Closing Bell: Nifty at 19,750, Sensex falls 126 pts; auto, realty gain, IT drags

Benchmark indiced ended on a negative note on October 13 amid volatility with Nifty at 19,750. At close, the Sensex was down 125.65 points or 0.19 percent at 66,282.74, and the Nifty was down 43.00 points or 0.22 percent at 19,751.

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.

Weak global cues and a sharp rise in crude oil prices dampened the market sentiment as banking and technology stocks led the downfall. While the market is already coping up with global economic uncertainty, concerns over the flare up in Israel-Palestine conflict has been making investors jittery. Investors are also worried about the persistent FII selling and the rising US dollar and treasury yields.

Nifty ended October 13 on a negative note post a volatile session. At close, Nifty was down 0.22% or 42.9 points at 19751.1. Volumes on the NSE rose towards recent average volumes. Broad market indices closed almost flat even as the advance decline ratio dropped to 0.88:1.

Global equities slipped on Friday after U.S. inflation data fuelled concerns about interest rates staying higher for longer, while persistent deflationary pressures reflected in the latest consumer and producer inflation data from China added to jitters about the global economy.

Elsewhere, the conflict in the Middle East looks set to escalate as Israel's military on Friday called for all civilians of Gaza City, more than 1 million people, to relocate south within 24 hours, as it amassed tanks near the Gaza Strip ahead of an expected ground invasion. An escalation of Israel’s war with Hamas, drawing in Iran, could send crude oil to USD 150 a barrel and cut about USD 1 trillion off world economic output, according to Bloomberg Economics.

India's merchandise deficit eased to a 5-month low amidst a sharper decline in imports. The merchandise trade deficit fell to USD 19.4 billion September, compared to USD 24.2 billion in August and USD 27.98 billion in September 2022. Exports fell by 2.6% annually to USD 34.5 billion; Imports fell by 15% annually to USD 53.8 billion. Exports were flat on a sequential basis, while imports fell by 8.2%.

Nifty recovered well after a gap down opening on October 13. On weekly charts it rose 0.5% forming a bullish engulfing bull pattern. Nifty could now face resistance in the 19839-19878 band while support could come in at 19512-19565 band.

In the Bank Nifty index, the ongoing battle between the bulls and bears continued. Resistance is established at the 44,700 mark, while the support lies at 44,000. The overall market sentiment remains bullish as long as the critical support at 44,000 holds, and a breach below this level, confirmed by a closing basis, may lead to renewed selling pressure. On the upside, a substantial resistance level is placed at 45,000, and a breakout beyond this point is likely to trigger significant short-covering.

The Nifty opened gap down however during the course of the day it witnessed recovery to close well off the intraday lows though on a negative note down ~43 points. On the daily charts we can observe that the zone of 19640 – 19620 where support in the form of the 40-day average was placed acted as a cushion and prevented further decline. The rallies and corrections have been short lived and thereby only leading to increased volatility and wild swings in both directions.

The daily Bollinger bands are contracting which indicates that the index is due for consolidation. The daily and hourly momentum indicators are providing divergent signals and in such a scenario a consolidation appears high probability. The range of consolidation is likely to be 19500 – 20100 from short term perspective. Stocks specific action and sector rotation are likely during this period of consolidation.

Bank Nifty witnessed a deeper correction however, we believe that this dip is likely to be bought into. On the downside, 44000 – 43800 is the crucial support zone and until that is not breached on the downside we shall expect a recovery till 45050 – 45350 in the bank Nifty from short term perspective.

Ajit Mishra, SVP - Technical Research, Religare Broking:

It turned out to be a roller coaster ride for participants as the Nifty oscillated sharply on both sides and finally settled marginally lower. After the gap-down start, it drifted lower however recovery in the heavyweights pared majority of the losses as the day progressed. Meanwhile, mixed trends on the sectoral front kept the participants busy wherein auto and realty posted decent gains while pressure continued in banking and IT. Amid all, the broader indices traded in sync with the benchmark and closed flat.

The recent dip in IT majors combined with the underperformance of the banking pack is currently weighing on the sentiment. And, it is difficult to make any directional move without their participation. We thus reiterate our view to stay focused on stock selection and risk management.

The bulls were able to protect the level of 19600 during the day, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19600. Only a decisive fall below 19600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favor the market. On the higher end, resistance is visible at 19850; above 19850, the index might move towards 20000.

Weak revenue guidance of the IT sector and the current uptick in crude prices weighed on the sentiment. While higher-than-expected US inflation data pulled down the week's early uptrend, which was positive on remark of less hawkish US Fed meeting. However, some optimism was visible from domestic factors like a steep decline in domestic inflation and impressive industrial production data, along with bright earnings expectations for Q2.

The greenback has lost traction across the board after registering the largest single-day gain since March 15 amid higher US inflation readings. Back home, the rupee remained the median performer this week following the central bank’s intervention and the attractiveness of carry trade in the region.

The fall in traded deficit and better economic data supported the rupee this week, even after foreign fund outflows. In the near term, spot USDINR is expected to consolidate between 83 to 83.30 and either side break will lead to higher in the volatility and volumes.

Indian rupee ended flat at 83.26 per dollar versus previous close of 83.24.

Benchmark indiced ended on a negative note on October 13 amid volatility with Nifty at 19,750.

At close, the Sensex was down 125.65 points or 0.19 percent at 66,282.74, and the Nifty was down 43.00 points or 0.22 percent at 19,751. About 1800 shares advanced, 1739 shares declined, and 155 shares unchanged.

Top Nifty losers were Axis Bank, Infosys, Adani Enterprises, SBI and Wipro, while the gainers were Tata Motors, IndusInd Bank, HCL Technologies, Tata Consumer Products and Nestle India.

Among sectors, auto and realty up 0.5 percent each, while PSU bank and information technology down 0.5-1 percent.

The BSE midcap and smallcap indices ended on a flat note.

Ashok Leyland has bagged an order from TN STU’s (Tamil Nadu State Transport Undertakings) for 1,666 buses. This is the single largest BSVI order received from State Transport Undertakings and will further contribute to strengthening Ashok Leyland's dominant position in the bus industry.

-Buy call, target price raised to Rs 3,250 per share
-Profit rose by 20 percent YoY to Rs 440 crore, tad ahead of estimate
-Equity AUM growth (quarterly average) of 36 percent YoY was led by stronger returns & share gains
-This led to AUM rise of 22 percent, revenue & operating profit rise of 18-20 percent
-HDFC AMC will benefit from higher wallet share from HDFC Bank
-Management plans to add passives & alternative businesses also
-Raise estimates by 3-4 percent to factor stronger equity AUM growth

The Indian Rupee depreciated slightly on Friday on weak domestic markets and a overnight gains in the US Dollar. FII outflows also weighed on the Rupee. However, robust macroeconomic data from India supported Rupee at lower levels. India’s CPI declined to 5.02% m-o-m in September 2023 versus 6.83% in August and forecast of 5.5%. IIP increased by 10.3% in August 2023 compared to 5.7% in July 2023 an estimate of 9%. India’s trade deficit also narrowed to $19.37 billion in September vs $24.2 billion in August and forecast of $23.23 billion. US Dollar bounced back on hotter-than-expected inflation which reinforced higher for long interest rate theme. US weekly unemployment claims are also lower than forecast.

We expect Rupee to trade with a slight positive bias better than expected domestic macroeconomic data. However, hawkish data from US and risk aversion in global markets may cap a sharp upside. Traders may take cues from University of Michigan consumer sentiment and inflation expectations. USDINR spot price is expected to trade from Rs 82.90 to Rs 83.70.

Shares of low-cost carrier SpiceJet surged on October 13 ahead of a hearing in the Delhi High Court in its case against Sun Group chairman Kalanithi Maran. The case pertains to an arbitral award in favour of Maran.

In February 2015, Maran and KAL Airways, his investment vehicle, transferred their 58.46 percent in SpiceJet to Singh, who took on the airline’s liabilities of around Rs 1,500 crore. As part of the agreement, Maran and KAL Airways said they paid SpiceJet Rs 679 crore for issuing warrants and preference shares. Maran alleged that the warrants and preference shares were not allotted and initiated arbitration proceedings against SpiceJet and Singh. Read More

-Outperform call, target price Rs 1,580 per share
-Company reported highest-ever large deals in Q2
-Largest deals sharply ahead of expectations at USD 7.7 billion
-Deals approximately 2.5x QoQ with net new at 48 percent
-Q2FY24 print was a sharp revenue beat & modest margin beat
-Revenue growth was of 2.3 percent QoQ CC (130 bps beat, including non-IT services)
-EBIT margin was a beat at 21.2 percent (20 bps beat, up 40 bps)
-Despite strong QoQ growth, company lowered FY24 revenue growth guidance to 1.0-2.5 percent
-Company highlighted the difficult macro
-Stock is expected to react negatively on guidance cut
-See strong orderbook setting a platform for FY25

Phoenix Mills' surged around 4 percent to a record high of Rs 2,060 on the National Stock Exchange on October 13, the fourth straight day of gains amid higher volumes. It was the top gainer on the Nifty realty index.

The stock has been in an uptrend after a healthy business update for the July-September quarter, which fuelled expectations of a good set of numbers for the second quarter. Morgan Stanley’s “overweight” rating also came as a boost. Read More

-Equalweight call, target price Rs 2,375 per share
-Assess marginally better-than- estimate yield QoQ reflected higher-than-estimate equity mix
-Strong equity markets are driving robust revenue
-Structural yield pressures remain

Crude oil prices surged to $85.29 or 2.9% during mid European market on Friday, amid the news of U.S. tightening its sanctions programme against Russian crude exports, raising supply concerns in an already tight market. Oil prices heading for a weekly gain, driven by the geo-political turmoil between Hamas- Israel, which could trigger a large-scale escalation in the region.

We remain skeptical of oil prices rally to sustain higher as the macro-picture from China remain disappointing despite of the recent reforms, Chinese crude oil imports down 10.5% on monthly basis for September and to 11.13 million barrels but 14% up annually. The Inflation in US has remained hotter in September on retail and factory level, which has again kept the rate hike scenario on the cards for US Fed. The International Energy agency has also revised down its oil demand outlook for 2024 by 120kbpd.

We expect crude oil prices rally should be short lived due to sanction fears, but demand deterioration has so far kept the oil market deficit checked. In short term prices can rally to face the resistance of USD 88, but we expect rally to short lived and prices may fall back to test the support of USD 80.

Sensex Today | Market at 3 Pm

The Sensex was down 116.29 points or 0.18 percent at 66,292.10, and the Nifty was down 32.00 points or 0.16 percent at 19,762. About 1624 shares advanced, 1522 shares declined, and 106 shares unchanged.

Shakti Pumps has received a patent for inventing a “ADA CONVERSION BASED CONTACTOR LESS SOFT STARTER". The Patent Office, Government of India, has awarded Shakti Pumps this patent, fully adhering to the provisions set forth in the Patents Act of 1970.

This patent is set to maintain its validity for duration of 20 years, commencing from the date of filing. This is the 5th Patent that the company has secured, while also having submitted 25 Patent applications, spanning both domestic and international jurisdictions.

Fitch Ratings has affirmed India-based Bharat Petroleum Corporation Limited's (BPCL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'. The Outlook is Stable.

We have also affirmed BPCL's senior unsecured rating and the ratings on its outstanding senior unsecured debt at 'BBB-'. Fitch has also affirmed the rating on subsidiary BPRL International Singapore Pte. Ltd.'s US dollar guaranteed notes at 'BBB-'.

-Overweight call, target price cut to Rs 1,600 per share from Rs 1,640 per share
-Company well positioned via improved revenue growth & margin improvement
-In near-term expect P/E multiples to come down
-P/E multiples to come down given unexpected cut in rev guidance & cautious commentary

Shares of low-cost carrier SpiceJet surged 15 percent on October 13 ahead of a hearing in the Delhi High Court in its case against Sun Group chairman Kalanithi Maran. The case pertains to an arbitral award in favour of Maran. As of 2.48 pm, the stock was up over 15 percent on BSE to Rs 42.2.

In February 2015, Maran and KAL Airways, his investment vehicle, transferred their 58.46 percent in SpiceJet to Singh, who took on the airline’s liabilities of around Rs 1,500 crore. As part of the agreement, Maran and KAL Airways said they paid SpiceJet Rs 679 crore for issuing warrants and preference shares. Maran alleged that the warrants and preference shares were not allotted and initiated arbitration proceedings against SpiceJet and Singh.

In July 2018, an arbitration panel rejected Maran’s claim of damages of Rs 1,323 crore for not issuing warrants to him and KAL Airways but awarded him a refund of Rs 579 crore plus interest. SpiceJet was permitted to furnish a bank guarantee for Rs 329 crore and make a cash deposit of the remaining sum of Rs 250 crore.

Shares of Auto stocks trading higher. Tata Motors gained 5 percent, Maruti Suzuki India Ltd up 1.1 percent, Ashok Leyland 1 percent, Hero MotoCorp, M&M and TVS Motors up 0.4 percent each.

Shares of Axis Bank Ltd fell 1.3 percent after a huge block deal. Around 1.55 million shares of the bank changed hands in a block deal, Bloomberg reported. However, details of the buyers and sellers were not known.

Consolidated net profit up 14.9% at Rs 378 crore against Rs 329 crore, YoY.

VNB Margin at 26.4% against 27.1% and India Embedded Value up 19% at Rs 42,908 crore versus Rs 36,016 crore, YoY.

Gold firmed on Friday and was heading for its best week in seven months on tensions in the Middle East, supported by expectations that U.S. interest rates may have peaked as markets assess the latest inflation figures.

Spot gold rose 0.5% to $1,878.70 per ounce by 0727 GMT. U.S. gold futures added 0.5% to $1,892.80.

Eimco Elecon rallied 6 percent to hit an all-time high of Rs 1,325 on October 13 after the mining-component maker said it had bagged a Rs 39-crore order. The small-cap stock is on a tear and has surged 40 percent in the past week.

Eimco Elecon is manufactures hi-tech drills and loaders used in underground mining and opencast mines. Its products include air-powered rocket shovels, electro-hydraulic side dump loaders, blasthole drillers and air motors.

The order from JMS Mining would entail supply of coal-mining equipment by or before January 27, 2026, the company informed the exchanges. Read More

Sensex Today | Market at 2 PM

The Sensex was down 132.15 points or 0.20 percent at 66,276.24, and the Nifty was down 37 points or 0.19 percent at 19,757. About 1683 shares advanced, 1428 shares declined, and 107 shares unchanged.

Exports up 2.7 percent at USD 35.4 billion versus USD 34.5 billion and imports up 17.7 percent at USD 63.4 billion against USD 53.8 billion, YoY.

Sensex Today | BSE Auto index gained 0.6 percent supported by Tata Motors, Ashok Leyland, Maruti Suzuki:

-Hold call, target price raised to Rs 2,580 per share
-Q2 shows increase in individual folios
-Q2 shows market share gains in equity AUM
-Flows in systematic transactions were positives
-Increase FY24-25 EPS by 4 percent on increased AUM growth
-Increase FY24-25 EPS on marginally lower cost-to-income estimates
-Moderation in income yields should lead to slower earnings growth

European markets were trading mixed on Friday as sentiment falters on fresh U.S. inflation data.

-Neutral call, target price Rs 1,200 per share
-Q2FY24 misses growth, beats margin
-Drop in discretionary demand starting to hurt
-FY24 rev guidance cut from 6-8 percent YoY to 5-6 percent YoY in CC
-Surprises on the downside
-Lower FY24-26 EPS by 1 percent

Stock Market LIVE Updates | BSE Bank index down 0.7 percent dragged by Axis Bank, Bank of Baroda, SBI

-Neutral call, target price Rs 1,400 per share
-Revenue guidance cut for FY24 overshadows strong execution in Q2FY24
-Lowering of guidance reflects pull-back in discretionary demand & slow decision-making
-EBIT margin likely to be around mid-point of guided band of 20-22 percent in FY24
-1-2 percent change in FY24-26 EPS

Sensex Today | Market at 1 PM

The Sensex was down 249.65 points or 0.38 percent at 66,158.74, and the Nifty was down 70.30 points or 0.36 percent at 19,723.70. About 1595 shares advanced, 1484 shares declined, and 111 shares unchanged.

India's domestic air traffic in September rose 18.3% compared to the same month last year, as per data released by the Directorate General of Civil Aviation (DGCA). Air traffic increased by 29.1% to 11.28 crore passengers in the January-September period compared to last year's data.

InterGlobe Aviation continued to lead the market share with 63.4% market share, up 10 bps over August, while Spicejet's market share remained unchanged at 4.4% in September MoM.

Landmark Cars has received a Letter of Intent from MG Motor India Pvt Ltd for opening dealership in the State of Goa. This dealership will be established by M/s Aeromark Cars Private Limited, a wholly owned subsidiary company of Landmark Cars.

This business will include sales and after sales of MG Cars. This will be the third MG Motor dealership of the Company after Indore and Bhopal in Madhya Pradesh. The dealership will be operational in the current quarter.

Mr. Anjaneyulu Ganji, Chief Financial Officer (CFO) & Key Managerial Personnel (KMP) of the Dodla Diary has tendered his resignation vide letter dated 13 October 2023, due to personal reasons and he will be relived from his duties effective from 30 November 2023 after the closing of business hours.

Shri Anuj Jain, Director (Finance) of the company has been designated as the CFO of Indian Oil Corporation w.e.f. October 9, 2023.

Kesoram Industries has posted consolidated net loss of Rs 58.4 crore for the quarter ended September FY24, against loss of Rs 59.05 crore in corresponding period last fiscal. Net revenue from operations grew by 12.8% to Rs 953.8 crore compared to year-ago period.

Sensex Today | Nifty PSU Bank index down 1.3 percent dragged by Bank of Baroda, Indian Overseas Bank, State Bank of India:

-Overweight call, target price cut to Rs 1,400 per share from Rs 1,450 per share
-Revenue guidance cut was a negative but largely anticipated (either in Q2 or Q3)
-Investors' key focus would be on the company's ability to deliver a better H2
-Focus on delivering better H2 vs muted outlook shared by peers
-Despite cutting estimate, expect rev & EBIT growth in FY24 to be better than larger peers

The retail stock broking house has recorded the highest ever business performance for the quarter ended September FY24, with profit growing 42.6% to Rs 304.5 crore and revenue rising 40.6% to Rs 1,048 crore compared to year-ago period. The board has declared second interim dividend of Rs 12.7 per share for the current fiscal.

IRB Infrastructure Developers has executed the definitive agreements with affiliates of GIC as financial investors, and STPL. The company will also act as the project manager of STPL to implement the Samakhiyali Santalpur BOT project worth Rs 2,092 crore. Samakhiyali Tollway (STPL) was incorporated in March 2023 for the implementation of the project of upgradation to six lane with paved Shoulder of NH-27 from Samakhiyali to Santalpur section in Gujarat on BOT (toll) mode.

Shares of Plada Infotech made a strong debut, listing at a 23% premium over the IPO price on October 13. The stock opened at Rs 59 against the issue price of Rs 48 on the NSE SME platform. READ MORE

Sensex Today | Market at 12 PM

The Sensex was down 344.85 points or 0.52 percent at 66,063.54, and the Nifty was down 99.00 points or 0.50 percent at 19,695. About 1599 shares advanced, 1446 shares declined, and 120 shares unchanged.

Indians have always had a deep love for gold. Gold’s emotional worth has only risen in recent decades, and wise investors know it’s a terrific hedge against inflation and stock market gyrations. READ MORE

Lupin has received tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Calcium, Magnesium, Potassium, and Sodium Oxybates oral solution, to market a generic equivalent of Xywav oral solution of Jazz Pharmaceuticals Ireland, in the US.

This product will be manufactured at Lupin’s Somerset facility in the US. Lupin is exclusive first-to-file and may be eligible to receive a 180-day exclusivity period at product launch. The net product sales for this oral solution were $958.4 million for the year ending December 2022 and $604.3 million for the first six months of 2023.

Central Banks are likely to continue buying gold for several reasons. Economic uncertainty, fueled by geopolitical tensions and trade disputes, motivates them to acquire gold as a safe-haven asset. Current New Geopolitical concern in the middle east between Palestine and Israel provides parking of major funds in Gold. Inflation concerns drive gold purchases as a hedge against currency devaluation. As Inflation has a perfect textbook hedge with Gold thus Gold till the time inflation is high Gold cannot see downturn.

Diversification of reserve assets, especially to reduce risk from interest rate movements, remains a key consideration as interest rates remain high and rate sensitive sector failure can add economic concerns. Moreover, Central Banks may increase gold holdings if they anticipate accommodative global monetary policy or a pause in interest rate hikes as the dollar will weaken when global interest rates fall. Gold will remain a good buying bet by banks in such uncertain global outlook.

There are two major macro trends that can influence the market. The global trend is slightly negative while the domestic trend is largely positive. The US retail inflation for September at 3.7% came slightly higher than expected. The implication of this higher inflation trend is that the fight to bring the US inflation to the long-term target of 2% will take more time and, therefore, rates will remain higher for longer. This will restrain a rally in equity markets.
The domestic macros have turned distinctly positive with the CPI inflation in September falling steeply to 5.02 % and the IIP for August rising impressively to 10.3%. This implies that the MPC can pause for the rest of FY 24 and go for a rate cut in Q2 of CY24.

While this is positive for the economy, the market is likely to be weighed by results of IT majors which are struggling with weak numbers on revenue guidance for FY24 and lack of clarity on growth recovery. Leading banking names have the strength to continue supporting the market.

Servotech Power Systems and EMCOR Power Solutions have signed an MOU to Revolutionize EV Charging Infrastructure in India.

EMCOR Power Solutions is the Indian business start-up of EMCOR International, a renowned Kuwait-based general trading company with a strong focus on the Oil and Gas sector, along with various ministerial departments.

Sensex Today | Marke at 11 AM

The Sensex was down 422.37 points or 0.64 percent at 65,986.02, and the Nifty was down 117.70 points or 0.59 percent at 19,676.30. About 1513 shares advanced, 1486 shares declined, and 110 shares unchanged.

Shares of SJVN jumped nearly 2 percent in early trade on October 13 after its subsidiary bagged renewable power project worth Rs 600 crore in Rajasthan.

SJVN subsidiary SJVN Green Energy has received a Letter of Award (LOA), at a tariff of Rs 2.62 per unit, for the development of a 100 MW solar power project from Rajasthan Urja Vikas Nigam (RUVNL) in Rajasthan. The solar project will be developed on a build, own, and operate (BOO) basis. Read More

The United States Food and Drug Administration (US FDA) has conducted an inspection of Baddi unit in Himachal Pradesh of Panacea Biotec’s material wholly-owned subsidiary, Panacea Biotec Pharma, between October 3 and October 12. After the said inspection, the US FDA has issued a Form 483 with nine observations which are related to improvements in existing procedures and are addressable.

GMR Airports Infrastructure has recorded a 23% on-year growth in passenger traffic and 4% decline on month-on-month basis at 94.16 lakh for September, while aircraft movements grew by 14% YoY and declined 4% MoM to 62,230.

Sensex Today | BSE Metal index down 0.5 percent dragged by Jindal Steel, Nalco, Hindalco Industries

The benchmark indices opened with a gap-down taking cues from Gift Nifty and the disappointing start of IT’s Q2 results. The trend remains volatile despite tilting in favour of bulls following a sharp recovery in the previous two sessions conquering 50-SMA.

Immediate support is at 19,600, followed by 19,450. To recoup the falling bias, the index must surpass 19,850 on a decisive note.

Mahindra Lifespace Developers has acquired 5.38 acres of land in Wagholi, Pune. The land is estimated to have a development potential of over 1.5 million square feet of saleable area.

Sensex Today | BSE Information Technology index down nearly 1 percent dragged by Infosys, MphasiS, C. E. Info Systems

-Market perform, target price Rs 1,135 per share
-Delivered a mixed quarter with miss on revenues even as margins beat (90 bps)
-Overall revenue was at USD 3,225 million (up 1.0 percent QoQ CC, 3.4 percent YoY CC)
-EBIT margin was 18.5 percent (+150 bps QoQ, +50 bps YoY)
-Net new deals TCV was healthy at USD 3,969 million (up 65 percent (YoY)
-Despite the strong order book, HCLTech cut its overall growth guidance
-Overall growth guidance cut sharply by 250 bps to 4-5 percent YoY CC (versus 6-8 percent YoY CC)
-EBIT margin guidance was maintained between 18 percent to 19 percent
-Sharp guide cut brings down HCL Tech expected outperformance versus peers

Gold edged up on Friday and was set for its best week in seven months, deriving support from tensions in the Middle East and expectations that the U.S. interest rates may have peaked, as markets assess latest inflation data.

Spot gold was up 0.3% at $1,873.25 per ounce by 0343 GMT. U.S. gold futures added 0.2% to $1,885.80.

BGR Energy Systems has secured single largest order from Mangalore Refinery and Petrochemicals, for supply of air cooled heat exchanges (ACHE). The contract value is Rs 112.75 crore.

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.39 crore on Paytm Payments Bank, the part of mobile payment company One 97 Communications, for non-compliance with know your customer (KYC) norms.

The CPI number came as a relief for the economy as the inflation has again come within RBI's band at 5.02%. As the volatility in food and energy prices continue, uncertainty remains over the future outlook. Considering CPI number is still above 4%, which is the target set by RBI, we can expect to see interest rates staying at these high levels for some time before we see any interest rate cuts.

Sensex Today | Market at 10 AM

The Sensex was down 323.11 points or 0.49 percent at 66,085.28, and the Nifty was down 83.60 points or 0.42 percent at 19,710.40. About 1616 shares advanced, 1199 shares declined, and 127 shares unchanged.

BGR Energy Systems of the company has secured single largest order from Mangalore Refinery and Petrochemicals, for supply of air cooled heat exchanges (ACHE). The contract value is Rs 112.75 crore.

The Department of Public Enterprise has granted the Navratna Status to IRCON International. The company will be the 15th Navratna amongst the CPSEs.

SJVN's subsidiary SJVN Green Energy has received the Letter of Award (LOA), at a tariff of Rs 2.62 per unit, for development of 100 MW solar power project from Rajasthan Urja Vikas Nigam (RUVNL) in Rajasthan. The solar project will be developed on build own and operate (BOO) basis. Tentative cost of development of this project is around Rs 600 crore. The project is expected to generate about 252 million units in the 1st year and the cumulative energy generation over a period of 25 years would be about 5,866 million units.