Latest Stock Market News

National Stock Exchange (NSE) has retained Nifty weekly options contract while letting go Nifty Bank, Nifty Midcap Select and Nifty Financial Services, in line with the Sebi circular which mandates exchanges to provide derivatives contracts for only one of its benchmark index with weekly expiry, from November 20, 2024.

Goldman Sachs sold 6.5 lakh shares in Ideaforge Technology for Rs 43 crore, while Citigroup bought 6.65 lakh shares for Rs 44 crore. Ideaforge shares ended down 1% at Rs 678. It is a vertically integrated company that designs, develops, and manufactures UAVs.

On the positive side, the traction in new deals for the banks, financial services, and insurance (BFSI) vertical showed improvement and headcount increased year-on-year for the first time in five quarters. Given the seasonal weakness in the remaining two quarters of the current fiscal year, the overall growth and margin trajectory may show stress on a full year basis, which may weigh on the company’s stock price in the near term.

Indian indices opened higher but closed near lows, weighed down by pharma, IT, and healthcare stocks. Nifty closed at 24,998.5, down 0.07%. Sensex closed 0.18% higher at 81,611.4. Nifty has been failing to reclaim 50-EMA for the last two days, indicating prevailing weakness. Support at 24,950-24,900, resistance at 25,150.

The Sensex gained 144 points on Thursday, closing at 81,611. Seven healthcare stocks hit their 52-week highs, suggesting strong performance and potential for future growth.

Tata Elxsi reported a 14% increase in net profit at Rs 229 crore for the second quarter. Revenue from operations grew by 8% to Rs 955 crore. Growth was driven by strong performance in emerging markets, particularly in transportation. A $50 million deal with a global OEM also contributed. Media and healthcare segments saw some declines.

Long unwinding refers to the selling of positions or stocks owned for a longer period either to book profit or to exit it in anticipation of impending bearishness.

Anand Rathi Wealth posted a net profit of Rs 76 crores for Q2FY25, up 32% from the previous year. Total revenue rose 32% to Rs 250 crores. AUM grew by 57% to Rs 75,084 crores. The company welcomed 1,066 new client families in the first half of FY25. An interim dividend of Rs 7 per share was declared.

Indian market closed slightly higher on Thursday, with PSU, industrials, power, and banks gaining. Realty, FMCG, IT, and healthcare stocks declined. Gujarat Fluorochemicals hit a new high, while HCL Technologies and Tech Mahindra failed to maintain momentum.

State-run Indian Renewable Energy Development Agency (IREDA) on Friday reported a net profit of Rs 388 crore for the quarter ended September 30, 2024 which was up 36% over Rs 285 crore reported by the company in the year ago period. Revenue from operations in Q2FY25 stood at Rs 1,629 crore which was up by 38% against Rs 1,177 crore reported by the company in Q2FY24.