Indian Stock Market Today: Nifty, Sensex Snap 8-Day Losing Streak
The benchmark indices on Wednesday snapped their eight-day losing streak and ended in green. At the close, the Sensex rose 715.69 points, or 0.89%, to 80,983.31, while the Nifty was up 225.20 points, or 0.92%, to 24,836.30.
Market Trends
The GIFT Nifty was trading at 24,952 as of 7:20 a.m., indicating a muted open for the benchmark Nifty 50 index. Meanwhile, US and European equity futures were trading higher in Asia, with the S&P 500 futures up 0.2% and the Euro Stoxx 50 futures up 0.1%.
Foreign Investment
Foreign portfolio investors (FPIs) extended their selling streak of Indian equities for the eighth straight session on Wednesday. The overseas investors offloaded stocks worth Rs 1,605.20 crore, according to provisional data from the National Stock Exchange (NSE). Domestic institutional investors remained buyers for the 27th session and mopped up equities worth Rs 2916.14 crore.
Global Market
US technology shares rallied, defying weakness in other parts of the stock market, after an OpenAI share sale valued the artificial intelligence company at $500 billion. The Nasdaq 100 rose 0.4% in its fourth consecutive day of gains. The S&P 500 gained 0.1% while Dow Jones Industrial Average up 0.2%.
Asian Markets
Asian stock markets rose at the open on Friday, poised for their fourth gain in five weeks, as optimism around artificial intelligence propelled global equities to fresh records, Bloomberg reported. The Nikkei was up 1.6%, the Kospi was up 2.7%, and the S&P/ASX 200 was up 0.3%. The Hang Seng was down 0.5%.
Commodity Market
Oil was on track for the biggest weekly decline since late June, ahead of an OPEC+ meeting that’s expected to result in the return of more idled barrels, exacerbating concerns around oversupply. Brent traded near $64 a barrel, down around 8% for the week, while West Texas Intermediate was below $61.
Corporate Actions
Sammaan Capital is investing Rs 8,850 crore via shares and warrants at Rs 139 apiece, an 18% discount to the current market price. Post-investment, it will hold 43.46% and make an open offer; Rs 4,587 crore via shares and the balance via warrants in two tranches.
CSB Bank’s second-quarter total deposits rose 25% year-on-year to Rs 39,651 crore, and gross advances were up 29% year-on-year to Rs 34,730 crore.
Earnings
Maruti Suzuki’s September sales were up 2.7% year-on-year to 1.89 lakh units, while exports surged 52% year-on-year. Production rose 26.4% year-on-year to 2.01 lakh units, and GST reforms boosted festive deliveries to a record 1.65 lakh in eight days.
IPOs
WeWork India Management will offer shares for bidding on Friday, with a price band set from Rs 615 to Rs 648 per share. The Rs 3000 crore IPO is entirely an Offer for Sale.
Bulk Deals
Goldman Sachs (Singapore) bought 66.38 lakh shares (0.80% stake) at a price of Rs 164.67 per share in Samman Capital.
Block Deals
BOFA SECURITIES EUROPE SA bought 82 lac shares (0.09% stake) and GOLDMAN SACHS BANK EUROPE SE – ODI sold 82 lac shares (0.09% stake) at a price of Rs 325.5 per share in Eternal.
Price Band Change
The price band change from 10% to 5% includes ANB Metal Cast and Prudential Sugar Corp. The price band change from 20% to 5% includes Manaksia aluminium, Madhav copper, Medico remedies, Natural capsules, Trigyn technologies, and KCK Industries.
Short-Term ASM Framework
The list of securities shortlisted in Short-Term ASM Framework Stage – I includes De Neers Tools Limited, Destiny Logistics, and Umiya Buildcon.
Ex-Dividend
Sumeet Industries, Glenmark Pharmaceuticals, and Fineotex Chemical are ex-dividend.
Bonus
Shilpa Medicare has announced a 1:1 bonus.
Nifty Futures
Nifty October Futures are up by 0.83% to 24,967 at a premium of 131 points. Nifty October futures open interest is up by 0.89%.
Nifty Options
Maximum Call open interest is at 25,000 and Maximum Put open interest is at 24700.
Securities in Ban Period
RBL Bank and Sammaan Capital are in the ban period.
Rupee
The rupee recovered 9 paise from its all-time closing low to settle at 88.71 against the US dollar on Wednesday, as the RBI in its monetary policy decision announced a host of measures to support exporters and bring stability to the domestic unit. The yield on the 10-year bond ended six points lower at 6.58%.
