Closing Bell: Nifty at 19,500, Sensex slips 483 pts; all sectors in the red

The Nifty opened the gap down and witnessed a volatile day of trade. It witnessed swings in both directions and ultimately closed in the red down ~140 points. On the daily charts, we can observe that the positive momentum from the previous week could not continue today and the Nifty has witnessed a correction. We believe that the Nifty is in the process of retracing the rise it has witnessed from 19333 – 19676. On the way down support is placed in the zone 19500 - 19460 which coincides with the gap area formed on 5th October and the 61.82% Fibonacci retracement level. The Nifty is likely to resume its next leg of up move from the support zone and hence in case of a gap down opening or a dip it should be used as a buying opportunity.

Bank Nifty opened the gap down and made a new low of 43796 which is a sign of weakness. It is currently trading around the previous swing lows 43700 – 43600 which can be tested over the next few trading sessions. The Bank Nifty is currently oversold and we can observe signs of divergence on the daily charts however price confirmation is awaited. In terms of levels 43700 – 43600 shall act as a crucial support zone while 44200 – 44300 shall act as an immediate hurdle zone for the Bank Nifty.

The Indian stock market closed in the negative territory today, with the Sensex falling by 479 points, a decrease of 0.73 percent, to close at 65,515. The Nifty index also saw a decline of 0.72 percent intraday and closed at 19,512.3 points. The Bank Nifty index performed even worse, dropping by 1.07 percent and settling at 43,886 points.

The Nifty opened with a gap down and experienced volatile price movements throughout the day. In the first half of the trading session, it saw a decline, but in the second half, it witnessed a pullback, ultimately closing above the intraday lows of 19,480.5. In the Nifty index, the range of 19,500-19,480 is now a crucial level, and a breach below this range could indicate bearish sentiment, with potential support levels at 19,400 and 19,350.

Looking at the daily chart of the Bank Nifty, it appears to have formed a double top pattern and is currently trading near support levels. If the price breaks below the support level at 43,800, it may signal a bearish trend, with possible lower targets at 42,000 and 41,400 in the short term.

All sectoral indices ended in the red today, with Nifty PSU Bank and Nifty Media experiencing declines of more than 2.4 percent. Dr. Reddy's and HCL Tech were the top gainers, while Adani Ports and Hero MotoCorp were the top losers.

The India VIX, a measure of market volatility, increased by 10.68 percent intraday and settled at 11.40.

In terms of options data, for the Nifty index, the highest Open Interest (OI) was observed at the 19,800 strike price, followed by the 19,600 strike price on the call side. On the put side, the highest OI was at the 19,000 strike price. For the Bank Nifty, support levels are seen at 43,720-43,600, while resistance levels are placed at 44,400-44,500.

Investors dumped equity assets as they turned risk off on concerns that a faceoff between Israel and Hamas could further deteriorate the global economy already reeling under higher interest rates and stubbornly high inflation. There are concerns that since most of the oil producing nations are close to the conflict zone, a prolonged war could trigger an upsurge in international crude oil prices. With a fresh surge in crude oil prices, higher oil import bill going ahead would stoke domestic inflation and prompt the central bank to take a hawkish stance.

With investors preferring gold and dollar assets in times of uncertainty, local stocks across the board came under severe hammering even as indices in the Asian region ended mixed. Technically, after a gap down opening the Nifty traded below the 50-day SMA (Simple Moving Average) or 19605 level which would be the immediate resistance zone. Above the same, the index could move up till 19700-19725 levels. While 19480 could be the crucial support zone for the traders, below the same it could retest the level of 19400-19390.

An unforeseen escalation in the Middle East has rekindled pessimism in global markets. Moreover, the rapid surge in oil prices presents a significant threat to the global market, which is already dealing with elevated inflation and interest rates. In the mid- and small-cap segments, we observe consolidation as investors reshuffle their portfolios due to premium valuations in this space.

Among sectors, financials and consumer discretionary sectors notably underperformed, primarily due to concerns regarding earnings vulnerability if inflation continues to rise. Conversely, the IT sector is displaying signs of returning to normalcy. While consensus estimates for Q2FY24 remain positive, it's important to note that geopolitical tensions could potentially disrupt this optimistic outlook.

Global geopolitical factors dented the market sentiments across the globe and Indian markets also reacted in the same manner by commencing the week on a tepid note at 19,550. An attempt of recovery was seen during the day but bears tightened their grip and dragged the Index lower to end the session at 19,512.35 declined by 141.15 points. All the sectors ended the day in red; with PSU Banks and Media being the worst performers.

As compared to the Nifty50; Mid and Smallcaps corrected more and ended the session with a loss of 1.34% & 1.78% respectively.

By forming a bearish candle, the Index is back to its consolidation zone where the higher side is capped at its 50DMA which comes at 19,600 while immediate support stands at 19,450.

Indian rupee ended flat at 83.27 per dollar versus previous close of 83.25.

Benchmark indices ended lower on October 9 with Nifty around 19,500 amid selling across the sectors.

At close, the Sensex was down 483.24 points or 0.73 percent at 65,512.39, and the Nifty was down 141.20 points or 0.72 percent at 19,512.30. About 970 shares advanced, 2699 shares declined, and 129 shares unchanged.

Biggest losers on the Nifty included Adani Ports, Hero MotoCorp, BPCL, HDFC Life and M&M, while gainers were HCL Technologies, Dr Reddy's Laboratories, TCS, Tata Consumer and HUL are among the top gainers.

All the sectoral indices ended in the red with power, oil & gas, auto PSU Bank, metal, realty and capital goods down 1-3 percent.

Broader indices underperformed the main indices with BSE Midcap index down 1.2 percent and Smallcap index shed 1.7 percent.

Stock Market LIVE Updates | Morgan Stanley View On OMCs 

-India's September 2023 fuel demand rose 5.8% YoY 
-Demand led by industrial and transport fuel demand 
-Overall diesel and gasoline demand continued to remain strong
-Industrial growth was driven by petcoke and bitumen
-See strong outperformance with multiple catalysts ahead 
-Key overweights - BPCL/ IOCL

-Buy call, target price Rs 170 per share
-Stable pace of growth in BPC business in Q2
-Q2 sees slight deceleration in YoY growth to 20% YoY versus 23% in Q1
-Slight deceleration due to shift in festive season this year into Q3
-Acceleration in growth in fashion (NSV Growth At 32% YoY)
-Optimized category mix aiding a more than 390 bps QoQ improvement
-We expect recovery in ad-revenues
-Recovery based on overall revenue growth guidance
-Revenue growth guidance at 18% QoQ (Flat YoY)
-Expect contribution/EBITDA margins expansion of +100bps/+100bps QoQ
-EBITDA/profit growth of 53%/59% YoY

-Buy call, target price raised to Rs 150 per share
-Expect gas volumes to grow
-Volume rise driven by increased availability, low prices
-Volume rise driven by transmission reform, and improved connectivity
-Tariff growth, new gas marketing contracts should contribute to improved profitability
-Estimate EBITDA/PAT growth of 31%/66% QoQ in Q2

-Buy call, target price raised to Rs 300 per share
-Kalyan’s consolidated sales rose 27% YoY in Q1
-Consolidated sales driven by strong domestic sales (Up 32% YoY), beating consensus expectations
-Opened 13 new showrooms (none in South)
-Total showrooms total India count to 172 stores
-Showroom total on track to open 26 more before Diwali
-Asset-light network expansion has started to deliver consistent results

Sensex Today | Market at 3 PM

The Sensex was down 405.34 points or 0.61 percent at 65,590.29, and the Nifty was down 123.20 points or 0.63 percent at 19,530.30. About 815 shares advanced, 2473 shares declined, and 100 shares unchanged. 

Indian Rupee appreciated slightly as RBI maintained status quo and kept repo rate unchanged at 6.5% in its monetary policy meeting so as to achieve its medium-term target of 4% inflation. According to RBI, Indian economic activity has shown resilience, and the overall macroeconomic indicators remain favourable with strong manufacturing and services PMI numbers.

GDP and CPI inflation projections too were maintained. RBI Governor’s statement did not raise major red flags for the Indian economy except for concerns over food price spike due to lower acreage of pulses and El Nino conditions. Further, positive domestic markets and decline in crude oil prices also supported Rupee. US Dollar declined as traders trimmed the positions ahead of the monthly job report today. US weekly unemployment claims was higher than the prior week but lower than consensus.

We expect Rupee to trade with a slight positive bias on positive Asian and European markets and softening of global crude oil prices. Softness in US Dollar may also support Rupee. A no-surprise monetary policy by the RBI may also support the domestic currency. However, FII outflows may cap sharp upside. Traders may take cues from US non-farm payrolls report, average hourly earnings and unemployment rate data. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.70.

Shares of Ashok Leyland Ltd gained 0.4 percent after huge block deal. Around 6.25 million shares changed hands in two bunch of trades, Bloomberg reported. However, details of the buyers and sellers were not known.

Ambuja Cements Ltd fell 1.5 percent after a huge block deal. Around 1.3 million shares of the company changed hands in a bunch of trades, Bloomberg reported. However, details of the buyers and sellers were not known.

Sensex Today | BSE Realty Index down 0.5 percent dragged by Indiabulls Real Estate, Godrej Properties, DLF

shares trade down over 2% after LIC dilutes stake

Shares of National Fertilizers Ltd went down over 2 percent on October 9 after LIC diluted its stake in the company through open market deals.

In its regulatory filing to exchanges, LIC said it diluted its shareholding in NFL from 4,55,02,381 to 3,56,02,539 equity shares. Effectively lowering its shareholding from 9.275 percent to 7.257 percent in NFL. Read More

Rail Vikas Nigam has received Letter of Acceptance (LOA) from Maharashtra Metro Rail Corporation for design and construction of elevated metro viaduct. The order worth Rs 395 crore is expected to be completed within 30 months.

WTI crude futures surged more than 4% to above $85 per barrel on Monday, recouping some losses from last week after a surprise attack by Hamas on Israel over the weekend started a conflict in the Middle East. While the violence is contained in the region for now, analysts fear that geopolitical tensions could escalate globally amid reports that Iran was involved in planning the attacks.

We believe that the surge in crude oil price is likely to be temporary as neither Israel nor Palestine is a major oil supplier and, so far, the conflict has not directly threatened any major oil production or supply facilities.

However, if this war prolongs for a longer period then it might affect crude oil price in the short term because the conflict is geographically close to major oil-producing and exporting nations.

-Overweight, target price Rs 3,190 per share
-Q2 trends surprised positively in terms of delivering 20% YoY growth
-Q2 growth despite the narrative of general sluggishness in discretionary demand
-Q2 growth despite the impact of the extended of inauspicious period
-4-year CAGR for jewellery segment stood at 25%
-4-year CAGR for jewellery segment significantly higher versus historical trends

Sensex Today | Market at 2 PM

The Sensex was down 469.69 points or 0.71 percent at 65,525.94, and the Nifty was down 139.60 points or 0.71 percent at 19,513.90. About 807 shares advanced, 2456 shares declined, and 97 shares unchanged. 

Aurum PropTech has incorporated subsidiary Aurum PropTech MENA LLC in Dubai, United Arab Emirates. The subsidiary will be involved in information technology services and activities of marketing and advertising of Aurum PropTech group products.

The Income Tax Department has carried out search at the registered office and other premises of Puravankara. All the concerned employees of the company are extending their full cooperation to the officials.

Shares of Jupiter Life Line Hospitals Ltd slumped over 4 percent on October 9 after the company reported an 18 percent erosion in net profit for the June quarter at Rs 30.4 crore.

Jupiter Life Line Hospitals posted a standalone net profit of Rs 30.4 crore for the quarter ended June 2023, compared to Rs 37.1 crore year ago, it said in a post-market-hour filing on October 6.

Revenue from operations grew 16 percent to Rs 207.8 crore from Rs 178.9 crore in the three months to June 2022. Read More

Sunny Sharma has resigned as Chief Financial Officer and key managerial personnel of Kernex Microsystems India, due to his personal reasons. Sunny will be relieved as CFO on October 25.

United Spirits: Navin Jain has resigned as Tax Director - Asia & India of the beverage alcohol company, with effect from December 31, 2023. Navin resigned due to pursue opportunity outside of Diageo.

Vascon Engineers has received Letter of Intent amounting to Rs 262.19 crore from Bridge And Roof Co. India Ltd for planning, designing, construction, it (networking) and maintenance of Government Medical College at District Kanker, Chhattisgarh under Chhattisgarh Medical Services Corporation Ltd., (Government of Chhattisgarh). The work has been awarded on ‘EPC Basis’.

Sensex Today | BSE Bank index fell 1 percent dragged by Canara Bank, Bank of Baroda, State Bank of India

KPI Green Energy has received new orders of 4.20 MW for executing solar power projects under captive power producer (CPP) segment. With this, its cumulative orders of solar power projects, till date crossed 100+ MW under CPP segment.

IDL Explosives, a wholly-owned subsidiary of GOCL Corporation, has bagged order worth Rs 766 crore from Coal India, for supply of bulk explosives over a period of 2 years.

Vakrangee has entered into an arrangement with JK Cement to provide lead generation for sale of grey cement through Vakrangee Kendra networks. With 84% of Vakrangee Kendra outlets in Tier-4 to 6 locations, this association will enable Vakrangee to allow its customers to get access to cement products in the most remote parts of the country.

-Buy call, target price Rs 3,425 per share
-Q2 another strong quarter despite high base
-Jewellery business delivers 19% revenue growth
-Company stated that one of key drivers was strong traction in diamond studded jewellery
-Company also continued investments in exchange programs
-Consumer offers, which could mean lower margins for quarter

-Overweight, target price Rs 235 per share
-Q2 domestic loan growth was 3% QoQ versus +1.6% QoQ
-Domestic loan growth led by domestic retail (5% versus 3%)
-Overseas loans grew 6% versus 5% last quarter
-Domestic deposit grew 2% QoQ
-CASA flows improved (+1% QoQ versus decline of 4%)
-Domestic term deposit growth moderated slightly (+3% QoQ versus 4%)

Tata Steel has announced its provisional volume numbers for the quarter ended September FY24, with India production volume increasing 4% year-on-year to 4.99 million tonnes, but delivery volume declining 1.8% to 4.82 million tonnes during the same period. Europe production volume dropped 17.08% year-on-year to 1.99 million tonnes, and delivery volume declined 4.3% to 1.79 million tonnes during Q2FY24.

Sensex Today | Market at 1 PM

The Sensex was down 474.03 points or 0.72 percent at 65,521.60, and the Nifty was down 143.00 points or 0.73 percent at 19,510.50.  About 796 shares advanced, 2432 shares declined, and 106 shares unchanged. 

-Buy rating, target price Rs 230 per share
-Q2 India operations recorded 32% YoY growth in revenue
-Implied revenue growth was 23% YoY even if adjusted for franchise store expansion led sales
-On margins, company highlighted that gross margin at the showroom level has remained stable YoY
-Company level GM has declined both YoY as well as QoQ
-Management expects to add 33 more showrooms in India before Diwali

Adani Green Energy's subsidiary Adani Solar Energy Jaisalmer Two Private Limited has completed the commissioning of entire 150 MW solar power project at Bikaner, Rajasthan as an independent power producer for sale of power to third parties or on power exchanges. With the successful commissioning of this plant, company's total operational renewable generation capacity has increased to 8,404 MW.

Paresh Vankar has resigned as Chief Marketing Officer of LTIMIndtree, with effect from October 6.

Shares of Kaynes Technology rallied 16 percent to touch a fresh lifetime high of Rs 2,954 per share on the BSE on October 9 after the company entered into a memorandum of understanding (MoU) for setting up an outsourced semiconductor assembly and testing (OSAT) and compound semi-conductor manufacturing facility in Telangana. Read More

Sensex Today | BSE Auto index slipped 1 percent dragged by Hero MotoCorp, Apollo Tyres, Samvardhana Motherson International:

-Equalweight, target price Rs 3,730 per share
-Buyback announcement had been anticipated for last 2 quarters
-Believe buyback announcement doesn’t necessarily provide enough assurance
-Buyback announcement doesn’t provide assurance for an outperformance of stock
-Expect TCS to show a slight improvement in revenue growth QoQ in CC terms in Q2
-TCS Q2 results expected to show robust order intake
-Orders expected robust however, are lower than consensus on earnings for F24/25
-Order lower due to margins, and valuation which is at a premium
-Premium to its own last 5-year average making risk reward not as favorable

IFL Enterprises received a substantial order valued at Rs 729,830,000 from a renowned international client.

Shares of PB Fintech, which operates Policybazaar, fell 2 percent in the morning trade. On Friday, Softbank entities SVF Python II (Cayman) and SVF India Holdings (Cayman) offloaded 11.4 million shares in the insurance player.

Europe-based Societe Generale, a financial services player, bought 2.62 million equity shares, or a 0.58 percent stake in the Policybazaar parent for the same price on October 6. The total consideration for the stake buy clocked in at Rs 200.34 crore. Read More

Shares of Inox Green Energy Services fell over 2% on Monday after the company signed a term sheet for divestment of 100% stake in Nani Virani Wind Energy Private Limited SPV. The SPV, which is a 50 MW operational wind farm located in Gujarat, was commissioned in May, 2023.

The divestment is part of the strategic decision taken by the company to become net debt-free. Read More

Sensex Today | Nifty Information Technology index up 0.25 percent led by HCL Technologies, L&T Technology, TCS

Indian Energy Exchange has signed a Share Subscription Agreement and Shareholders’ Agreement with Enviro Enablers India, the recycling & waste management services company. Under this agreement, IEX will acquire 10% stake in Enviro through compulsory convertible preference shares (CCPS). This strategic move aligns with IEX's commitment to sustainability and decarbonisation, in line with India's net zero commitments.

On the occasion of completion of 10-year partnership, TVS Motor & BMW Motorrad have started the production of their first jointly designed, developed and industrialised electric vehicle, the BMW CE 02, at Hosur plant. Further, they announced the roll out of 1.5 lakh units of BMW Motorrad’s 310cc series of motorcycles.

Adani Green Energy stock price fell 2.5 percent in early trade on October 9 amid a weak domestic market. Adani Solar Energy Jaisalmer Two, a subsidiary of the company, completed the commissioning of an entire 150 MW solar power project.

The power project is situated in Bikaner, Rajasthan. Adani Solar Energy Jaisalmer Two commissioned the project as an independent power producer, allowing the firm to further sell power to third parties or on power exchanges. Read More

On October 9, shares of Metropolis Healthcare rose 1.9 percent at Rs 1,499 on the NSE. On October 6, the company reported a strong Q2FY24 with early double digit growth YoY for its core business and also witnessed expansion in operating margins, sequentially. As of 11:15 am, the shares were trading around 2 percent higher at Rs 1,500. Read More

The recent escalation in the Israel-Palestine conflict has injected uncertainty into global markets, leading to a 5% surge in crude oil prices and a hardening of U.S. Treasury yields. Investor flight to safe assets like gold is also underway. The duration and severity of this conflict will dictate its impact on global economic sentiment, including potential repercussions for Indian markets.

Shares of Bank of Baroda traded 0.56 percent lower in early trade of October 9 even as the bank reported a 14.63 percent growth in deposits over last year.

The public sector lender said its total business crossed Rs 22 lakh crore in the quarter ended September, up 15.88 percent over a year-ago period, as per provisional numbers shared by the bank in a BSE filing on October 6.

The total advances of the bank grew 17.43 percent YoY and 3.51 percent QoQ to Rs 10.25 lakh crore and deposits increased by 14.63 percent YoY and 4.15 percent QoQ to Rs 12.49 lakh crore as of September FY24. Read More

Solar Industries gained 4 percent to hit an all-time high of Rs 5,359 per share on the BSE on October 9 after it bagged orders worth Rs 1,853 crore from Coal India for supply of bulk explosives.

So far this year, the stock of this explosive manufacturer has soared 17 percent, as against 8 percent rise in the Sensex benchmark. Earlier, shares of Solar Industries touched 52-week high level of Rs 5,200 apiece on October 3, 2023. Read More

-Buy call, target price Rs 575 per share
-Plant visit takeaways: focused on value additions & cost stabilisation
-Product mix set to improve
-Costs to be less volatile through downstream expansion
-Costs to be less volatile through rising backward integration of coal
-Costs to be less volatile through increase in share of Novelis in its profitability
-Company continues to reduce earnings volatility

The market recovered to some extent from morning lows on October 9 but uncertainty remained on its future course amid a fallout from escalation in conflict between the Hamas and Israel. The geopolitical crisis also kept investors on their toes.

Geopolitical issues tend to give rise to risk aversion, analysts noted. Consequently, as part of a knee-jerk reaction, we have seen a hardening of bond yields in the US, spike in crude oil prices and surge in the Dollar Index – all of which are bad news for India. READ MORE

Solar Industries gained 4 percent to hit an all-time high of Rs 5,359 per share on the BSE on October 9 after it bagged orders worth Rs 1,853 crore from Coal India for supply of bulk explosives. The S&P BSE Sensex was down 290 points or 0.4 percent to 65,705 levels, as of 10:40 am. READ MORE

Shares of Bank of Baroda traded 0.56 percent lower in early trade of October 9 even as the bank reported a 14.63 percent growth in deposits over last year. At 10:51am, the Bank of Baroda stock was trading 0.24 percent lower at Rs 214.25 on NSE. READ MORE

Ritesh Jain, co-founder at Pinetree Macro, warned that the Israel-Hamas conflict could bring geopolitics premium to oil and spur volatility across bond and equity markets. READ MORE

Shares of Titan Company Limited traded nearly 2 percent lower at Rs 3,2350 in early trade on October 9, snapping its two-day gaining streak, after it announced a 20 percent jump in revenue for the second quarter ended September 30.

The watchmaker also announced that it has opened 81 stores during this period, taking the total presence of the company to 2,859 outlets. Read More

Shares of Renuka Sugar rose nearly 1 percent in early trade on October 9 post the acquisition of 100 percent stake in Anamika Sugar Mills.

Shree Renuka Sugars, the sugar company has completed the acquisition of 100 percent equity shares of Anamika Sugar Mills for Rs 235.5 crore. This acquisition will help company establish presence in Uttar Pradesh, one of the largest sugar producing states, and to cater to the markets of North and East India as detailed by the company in a BSE filing dated October 6. Read More

Sensex Today | BSE Smallcap index shed 1 percent dragged by Jubilant Industries, Vikas Lifecare, Tanfac Industries

Sensex Today | Market at 11 AM

The Sensex was down 270.71 points or 0.41 percent at 65,724.92, and the Nifty was down 82.50 points or 0.42 percent at 19,571. About 867 shares advanced, 2258 shares declined, and 95 shares unchanged.

Som Distilleries and Breweries shares were down 4 percent in the morning trade on October 9 after the alcoholic beverages maker announced that it would not to go ahead with the proposed qualified institutional placement (QIP) because it received ‘less amount of bids’.

The company's fund-raising committee had on October 5 approved the QIP proposal along with a floor price of Rs 349.24. Read More

Prestige Estates Projects has recorded a 102% year-on-year growth in sales at Rs 7,092.6 crore for the quarter ended September FY24. The quarterly collections at Rs 2,639.8 crore grew by 1% YoY. The sales during this period is attributed to 6.84 million square feet (up by 50% YoY) volume with an average realization of Rs 10,369 per square feet (up by 29% YoY) for apartments / villas and average realization of Rs 6,753 per square feet (up by 62% YoY) for plot sales. The Group sold 3,659 units during the second quarter of FY24.

Shares of Tata Steel were trading 2.6 percent lower in early trade on October 9. For the second quarter of the current fiscal year, Tata Steel India reported crude steel production of 4.99 million tons.

Tata Steel stock was trading at Rs 123.15 on the NSE, down 2.18 percent. Tata Steel India saw a 4 percent rise in production year-on-year (YoY), but production was broadly stable on a sequential basis. On a half-year basis, crude steel production increased by 3 percent YoY. Delivery volume slipped 1.8 percent to 4.82 million metric tonnes YoY. Read More

Stock Market LIVE Updates | BSE Capital Goods index shed 1 percent dragged by GMR Airports, Suzlon Energy, BHEL

Metropolis Healthcare has recorded 13% year-on-year growth in its core business revenue for the quarter ended September FY24, which included Hi-tech but excluded covid, covid allied & PPP contracts), as per provisional data. Revenue growth was largely driven by volume growth demonstrating strong customer acquisition. B2C revenue increased 15% YoY largely led by volume and new patient growth, while its gross Debt as on September 2023 stood at Rs 44 crore.

The Board of Directors of Restaurant Brands Asia at its meeting held on October 9, 2023, considered and approved availing of secured term loan facility (fund based and non-fund based - fully fungible) by the company from Axis Bank Limited, India, of Rs 150 crore.

Sensex Today | BSE Power index down 1 percent dragged Adani Power, NHPC, BHEL

Sensex Today | BSE Oil & Gas index slipped 1 percent dragged by HPCL, IOC, BPCL

Vakrangee has entered into an arrangement with JK Cement for sale of grey cement through Vakrangee Kendra networks.

JK Cement is manufacturing Grey Cement, White Cement, white cement-based wall putty and other building material.

Vakrangee Kendras are offering a comprehensive range of products and services across banking, insurance, ATM, assisted e-Comrce, e-Governance and Total Healthcare. Read More

Sensex Today | Nifty PSU Bank index shed 1.5 percent dragged by Central Bank of India, Bank of Maharashtra, UCO Bank

The public sector lender said its total business crossed Rs 22 lakh crore mark in the quarter ended September FY24, up 15.88% over a year-ago period, as per provisional numbers. Total advances of the bank grew by 17.43% YoY and 3.51% QoQ to Rs 10.25 lakh crore and deposits increased by 14.63% YoY and 4.15% QoQ to Rs 12.49 lakh crore as of September FY24.

Stock Market LIVE Updates | BSE Metal index down 1 percent dragged by SAIL India, APL Apollo, NMDC

Shares of Multi Commodity Exchange of India (MCX) advanced 5 percent to touch a new 52-week high of Rs 2,139 on October 9 after it received the approval from SEBI tech panel to launch a new web-based commodity derivatives platform (CPD) after several delays with the market regulator earlier.

"Subsequently, SEBI Technical Advisory Committee has recommended that MCX and MCXCCL may Go-Live with the CDP and to intimate SEBI regarding the proposed date for Go Live," MCX said in a regulatory filing. Read More

Crude oil prices witnessed high volatility and slipped to 6-week lows in the international markets. Prices recovered from their lows after the dollar index cooled off on Friday, but the commodity posted its biggest weekly loss since March 2023. Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as escalating geopolitical tensions in the Middle East aided the oil market.

We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $84.10–83.40 and resistance at $85.80–86.50 in today’s session. In INR Crude oil has support at Rs 6,800-6,740, while resistance is at Rs 7,080–7,150.

Sensex Today | Market at 10 AM

The Sensex was down 274.15 points or 0.42 percent at 65,721.48, and the Nifty was down 83.20 points or 0.42 percent at 19,570.30. About 763 shares advanced, 2208 shares declined, and 117 shares unchanged.

Prestige Estates Projects share price added more than 2 percent to touch its 52-week high of Rs 699 in the early trade on October 9 after the company registered record-breaking highest sales during the first half of FY24 (H1FY24).

During H1FY24, the Group registered record-breaking highest sales of Rs 11,007.3 crore, up by 69 percent YoY and collections of Rs 5380.6 crore, up by 13 percent YoY.

The sales during this period were up 30 percent YoY to 10.7 million square feet with an average realization of 25 percent YoY at Rs 10,338 per square foot for apartments/ villas and an average realization of Rs 4,825 square foot, up 17 percent YoY for Plot sales. Read More

Shares of IRB Infrastructure is trading flat in early trade on October 9 as investors booked partial profits following strong gains of nearly 5 percent in the previous session. This comes after the company reported a 28-percent rise in toll revenue in September.

The infra company's toll revenue came at Rs 421 crore in September, up from Rs 328 crore in the same month of the previous fiscal.

The robust trend of toll collections was also seen through the July-September quarter as revenue jumped 22 percent on year to Rs 1,203 crore against Rs 984 crore in the corresponding quarter last year. Read More

The ongoing conflict in Israel is an unforeseen event impacting the market, and its effects may take some time to be fully absorbed. Monitoring the situation closely, especially regarding potential involvement of other actors like Iran, is essential. The possibility of a third front involving Iran is a significant concern as it could trigger a sharp increase in crude oil prices.

From a technical standpoint, the 19300–19250 range is a critical demand zone. Until the market stabilizes within this range, it's likely to remain in a sideways pattern, facing a notable obstacle at 19800. A breach below 19250 could lead to a healthy correction, potentially reaching the 18800 level.

For short-term traders, it's advisable to exercise caution and not rush into trades. On the other hand, a substantial correction could present an excellent buying opportunity for long-term investors.

Gold price is building on Friday’s rebound, almost recapturing the $1,850 barrier in early Monday trades. Escalating geopolitical tensions in the Middle East are spooking markets, as they seek safety in traditional safe havens such as Gold price, the US Dollar, Treasuries etc. Gold prices gained on Friday, helped by a technical rebound after a nine-day losing streak, although robust U.S. jobs data raised worries over another U.S. rate hike and given the second weekly negative close. We expect gold and silver to remain volatile in today’s session.

Gold has support at $1836-1824 while resistance is at $1858-1870. Silver has support at $21.70-21.55, while resistance is at $22.09-22.22. In INR terms gold has support at Rs 56,750-56,550. while resistance is at Rs 57,380-57,550. Silver has support at Rs 67,500-67,150, while resistance is at Rs 68,940–69,850.