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  5. SENSEX drops over 100 pts, NIFTY50 slips below 25,000; TCS slips as Q2 PAT, margins miss estimates

Market News

SENSEX drops over 100 pts, NIFTY50 slips below 25,000; TCS slips as Q2 PAT, margins miss estimates

Upstox
By Upstox News Desk

3 min read | Updated on October 11, 2024, 10:41 IST

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SUMMARY

At 9:23 AM, the S&P BSE SENSEX was trading at 81,492.16, up 119.25 points, or 0.15%, while the NSE NIFTY50 index was trading at 24,959.30 levels, down 39.15 points, or 0.16%.

Stock list

TCS
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CIPLA
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ANANDRATHI
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The top gainers on the NSE were HCLTech, Hindalco, ONGC, JSW Steel, and Sun Pharma.

The top gainers on the NSE were HCLTech, Hindalco, ONGC, JSW Steel, and Sun Pharma.

Stock market today: As expected, the domestic equity benchmark indices opened with mild cuts on Friday, October 11, amid selling in financial and telecom counters.

At 9:23 AM, the S&P BSE SENSEX was trading at 81,492.16, up 119.25 points, or 0.15%, while the NSE NIFTY50 index was trading at 24,959.30 levels, down 39.15 points, or 0.16%.

The top gainers on the NSE were HCLTech, Hindalco, ONGC, JSW Steel, and Sun Pharma. The top losers were Cipla, Bajaj Finance, Power Grid, Bharti Airtel, and ICICI Bank. 

Buzzing Stocks

Among individual stocks, shares of TCS opened over 2% lower. However, minutes later, the stock pared losses and last tracked, was trading at ₹4,222 on the BSE, down 0.15%.

The IT bellwether on Thursday, October 10, reported a consolidated net profit of ₹11,909 crore for the quarter ended September 30, 2024 (Q2 FY25). The figure slipped 1% on a sequential basis and rose 5% on a year-on-year (YoY) basis. The company's revenue came in at ₹64,259 crore, up 2.62% QoQ and 7.65% on a YoY basis.

The profit missed Street estimates. For instance, Bloomberg, as per reports, projected TCS' (net profit) to come in at ₹12,543 crore. Revenue was pegged at ₹64,186 crore.

The company also announced an interim dividend of ₹10.

ALSO READ | Lupin, Cipla, Torrent Pharma: Why pharma stocks tumbled in Thursday's session
Tata Elxsi shares were trading 1.62% higher at ₹7,888.35 apiece on the BSE after the company reported a 14.7% rise in its Q2 profit on Thursday, exceeding street expectations, thanks to healthy demand in its transportation wing. Its net profit rose to ₹229 crore. Analysts had expected ₹205 crore, Reuters reported, citing LSEG data. 

Revenue from operations rose 8.3% to ₹955 crore, in line with analysts’ estimate of ₹956 crore.

Bandhan Bank shares were trading over 8% higher to ₹203.65 apiece on the BSE after the lender on Thursday, October 10, said it has received the nod from the Reserve Bank of India (RBI) to appoint Partha Sengupta as its next chief executive officer and managing director.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,926.61 crore on Thursday, while domestic institutional investors (DIIs) bought equities worth ₹3,878.33 crore, according to exchange data.

Broader Market

The BSE MidCap index was trading at 48,282.74 points, up 0.12% while the BSE SmallCap index was up 0.03% at 56,370.28 levels. 

Sector Watch

Metal stocks were trading with decent gains in the early trade. The Nifty Metal index was trading at 9,981.95 levels, up 1.44%. Pharma stocks were trading with gains a day after witnessing a sharp fall. 

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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