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WEEKLY MARKET REPORT
This week, BSE Sensex shed 1,822.46 points or 2.24 percent to finish at 79,402.29, while the Nifty50 index fell 673.25 points or 2.70 percent to close at 24,180.80. For October, both benchmarks shed 6 percent each.
The BSE Large-cap Index, BSE Mid-cap Index, and BSE Small-cap indices fell 3.2 percent, 5.2 percent, and 7.3 percent, respectively.
On the sectoral front, Nifty Media, Metal, and Realty shed 7 percent each, the Nifty Oil & gas index fell more than 6 percent, the Nifty PSU Bank index declined nearly 6 percent and the Nifty Auto index slipped more than 5 percent.
Foreign Institutional Investors (FIIs) continued pulling out funds from the Indian markets during the week, selling equities worth Rs 20,024.27 crore. However, it was compensated by Domestic Institutional Investors (DII) as they purchased equities worth Rs 22,914.63 crore.
In the month till now, the FIIs sold equities more than Rs 1 lakh crore, while DIIs purchased equities worth Rs 97,090.83 crore.
ECONOMY
Formal employment dips by double digits in August
Formal job creation, as represented by enrollment in the government’s three big social security schemes, dipped by double digits in August, according to the Ministry of Statistics and Programme Implementation data on October 25.
New enrollments to the Employess’ Provident Fund scheme, which applies to larger organizations and better-paid employees, declined to its lowest level of 0.93 million in August, 15 percent lower when compared with 1.1 million additions in the previous month.
Cabinet approves Rs 1,000-crore VC fund for space startups
The cabinet on October 24 gave its nod to a Rs 1,000-crore venture capital (VC) fund to fuel the growth of space startups by providing crucial early-stage funds.
“The deployment period of the proposed Rs 1,000 crore VC fund is planned to be up to five years from the actual date of start of the fund operations,” the government said in a statement.
GLOBAL MARKETS
Nasdaq closes higher ahead of a heavy week of earnings
The Nasdaq ended higher on Friday, driven by mega-cap shares, as investors awaited quarterly results from some of Wall Street’s biggest companies next week.
Tesla shares rose 3.36% a day after surging 22% on the electric vehicle maker’s sales forecast. Amazon, Apple and Microsoft also rose.
The Dow Jones Industrial Average fell 259.96 points, or 0.61%, to 42,114.40, the S&P 500 lost 1.74 points, or 0.03%, to 5,808.12 and the Nasdaq Composite gained 103.12 points, or 0.56%, to 18,518.61.
Oil prices slip on rising U.S. crude inventories
Oil prices edged down on Wednesday after industry data showed U.S. crude inventories had swelled more than expected, while the market kept watch on diplomatic efforts in the Middle East as Israel continued attacks on Gaza and Lebanon.
Brent crude futures dipped 31 cents, or 0.4%, to $75.73 a barrel by 0011 GMT. U.S. West Texas Intermediate crude futures shed 32 cents, or 0.5%, to $71.42 per barrel.
STOCKS IN NEWS
Colgate-Palmolive: Colgate-Palmolive shares fell after the company disclosed weak guidance for the coming quarters. The management has cautioned against some moderation in growth because of the challenging demand environment. The company’s EBITDA grew only 3%, falling below estimates.
Larsen and Toubro: L&T shares fell almost 4% after UBS downgraded the stock to ‘neutral’ and slashed the target price suggesting headwinds in the coming quarters. The international brokerage firm notes that while core earnings are strong, new order growth may start to slow down.
Nuvoco Vistas: Nuvoco Vistas shares slipped as much as 5% after the cement player reported a net loss for the second quarter. It reported a loss of Rs 52.5 crore on the back of weak demand and lower prices. Nuvoco Vistas’ revenue fell to Rs 2,269 crore, as against Rs 2,573 crore in the same period last year.
UltraTech: Cement and ready-mix concrete (RMC) company UltraTech Cement on Thursday said it has signed a collaboration agreement with the Institute for Carbon Management (ICM) for a new technology to reduce carbon dioxide emissions from cement production.
ICICI Bank: ICICI Bank’s Q2 FY25 standalone net profit rose by 14.5 percent on-year to Rs 11,746 crore, from Rs 10,261 crore in the year-ago period, exceeding Street expectations. The private sector lender’s net interest income (NII) increased by 9.5 percent to Rs 20,048 crore.