The Indian rupee erased all its morning gains and ended lower by 11 paise at 71.02 per dollar. The domestic unit had opened higher by 11 paise at 70.80 per dollar versus previous close 70.91. It touched an intraday high of 70.76 per dollar.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 82,500.82 | 328.72 | +0.40% |
| Nifty 50 | 25,285.35 | 0.00 | +0.00% |
| Nifty Bank | 56,609.75 | 0.00 | +0.00% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Cipla | 1,561.80 | 48.70 | +3.22% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Tata Steel | 173.86 | -2.56 | -1.45% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7695.80 | 126.50 | +1.67% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10261.55 | -94.65 | -0.91% |
The Indian rupee erased all its morning gains and ended lower by 11 paise at 71.02 per dollar. The domestic unit had opened higher by 11 paise at 70.80 per dollar versus previous close 70.91. It touched an intraday high of 70.76 per dollar.
The Nifty50 saw another day of consolidation and closed marginally lower as banks got caught in the bear trap after the Supreme Court rejected the telecom companies' definition of Adjusted Gross Revenue (AGR). No landslide victory for BJP in Maharashtra and Haryana also dented sentiment.
"Slowly, weakness appears to be creeping in as Nifty closed below its 5-day simple moving average (11,604). Hence, in the next trading session, if bears manage to push the index below 11,550 on the closing basis, then selling pressure may get accelerated further," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
The consolidation in Nifty, which started after its encounter with the daily upper Bollinger Band, continued for yet another day on Thursday. The index witnessed sharp moves in both directions and ultimately posted a negative daily close.
The hourly chart shows that the activity over the last three sessions was a three-wave correction that has taken the form of a bullish flag pattern. The index is trading near the lower end of the pattern and can start a fresh move on the upside hereon.
On the downside, 11,550-11,500 continues to act as a key support zone for Nifty, providing a buying opportunity for the positional traders. On the higher side, 11,660 will be the breakout level for the flag pattern beyond which, 11,790 will be the short-term target to watch out for.
--Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
The market has been flattish during the week assessing the ongoing Q2 result which is marginally better than expected till date. Given the trading holiday, the volume has reduced, taking a conservative approach. Going forward, weak crude oil prices, positive global sentiments and further reforms from the government are expected to provide positive momentum.
--Vinod Nair, Head of Research, Geojit Financial Services.
Shares of Biocon and Indian Bank declined 6 percent and 12 percent respectively on October 24 after the companies had announced their September quarter earnings on October 23.
Biocon reported 39.2 percent fall in its Q2FY20 net profit at Rs 215.7 crore against Rs 354.7 crore while the revenue was up 19 percent at Rs 1,572.2 crore versus Rs 1,321 crore year-on-year (YoY).
Indian Bank registered 139 percent YoY jump in its Q2FY20 net profit at Rs 358.6 crore while it was down on the sequential basis as it had reported profit of Rs 365.37 crore in quarter ended in June.
Share price of Polycab India and PI Industries rose more than 7 percent intraday on October 24, both hitting 52-week high on the back of better Q2FY20 results.
PI Industries touched Rs 1,448.80 after the company reported 30 percent jump in its September quarter net profit at Rs 122.8 crore against Rs 94.4 crore, while revenue was up 25.5 percent at Rs 907.4 crore versus Rs 723 crore, YoY.
Nifty Realty index traded 1 percent higher even as al other sectoral indices were in the red. Around 15:00 hours IST, the Nifty Realty index was 1.07 percent up, with 7 stocks in the green and 3 in the red.
Shares of Godrej Properties, Mahindra Lifespace Developers, Phoenix Mills, Oberoi Realty and DLF climbed up to 4 percent.
After witnessing a fall of 10 percent, shares of Bharti Airtel jumped 4 percent on BSE in intraday trade.
The stock had nosedived after the Supreme Court rejected the telecom companies' definition of Adjusted Gross Revenue (AGR). With the judgment, the SC has exposed the incumbent telcos to potential demands by DOT of up to Rs 1.33 lakh crore.
The telecom major will announce its September quarter earnings on October 29.
Shares of NIIT gained nearly 8 percent intraday on October 24 after the company reported a net profit of Rs 209.4 crore on the back of a tax write-back of Rs 174.2 crore. The company had reported a profit of Rs 28.4 crore in a year ago period.
Revenue was up 4.7 percent at Rs 236.5 crore versus Rs 226 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 9.4 percent at Rs 24.4 crore, while EBITDA margin was up at 10.3 percent.
Maruti Suzuki India registered a massive 39.4 percent year-on-year decline in profit due to weak auto sales amid subdued demand in the economy.
Profit declined to Rs 1,358.6 crore in quarter ended September 2019, from Rs 2,240.4 crore in same period last year. Sharp fall in corporate tax expenses (as company took maximum benefits of corporate tax rate cut announced by the government in September) and higher other income helped the company limit profit decline.
Revenue during the quarter dropped 24.3 percent year-on-year to Rs 16,985.3 crore as volumes fell 30 percent YoY.Read More
