In the week ended on Thursday, 31 October 2024, the S&P BSE Sensex fell 13.23 points or 0.02% to settle at 79,389.06. The Nifty 50 index jumped 24.55 points or 0.10% to settle at 24,205.35. The BSE Mid-Cap index added 1.13% to close at 45,966.71. The BSE Small-Cap index rallied 5.06% to end at 54,982.87.

Weekly Movement:

Domestic equity benchmarks snapped a five-day losing streak on Monday, ending the session on a strong note. The barometer index, the S&P BSE Sensex jumped 602.75 points or 0.76% to 80,005.04. The Nifty 50 index gained 158.35 points or 0.65% to 24,339.15.

The domestic equity benchmarks concluded Tuesday's trading session with modest gains, extending their positive streak to the second consecutive day. The S&P BSE Sensex, was up 363.99 points or 0.45% to 80,369.03. The Nifty 50 index added 127.70 points or 0.52% to 24,466.85.

The domestic equity benchmarks ended lower on Wednesday, snapping a two-day rally, as mixed global cues and concerns about domestic economic growth weighed on investor sentiment. The S&P BSE Sensex, declined 426.85 points or 0.53% to 79,942.18. The Nifty 50 index lost 126 points or 0.51% to 24,340.85.

The headline indices ended with moderate losses on Thursday. The S&P BSE Sensex, tumbled 553.12 points or 0.69% to 79,389.06. The Nifty 50 index declined 135.50 points or 0.56% to 24,205.35.

Economy:

According to the monthly report by the finance ministry, the outlook for the Indian economy is good, underpinned by a stable external sector, positive agricultural outlook, expected improvements in demand supported by the festive season, and the likelihood of an increase in Government spending, which will boost investment activity. However, at the margin, demand conditions in the economy bear watching. Given the overall subdued inflation, barring a few food items, the real price of money may have gone up.

The finance ministry maintains that the Indian economy will grow between 6.5% and 7.0% in the current fiscal year. However, risks stem from global factors such as geopolitical conflicts, rising geo-economic fragmentation, uncertainties about the trade policies of major economies and consequent financial market reactions, the report noted.

Stocks to Watch:

Sun Pharmaceutical Industries fell 0.41%. The pharma major’s consolidated net profit jumped 27.97% to Rs 3,040.16 crore on 9.01% rise in revenue from operations to Rs 13,291.39 crore in Q2 FY25 over Q2 FY24.

ICICI Bank added 3.22%. The private lender’s standalone net profit increased 14.47% to Rs 11,745.88 crore on 17.24% rise in total income to Rs 47,714.04 crore in Q2 FY25 over Q2 FY24.

Shriram Finance rose 1.25%. The NBFC’s standalone net profit jumped 18.30% to Rs 2,071.26 crore on 17.89% increase in total income to Rs 10,096.68 crore in Q2 FY25 over Q2 FY24.

InterGlobe Aviation (IndiGo) slipped 7.16%. The company reported consolidated net loss of Rs 986.7 crore in Q2 FY25 as against net profit of Rs 188.9 crore posted in Q2 FY24. However, revenue from operations jumped 13.55% year on year (YoY) to Rs 16,969.6 crore in the quarter ended 30 September 2024.

Central Depository Services (India) (CDSL) rallied 8.97%. The reported consolidated net profit jumped 48.86% to Rs 162.03 core on 55.79% rise in net sales to Rs 358.51 crore in Q2 FY25 over Q2 FY24.

Bharti Airtel declined 2.79%. The telecom major reported a consolidated net profit of Rs 3,593.2 crore in Q2 FY25, steeply higher than Rs 1,340.7 crore posted in Q2 FY24. revenue from operations increased 11.95% YoY to Rs 41,473.3 crore in Q2 FY25, driven by strong momentum in India and sustained constant currency growth in Africa.

Maruti Suzuki India dropped 3.61%. The company reported 17.4% fall in net profit to Rs 3,069.2 crore as sales remained almost flat at Rs 35,589.1 crore in Q2 FY25 as compared with Q2 FY24. The fall in net profit was due to a provision of Rs 837.6 crore resulting from the withdrawal of indexation benefit and change in tax rate on long term capital gains on debt mutual funds as per the Finance Act 2024.

Adani Ports and Special Economic Zone (APSEZ) jumped 4.59%. The company consolidated net profit jumped 39.86% to Rs 2,445 crore on 6.32% rise in revenue from operations to Rs 7067.02 crore in Q2 FY25 over Q2 FY24.

Cipla rallied 4.33%. The pharma major’s consolidated net profit jumped 15.18% to Rs 1,302.53 crore in Q2 FY25 as against Rs 1,130.91 crore reported in Q2 FY24. Total revenue from operations grew by 5.58% year on year (YoY) to Rs 7,051.02 crore in the quarter ended 30 September 2024.

Global Market:

Euro zone inflation rose to 2% in October, higher than September’s 1.7% reading. The figures will inform the European Central Bank on the trajectory of expected interest rate cuts.

Market participants are cautiously looking ahead to a crucial week, which includes the release of US non-farm payrolls data on Friday, the presidential election next Tuesday, and a Federal Reserve policy decision next Thursday. Gold prices continued to climb, reaching a new record high.