Today’s Market News :
Gift Nifty:
Gift Nifty was trading around 24,520 level, a premium of nearly 40 points from the Nifty futures previous close, indicating a positive start for the Indian stock market indices.
Asian Markets:
Asian markets traded lower tracking overnight losses on Wall street and economic data in the region
US Markets:
Us stock market ended lower on Wednesday amid rising Treasury yields and selling in mega cap stocks.
* The Indian equity markets have declined for three consecutive days, primarily due to persistent foreign capital outflows and disappointing earnings reports.
* Market sentiment remains negative, with analysts suggesting a ‘sell on rise’ strategy for the Nifty index, particularly if it approaches resistance levels.
* Foreign portfolio investors have turned net sellers, contributing to the overall bearish sentiment in the market, while domestic institutional investors have shown some buying interest.
* Analysts suggest that if Nifty holds above 24,350, it may recover towards 24,700-24,750, but a break below could lead to further declines.
* The market sentiment remains bearish, with several stocks showing weakness, while some like Bajaj Finance have shown gains amidst the overall downturn.
Hindustan Unilever (HUL) reported a 4% decline in standalone net profit for Q2FY25, amounting to Rs 2,612 crore, while revenue from operations increased by 2% to Rs 15,319 crore.
* The company declared an interim dividend of Rs 29 per share, with a record date set for November 6, and the payout cost will total Rs 6,814 crore.
* Waaree Energies’ IPO has garnered significant interest, achieving a subscription rate of 76.34 times, with bids for 160 crore shares against 2.10 crore shares on offer.
* The market valuation post-issue is estimated at over Rs 4,300 crore, with a price band set between Rs 1,427 to Rs 1,503 per share.
* Despite a recent dip in the grey market premium (GMP) to Rs 1,370 – Rs 1,375, strong listing gains of over 90 percent are still anticipated.
