary environment.
• Bajaj Finance saw profit booking after a stellar run over the past few sessions. The stock was down by 1.8% as investors decided to lock in profits. However, analysts maintain a bullish outlook, citing the company’s strong fundamentals and robust growth in its loan book.

2. IT Sector

The IT sector faced pressure today, with global macroeconomic concerns casting a shadow on growth prospects for export-driven companies.

• Infosys slipped by 0.9% as concerns over a slowdown in IT spending by global clients persisted. However, the company announced a strategic partnership with a European banking giant, which could bring long-term revenue. But the short-term outlook appears muted.
• TCS was down by 1.1%, following reports that the company might face challenges with pricing in some key markets. TCS has been actively focusing on cost management to maintain its margins.
• Tech Mahindra bucked the trend, gaining 0.5%, after reports surfaced of the company exploring new opportunities in artificial intelligence (AI) and cloud computing. Investors were optimistic about its diversification into future-ready technologies.

3. Pharmaceutical Sector

Pharma stocks had a positive day, with a few key players leading the charge.

• Sun Pharma rallied by 1.4% on the back of strong quarterly earnings. The company reported a significant increase in its domestic sales, driven by strong demand in the chronic therapy segment. Investors were also buoyed by management’s optimistic outlook for the upcoming quarters.
• Cipla gained 1.1% after it received USFDA approval for one of its key generic drugs. The drug is expected to contribute significantly to Cipla's revenue in the US market. The positive news helped boost investor sentiment.

4. Automobile Sector

The automobile sector saw mixed action as companies focused on quarterly performance updates and expansion plans.

• Tata Motors was the highlight, posting a gain of 2.3%. The company shared impressive numbers for its EV segment, which showed robust growth, particularly in the domestic market. Investors were also upbeat about Tata Motors’ plans to expand its electric vehicle portfolio.
• Maruti Suzuki saw a decline of 0.8%, with analysts citing subdued demand in the compact car segment. The company is expected to announce new product launches in the coming months, which could help it regain momentum.
• TVS Motors gained 0.9% on the back of strong two-wheeler sales in both domestic and export markets. The company is also exploring partnerships for electric vehicle (EV) development, which contributed to the positive sentiment around the stock.

5. Energy Sector

The energy sector witnessed varied performance, influenced by global crude prices and domestic developments.

• Reliance Industries remained flat with a slight dip of 0.3%, even after announcing its plans to expand its renewable energy business. The company is making significant investments in solar energy and hydrogen production, aiming to become a leader in green energy in India.
• ONGC surged by 1.7%, following a rise in global crude oil prices. The market sentiment around the stock was positive, with investors expecting ONGC to benefit from higher realizations in the upcoming quarters.
• Adani Green Energy gained 2.1% as it secured a large solar project in Rajasthan. This project is expected to bolster its renewable energy portfolio and strengthen its market leadership in green energy.

6. Real Estate Sector

The real estate sector remained active, with some key players announcing expansion plans and new project launches.

• DLF advanced by 1.6%, buoyed by its announcement of a new residential project in Gurugram. The project has received strong pre-launch bookings, indicating healthy demand in the luxury housing segment.
• Godrej Properties gained 0.8%, driven by reports that it is exploring new land acquisition opportunities in major metro cities. The company is focused on expanding its portfolio to tap into the growing demand for residential and commercial spaces.

7. Metals & Mining

The metals sector showed resilience today, driven by global cues and supply-demand dynamics.

• Tata Steel gained 1.3% after it announced a significant increase in production capacity in its Kalinganagar plant. The company’s strategic focus on cost-efficiency and increasing output has been well-received by investors.
• Hindalco rose by 1.1%, following an uptick in aluminum prices in the global markets. Investors are hopeful that the company will benefit from the rising demand for aluminum across various industries, including automotive and packaging.

8. Consumer Goods & FMCG

The FMCG sector saw selective buying, with companies focusing on innovation and market share expansion.

• Hindustan Unilever (HUL) slipped by 0.5% as analysts expressed concerns over margin pressure due to rising raw material costs. However, the company is optimistic about the upcoming festive season, which is expected to boost sales.
• ITC remained flat, with marginal gains of 0.2%. The company’s diversification into the food and beverage sector is gradually bearing fruit, and investors are keeping a close watch on its future growth prospects.

Conclusion:

Today’s market session saw sectoral rotations, with banks, pharma, autos, and energy stocks attracting investor interest. The IT sector, however, faced some challenges due to global uncertainties. Stock-specific developments, especially in the automobile and energy sectors, played a significant role in driving market sentiment. Investors remained cautiously optimistic as they focused on corporate earnings and global cues for further direction.

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