Closing Bell: Nifty below 19,800, Sensex falls; mid, smallcap gains

Indian benchmark indices ended marginally lower in the volatile session on October 12. At close, the Sensex was down 64.66 points or 0.10 percent at 66,408.39, and the Nifty was down 17.30 points or 0.09 percent at 19,794.

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

The underwhelming result of the IT major and its lacklustre near-term prospects exerted downward pressure on the IT sector. Nevertheless, the broad market exhibited strength, primarily in anticipation of healthy overall Q2 results led by expansion in India’s operating profit as volume demand is sustained despite global slowdown. Global trend was positive attributable to the favourable UK GDP figures and anticipation of a moderation in US CPI inflation, which may influence the FED's future actions.

Markets ended marginally lower in a sluggish trading session as frontline IT stocks led the fall after a lower-than-expected TCS results dampened the sentiment and fuelled a major sell-off. The lacklustre trend with a negative bias was seen despite optimism across the global equities on hopes interest rates could remain steady in view of global macro-economic woes.

Technically, after a muted opening benchmark Nifty witnessed a range bound activity near the 20-day SMA (Simple Moving Average) and has formed a small candlestick formation. For traders, 19750-19700 would be key support levels while 19850-19900 would act as important resistance areas.

India’s second-largest IT company Infosys reported a 3 percent year-on-year (YoY) rise in net profit at Rs 6,212 crore in the second quarter of FY24. This was in above Moneycontrol’s poll estimates of Rs 6,156 crore.

Consolidated revenue for the quarter came in at Rs 38,994 crore up 7 percent. Revenues for the quarter were above analyst estimates of Rs 37,694 crore. The IT major revised its FY24 revenue guidance to 1 percent from 2.5 percent.

Infosys ADR fell sharply in the pre-opening as it was down 4.6 percent.

Nifty remained in a range-bound pattern after a flat opening. Throughout the session, Nifty barely moved outside the previous day's range. Looking ahead, we can expect the market to continue this range-bound movement until Nifty makes a decisive breakout either above 19850 or below 19750. A clear breakout above 19850, it could potentially propel Nifty towards the 20000 level.

Markets oscillated in a range and ended almost unchanged, taking a breather after the recent bounce. After the flat start, Nifty hovered in a narrow band till the end and finally settled at 19794 levels. On the sectoral front, auto, metal and energy packs traded upbeat however decline in the IT majors toned down the positivity. The broader indices too traded mixed wherein smallcap index managed to gain over half a percent.

We reiterate our mildly bullish view on the index and suggest continuing with a “buy on dips” approach till Nifty holds 19,500. However, traders should maintain extra caution on stock selection as volatility remains high during the earnings season. Besides, mixed global cues could also add to the choppiness.

The Bank Nifty index continued its consolidation phase, encountering resistance at 44,700 and support at 44,400. The overall market sentiment remains bullish, and any dips should be considered as opportunities to initiate fresh long positions. The target is 45000, where the highest open interest exists on the call side. A break above 44,700 is expected to accelerate upward momentum, driven by fresh short-covering activities.

The Nifty opened on a flat note and consolidated for most part of the day. It closed marginally in the red down ~17 points. On the daily charts we can observe that the Nifty has been consolidating after a sharp rally of ~350 points in the previous couple of trading sessions. This consolidation is a healthy sign and shall set the floor for the next leg of upmove.

The hourly momentum indicator has a negative crossover which can lead to more consolidation and incase of a dip towards 19750 – 19730 zone it should be used as a buying opportunity. On the downside, the gap area formed in the range 19718 – 19757 is likely to act as a short-term support and on the upside the rally has potential to extend till 19884 – 20030.

Bank Nifty also consolidated within a range and formed an Inside bar pattern. The hourly Bollinger bands are contracting and hourly momentum indicator has a negative crossover and is still far away from the equilibrium line indicating that consolidation is still not complete and can continue over the next few trading sessions. Dips towards 44400 – 44300 zone should be used as a buying opportunity. Once this consolidation matures, we expect the positive momentum to resume on the upside till 45050 – 45350 which coincides with the 50% and 61.82% fibonacci retracement level of the fall.

The rupee traded slightly weaker ahead of key consumer price data from home as well as from the US. However, the dollar index remained under some pressure as Wednesday’s PPI upside surprise failed to offset the more dovish narrative from Fed officials.

The Indian rupee erased most of its previous day’s gain on dollar demand from importers while overseas investors still remained net sellers of domestic equities.

So far this month, FPI sold worth $600mn equities and bought $272mn debts while the rupee fell a quarter per cent. In the near term, spot USDINR is expected to trade between 83 to 83.35 as the central bank actively managing the volatility.

The markets began the day on a steady note but due to lack of momentum, the Index oscillated in an extremely thin range and finally settled at 19,794.00 with a loss of 17.35 points. The Auto and Metal counters were seen providing some support to the Index but IT stocks mounted pressure on it. Media was the top gainer by ending the day with gains of 3.02%. Mid and Smallcaps managed to end the session in green to outperform the Frontline Index.

At the bearish gap zone, the Index has made a small negative candle. We will stick with our view of having a convincing close above 19,880 to rally to 20,000. On the downside, the zone of 19,720-19,760 is a strong support area.

Indian rupee ended marginally lower at 83.24 per dollar on Thursday against Wednesday's close of 83.20.

: Indian benchmark indices ended lower with Nifty below 19,800 in the volatile session on October 12.

At close, the Sensex was down 64.66 points or 0.10 percent at 66,408.39, and the Nifty was down 17.30 points or 0.09 percent at 19,794. About 2086 shares advanced, 1459 shares declined, and 125 shares unchanged.

Top gainers on the Nifty included BPCL, Coal India, Maruti Suzuki, Grasim Industries and Power Grid Corporation, while losers were Tech Mahindra, Apollo Hospitals, TCS, HCL Technologies and Infosys.

On the sectoral front, Information Technology index shed 1.5 percent, while auto, metal, power, oil & gas added 0.5-1 percent.

BSE midcap index gained 0.3 percent and smallcap index rose 0.6 percent.

-Buy call, target price raised to Rs 1,850 per share from Rs 1,570 per share
-EVs: widening lead over peers and going global
-In-sourcing of EV tech lends it significant edge
-Launching industry-first features
-Recently unveiled ice motorcycle Apache RTR 310 also boasts many industry first & only features
-Company's exports to recover faster than Bajaj's
-Raise target multiple for core business to 17x EV/EBITDA (16x Earlier)

Shares of Sula Vineyards rose 4 percent in trade on October 12 as the wine producer announced double-digit sales growth in July to September quarter and the first half of current financial year. Sula also announced its highest ever Q2 net revenues overall.

Sula Vineyard's own brands clocked a year-on-year growth of 14 percent in net revenue, from Rs 102 crore in the year-ago period to Rs 116.2 crore in Q2FY24. On a half-year basis, the first half of the current fiscal year came in at Rs 209.3 crore, from Rs 172.1 crore in H1FY23. Read More

Vipul Organics has received the OEKO-TEX ECO PASSPORT for its entire pigment and Reactive Dyes product range for the textile industry, under the brand names of SunPrint and SunActive respectively. This means that the entire product range of Vipul Organics for the Textile Industry is now certified as ZDHC (Zero Discharge of Hazardous Chemicals) Level 3.

Venus Remedies announced the successful launch of Elores in Ecuador. This significant expansion follows the earlier launches of Elores in countries like Saudi Arabia, Myanmar, Oman, Tanzania, Ethiopia, and India, marking a momentous stride ln the company's global growth. Additionally, the dossier has also been submitted in around 15 countries for getting the marketing authorizations.

-Sell call, target price Rs 3,170 per share
-Delivered a weak Q2 on growth
-Last three quarters have been largely flattish QoQ
-Cost discipline approximately 30 bps margin expansion YoY
-Headcount reduction of approximately 6,000 (down 1 percent YoY) would have aided
-Deal TCV at USD 11.2 billion (BSNL & JLR mega deals were already known)
-Lack of accurate data on ‘duration’ & ‘new versus renewal’ makes it difficult to interpret
--Lower CC revenue growth estimates to 3.5 percent YoY for FY24
Stock trades at 27x 1-year forward consensus EPS

-Buy target, target price raised to Rs 560 per share
-Management meet takeaways- progress in expanding client base in overseas markets
-Company positioned well in Malaysia, Thailand & Philippines and beefing-up for SG & HK
-While Asian market will be organic, it may explore M&A in western market
-Raise earnings by 1-2 percent & see 17 percent CAGR in profit over FY23-26
-Cashflows can aid M&A

Sensex Today | Market at 3 PM

The Sensex was down 71.43 points or 0.11 percent at 66,401.62, and the Nifty was down 24.00 points or 0.12 percent at 19,787.30. About 1861 shares advanced, 1293 shares declined, and 93 shares unchanged.

-Outperform call, target price Rs 3,950 per share
-Q2 mixed bag, deal wins set platform for FY25
-Delivered a mixed quarter with positives on margins (54 bps Beat)
-Strong order book (USD 11.2 billion) & a large buyback (USD 2.2 billion)
-Client optimisations due to macro uncertainty led to sharp rev miss
-Overall deal TCV was up 38 percent YoY (book: bill of 1.6x)
-Large deals with JLR (USD 1 billion) & BSNL (USD 1 billion)
-Company announced a buyback of Rs 17,000 billion at Rs 4,150 (15 percent premium to CMP)
-Buyback should provide near-term stock support

The company has received contract worth Rs 270.82 crore, from the Office of Municipal Corporation, Jaipur Heritage. The contract work includes laying, testing and commissioning of sewerage system and all ancillary works along with one year defect liability with ten years operation & maintenance for towns.

Indian Rupee appreciated on Thursday on weak US Dollar and mixed to positive tone in domestic markets. Softening of crude oil prices also supported Rupee. However, FII outflows capped sharp gains. US Dollar declined on dovish comments by US Federal Reserve officials. However, PPI data from US was hotter than expected.

We expect Rupee to trade with a slight positive bias on expectations of a decline in India’s inflation and rise in risk appetite in global markets. A weak tone in US Dollar may also support Rupee. However, geopolitical uncertainty due to the ongoing conflict Hamas and Israel may cap sharp upside. Any recovery in crude oil prices and selling pressure from FIIs may also weigh on Rupee at higher levels. Traders may remain cautious ahead of India’s CPI and IIP data. Traders may also take cues from US CPI, weekly unemployment claims and Federal Budget balance data. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.60.

Shares of Fortis Healthcare Ltd gained 0.7 percent after a huge block deal. Around 1.1 million shares of the company changed hands in a block deal, Bloomberg reported. However, details of the buyers and sellers were not known.

PCBL shares rallied 7 percent on October to hit a 52-week high of Rs 211 on NSE. The sharp rise comes after the company was granted two patents for inventions related to specialty-grade carbon blacks and surface-modified carbon black grades.

PCBL shares were trading at 205, up 4 percent on NSE at 2.18 pm.

In a regulatory filing, PCBL informed that it has been granted two patents by the Indian Patent Office. For an invention titled, 'Process for treatment of Carbon Black and Oxidized Carbon Black obtained thereof,' the company has been granted patent no IN444448. "This patent is in relation to the innovative process of PCBL Limited for modifications of specialty grade carbon blacks for inks and coating applications," it said.

IT major HCL Tech is likely to report a sharp recovery in revenue growth and net profit growth even amid a slowdown in tech spending, when the company declares its fiscal second quarter results on October 12.

HCL Tech's profit after tax (PAT) for the July-September quarter is expected to increase by 6.14 percent quarter-on-quarter to Rs 3,750 crore, as per the average of estimates from five brokerages. Revenue is likely to grow 2.3 percent quarter-on-quarter to Rs 26,909 crore. Read More

IT major Infosys is likely to see a marginal decline in revenue on a sequential basis to Rs 37,694 crore in the July-September quarter of fiscal year 2023-24 (Q2FY24) amid weak discretionary spends and slower deal ramp-ups, said analysts. However, easing margin pressures from a weaker rupee may help the company to register 3.5 percent quarter-on-quarter (QoQ) net profit growth in Q2FY24. Read More

-Reduce call, target price Rs 3,030 per share
-Q2 sluggish growth persists, misses revenue estimate
-Orderbook holding up, but near-term visibility remains low
-Weak headcount addition persists, as attrition continues to moderate
-Unlikely to hit 25 percent EBIT margin in FY24, in our view
-TCS announced a buyback worth Rs 17,000 crore at Rs 4,150 per share

Sensex Today | Market at 2 PM

The Sensex was down 25.45 points or 0.04 percent at 66,447.60, and the Nifty was down 7.40 points or 0.04 percent at 19,803.90. About 1882 shares advanced, 1249 shares declined, and 92 shares unchanged. 

Net Profit up 20% at Rs 436.5 crore versus Rs 363.8 crore and revenue up 18.1% at Rs 643.1 crore versus Rs 544.7 crore, YoY.

Shilpa Medicare has received approval from the Office of the Directorate of Ayurveda and Unani Services (division of the Ministry of Aayush) for the manufacture and sale of oral mucositis spray in India under the brand name ORAAL. The composition of ORAAL is protected by a granted patent in India until November 2033.

The chemicals manufacturer has raised Rs 259 crore through a qualified institutions placement (QIP) of its equity shares. The Fund-Raising Committee of the firm has approved the allotment of 96.25 lakh equity shares at an issue price of Rs 269.20 per share.

Adani Enterprises has raised Rs 700 crore by allotment of 70,000 non-convertible debentures (NCDs) of the face value of Rs 1 lakh each on private placement basis.

Shares of PCBL rallied 7 percent on October 12 to a 52-week high of Rs 211 on the NSE after the company was granted two patents for inventions related to specialty-grade and surface-modified carbon black.

In a regulatory filing, PCBL informed that it has been granted two patents by the Indian Patent Office. For an invention titled, 'Process for treatment of carbon black and oxidized carbon black obtained thereof', the company was granted Patent No IN444448. "This patent is in relation to the innovative process of PCBL Limited for modifications of specialty grade carbon black for inks and coating applications," it said. Read More

TCS reported Q2 earnings that met street expectations while buyback price was below expectations and even below the last buyback price. US Dollar revenue declined for the first time in many quarters while Q2 EBIT Margin was better than expectations. TCS board approved buyback of Rs 17,000 crore at a price of Rs 4,150 per equity share against street expectations of Rs 4,300 to Rs 4,500 per share.

The buyback price is at a premium of about 15 percent. The company will be buying back up to 4.09 crore shares which will be 1.12% of the total equity share capital. Deal wins during the quarter stood at $11.2 billion which is a rise of 9.8 percent compared to the June quarter.

The Reserve Bank of India has approved appointment of V J Kurian as the Non-Executive Part Time Chairman (Independent Director) of South Indian Bank with effect from November 2, 2023 to March 22, 2026. The appointment is in place of Salim Gangadharan, who will be retiring from his office as Non-Executive Part Time Chairman (Independent Director) of the bank on November 1.

Route Mobile's subsidiary Route Mobile (Bangladesh) has partnered with Robi Axiata in Bangladesh as a technical enabler and sales partner for RCS (rich communication service) business messaging.

Sensex Today | BSE Oil & Gas index rose 1 percent led by GAIL India, Indraprastha Gas, HPCL

-Equalweight, target price cut to Rs 3,590 per share
-Q2 shows no respite from macro headwinds
-TCS missed on revenue despite improving order booking trends
-Good execution on orderbook is not translating into revenue optimism
-Good execution on orderbook has driven cuts to revenue assumptions
-EPS cuts are limited due to better-than-expected performance on margin

KP Energy has received new order from Aditya Birla Renewable Energy Limited for development of balance of plant of 23.1MW wind capacity forming part of the wind-solar hybrid power project (comprising 23.1MW wind and 11MW Solar) to be connected to existing 140MW power evacuation facility at Fulsar PSS.

Patanjali Foods said the edible oil segment faced an ongoing pricing pressure during Q2FY24 mainly due to excessive imports that led to elevated inventory levels, impacting both revenue and margins. The price trend observed in Q2 remained consistent with that of Q1, displaying divergent price fluctuations between the physical and futures markets. The firm registered an uptick in edible oil sales volume with a single-digit YoY growth in Q2, and achieved double-digit sequential growth in Q2 in food & FMCG segment.

Larsen & Toubro has received an order from Assistant Commissioner of CGST & CX, Gangtok Division, Gangtok, Sikkim, imposing a penalty of Rs 64.98 lakh, under the Central Goods and Services Tax Act.

Antony Waste Handling Cell announced the commissioning of its Waste to Energy power plant and commencement of commercial sale of power to PCMC (Pimpri Chinchwad Municipal Corporation). As previously communicated, this project represents a pivotal milestone as India's pioneering Waste to Energy plants selling power under Green Energy Open Access Rules.

Gold prices hit two-week highs on Thursday as the dollar and Treasury yields stumbled ahead of an eagerly awaited U.S. inflation report that could throw some light on the Federal Reserve's cautious tilt on interest rates.

Spot gold rose 0.3% to $1,879.25 per ounce by 0541 GMT, its highest level since Sept. 27. U.S. gold futures were up 0.3% to $1,892.30.

The dollar index and U.S. Treasury yields were rooted near two-week lows, making non-interest-paying gold more attractive.

Oil prices fell for a third day on Thursday, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns.

Brent futures fell 43 cents, or 0.50%, to $85.39 a barrel at 0623 GMT, while U.S. West Texas Intermediate crude retreated 53 cents, or 0.63%, to $82.96 a barrel.

Both benchmarks have given back most early-week gains after falling more than 2% in the previous session.

Lloyds Metals and Energy has incorporated a new 100% wholly owned subsidiary by the name Lloyds Surya Private Limited on October 11, 2023.

The object is to carry on the business as an energy company that offers, generates and distributes solar, wind, and hydro power as well as other renewable energy sources and to act as consultants and contractors in setting up of all types for production of renewable energy and other allied activities.

Sterlite Technology has collaborated with Hygenco, a homegrown green hydrogen solutions provider, for the supply of Green Hydrogen to its manufacturing plants. In this long-term offtake agreement, Hygenco will build-own-operate the Green Hydrogen facility for STL for 20 years. This facility will be based on renewable energy and commissioned in the next 15-18 months.

Sensex Today | Market at 12 PM

The Sensex was up 46.09 points or 0.07 percent at 66,519.14, and the Nifty was up 18.10 points or 0.09 percent at 19,829.40. About 1972 shares advanced, 1085 shares declined, and 103 shares unchanged. 

-Hold call, target price Rs 3,625 per share
-Deal wins were strong, revenues missed estimate in Q2
-Revenue missed estimate as discretionary & scope expansion work was weak
-H2FY24 unlikely to see a v-shaped recovery
-Bulk of rampup benefit of large deals will only be visible in FY25
-With stock trading at 2.4x PEG, do not see much room for upside

Shares of manganese producer MOIL skyrocketed 16 percent to hit a six-year high of Rs 265 per share on the BSE on October 12 after Quant Mutual Fund’s Gilt Fund bought 11 lakh equity shares or 0.5 percent stake in the counter at Rs 226 apiece via bulk deal, showed data. READ MORE

According to the NSE, Groww had 6.63 million active investors in September, while Zerodha had 6.48 million. In March 2021, Zerodha had 3.4 million customers, whereas Groww had 0.78 million. READ MORE

Automobile retail sales in India rose by 9 per cent year on year in the April-September period of this fiscal riding on the back of highest-ever registrations of passenger vehicles and three-wheelers, dealers' body FADA said on Wednesday. READ MORE

Aditya Birla Group’s Grasim Industries stock price jumped 2 percent on October 12 to hit a fresh 52-week high. The company’s board of directors will meet to consider raising funds via either a rights issue, preferential issue or qualified institutions placement (QIP).

Zomato extended its winning streak to the third session and jumped nearly 4 percent to hit a 52-week high of Rs 113.25 on October 12 morning after brokerages rolled out a bullish growth outlook for the food aggregator, foreseeing improved profitability and demand. READ MORE

Laxmi Organic stock was trading 4 percent lower in the morning session on October 12, a day after the company announced a Rs 259-crore fundraise through Qualified Institutional Placements.

According to a regulatory filing, Laxmi Organic Industries completed a fundraise of Rs 259 crore through the QIP. The committee on October 10, approved the allotment of 9,625,579 equity shares of face value of Rs 2 at an issue price of Rs 269.20 a share. Read More

Sensex Today | Market at 11 AM

The Sensex was up 15.43 points or 0.02 percent at 66,488.48, and the Nifty was up 6.50 points or 0.03 percent at 19,817.80. About 1939 shares advanced, 1063 shares declined, and 88 shares unchanged.

Shares of KFin Technologies surged 2 percent to Rs 480 per share on the BSE on October 12 after global brokerage firm Jefferies upgraded its target price on the counter to Rs 560 apiece (versus Rs 500 earlier).

So far this year, the stock of this midcap company soared 35 percent as against 8 percent rise in the Sensex benchmark. Earlier, on October 3, the stock had scaled to its all-time high level of Rs 493 per share. Read More

National Aluminium Company: The state-owned aluminium company has appointed Jagdish Arora as Director (Projects & Technical) with effect from October 11.

Maruti Suzuki India has started exports of its Jimny 5-Door. The vehicle will be shipped to Latin America, Middle East, and Africa regions.

IT major Infosys is likely to see a marginal decline in revenue on a sequential basis to Rs 37,694 crore in the July-September quarter of fiscal year 2023-24 (Q2FY24) amid weak discretionary spends and slower deal ramp-ups, said analysts. However, easing margin pressures from a weaker rupee may help the company to register 3.5 percent quarter-on-quarter (QoQ) net profit growth in Q2FY24. Read More

IT major HCL Tech is likely to report a sharp recovery in revenue growth and net profit growth even amid a slowdown in tech spending, when the company declares its fiscal second quarter results on October 12.

HCL Tech's profit after tax (PAT) for the July-September quarter is expected to increase by 6.14 percent quarter-on-quarter to Rs 3,750 crore, as per the average of estimates from five brokerages. Revenue is likely to grow 2.3 percent quarter-on-quarter to Rs 26,909 crore. Read More

Vikram Surendran has resigned as Chief Executive Officer of MIRC Electronics with effect from October 11, due to personal reasons.

MedPlus Health Services has received approval from the board of directors to raise funds up to Rs 1,200 crore via issue of non-convertible debentures and warrants, in one or more tranches.

The United States Food and Drug Administration (USFDA) has inspected the manufacturing facility of InvaGen Pharmaceuticals Inc., wholly owned subsidiary of Cipla in Central Islip, Long Island, New York, USA. The company has received the EIR (Establishment Inspection Report) from the USFDA on the classification of this inspection as Voluntary Action Indicated (VAI).

Sensex Today | BSE Realty Index down 0.5 percent dragged by Brigade Enterprises, Macrotech Developers, Godrej Properties

Plaza Wires made its stock market debut on October 12, 2023, by listing at Rs 76 per share, a premium of 42% to its IPO price band of Rs 51–54 per share. This is in line with expectations, given the strong oversubscription of the IPO and the company's strong fundamentals.

Plaza Wires is a well-managed company with a strong track record of growth. It is a leading manufacturer of wires and cables, with a wide product range and a strong customer base. The company has a strong financial performance, with consistent revenue and profit growth in recent years. Though the IPO size was small, it received an amazing response from investors. Investors may consider booking profit after this listing, while those who are looking for a long-term investment should maintain a stop-loss of Rs 68.

The clothes and garments manufacturing company will list equity shares on the BSE SME on October 12. The issue price is Rs 51 per share. The stock will be seen in trade-for-trade segment for 10 trading days.

The trading in garments manufacturing firm will commence on the NSE Emerge, with effect from October 12. The issue price is Rs 76 per share. Its equity shares will be available for trading in trade-for-trade segment.

The forging and graded casting machined components manufacturer will debut on the NSE Emerge on October 12. The offer price is Rs 58 per share. Its equity shares will be available for trading in trade-for-trade segment.

-Buy call, target price Rs 4,020 per share
-Dollar revenue growth of -0.1 percent QoQ (constant Fx, +2.8 percent YoY)
-Revenue growth below GS estimate of +1 percent QoQ
-1 percent QoQ decline in headcount suggests weak near-term revenue outlook
-Lower rev estimate by up to 1 percent
-FY24 revenue growth of 3.8 percent (constant fx, vs 5 percent earlier and 2.8 percent YoY for Infosys)
-Order book remains strong (+31 percent YoY & rolling 2-quarter growth)
-Orderbook reflecting improving revenue trajectory from H2FY24

In-line with strong subscription numbers, Plaza Wires made a big bang debut on the bourses on October 12 at 56 percent premium to issue price on the BSE. The stock started trading at Rs 84 on the BSE, against the issue price of Rs 54. On the NSE, the listing premium was slightly lower at 40.74 percent at Rs 76.

The initial public offering was subscribed 161 times during September 29-October 5. Retail investors bid 374.81 times the allotted quota, qualified institutional investors 42.84 times and high networth individuals 388.09 times. Read More

Sensex Today | Market at 10 AM

The Sensex was down 102.56 points or 0.15 percent at 66,370.49, and the Nifty was down 29.10 points or 0.15 percent at 19,782.20. About 1823 shares advanced, 990 shares declined, and 99 shares unchanged.

KPI Green Energy share was trading marginally lower in the early trade on October 12 after the company board's approved the acquisition of a power generation company.

The company board on October 11 approved acquiring 9,990 equity shares, representing 99.90 percent of the share capital, of KPark Sunbeat Private Limited for Rs 126 crore.

The company will allot 15,18,480 equity shares having a face value of Rs 10 each at an issue price of Rs 830.15 per apiece on a preferential basis to Dr Faruk G Patel, promoter of the company and balance through cash consideration,the company said. Read More

Infosys, HCL Technologies, HDFC Asset Management Company, Anand Rathi Wealth, Angel One, Tata Metaliks, Facor Alloys, International Travel House, JTL Industries, Kesoram Industries, Kintech Renewables, Roselabs Finance, Shah Metacorp, Sical Logistics, Value Industries, Vandana Knitwear, and Videocon Industries will be in focus ahead of quarterly earnings on October 12.

There are positive developments that can strengthen the rally in the market. Steadily declining trend in the dollar index and the US bond yields, declining crude and sharp dip in FII selling in the cash market are big positives for the market. If the US CPI inflation data expected tonight dips below 3.6 % that will be a shot in the arm for the bulls.

The concerns triggered by the Israel-Hamas conflict had resulted in the creation of big short positions in the market, and now these shorts are being covered pushing the markets up. Results of TCS is a mixed bag with the top line disappointing and the bottom line and margins coming good. The market will wait for the results of Infosys and HCL Tech due today for taking a view on the IT segment. The rally in banking stocks have more steam left.

Ichnos Sciences, a wholly owned subsidiary, announced that the company has entered into an exclusive worldwide licensing agreement for its OX40 antagonist monoclonal antibody portfolio with Astria Therapeutics. With the execution of this agreement, Ichnos has successfully licensed its two assets for inflammatory and immunological diseases, a key milestone in the company’s prioritization of its pipeline of oncology drug candidates.

Plaza Wires is set to make its debut on the BSE and NSE on October 12. The issue price has been fixed at Rs 54 per share.

Rail Vikas Nigam has emerged as lowest bidder for project worth Rs 28.73 crore from Northeast Frontier Railway. The project work includes supply, installation, testing & commissioning of integrated tunnel communication system in the Sukhovi-Pherima new single line section of Lumding division.