Closing Bell: Sensex, Nifty end flat amid volatility; IT stocks outshine

Indian equity indices ended on flat note in the volatile session on October 1. At close, the Sensex was down 33.49 points or 0.04 percent at 84,266.29, and the Nifty was down 13.90 points or 0.05 percent at 25,796.90.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Thursday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Triggered by the recent stimulus policies by the Chinese central bank, funds are shifting to cheaper Chinese stocks from expensive markets like India. This, along with the possible increase in interest rates by the BoJ due to recent political changes, may impact the domestic market in the near term. The recent data on the output of the key infrastructure segments and manufacturing activities is showing some fragility. Meanwhile, OPEC’s plans to increase production are resulting in the oil prices falling. Domestically, the market awaits the upcoming RBI's policy meeting and Q2 results to have further insights on market trajectory.

Nifty formed a doji pattern with a long upper shadow on the daily chart, indicating market indecision. Heavy call writing at 25800 suggests it may act as strong resistance if sustained. Immediate support lies at 25750, and a decisive break below this could push the index to 25600/25500. On the higher side, a move above 25800 may propel Nifty towards 26050, where sellers could become active again.

Indian equities started the session on a strong note but the higher levels did not last for long and erased all its gains. In the non-directional trend, the Index oscillated in a thin range and finally ended the session at 25,796.90 with a loss of 13.95 points.

On the sectoral front, Media and IT were the top performers while Energy was the major laggard. Mid and Smallcaps advanced by 0.34% & 0.79% and outshined the Frontline Index.

After a big bearish candle, Nifty50 has formed a DOJI candlestick with a probable hidden bullish divergence in the RSI. A convincing move above today's high i.e. 25,910 will confirm the divergence and in that scenario, the momentum may extend to 26,000; while on the flip side, a break below 25,750 will drag the Index lower to 25,575.

Indian rupee ended marginally lower at 83.82 per dollar on Tuesday versus Monday's close of 83.80.

Indian equity indices ended on flat note in the volatile session on October 1.

At close, the Sensex was down 33.49 points or 0.04 percent at 84,266.29, and the Nifty was down 13.90 points or 0.05 percent at 25,796.90. About 2210 shares advanced, 1587 shares declined, and 90 shares unchanged.

Tech Mahindra, M&M, Britannia Industries, Adani Enterprises and Infosys were among the top losers on the Nifty, while losers were IndusInd Bank, ONGC, Asian Paints, Bajaj Auto and Titan Company.

Among sectors, buying was seen in the media, auto, IT, while selling was seen in the telecom, power, FMCG, Oil & Gas, realty.

BSE Midcap index was up 0.3 percent, and Smallcap index was up 0.5 percent.

The company registered the highest ever sales volume of 7,58,267 Ton in Q2FY25 compared to 7,21,064 Ton in Q1FY25 and 6,74,761 Ton in Q2FY24. For H1FY25, the company reported sales volume of 14,79,331 Ton, an increase of 11% YoY.

Indian Rupee declined on Monday on weak domestic markets and disappointing macroeconomic data from India. India’s manufacturing PMI fell to 56.5 in September vs forecast of 56.7 and 57.5 in August. Widening fiscal deficit and current account deficit further pressurised the Rupee. A recovery in US Dollar also weighed on the domestic unit. However, weak crude oil prices cushioned the downside.

We expect Rupee to trade with a slight negative bias on weakness in domestic markets amid profit booking and recovery in the US Dollar. FII outflows may also weigh on the Rupee. However, weakness in crude oil prices may support the Rupee at lower levels.

Traders may take cues from ISM manufacturing PMI and JOLTS jobs data from the US. Investors may watch out for non-farm payrolls report from the US this week. USDINR spot price is expected to trade in a range of Rs 83.65 to Rs 84.

The Sensex was down 70.02 points or 0.08 percent at 84,229.76, and the Nifty was down 31.30 points or 0.12 percent at 25,779.50. About 2026 shares advanced, 1418 shares declined, and 67 shares unchanged.

The prices of all Ferro grades of manganese ore with Manganese content of Mn- 44% and above have been decreased by 20% on the prevailing prices since 01.09.2024 w.e.f. midnight of 30.09.2024/01.10.2024 for the month of October, 2024.

The prices of all other Ferro grades of manganese ore with Manganese content below Mn-44% have been increased by 5% on the prevailing prices since 01.09.2024 w.e.f. midnight of 30.09.2024/01.10.2024 for the month of October, 2024.

The prices of all SMGR (Mn-30% & Mn-25%), Fines and Chemical grades have been increased by 5% on the prevailing prices since 01.09.2024 w.e.f. midnight of 30.09.2024/01.10.2024 for the month of October, 2024.

Greaves Electric Mobility (GEMPL), the electric mobility arm of Greaves Cotton has announced a partnership with Shriram Finance. This collaboration aims to make Greaves Electric Mobility’s 3Ws (Greaves 3 Wheelers) more accessible by offering customers tailored financing schemes, including attractive down payment options and flexible EMI plans.

Muthoot Finance, Godrej Industries, Jubilant FoodWorks, M&M Financial, and Aurobindo Pharma were among the top losers on the BSE Midcap, with their share prices witnessing a decline of up to 3.5 percent intraday.

#Midwest's IPO includes a Rs 250 crore fresh issue and Rs 400 crore OFS.

#Largest Indian producer and exporter of Black Galaxy Granite with 23% market share.

#FY24 revenue rose 16.54% to Rs 585.62 crore; PAT up 84.30% to Rs 100.32 crore.

Lloyds Metals and Energy has reported its highest-ever half-yearly iron ore production, achieving an impressive 5.9 million tonnes, marking a 4% year-on-year increase.

Additionally, the Company's Direct Reduced Iron production reached 1,61,672 tonnes, reflecting a notable 41% YoY

growth.

Star Cement North East Limited, a Subsidiary of the company, has been declared as the preferred bidder for the NB 04, NB 05, NB 06, NB 07, NB 08 and NB 11 N/V Nimbol, Tehsil – Jaitaram, Dist. Beawer, Limestone Blocks in e-auctions conducted by the Government of Rajasthan.

The aforesaid blocks are situated in Beawer District, Rajasthan over an area of ~ 95.6823 hectares with estimated limestone resource of ~ 63.90 million tonnes.

Lloyds Engineering Works has secured orders exceeding Rs 44 crore for the supply of steel eco-pickling systems (Rs 50 crore) and Marine Loading Arms (Rs 9.3 crore).

The logistics company announced its general price increase, effective January 1, 2025. The average price increase will range between 9 percent and 12 percent. Customers signing up between October 1 and December 31, 2024, will not be impacted by the price increase.

Srihari Pakalapati has resigned from the post of Chief Financial Officer (CFO) of the company due to personal reasons, effective September 30.

The Indian Institute of Technology Bombay (IIT Bombay) has partnered with ABB India to establish a cutting-edge teaching laboratory for electrical machines and drives at the Department of Energy Science and Engineering on its campus. This partnership aims to provide undergraduate and postgraduate students with hands-on experience using modern industrial equipment and prepare undergraduate and post-graduate students for future roles in the fast-evolving energy and industrial sectors while promoting environmental sustainability.

Orient Green Power has informed that out of the 15 Wind Energy Generators(WEGs), upgradation in 12 WEGs were completed and the 12th machine

resumed the operations today (October 01, 2024). The upgradation of remaining 3 WEGs are under progress and are expected to be completed by March 31, 2025.

#1 Expansion strategy to propel growth in the long run

#2 Company deleveraged its balancesheet from net debt of Rs 39,100 crore in FY19 to Rs 10,400 crore as of Q1FY25

#3 Company targets to maintain debt below 1.5x, considering the ongoing capex

#4 Robust steel demand and increased capacity place co in a strong position

#5 At CMP, stock trades at 6.2x EV/EBITDA and 1.8x P/B on FY26 estimate

Birla Estates, a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries ) today announced that Birla

Trimaya Phase II – The Park, has sold almost 95% of its inventory within 24 hours of its launch achieving an approximate booking value of about Rs 600 crore.

Vipul Organics shares surged 13 percent to a fresh lifetime high in trade on October 1, after its board announced a rights issue.

The issue offers investors one share for every three held as on record date at Rs 54 per share.  The record date for the rights issue is expected to be announced later, said the company. This comes at a 79 percent discount as against the closing price of the previous session of Rs 260.75 per share.

The size of the issue is up to Rs 25 crore, and the funds realised through the issue of shares the development of a new facility in Sayakha, Gujarat. The company reported Rs 151 crore in revenue for FY 2023-24.

#1 RBI directs gold financiers to review processes, identify lapses and take remedial measures in 3 months

#2 Tighter processes may weigh on growth, but large gold NBFCs like Muthoot should be better placed

#3 IIFL Finance should be unaffected, as it has already taken corrective measures

The company has received a contract worth Rs 131.63 crore from Oil India (Duliajan, Assam) for 2D seismic data acquisition in the Ganga-Punjab basin.

Crompton Greaves shares jumped five percent in trade after sharing its strong revenue guidance with international brokerage JP Morgan.

The broking firm held a series of meetings with consumer-facing companies, including consumer discretionary player Crompton Greaves Consumer.

The electrical goods manufacturer's management shared that they were attempting to double their revenue over the next five years. However, in the near-term, demand trends remain subdued.

For FY24, the firm's reported Rs 6,388 crore from its total revenue from operations. The profit after tax came in at Rs 466 crore for the year. Read More

the company has received the EIR report from the USFDA for the inspection conducted at its transdermal patch manufacturing facility located at Pharmez, Ahmedabad. This facility underwent an inspection from 15th to 19th July 2024 and has been classified as Voluntary Action Indicated (VAI).

Godrej Properties Ltd. has approved a proposal to raise up to Rs 6,000 crore in fresh funds through a variety of instruments, as part of its broader capital-raising strategy. The approval, subject to shareholder consent, was finalised at the company’s board meeting held on October 01, 2024, Godrej Properties in a stock exchange notice.

Subsidiary Piramal Pharma Solutions has announced an USD 80 million investment plan to expand its sterile injectables facility in Lexington, Kentucky.

Hyderabad based Midwest Limited, engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise Rs 650 crore through an initial public offering (IPO).

The IPO, with a face value of Rs 5 per equity share, is a mix of fresh issue of shares up to Rs 250 crore and an offer for sale (OFS) of up to Rs 400 crore by Promoter Selling Shareholders. The offer also includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.

Shares of Angel One gained over 7 percent on October 1, a day after the discount broking firm revised brokerage charges for cash and equity delivery transactions. Brokerage charges will be levied at a flat Rs 20 or 0.1% + GST, whichever is lower per executed order.

A minimum brokerage of Rs 2 per transaction will be levied, the company said in a statement. Angel One was offering the lowest brokerage rate and other charges in comparison to other discount brokerages.

The company has signed an asset purchase agreement with Bayshore Pharmaceuticals, USA. Bayshore USA will sell its product approvals and all goodwill associated with 9 USA ANDAs, and generics formulations marketing/distribution business in the US market (Unichem Pharmaceuticals, USA) as a going concern (through slump sale or transfer of the entire business (debt-free) and goodwill associated with the business) to Unichem Labs, for $2.65 million and $10 million, respectively. Bayshore USA is a step-down subsidiary of Unichem's parent company Ipca Laboratories.

BSE-listed Eraaya Lifespaces on September 30 informed the exchanges that its board suspended Robin Raina as the chairman of Ebix. Eraaya Lifespaces recently acquired Ebix Inc., a well-known company in the On-Demand software and e-commerce sectors for insurance, financial services, healthcare, and e-learning. The action was taken on account of reports of financial irregularities, the company said in a statement.

The company informed the investigation will have no impact on the company's functionality. Meanwhile, Karan Bagga has been appointed as the chief executive officer (CEO) of the financial technology company. The company, in an exchange filing, said, "The Eraaya Board has unanimously resolved to initiate a comprehensive investigation under the supervision of a High-Powered Steering Committee, while suspending Mr. Raina from all key functional positions pending the investigation's outcome."

Shares of Manappuram Finance and Muthoot Finance slipped upto 3 percent in trade on October 1, a day after the Reserve Bank of India directed gold financiers to review processes, identify lapses and take remedial measures within three months, which according to brokerages may weigh on their growth. This comes after the RBI flagged irregular practices at certain gold finance companies in relation to loans issued against pledged gold ornaments and jewellery.

Total business for Karur Vysya Bank was up nearly 15 percent to Rs 1,76,135 crore while deposits rose over 15 percent to Rs 95,839 crore in the July-September quarter. Advances also grew 14 percent on year to Rs 80,296 crore whereas CASA was up a little over 5 percent at Rs  28,232 crore.

Shareholders have approved the re-appointment of Athar Shahab as the Managing Director of the company for 3 years, effective November 14, and Alok Saxena as Whole-time Director of the company for 2 years, effective July 1.

The company has added further capacity of 100 KLPD to its existing grain-based distillery, 180 KLPD to the existing bio-fuel ethanol plant, and 2,500 MT per year capacity for new value-added chemical products at Kashipur, Uttarakhand. Additionally, work on expanding grain-based distillery capacity by 180 KLPD and the bio-fuel ethanol plant by 90 KLPD at Gorakhpur, Uttar Pradesh is in progress, and the same is expected to be commissioned by Q4FY25.

RITES has received the LOA for supply, commissioning and one year onsite warranty of overhauled in-service Cape Gauge 3100 HP, diesel electric locomotive etc.

The Board has approved the Draft Letter of Offer for the rights issue amounting to Rs 180 crore. The company has filed the Draft Letter of Offer with the Securities and Exchange Board of India, BSE, and the National Stock Exchange of India for approval of the rights issue.