NIFTY50: 19,122 ▼ 159 (-0.8%)
SENSEX: 64,049 ▼ 522 (-0.8%)
- Benchmark indices close near four-month low as disappointing Q2 earnings and rising US bond yield weighed on sentiments
- In all, 40 of the NIFTY50 stocks closed in the red
- International Brent crude oil prices slumped for the fourth straight day, trading around $88 per barrel
Among the NIFTY sectoral indices, PSU Bank (+0.17%) and Metal (+0.15%) saw meagre gains, while Media (-1.6%) and IT (-1.0%) were the top losers.
What's Up
| Top gainers | Today's change |
| Tata Steel | 121 ▲ 1.3 (+1.0%) |
| Coal India | 309 ▲ 3.0 (+0.9%) |
| Hindalco | 460 ▲ 3.8 (0.8%) |
What's Down
| Top losers | Today's change |
| Apollo Hospitals | 4,850 ▼ 119 (-2.4%) |
| Adani Enterprises | 2,261 ▼ 47 (-2.0%) |
| SBI Life | 1,311 ▼ 27 (-2.0%) |
Market Sentiment
| India VIX | 11.3 ▲ 0.4 (+3.7%) |
| NIFTY MIDCAP 100 | 38,564 ▼ 253 (-0.6%) |
| NIFTY SMALLCAP 100 | 12,433 ▼ 30 (-0.2%) |
| USD-INR | 83.17 ▲ 0.16 (+0.2%) |
Stock Buzz
⭐ Axis Bank reported healthy Q2 numbers
Shares of the private sector lender recovered from day’s low after the bank reported a 10% year-on-year (YoY) rise in its standalone net profit to ₹5,864 crore in the September quarter. Bank’s net interest income grew by 19% YoY to ₹12,315 crore. Meanwhile, its non-performing assets (NPAs) stood at 1.73% as compared to 1.9% in the last quarter.
⭐ Metal stocks shine on Chinese stimulus
Metal stocks shined as China announced a stimulus for infrastructure and disaster relief. The NIFTY Metal index rose 0.1%, led by Hindalco, Jindal Steel and Nalco. China's decision to issue sovereign bonds worth one trillion yuan ($137 billion) to boost its economy was a positive trigger for the metal sector. As per experts, this economic stimulus could boost demand for metals from China, leading to higher metal prices and boosting export demand.
⭐ Torrent Pharma gains on strong Q2 results
Shares of the pharmaceutical company closed 2.3% higher after the company reported a 24% year-on-year surge in its consolidated net profit at ₹386 crore in the September quarter. Its revenue also rose by over 16% YoY to ₹2,660 crore. Higher growth came on the back of strong performance in the branded generics drug market in India and Brazil.
⭐ Media stocks slump after subdued results
Media stocks ended lower today, with Zee Entertainment, Network18 Media and TV18 Broadcast declining in the range of 2% to 5%. This comes after Network18 Media and TV18 Broadcast reported a net loss during the September quarter. Network18 Media’s Q2 consolidated loss widened to ₹111 crore. Meanwhile, TV18 Broadcast quarterly loss stood at ₹65 crore compared to a profit of ₹10.2 crore in the same quarter last year.
⭐ GMR acquires additional stake in Hyderabad airport
The airport operator has entered into a share purchase agreement with Malaysia Airports Holding Berhad to acquire an additional 11% stake in GMR Hyderabad International Airport Limited (GHIAL). This deal was signed for a total consideration of $100 million (₹831 crore). Post this acquisition, GMR Group’s holding in GHIAL will rise to 74%. The company’s shares closed 0.7% lower today.
IPO Corner
⭐Blue Jet Healthcare IPO received an upbeat response from investors, with an overall subscription of 69% on the first day of bidding. The company is a leading manufacturer of pharmaceutical and healthcare products, including contrast media intermediates, high-intensity sweeteners and pharmaceutical APIs. The IPO will close on 27 October. To know more and apply for this IPO, click here.
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