SENSEX, NIFTY PARE GAINS; METAL SHARES UNDER PRESSURE

The key equity benchmarks reversed all gains and traded with minor losses in morning trade. The Nifty traded below the 25,050 mark. Metal shares extended losses for the second consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 249.81 points or 0.30% to 81,696.45. The Nifty 50 index fell 85.30 points or 0.34% to 25,042.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.12% and the S&P BSE Small-Cap index added 0.48%.

The market breadth was positive. On the BSE, 1,875 shares rose and 1,704 shares fell. A total of 156 shares were unchanged.

Economy:

The Government of India (GoI) has announced the sale (re-issue) of (i) �7.02% Government Security 2031� for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method, (ii) �7.23% Government Security 2039� for a notified amount of Rs 13,000 crore (nominal) through price based auction using multiple price method and (iii) �7.09% Government Security 2054� for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method.

GoI will have the option to retain additional subscription up to Rs 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 18, 2024 (Friday). Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Result Today:

HDFC Life Insurance Company (down 0.36%), HDFC Asset Management Company (up 0.82%), KEI Industries (up 0.77%), Bank of Maharashtra (down 0.31%), Newgen Software Technologies (up 0.24%), Rallis India (up 0.64%) and PVR Inox (up 1.50%) will announced their quarterly earnings later today.

New Listing:

Shares of Garuda Construction and Engineering were currently trading at Rs 100.89 at 10:15 IST on the BSE, representing a premium of 6.20% as compared with the issue price of Rs 95.

The scrip was listed at Rs 103.20, exhibiting a premium of 8.63% to the issue price.

So far, the stock has hit a high of 103.20 and a low of 100.30. On the BSE, over 11.39 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Metal index fell 1% to 9,805.85. The index fell 1.27% in two trading sessions.

National Aluminium Company (down 1.8%), Jindal Steel & Power (down 1.68%), Tata Steel (down 1.45%), Steel Authority of India (down 1.21%), Hindalco Industries (down 1.17%), APL Apollo Tubes (down 1.15%), JSW Steel (down 1%), Hindustan Zinc (down 0.95%), Hindustan Copper (down 0.91%) and NMDC (down 0.91%) edged lower.

Stocks in Spotlight:

Reliance Industries (RIL) fell 0.84%. The company has reported 3.6% fall in consolidated net profit to Rs 19,101 crore in Q2 FY25 from Rs 19,820 crore in Q2 FY24. Gross revenue rose by 0.8% year-over-year to Rs 258,027 crore in the second quarter.

Can Fin Homes added 1.59% after the company informed that its board is scheduled to meet on Tuesday, 22 October 2024, for raising funds by issuance of non-convertible redeemable debentures (NCDs) upto the overall limit of Rs 4,000 crore.

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