The Sensex closed the day down 138.74 points, settling at 80,081.98, while the Nifty fell by 36.60 points to close at 24,435.50.
Although the market opened on a negative note due to mixed global cues, buying at lower levels briefly pushed the indices into positive territory. However, final-hour selling pressure erased all intraday gains, leaving both indices in the red by the close of the session.
The BSE Midcap index managed to rise by 0.5%, while the Smallcap index performed even better, gaining 1%.
Impact on the stock market
- The IT sector was a standout, with the IT index gaining more than 2% during the session. This sector’s strength came from companies like Tech Mahindra and HCL Tech, which saw solid buying interest.
- On the downside, sectors like Capital Goods, Power, and Pharma saw declines of about 1%, pulling down the broader market sentiment.
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| Sector/Index | Performance |
| IT & BPM sector | +2.38% |
| Healthcare sector | -1.40% |
| Oil & Gas sector | -0.27% |
| Real estate sector | -0.06% |
| PSU Bank in India | +0.45% |
Top gainers today
| Company | Price | Change % |
| Bajaj Finance Share Price | 6,995.80 | 4.76 |
| Tech Mahindra Share Price | 1,735.95 | 2.32 |
| Bajaj Auto Share Price | 10,586.75 | 2.11 |
| TATA Cons. Prod Share Price | 1,014.55 | 1.63 |
| HCL Tech Share Price | 1,845.75 | 1.26 |
Top losers today
| Company | Price | Change % |
| M&M Share Price | 2,793.50 | -3.25 |
| Sun Pharma Share Price | 1,839.35 | -2.55 |
| Power Grid Corp Share Price | 316.90 | -1.81 |
| NTPC Share Price | 408.30 | -1.79 |
| Shriram Finance Share Price | 3,197.75 | -1.74 |
Market aftermath: Impact on stocks
Groww eyes IPO
Amid the stock market’s volatility, online trading platform Groww announced its intention to go public “somewhere down the line.” CEO Lalit Keshre emphasized the company’s decision to move its headquarters from the US to India, aligning operations closer to its customer base. Groww is looking to capitalize on the booming IPO market in India, though no specific timeline has been provided.
Keshre also touched on the growing interest in derivatives trading, noting that 15-20% of Groww’s customers are involved in futures and options (F&O) trading. Regulatory efforts by Sebi to protect retail investors, including raising the minimum contract size for derivatives trading, are expected to have some impact on trading volumes.
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Olectra Greentech’s stock surges after strong Q2 results
Electric vehicle maker Olectra Greentech was one of the day’s top performers, with its shares jumping nearly 6% after reporting a 156.4% YoY increase in net profit for Q2 FY25. The company’s profit stood at Rs 47.7 crore, compared to Rs 18.6 crore in the same quarter of the previous fiscal year. Revenue surged by 70.5% to Rs 523.7 crore, driven by growing demand for electric vehicles and related products.
At the operational level, Olectra’s EBITDA stood at Rs 81.2 crore, up from Rs 40.6 crore last year, with margins improving to 15.5% from 13.2%. The company has also seen a 21% surge in its stock in 2024 and 190% over the past two years, solidifying its strong position in the electric vehicle market.
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Godrej Properties reports fivefold profit surge
Real estate developer Godrej Properties Limited (GPL) also had an impressive Q2, with its net profit soaring nearly fivefold to Rs 334 crore, compared to Rs 72.64 crore in Q2 FY24. However, despite this growth, the profit missed Bloomberg’s estimate of Rs 831 crore.
The company’s revenue from operations stood at Rs 1,093.23 crore, surpassing estimates, while expenses increased by 144% YoY. The company achieved its highest Q2 bookings value of Rs 5,198 crore, and its collections grew by 68% to Rs 4,005 crore, the highest in its history.
Executive chairperson Pirojsha Godrej expressed confidence in the real estate market, citing strong demand and a robust pipeline of projects. The company has already achieved 87% of its annual business development guidance and is on track to surpass its bookings target of Rs 27,000 crore for FY25.
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Crude oil prices slip as US inventories rise
In global commodity news, crude oil prices traded lower on Wednesday following reports of an unexpected increase in US crude oil inventories. The American Petroleum Institute (API) reported that inventories rose by 1.64 million barrels, exceeding market expectations of a 0.7 million barrel increase.
As a result, December Brent oil futures fell by 0.13% to $75.94, while WTI crude oil futures dropped by 0.14% to $71.64. Despite these declines, crude oil prices had surged earlier this week, driven by geopolitical tensions in the Middle East. However, as these tensions appear to have limited impact on actual oil supply, prices have started to stabilise.
In Indian trading, November crude oil futures on the MCX were up by 0.03%, trading at ₹6,042, while December futures were slightly down at ₹6,024. Market participants are now waiting for the official US Energy Information Administration (EIA) data to provide further direction.
Conclusion
The Indian stock market’s performance on October 23rd, 2024, reflected the ongoing uncertainty in both domestic and global markets. While certain sectors, like IT, showed resilience, others like Capital Goods and Power struggled. Individual stocks like Olectra Greentech and Godrej Properties performed well, but the overall market remains cautious, especially with global factors like rising US crude oil inventories affecting sentiment.
Investors will need to keep an eye on global cues and sector-specific developments as we move further into the week. For now, the market appears to be on shaky ground, with mixed signals leaving traders uncertain about the future direction.
For more stock market insights, check out the StockGro blog.
