Nifty above 24,850; European mrkt advance

The key equity indices traded with substantial gains in afternoon trade. The Nifty traded above the 24,850 mark after hitting the day's low of 24,567.65 in eraly trade. Private bank, metal and financial services shares advanced while IT, FMCG and oil & gas stocks declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex rose 281.39 points or 0.35% to 81,291.54. The Nifty 50 index added 103.40 points or 0.42% to 24,853.25.

In the broader market, the S&P BSE Mid-Cap index added 0.13% and the S&P BSE Small-Cap index declined 0.28%.

The market breadth was negative. On the BSE, 1,755 shares rose and 2,089 shares fell. A total of 123 shares were unchanged.

Economy:

Indian Railways has cut down Advance Reservation Period from current 120 days to 60 days w.e.f. 01.11.2024; excluding the date of the journey. The Ministry of Railways has announced this change in the Advance Reservation Period (ARP) for train bookings by Indian travelers in order to promote genuine passengers. The decision will help the Railway Board to improve the visibility of genuine demand for rail travel in India. It was being noticed that about 21 percent of reservations done for 61 to 120 day periods were getting cancelled. Further, 5% of passengers were neither canceling their tickets nor were they undertaking the journey. This No Show trend was also one of the factors behind the decision, which will help Indian Railways in better planning of special trains during peak seasons.

Gainers & Losers:

Axis Bank (up 6.12%), Wipro (up 4.35%), Eicher Motors (up 3.37%), Tata Motors (up 2.92%) and Hindalco Industries (up 2.47%) were major Nifty gainers.

Infosys (down 4.37%), Britannia Industries (down 1.51%), Nestle India (down 1.16%), Hindustan Unilever (down 0.86%) and Bajaj Auto (down 0.79%) were major Nifty losers.

Infosys dropped 4.37%. The IT major reported 2.2% rise in consolidated net profit to Rs 6,506 crore on a 4.25% increase in revenues to Rs 40,986 crore in Q2 FY25 over Q1 FY25.

Axis Bank rallied 6.12% after the private lender reported 17.97% rise in standalone net profit to Rs 6,917.57 crore on 17.31% increase in total income to Rs 37,141.71 crore in Q2 FY25 over Q2 FY24.

Stocks in Spotlight:

Reliance Industries rose 0.65% The company said that its wholly owned subsidiary, Reliance Brands Holding UK and Mothercare plc will form a joint venture that will own the Mothercare brand and its intellectual property assets related to the regions of India, Nepal, Sri Lanka, Bhutan, and Bangladesh.

CEAT advanced 2.87% after the tyres manufacturing company's consolidated net profit fell 41.4% to Rs 121.88 crore in Q2 FY25 as compared to Rs 208 crore posted in Q2 FY24. Revenue from operations increased 8.22% year on year (YoY) to Rs 3,304.53 crore in the quarter ended 30 September 2024.

5paisa Capital slipped 3.85%. The stockbroking company's consolidated net profit jumped 15.02% to Rs 21.90 crore in Q2 FY25 from Rs 19.04 crore reported in Q2 FY24. The company's total income rose 4.02% year on year (YoY) to Rs 100.85 crore in the quarter ended 30 September 2024.

Prestige Estates Projects declined 1.97% after the company said that its sales stood at Rs 4,022.6 crore in Q2 FY25, registering de-growth of 43.28% YoY.

Tata Chemicals shed 0.44%. The chemical maker's consolidated net profit from continuing operations declined 46.06% to Rs 267 crore in Q2 FY25 as compared to Rs 495 crore posted in Q2 FY24. The company's revenue from operations rose marginally to Rs 3,999 crore in Q2 FY25 as against to Rs 3,998 crore recorded in Q2 FY24.

Mazagon Dock Shipbuilders surgd 9.15% after the company said that its board will meet on Tuesday, 22 October 2024 to consider a proposal of sub-division /split of equity shares of the company.

Global Markets:

Most European shares traded higher on Friday as investors digested the European Central Bank's consecutive interest rate cuts and awaited new economic data and earnings reports. In the U.K., retail sales increased by 0.3% in September, according to data from the Office for National Statistics, marking the highest level since July 2022.

Most Asian stocks advanced on Friday, as investors assessed key economic data from China and Japan's inflation numbers.

Chinese GDP grew 4.6% year-on-year in the three months to September 30, but slowing from the 4.7% seen in the prior quarter. GDP grew 0.9% quarter-on-quarter, slightly missing expectations of 1%. This brought year-to-date GDP growth to 4.8%, still below Beijing's 5% annual target.

Separate data on Friday showed China's industrial production and retail sales both grew more than expected in September, while the country's unemployment rate fell to 5.1% against expectations it would remain at 5.3%. Meanwhile, China's house prices fell 5.8% year-over-year in September, a larger drop than 5.3% in August.

Japan's Core CPI, which excludes volatile fresh food items, grew 2.4% year-on-year in September, government data showed on Friday. The reading eased from the 2.8%- a 10-month high- seen in the prior month. A core reading that excludes both fresh food and energy prices, and is watched closely by the Bank of Japan as a gauge of underlying inflation, rose to 2.1% in September from 2% in the prior month. Headline CPI inflation fell to 2.5% from 3% in the prior month.

In the US market, the Dow Jones Industrial Average rallied to a new record close after strong economic data eased lingering fears of a potential recession. The blue-chip index rose 0.37% to 43,239.05, helped by a 9% gain for Travelers on the back of strong quarterly results. The Nasdaq Composite inched higher on Thursday after getting a boost from semiconductor names, and ultimately added 0.04%. The S&P 500 closed down 0.02%.

The technology sector, particularly chip stocks, led the market's rally, with companies like Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC) posting significant gains. Positive US retail sales figures and lower-than-expected jobless claims further supported market sentiment.

September's US retail sales figures showed that consumer spending was still robust, with monthly spending rising 0.4%. Sales excluding autos shot up 0.5%, much hotter than the 0.1% forecast. Jobless claims in the US for the week that ended Oct. 12 were also lower than expected.

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