At 13:30 IST, the barometer index, the S&P BSE Sensex was down 232.41 points or 0.28% to 81,740.64. The Nifty 50 index fell 88.90 points or 0.35% to 25,039.05.

In the broader market, the S&P BSE Mid-Cap index shed 0.15% and the S&P BSE Small-Cap index added 0.54%.

The market breadth was positive. On the BSE, 1,890 shares rose and 1,986 shares fell. A total of 112 shares were unchanged.

Economy:

The Government of India (GoI) has announced the sale (re-issue) of (i) “7.02% Government Security 2031” for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method, (ii) “7.23% Government Security 2039” for a notified amount of Rs 13,000 crore (nominal) through price based auction using multiple price method and (iii) “7.09% Government Security 2054” for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method.

GoI will have the option to retain additional subscription up to Rs 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 18, 2024 (Friday). Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

IPO Update:

The initial public offer (IPO) of Hyundai Motor India received bids for 1,21,20,052 shares as against 9,97,69,810 shares on offer, according to stock exchange data at 13:15 IST on Tuesday (15 October 2024). The issue was subscribed 0.12 times.

The issue opened for bidding on Tuesday (15 October 2024) and it will close on Thursday (17 October 2024). The price band of the IPO is fixed between Rs 1,865 to Rs 1,960 per share. An investor can bid for a minimum of 7 equity shares and in multiples thereof.

Gainers & Losers:

ICICI Bank (up 1.81%), Bharti Airtel (up 1.71%), Bharat Petroleum Corporation (up 1.67%), Britannia Industries (up 1.08%) and Asian Paints (up 1.06%) were major Nifty gainers.

Bajaj Auto (down 3.44%), Wipro (down 2.80%), Hindalco Industries (down 2.41%) Bajaj Finance (down 2.26%) and Tata Steel (down 1.83%) were major Nifty losers.

Stocks in Spotlight:

Reliance Industries (RIL) declined 1.63% after the company reported 3.6% fall in consolidated net profit to Rs 19,101 crore in Q2 FY25 from Rs 19,820 crore in Q2 FY24. Gross revenue rose by 0.8% year-over-year to Rs 258,027 crore in the second quarter. Oil to Chemicals (O2C) revenue improved with higher volumes and increased domestic placement of products.

Angel One soared 13.90% after the company reported 39.05% jump in consolidated net profit (from continuing operations) to Rs 423.38 crore in Q2 FY25 as against Rs 304.46 crore recorded in Q2 FY24. Revenue from operations increased 44.55% YoY to Rs 1,514.70 crore in Q2 FY25.

International Travel House (ITHL) jumped 5.18% after the company’s standalone net profit jumped 31.97% to Rs 7.43 crore in Q2 FY25 as against Rs 5.63 crore posted in Q2 FY24. Revenue from operations grew 14.93% year on year (YoY) to Rs 60.94 crore in the quarter ended 30 September 2024.

J.Kumar Infraprojects added 0.58%. The company announced that it has received work order worth Rs 297.83 crore from Pune Municipal Corporation.

Sunteck Realty jumped 7.39% after the company said that it has recorded 32.66% increase in pre-sales to Rs 524 crore in Q2 FY25 from Rs 395 crore in Q2 FY24.

KPI Green Energy rose 1.10% after the company announced that it has signed power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam (GUVNL) for 620MW AC (917MW DC) renewable energy project.

Global Markets:

Most European shares advanced. The U.K.’s statistics agency said average wages excluding bonuses rose 4.9% year on year across June to August, cooling slightly from 5.1% in May to July.

Most Asian stocks traded lower on Tuesday tracking record highs on Wall Street as the third-quarter earnings season approached, while Chinese stocks fell amid waning optimism over new fiscal stimulus.

Investors assessed trade data out of South Korea, which showed trade surplus surging to $6.7 billion in September, up from $3.7 billion in August.

South Korea’s Kospi as well as the small-cap Kosdaq were hovering near the flatline.

Japanese shares climbed as sentiment was buoyed by reports that Tokyo Metro raised $2.3 billion in the country’s biggest initial public offering in six years.

A rally in technology shares spurred record highs on Wall Street on Monday, with focus turning to a string of key upcoming earnings and economic readings. The S&P 500 rose 0.77% to a record high of 5,859.85 points, while the Dow Jones Industrial Average rose 0.47% to a record high of 43,065.22 points on Monday. The NASDAQ Composite rose 0.87% to 18,502.64, and was back in sight of peaks hit earlier this year.

Investors will watch for crucial economic data this week, notably the September retail sales figures, for clues on the financial health of U.S. consumers.