Share Market Highlights- Nifty settles below 19080, Sensex below 63880; Bank Nifty sheds over 190 points

Share Market Highlights: Nifty settles below 19080, Sensex below 63880; Bank Nifty sheds over 190 points

Share Market News Today | Sensex, Nifty, Share Prices Highlights:  The benchmark equity indices ended Tuesday’s trading session in the negative territory. The NSE Nifty 50 dropped 61.30 points or 0.32% to settle at 19,079.60, while the BSE Sensex plunged 237.72 points or 0.37% to 63,874.93. Broader indices ended largely in red, except the Midcap stocks and Nifty Next 50. The Bank Nifty index shed 193.20 points or 0.48% to settle at 42,845.95. Auto, Pharma, Metal, Private Bank and IT stocks ended lower among the other sectoral indices, while Realty, Media and PSU Bank stocks advanced. SBI Life Insurance Company, Titan Company, HDFC Life Insurance, Kotak Mahindra Bank and Asian Paints while the laggards included Sun Pharma, Mahindra & Mahindra, Eicher Motors, LTIMindtree and ONGC. The volatility index (India Vix) ended up 2.91%.Live Updates

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates

15:34 (IST) 31 Oct 2023 Markets at close

The NSE Nifty 50 dropped 61.30 points or 0.32% to settle at 19,079.60, while the BSE Sensex plunged 237.72 points or 0.37% to 63,874.93.

15:16 (IST) 31 Oct 2023 USD-INR

“USDINR CMP- 83.2650 (spot) Indian Rupee traded on a flat note today. Weak domestic markets and FII outflows weighed on Rupee. However, a decline in crude oil prices and a soft US Dollar supported Rupee at lower levels. We expect Rupee to trade with a slight negative bias on geopolitical uncertainty in the Middle East which may lead to safe haven demand for US Dollar. Month end Dollar demand from OMCs may also weigh on Yen. However, delayed ground invasion may support riskier currencies at lower levels. Traders may take cues from India’s fiscal deficit and US CB consumer confidence data. Investors may remain cautious ahead of FOMC meeting later this week. USDINR spot price is expected to trade in a range of Rs 83 to Rs 83.60,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

15:05 (IST) 31 Oct 2023 Ajanta Pharma Q2 profit rises 24.7%

Ajanta Pharma on Tuesday registered its Q2 profit at Rs 195.30 crore, up 24.7% in comparison to Rs 156.60 crore during the same period last year. It posted revenue from operations at Rs 1,028.44 crore, up 9.6% as against Rs 938.10 crore during the second quarter of FY23. The company’s EBITDA stood at Rs 290.4 crore, up 48% on-year.

14:05 (IST) 31 Oct 2023 NIIT Ltd Q2 profit surges 124.9%

NIIT Limited, a skills & talent development corporation, on Tuesday posted its second quarter results for FY24 with profit at Rs 10.64 crore, up 124.9% in comparison to Rs 4.73 crore during the second quarter of FY23. It posted revenue from operations at Rs 81.41 crore, down 13.4% as against Rs 94.04 crore during the same period last year. The company also declared an interim dividend of Rs 0.50 per equity share of face value of Rs 2 each fully paid-up for the financial year 2023-24. It posted Q2 EBITDA at Rs 2.20 crore.

13:31 (IST) 31 Oct 2023 Realty stocks soar

The Nifty Realty index surged 1.22% during the intra-day trade on Tuesday. Macrotech Developers led gains and added 3.72%, while Sobha, DLF, Oberoi Realty and Godrej Properties added over 1% each.

13:10 (IST) 31 Oct 2023 Markets at glance

(Source: NSE)

12:37 (IST) 31 Oct 2023 Blue Star posts Q2 profit at Rs 70.77 crore

Air conditioning and commercial refrigeration firm Blue Star recorded Q2 profit at Rs 70.77 crore, up 66% as against Rs 42.64 crore during the second quarter of FY23. The profit was driven by renewed demand for its room air conditioners after the summer season which was impacted due to unseasonal rains and also a strong order book. It posted revenue from operations at Rs 1890.40 crore, up 19.5% in comparison to Rs 1582.29 crore during the same period last year. While the total income during the quarter was at Rs 1903.36 crore, total expenditure during the quarter in review was at Rs 1808.37 crore.

12:07 (IST) 31 Oct 2023 Active stocks

HDFC Bank, RIL, ICICI Bank, INOX Wind and KPIT Technologies are the most active stocks on the NSE.

11:41 (IST) 31 Oct 2023 BOJ relaxes grip on rates

The Bank of Japan further loosened its grip on long-term interest rates by tweaking its bond yield control policy again on Tuesday, taking another small step towards dismantling the past decade’s massive monetary stimulus, reported Reuters. The nine-member board also revised up its price forecasts to project inflation well exceeding its 2% target this year and next, underscoring a growing conviction that conditions for phasing out ultra-loose monetary policy are falling into place.

11:25 (IST) 31 Oct 2023 L&T wins Ultra-Mega contract

Larsen & Toubro (L&T) on Tuesday said that its Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) has secured Letter of Intent for yet another Ultra-Mega Onshore project from a prestigious client in the Middle East further to the recent Ultra-Mega project award for a Gas Compression plant.

10:52 (IST) 31 Oct 2023 Market Statistics

(Source: NSE)

10:22 (IST) 31 Oct 2023 Gold movement

“COMEX Gold prices pared early gains and closed marginally higher on Monday, as the Israel-Hamas war remains largely contained. Israel’s ground offensive into Gaza will likely have limited long-term impact on gold prices, unless the conflict were to spread into countries like Iran, affecting oil prices. The war premium likely started fading and gold prices will need follow-through from signs of weakness in US economy for a sustained upside. Still, markets remain on the edge as renewed attacks on US army bases in Iraq, by the Iran backed militias once again raised concerns of further escalation. We expect gold prices to remain cushioned in the near term from uncertain geo-political environment,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.

09:47 (IST) 31 Oct 2023 Technical View

“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,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

09:41 (IST) 31 Oct 2023 USD-INR

“The USD/INR November 28th futures contract experienced limited price movement. According to the daily technical chart, the pair is currently trading above its moving average trend-line support level of 83.20, and the RSI remains above the 50 level. However, when we examine the technical setup closely, the MACD indicates a negative divergence, and the pair appears to be trapped within a range. Based on the daily technical chart, the pair has a support zone between 83.20 and 83.05, while resistance is established at 83.45 to 83.60. To signal further strength in the pair, it would need to sustain levels above 83.30, potentially targeting the 83.45-83.60 range. Conversely, failing to maintain these levels could lead to a retest of the support range. In today’s session, we anticipate the pair to trade within the range of 83.15 to 83.50,” said Rahul Kalantri, VP Commodities, Mehta Equities.

09:28 (IST) 31 Oct 2023 Dr Reddy’s Labs, BPCL soar

Dr Reddy’s Labs, BPCL and Tata Motors surged and added over 1% each during the early trade on Tuesday.

09:20 (IST) 31 Oct 2023 Markets at open

The NSE Nifty 50 opened at 19,232.95 up 0.48%, while the BSE Sensex opened at 64,449.65 up 337 points.

08:57 (IST) 31 Oct 2023 Nifty 50 technical outlook

“Nifty for the second consecutive session witnessed a decent pullback to close on a slightly positive note with sentiment little bit eased out with some of the major frontline stocks showing improvement in the bias and indicating a trend reversal. The index would need a decisive move past the 19,200-19,250 zone to establish

some conviction and overall improve the bias to anticipate for further rise. The support for the day is seen at 19,000 levels while the resistance is seen at 19,300 levels,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher.

08:44 (IST) 31 Oct 2023 Bank Nifty’s technical outlook

“Bank Nifty also continued with the pullback and the psychological levels of 43,000. The Bank Nifty is now approaching crucial hurdle levels placed at 43,150 – 43,300 where multiple resistance parameters in the form of crucial fibonacci retracement levels and the hourly upper Bollinger band is placed and hence caution is advised on the longs,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

08:43 (IST) 31 Oct 2023 Market Outlook

“Good news emerged on this Tuesday morning as oil prices rose by 3% in overnight trade, reaching $82.50 per barrel, driven by reports of a restrained ground invasion of Gaza by Israel. Against this backdrop, the global stock market is experiencing a rally. Despite a shaky start, Nifty bulls regrouped at lower levels, and the benchmark rebounded strongly, indicating a “lack of bearish conviction. The strategy for the day is to buy during any corrective declines. Our chart of the day is bullish on Canara Bank, Indian Hotel, PNB, and Coal India in the case of intraday weakness with an inter-week perspective. However, there is a significant risk to our stock markets as investors brace for a potential threat with FIIs selling crossing Rs 30,131 crores in October. Additionally, Wednesday will be significant as the FOMC outcome will be revealed, with a 98% likelihood of rates remaining unchanged, potentially impacting the odds of a December rate hike, currently standing at 24%. Key catalysts going forward include Auto Sales data for October on November 1st and US non-farm payroll data on November 3rd. Nifty options data suggests a trading range of 18,500-19,500, with maximum Call OI at 19,500 and 19,200 strike prices, making 19,500 a crucial resistance zone. Maximum Put open interest is at 19,000 and 18,800 levels, with Call writing at 19,300 and 20,000 strike prices and meaningful Put writing at 19,000 and 19,100 strike prices.”

– Prashanth Tapse, Senior VP (Research), Mehta Equities.

08:39 (IST) 31 Oct 2023 Currency outlook

“USDINR spot closed flat at 83.25 due to lack of fresh triggers. Over this week we have a number of events: US jobs report, US and UK central bank meetings. We expect USDINR to remain rangebound, caught between RBI intervention and demand for dollars from the corporates. We expect a range of 83.00 and 83.50 on spot.”

08:35 (IST) 31 Oct 2023 Bulls attempt a comeback

“Nifty shrugged off its initial weakness and rose sharply throughout the day to close at 19,141, up 94 points. The Future Open Interest (OI) indicated buildup of fresh long positions in Index futures. The Long-Short ratio improved marginally from 10.88% on 26th October to 12.30% on 27th October as the Foreign Portfolio Investors (FPIs) marginally increased their exposure to longs in Index futures. Nifty has given consecutive higher close on the daily chart. Strong put writer additions was observed at 19,000 & 19,100 Strike, which led to a sharp up move. The option activity at 19,150 Strike will provide cues about Nifty Intraday direction tomorrow. The level of 19,000 is expected to act as a strong support for Nifty,” said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

08:32 (IST) 31 Oct 2023 FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 1,761.86 crore, while domestic institutional investors (DII) added shares worth net Rs 1,328.47 crore on October 30, 2023, according to the provisional data available on the NSE.

08:32 (IST) 31 Oct 2023 Crude Oil

WTI crude prices are trading at $82.69 up 0.44%, while Brent crude prices are trading at $88.14 up 0.79%, on Tuesday morning.

08:31 (IST) 31 Oct 2023 Wall Street

Wall Street rallied on Monday, kicking off what promises to be a hectic week that includes a heavy earnings docket, economic data and the Federal Reserve’s two-day monetary policy meeting, reported Reuters. 

The tech-heavy Nasdaq Composite surged 146.47 points or 1.16% to 12,789.48. The S&P 500 added 49.45 points or 1.20% to 4,166.82, while the Dow Jones Industrial Average climbed 511.37 points or 1.58% to 32,928.96.

08:30 (IST) 31 Oct 2023 Stocks to watch

Marico, TVS Motor, Castrol India, UPL, Colgate-Palmolive and APL Apollo Tubes are among top stocks to watch during Tuesday’s trading session.