Street Investment
The domestic equity benchmarks continued to trade near the flat line in mid-morning trade. The Nifty traded above the 19,750 mark. PSU bank shares saw bargain buying after declining in the past three trading sessions.
The barometer index, the S&P BSE Sensex, was down 49.43 points or 0.07% to 66,233.31. The Nifty 50 index added 3 points or 0.02% to 19,754.05.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.51%.
The market breadth was positive. On the BSE, 2,126 shares rose and 1,435 shares fell. A total of 199 shares were unchanged.
Earnings Today:
HDFC Bank (down 0.39%), CEAT (down 0.96%), Choice International (up 0.43%), Cyient DLM (up 0.39%), Federal Bank (up 0.60%), ICICI Securities (up 0.28%), Jio Financial Services (up 0.16%), Bank of Maharashtra (up 0.75%), NELCO (up 0.57%), Oriental Hotels (up 0.49%), Tinplate Company of India (up 1.37%) and Yatra Online (up 0.62%) will announce their quarterly earnings later today.
Buzzing Index:
The Nifty PSU Bank index rose 0.78% to 5,088.55. The index had declined 2.2% in past three trading sessions.
Union Bank of India (up 1.75%), Canara Bank (up 1.69%), Indian Bank (up 1.23%), Punjab National Bank (up 1.13%), Bank of Maharashtra (up 0.75%), Punjab & Sind Bank (up 0.58%), Bank of Baroda (up 0.32%), Indian Overseas Bank (up 0.23%), Central Bank of India (up 0.21%) and State Bank of India (up 0.16%) advanced.
Buzzing Index:
The Nifty Consumer Durables index rose 0.80% to 29,396.75. The index slipped 0.17% in the past trading session.
Rajesh Exports Ltd (up 3.23%), Blue Star Ltd (up 1.44%), Titan Company Ltd (up 1.32%), Kajaria Ceramics Ltd (up 1.3%), Relaxo Footwears Ltd (up 1.06%), V-Guard Industries Ltd (up 0.97%), Dixon Technologies (India) Ltd (up 0.62%), Havells India Ltd (up 0.42%), Voltas Ltd (up 0.42%) and Crompton Greaves Consumer Electricals Ltd (up 0.25%) advanced.
On the other hand, Amber Enterprises India Ltd (down 0.79%), Whirlpool of India Ltd (down 0.62%) and TTK Prestige Ltd (down 0.48%) edged lower.
Stocks in Spotlight:
J.Kumar Infraprojects advanced 2.79% after the civil construction services provider announced that it has received a letter of acceptance (LOA) from Mumbai Metropolitan Regional Development Authority (MMRDA).
Tata Steel Long Products gained 0.86% to after the company's consolidated net loss narrowed to Rs 438.11 crore in Q2 FY24 as compared to a net loss of Rs 646.22 crore recorded in Q2 FY23.
Dalmia Bharat added 0.11%. The cement manufacturer reported a consolidated net profit of Rs 123 crore in Q2 FY24, steeply higher than Rs 47 crore posted in Q2 FY23. Revenue from operations grew by 6% year on year to Rs 3,149 crore in the quarter ended 30 September 2023.
Kalpataru Projects International added 2.05% after the company said that it has bagged new orders/notification of awards of Rs 2,217 crore.
BLS International Services surged 7.35% after the company announced that it has signed an exclusive global visa outsourcing contract for Slovakia in 18 countries with more than 54 offices.
Anant Raj rose 1.92% after the company announced the start of two new projects. The first project, called Anant Raj Centre, is located in Mehrauli, South Delhi, and encompasses approximately 700,000 square feet. The second project, Anant Raj Aashray-11, is an affordable housing project situated in the Electronic Manufacturing Cluster 2 (EMC 2) in Tirupati, Andhra Pradesh.
Global Markets:
Asian stocks declined across the board as investors look ahead to key economic data from China and Japan this week. Most notably, China will release its third-quarter gross domestic product numbers on Wednesday. Japan's September inflation data is expected on Friday. South Korea's central bank will also announce its rate decision on Thursday.
US stocks ended the day mixed on Friday, pressured by a spike in oil prices and rising inflation expectations. Deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.
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