FII sell-off deepens market fall, ITC slips on muted Q2 EBITDA growth & more

NIFTY50: 19,542 ▼ 82 (-0.4%)
SENSEX: 65,397 ▼ 231 (-0.3%)

• Benchmark indices end lower on a weekly basis
• In all, 36 of the NIFTY50 stocks closed in the red
• The inflation rate in Japan fell to a one-year low at 3.0% in September from 3.2% in August

All of the NIFTY sectoral indices ended lower, with PSU Bank (-1.5%) and Oil & Gas (-1.4%) being the top losers.

What's Up

What's Down

Market Sentiment

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⭐ FII sell-off, subdued IT earnings deepen market fall  

Markets closed lower for the third straight day. On a weekly basis, benchmark indices declined more than 1%. A fall in heavyweight IT stocks is one of the reasons for the market decline. Shares of TCS, Tech Mahindra and Wipro traded lower by 2-4.6% this week amid subdued quarterly results. Besides this, the continuous sell-off by FIIs also impacted markets. So far this month, FIIs have sold Indian equities worth ₹13,867 crore. 

⭐ ITC falls on muted Q2 profit growth 

Shares of the hotel-to-cigarettes conglomerate fell by 2.7% today, despite reporting a 10.3% year-on-year (YoY) increase in its net profit at ₹4,926 crore during the September quarter. This fall comes after the company reported subdued EBITDA growth. Its EBITDA grew by 3% YoY, as compared to nine straight quarters of double-digit growth, which dampened the investor sentiment.   

⭐ Jindal Stainless rises post Q2 results 

The steel manufacturing company reported a 74% YoY rise in its standalone net profit at ₹609 crore in the September quarter. The strong profit growth came on the back of a 26% YoY rise in sales volume, which stood at 5,43,619 million tonnes. Meanwhile, the company’s net revenue grew by 14% YoY to ₹9,720 crore. 

⭐ Titagarh Rail Systems gains on order win 

Shares of the private rail manufacturer closed 5.8% higher after the company bagged a contract worth ₹350 crore from the Gujarat Metro Rail Corporation Limited (GMRC). The project includes the design and manufacturing of 30 standard gauge cars for Ahmedabad Metro Rail Phase-II.

⭐ PTC India soars after acquisition approval

Shares of the power trading solutions provider rose by 5.4% today. This comes after the company agreed to sell its subsidiary PTC Energy Limited (PEL) to Oil & Natural Gas Corporation Limited (ONGC) for ₹925 crore.

IPO Corner

⭐The IRM Energy IPO received a strong response from investors, with an overall subscription of more than 27 times on the last day of bidding. Company’s shares will be listed on 31 October on NSE and BSE.

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