Nifty IT Snaps Three-Day Fall; Rises Nearly 1%: Stock Market Update
Nifty IT index snapped its three-day fall and rose nearly 1% after hitting its lowest level in two months at open. At open, the index fell 0.2% to hit its lowest since August 23 of 41,151.35 points.
Zomato Share Price Tumbles After Q2 Profit Miss Estimate
Zomato Ltd. share price dropped over 5% in early trade on Wednesday after net profit fell in the second quarter of fiscal 2025 to miss analysts’ estimates.
Net profit was down 30% at Rs 176 crore in the July-September period, while the Bloomberg estimate was Rs 245 crore. This compares to Rs 253 crore in the preceding quarter ended June 30.
Bajaj Finance Shares Surge After Strong Q2 Earnings Report: Stock Market Update
Bajaj Finance’s stock price jumped over 4% following the announcement of its quarterly earnings, marking a profit of Rs 4,014 crore for the second quarter—a 13% increase year-on-year. The results align closely with Bloomberg’s estimates, which projected a profit of Rs 4,118 crore.
Paytm Share Price Rises As Analysts Say Gradual Business Recovery To Turn It Profitable Sooner
One 97 Communication, which operates Paytm name, will likely take the early road to profitability as cost optimisation efforts and gradual business recovery support, analysts said. They expressed the view after Paytm has reported marginal improvement in most of the business metrics in July–September, compared to first quarter.
Nifty, Sensex Open Lower As L&T, M&M, RIL Share Prices Drag: Opening Bell
Benchmark equity indices continued their downtrend for another session as shares of L&T, M&M and Reliance Industries dragged.
At pre-open, Nifty 50 was at 24378.15, down 0.38% or 93.95 points and Sensex was at 79920.83, down 0.37% or 299.89 points.
“Rising volatility, ongoing FII selling, and the high US bond yield remain significant concerns for the market,” said Vikas Jain, head of research at Reliance Securities. “However, there are expectations for sector-specific actions.”
According to Aditya Gaggar, director of Progressive Shares, “Some more corrections will offer good entry points to long-term investors to park their money in quality stocks whereas for traders, cautious is the word as a volatile session can be expected considering a weekly expiry.”
Shares of Mahindra & Mahindra Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., ICICI Bank Ltd., and Power Grid Corp. Of India Ltd. dragged the Nifty.
While those of Bajaj Finance Ltd., Infosys Ltd., HDFC Bank Ltd., Bajaj Finserv Ltd., and Bajaj Auto Ltd. cushioned the fall.
Most sectoral indices were lower at open with Nifty Realty falling the most.
Nifty, Sensex Lower At Pre-Open: Stock Market Update
At pre-open, Nifty 50 was at 24378.15, down 0.38% or 93.95 points and Sensex was at 79920.83, down 0.37% or 299.89 points.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.82%.
It closed at 6.82% on Tuesday.
Source: Bloomberg
Rupee Flat Against US Dollar
Rupee opened flat at 84.08 against the US dollar.
It closed at 84.07 on Tuesday.
Source: Bloomberg
Citi Research On Indus Towers
Citi Research has maintained ‘buy’ on Indus Towers and assigned a target price of Rs 500, implying upside of 35%. It said that 2Q Ebitda was ahead of its estimates primarily driven by a further increase in recovery of past dues from Voda Idea. The company has now cumulatively recovered Rs23bn of its past dues from Voda Idea and should therefore be able to comfortably recover its balance dues over the next 3-4 quarters.
According to the brokerage, the recent stock correction has made risk/reward more attractive and significant improvement in visibility of Indus is now being able to entirely recover its past dues.
Citi Research, Motilal Oswal, Nuvama On Zomato
Citi Research has retained its ‘buy’ rating on Zomato and has raised the stock’s target price to Rs 310, implying 21% upside. It said that it doesn’t expect significant escalation in discounts yet (from Blinkit). The brokerage has raised top-line estimates in quick commerce and estimates lower margin across food delivery and quick commerce.
Motilal Oswal reiterated ‘buy’ rating with target of Rs. 330, implying 28% upside. It noted that the viability of the “dark store model” is now beyond doubt and mature dark stores are already contribution margin positive. It said, Zomato should report PAT margin of 4.7%/8.6%/12.9% in FY25/FY26/FY27.
Nuvama has retained ‘buy’ but raised target to Rs 325 from Rs 285 earlier implying upside of 27%. The brokerage expects Blinkit dark store addition to be faster than initially expected and that profitability would be delayed due to higher upfront cost.
Morgan Stanley On Bajaj Finance
Morgan Stanley has retained ‘overweight’ on Bajaj Finance with target Rs 9,000, implying 35% upside as the brokerage said PAT was better than estimates and credit cost guidance change not a material negative. It also noted that funding and credit costs have peaked and new normal credit costs at 185-195 bps.
Bernstein Keeps Outperform On Paytm After Q2 Results
Maintain Outperform with a target price Rs 600, which implied a 12% downside
Paytm to onboard new UPI users on its app
Very positive development
Development allows platform to stem decline in monthly transacting users
Could boost investor expectations of favorable outcomes on other regulatory decisions
Oil Price Update: WTI Crude Futures Up Over 2%
December futures contract of WTI Crude were trading 2.17% higher at $72.09 a barrel as of 7:37 a.m. after the recent selloff as traders see a supply disruption in the Middle East due to Israel-Iran tensions as unlikely.
December contract of Brent Crude, however, was 0.37% lower at $75.76.
Asia Market Open: Nikkei Flat; Hang Seng Up 0.5%
Most Asia–Pacific markets gained in early trade on Wednesday despite a subdued close on Wall Street. Japan’s Nikkei. however, erased early gains and traded flat as of 7:27 a.m., Australia’s ASX and South Korea’s Kospi were up 0.2% each, while Hong Kong’s Hang Seng traded 0.5% up.
Asian Stocks Drift Amid 1995-Like Plunging US Treasuries
US Market Close: S&P 500, Dow Jones Fall; Nasdaq Up
Indices on the Wall Street struggled in late hours after following news related to key companies and as traders factored in slower pace of Federal Reserve rate cuts. S&P 500 ended 0.05% down at 5,851.20, Dow Jones fell 0.02% to close at 42,924.89, and Nasdaq Composite was up 0.18% at 18,573.1.
Stocks Struggle In Late Hours As McDonald’s Slumps: Markets Wrap
GIFT Nifty Trades Near 24,500; Zomato, Bajaj Finance, RIL, Airtel Share Price In Focus
The GIFT Nifty was trading at 24,537.00 down by 38 points, or 0.15%, as of 07:03 a.m. Among others, share prices of Zomato Ltd. and Bajaj Finance Ltd. are likely to react to their second quarter results while those of Bharti Airtel Ltd. and Reliance Industries Ltd. will react to the news flow.
On Tuesday, NSE Nifty 50 and the BSE Sensex closed at the lowest level in over two months on Tuesday as the share price of heavyweights Reliance Industries and HDFC Bank Ltd. dragged. Broad-based weakness in US stocks and Asian and European shares due to concern about the pace of unwinding of monetary conditions in the US also seeped into the Indian markets.
The Nifty 50 ended 309 points or 1.25% down at 24,472.10, and the Sensex closed 930.55 or 1.15% down at 80,220.72, the lowest level since Aug 14.
Overseas investors remained net sellers of Indian equities for the 17th consecutive session on Tuesday, while domestic institutional investors stayed net buyers for the 21st straight session. The FPIs offloaded stocks worth Rs 3,978.6 crore, while domestic institutional investors bought stocks worth Rs 21,545.9 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 84.076 against the US dollar.
Trade Setup For Oct. 23: Nifty 50 Support At 24,200 Amid Increasing Bearish Sentiment. Read more on Markets by NDTV Profit.Stay updated with latest on stock markets as Nifty and Sensex were off their opening lows and traded flat. Read MoreMarkets, Business, Notifications
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