SENSEX TUMBLES 670 PTS; EUROPEAN MKT OPENS LOWER

The domestic equity benchmarks traded with significant losses in afternoon trade. The Nifty traded below the 24,800 level after hitting day�s high of 25,143 in early trade. Barring the Nifty IT index, all the other sectoral indices on the NSE were in red.

At 13:30 IST, the barometer index, the S&P BSE Sensex tumbled 669.85 points or 0.83% to 81,014.76. The Nifty 50 index declined 247.55 points or 0.99% to 24,767.05.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 2.19% and the S&P BSE Small-Cap index tumbled 2.03%.

The market breadth was weak. On the BSE, 561 shares rose and 3,421 shares fell. A total of 126 shares were unchanged.

Economy:

According to the data released by the Reserve Bank of India (RBI) on Friday, India`s forex reserves were at $704.89 billion, having risen by $12.6 billion in the week through Sept. 27 in their biggest weekly increase since mid-July 2023.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) were up by $10.4 billion to $616 billion.

Gold reserves reported a surge of $2 billion to $65.7 billion. Meanwhile, SDRs for the week rose marginally by $8 million to stand at $18.547 billion. Reserve position in the IMF dipped by $71 million to $4.3 billion.

Gainers & Losers:

ITC (up 1.43%), Bharti Airtel (up 1%), Infosys (up 0.65%), Mahindra And Mahindra (up 0.48%) and Nestle India (up 0.62%) were major Nifty gainers.

Adani Ports and Special Economic Zone (down 4.29%), NTPC (down 4.17%), Power Grid Corporation of India (down 3.84%), Coal India (down 3.66%) and Adani Enterprises (down 3.46%) were major Nifty losers.

Stocks in Spotlight:

Titan Company fell 2.41%. The Tata Group company reported standalone revenue growth of 25% in second quarter of FY25. The firm also launched 75 new outlets during the quarter, taking its total retail network to 3,171 stores.

Info Edge (INDIA) slipped 2.47%. The company announced that its standalone billings increased by 14.29% to Rs 650.3 crore in Q2 FY25 compared with Rs 569 crore in Q2 FY24.

Tata Steel declined 1.30%. The company said that in Q2 FY25, the crude steel production of India division stood at 5.27 million tons (up 5% YoY) and deliveries were 5.10 million tons (up 6% YoY).

Kalyan Jewellers slipped 3.54%. The jewellery retailer said that its revenue jumped approximately 39% from India operations during Q2 FY25 as compared to Q2 FY24.

Life Insurance Corporation of India (LIC) declined 3.78%. The company disclosed that the insurance major has increased its stake in Bank of Maharashtra to 7.10% from 4.05% and in Apollo Tyres from 4.983% to 5.030%.

Federal Bank tumbled 4.45%. The bank reported 15.6% growth in total deposits to Rs 2,69,105 crore as of September 2024 as compared with Rs 2,32,868 crore as of September 2023.

Metropolis Healthcare shed 0.19%. The healthcare service provider said that its revenue jumped around 13% year on year (YoY) in the quarter ended 30 September 2024.

Indusind Bank fell 2.19%. The private lender`s net advances jumped 13% to Rs 3,56,980 crore as of 30 September2024 as compared to Rs 3,15,454 crore as of 30 September2023.

Avantel rallied 5.94% after the company reported 42.44% increase in consolidated net profit to Rs 22.89 crore in Q2 FY25 as compared with Rs 16.07 crore in Q2 FY24. The company�s revenue from operations jumped 42.5% YoY to Rs 77.42 crore in Q2 FY25.

Global Markets:

Dow Jones Futures were down 123 points, indicating a negative opening in the US stocks today

European stocks tumbled on Monday. Asian stocks traded higher after strong U.S. job growth data, which eased recession concerns and reduced expectations for interest rate cuts.

Short-term U.S. Treasury yields rose after the non-farm payrolls report showed more jobs added than expected in September. Crude oil prices declined slightly despite ongoing tensions in the Middle East.

U.S. stocks rallied on Friday after the positive job report boosted investor confidence in the economy. The S&P 500 rose 0.9%, while the Nasdaq Composite jumped 1.22%. The Dow Jones Industrial Average added 0.81%, to notch an all-time closing high of 42,352.75. Technology stocks like Tesla, Amazon, and Netflix led the gains, while financial stocks also performed well.

Data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.

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