Closing Bell: Nifty below 24,800, Sensex down 638 pts; IT index outperforms

Indian benchmark indices ended on a weak note in the volatile session on October 7 with Nifty below 24,800. At close, the Sensex was down 638.45 points or 0.78 percent at 81,050, and the Nifty was down 218.80 points or 0.87 percent at 24,795.8.

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.

A combination of expensive valuations and foreign fund outflows have been driving investors to cut their exposure in Indian stocks, with banking, metals, telecom, oil & gas bearing the maximum brunt despite optimism across other Asian indices. Even the exit poll outcome of the two states are not in favour of the ruling government at the center, which has further dampened the investors' sentiment.

It was a roller coaster ride as after a steady opening, the Index soared higher but relentless selling continued in the Mid and Smallcap segments and eventually, Nifty50 lost the psychological support of 25,000. In the last session, a steep recovery was seen in the Banking counters but rapidly it fizzled out and dragged the Index lower to end the session at 24,795.75 with a loss of 218.85 points.

Barring IT, all the other sectors ended the day in red with Media and PSU Banks being the major laggards. Underperformance was extended by the Broader markets as Mid and Smallcaps fell by 2.01% & 2.75% respectively.

In the series of bearish candles, Nifty50 added one more red candle to the daily chart and formed a Three Black Crows pattern. Only in the case of a strong sustainable move above 25,000, trend reversal be confirmed till then markets are likely to remain in the grip of bears with the next support being placed at 24,400.

Indian rupee ended flat at 83.97 per dollar on Monday versus Friday's close of 83.97.

Indian benchmark indices ended on a weak note in the volatile session on October 7 with Nifty below 24,800.

At close, the Sensex was down 638.45 points or 0.78 percent at 81,050.00, and the Nifty was down 218.80 points or 0.87 percent at 24,795.80. About 597 shares advanced, 3289 shares declined, and 117 shares unchanged.

Biggest Nifty losers included NTPC, Adani Ports, Adani Enterprises, SBI, Coal India, while gainers were ITC, Bharti Airtel, Trent, M&M and Infosys.

Except IT (up 0.6 percent), all other sectoral indices ended in the red with PSU bank, healthcare, capital goods, realty, metal, power, oil & gas, media and telecom down 1-3 percent.

BSE Midcap index down 2 percent and Smallcap index down over 3 percent.

#1 Specialty at more than 30 percent of profit in 3 years; can drive re-rating

#2 Large cash balance and strong FCF should ensure continued strengthening of specialty

#3 Good generic launches also lined up - Lanreotide And Tolvaptan

#1 In Q2 update, AUM growth moderated to 20 percent YoY

#2 Disbursement fell 1 percent YoY implying 3 percent YoY decline in August-September

#3 Collection efficiency was steady YoY at 96 percent

#4 Indicated gross stage 3 rose 23 bps QoQ to 3.8 percent & gross stage 2 rose 29 bps QoQ to 6.4 percent

#5 Believe better visibility around RoA expansion is needed to drive re-rating

#1 Deposit growth remained steady but loan growth moderated in Q2 update

#2 Retail deposits growth was strong

#3 Await details from Q2 results on margin progression & asset quality (particularly in MFI segment)

Indian Rupee gained marginally by 2 paise on a soft US Dollar and a decline in crude oil prices. India’s forex reserves rose to an all-time high of $704.89 which also supported the local currency. However, weak domestic markets and FII outflows capped sharp gains. US Dollar rose on Friday on blowout non-farm payrolls report. According to the report US added 254,000 jobs in September vs 159,000 in August and forecast of 147,000 jobs.

We expect Rupee to trade with a negative bias on selling pressure from FIIs and weak tone in the domestic markets. Escalating tensions between Israel and Iran may further pressurise the Rupee. Traders may take cues from comments by Fed officials. Investors may remain cautious ahead of RBI’s monetary policy meeting outcome on Wednesday. USDINR spot price is expected to trade in a range of Rs 83.80 to Rs 84.20.

The Sensex was down 542.67 points or 0.66 percent at 81,145.78, and the Nifty was down 196.90 points or 0.79 percent at 24,817.70. About 419 shares advanced, 3144 shares declined, and 95 shares unchanged.

The Sensex was down 646.01 points or 0.79 percent at 81,042.44, and the Nifty was down 234.30 points or 0.94 percent at 24,780.30. About 421 shares advanced, 3108 shares declined, and 98 shares unchanged.

Life Insurance Corporation of India has increased its stake in the tyre company from 4.983% to 5.030%. LIC acquired 3 lakh shares, or a 0.047% stake, in Apollo Tyres through open market transactions on October 3.

The company has received a work order worth Rs 186.7 crore from the Maharashtra Maritime Board.

The public sector lender has closed its Qualified Institutions Placement (QIP) issue on October 4. The board has approved the allotment of 61.01 crore equity shares to eligible qualified institutional buyers (including LIC, ICICI Prudential Life Insurance Company, and Aditya Birla Sun Life Insurance) at a price of Rs 57.36 per share, amounting to Rs 3,500 crore.

The State Bank of India has downgraded MTNL's term loan account to a non-performing asset (NPA) as of September 28, due to non-payment of interest and installments. The total outstanding amount is over Rs 325.52 crore as of September 30, with an overdue amount of Rs 281.62 crore.

#1 Edible oil business maintains strong momentum with double-digit volume growth

#2 Food & FMCG segment records revenue growth of 36 percent led by increased outlet penetration, repeat purchases of food products

#3 Food & FMCG segment excluding G2G business (sales to government-appointed export agencies) revenue growth at 26 percent

#4 In south zone, its market share reaches 5.5 percent & touches almost 23 percent in one of the major metros

#5 Branded sales of pulses, besan, soya nuggets, sugar, poha, and soap show strong double-digit growth

#6 Edible oil volume grows 15 percent, Food & FMCG volume increases 31 percent and Industry essentials volume down 16 percent

Vinay Srivastav has resigned from his position as President of the company, effective October 4.

Sandhya Rani Koochana has resigned as Chief Financial Officer of the company with immediate effect due to personal reasons and preoccupation.

#1 Retail loan book growth moderated to 28 percent YoY as micro & farm finance disbursements slowed down

#2 Await further details on margin, credit costs, asset quality in Q2 results

#3 Management commentary and data on micro-loans will be in focus during results

#1 Deposit growth was steady on YoY basis

#2 Loans grew 1.3 percent QoQ, largely due to the wholesale segment (down nearly 3 percent QoQ, estimate)

#3 On YoY basis, loan growth was 8 percent YoY vs 11 percent YoY last quarter

#4 LCR improved QoQ, at 127 percent vs 123 percent

#1 Deposits grow 17 percent to Rs 34,046 crore Vs Rs 29,139 crore

#2 CASA increases 26 percent to Rs 8,822 crore Vs Rs 7,012 crore

#3 CASA ratio improves to 25.9 percent Vs 24.1 percent

#4 Gross loan book jumps 14 percent to Rs 30,344 crore Vs Rs 26,574 crore

#5 Disbursements drop 7 percent to Rs 5,374 crore Vs Rs 5,749 crore

#1 Deposits grow 29.3 percent to Rs 39,859 crore Vs Rs 30,839 crore, YoY

#2 Gross advances up 15.4 percent at Rs 36,050 crore Vs Rs 31,229 crore, YoY

#3 CASA increases 17.4 percent to Rs 12,184 crore Vs Rs 10,380 crore, YoY

#4 CASA ratio declines to 31 percent Vs 34 percent, YoY

#1 Gross loans grow 28.3 percent to Rs 19,101 crore Vs Rs 14,892 crore, YoY

#2 Deposits increased 39.6 percent to Rs 19,496 crore Vs Rs 13,965 crore, YoY

#3 CASA deposits rose 37.1 percent to Rs 3,819 crore Vs Rs 2,785 crore, YoY

#4 CASA ratio drops to 19.6 percent Vs 19.9 percent, YoY

#1 Global deposits up 9.17 percent to Rs 12.41 lakh crore Vs Rs 11.37 lakh crore, YoY

#2 Global gross advances increased 9.63 percent to Rs 9.28 lakh crore Vs Rs 8.47 lakh crore, YoY

#3 Domestic CASA deposits up 2.06 percent at Rs 3.96 lakh crore Vs Rs 3.88 lakh crore, YoY

#4 Domestic deposits jumped 8.12 percent to Rs 12.11 lakh crore Vs Rs 11.2 lakh crore, YoY

#5 Domestic advances increase 8.88 percent to Rs 8.94 lakh crore Vs Rs 8.21 lakh crore, YoY

#1 Total business increases 9.8 percent to Rs 12.44 lakh crore Vs Rs 11.33 lakh crore, YoY

#2 Deposits grow 8.1 percent to Rs 6.93 lakh crore Vs Rs 6.41 lakh crore, YoY

#3 Gross advances jump 12 percent to Rs 5.51 lakh crore Vs Rs 4.92 lakh crore, YoY

#1 Revenue grows 13 percent driven by patient volume growth, test volume growth and change in product mix coupled with realization benefits

#2 B2C revenue up 20 percent on industry-leading testing capabilities and strong brand appeal among end consumers

#3 Company adds 6 labs and 120 centers

#4 Company is debt free with cash reserves in excess of Rs 180 crore as of September 2024

#1 Advances grow 19.3 percent to Rs 2.34 lakh crore Vs Rs 1.96 lakh crore

#2 Deposits increased 15.6 percent to Rs 2.69 lakh crore Vs Rs 2.33 lakh crore, YoY

#3 CASA grows 11.5 percent to Rs 80,923 crore Vs Rs 72,589 crore, YoY

#4 CASA ratio moderates to 30.07 percent Vs 31.17 percent, YoY

#1 Pre-sales grows 21 percent to Rs 4,290 crore Vs Rs 3,530 crore, YoY

#2 Collections increase 11 percent to Rs 3,070 crore Vs Rs 2,750 crore, YoY

#1 Retailisation estimated at 96 percent Vs 88 percent, YoY

#2 Retail disbursements grow 12 percent to Rs 15,070 crore Vs Rs 13,499 crore, YoY

#3 Retail loan book increases 28 percent to Rs 88,950 crore Vs Rs 69,417 crore, YoY

The logistics company has signed an inter-corporate loan agreement with its wholly owned subsidiary, FIT 3PL Warehousing. Through this transaction, the company aims to maximize cash flow within the group to achieve interest cost savings and improve overall profitability.

Adani Energy Solutions has incorporated a wholly owned subsidiary, Adani Energy Solutions Global, to explore new business opportunities in transmission projects outside India.

The company has received a Letter of Intent from Mercedes-Benz India for a dealership in Patna. This dealership will cater to the high-potential geographies of Bihar and Jharkhand, offering sales and after-sales services for Mercedes-Benz cars.

#1 Soft loan growth & healthy QoQ deposit growth seen in Q2 update

#2 Deposits have grown 5 percent (In-line with banking system), while gross loans have been flat

#3 Loan-to-deposit ratio (calculated basis gross loans) was down 400 bp QoQ at 101 percent

#1 Q2FY25 update shows it was operationally strong quarter

#2 Pre-sales recorded best quarter ever; on-track to achieve fy25 guidance

#3 H1FY25 business development at Rs 16,600 crore, on-track to exceed FY25 guidance of Rs 21,000 crore

#4 Net debt/equity remained well below the ceiling of 0.5x

#1 Strong deposit growth while collection efficiency drops in Q2 business uodate

#2 Loan-to-deposit ratio (based on gross loans) decreased by nearly 260 bps QoQ to 91.7 percent

#3 Collection efficiency in the microfinance portfolio in Q2 update declined to 98.1 percent

#4 Non-microfinance collections improved to 98.7 percent

#5 Overall collection efficiency declined 50 bps QoQ to 98.2 percent

#1 Booking value increases 3 percent to Rs 5,200 crore from sale of over 5.1 million square feet

#2 Sales growth driven by some key new project launches - Godrej Vrikshya in NCR (Rs 1,500 crore), Godrej Woodside Estate in MMR (Rs 600 crore)

#3 Collections up 68 percent at over Rs 4,000 crore, YoY

#4 OCF jumps 120 percent to over Rs 1,800 crore, YoY

Parent company proposes name of Manish Tiwary as MD effective August 1, 2025

#1 Total deposits jump 20 percent to Rs 1.08 lakh crore Vs Rs 89,780 crore, YoY

#2 Advances increase 15 percent to Rs 89,786 crore Vs Rs 78,170 crore, YoY

#3 Retail advances grow 24 percent, YoY

#4 Wholesale advances increased 3 percent, YoY

#5 CASA ratio moderates to 33.5 percent Vs 35.7 percent, YoY