INDICES TRADE WITH DEEP CUTS; AUTO SHARES DECLINE FOR 5TH DAY

The headline equity benchmarks traded with substantial losses in early afternoon trade. The Nifty traded below the 23,750 mark. Auto shares witnessed selling pressure for the fifth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex declined 482.35 points or 0.62% to 78,188.53. The Nifty 50 index slipped 176.40 points or 0.74% to 23,707.05.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 1.77% and the S&P BSE Small-Cap index declined 2.22%.

The market breadth was weak. On the BSE, 705 shares rose and 3,158 shares fell. A total of 113 shares were unchanged.

Economy:

India�s retail inflation, based on the Consumer Price Index (CPI), in October 2024 surged to a 14-month high of 6.21%, according to the latest official data released on Tuesday. India�s retail inflation had stood at a nine-month high of 5.49% in September 2024. It was at 4.87% in October 2023.

India�s industrial production grew by 3.1% in September, according to official data released on Tuesday. In the previous month of August, the factory output, based on the Index of Industrial Production (IIP), was in the negative territory at (-) 0.1%. However, the IIP growth had stood at 6.4% in September 2023.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rallied 3.95% to 15.17. The Nifty 28 November 2024 futures were trading at 23,772.65, at a premium of 65.60 points as compared with the spot at 23,707.05.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 34.7 lakh contracts at the 24,500 strike price. Maximum Put OI of 43.8 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Auto index fell 2.05% to 22,791.95. The index dropped 5.57% in five consecutive trading sessions.

Eicher Motors (down 3.39%), Samvardhana Motherson International (down 3.35%), Mahindra & Mahindra (down 2.99%), Hero MotoCorp (down 2.96%), Bharat Forge (down 2.5%), TVS Motor Company (down 2.32%), Apollo Tyres (down 2.13%), Ashok Leyland (down 2.05%), Bajaj Auto (down 1.78%) and Balkrishna Industries (down 1.67%) declined.

On the other hand, Tata Motors (up 0.63%) and MRF (up 0.21%) edged higher.

Stocks in Spotlight:

PTC India rose 1.84% after the company�s consolidated net profit jumped 15.57% to Rs 233.82 on 1.15% rise in revenue from operations to Rs 5,127.99 crore in Q2 FY25 over Q2 FY24.

3M India declined 3.16% after the company�s standalone net profit fell 8.44% to Rs 133.78 crore despite of 6.86% increase in revenue from operations to Rs 1,110.80 crore in Q2 FY25 over Q2 FY24.

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