Nifty Settles Above 25,100; It Shares Outerperforms

As per provisional closing, the S&P BSE Sensex, jumped 591.69 points or 0.73% to 81,973.05. The Nifty 50 index added 163.70 points or 0.66% to 25,127.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.28% and the S&P BSE Small-Cap index rose 0.06%.

The market breadth was positive. On the BSE, 2,065 shares rose and 1,975 shares fell. A total of 155 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.70% to 13.

Economy:

India's wholesale price index (WPI)-based inflation rose to 1.84% in September as food items, especially vegetables, turned costlier, as per the government data released on Monday. The inflation was 1.31% in August. It was (-)0.07% in September last year.

Meanwhile, India's forex reserves dropped by $3.709 billion to $701.176 billion for the week ended October 4, the RBI said on Friday. In the previous reporting week, the reserves had jumped by $12.588 billion to an all-time high of $704.885 billion.

The foreign currency assets, a major component of the reserves, decreased by $3.511 billion to $612.643 billion, the data released on Friday showed.

Gold reserves decreased by $40 million to $65.756 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $123 million to $18.425 billion. India's reserve position with the IMF was down by $35 million to $4.352 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Realty index rose 1.61% to 1,057.35. The index shed 0.54% in past two trading sessions.

Raymond (up 5.02%), Oberoi Realty (up 4.1%), Macrotech Developers (up 3.48%), Godrej Properties (up 2.67%), DLF (up 1.93%), Sobha (up 0.94%), Prestige Estates Projects (up 0.06%), Mahindra Lifespace Developers (up 0.01%) edged higher.

On the other hand, Brigade Enterprises (down 1.34%), Phoenix Mills (down 0.85%) edged lower.

Stocks in Spotlight:

Avenue Supermarts (Dmart) tumbled 8.36%. The company reported a 5.77% increase in consolidated net profit to Rs 659.58 crore in Q2 FY25 as compared with Rs 623.56 crore posted in Q2 FY24. Revenue from operations jumped 14.41% to Rs 14,444.50 crore in Q2 FY25 as against Rs 12,624.37 crore recorded in Q2 FY24.

Hathway Cable & Datacom rallied 3.34% after the company's consolidated net profit jumped 28.61% to Rs 25.80 crore in Q2 FY25 as compared with Rs 20.06 crore in corresponding quarter last year. Revenue increased 5.98% YoY to Rs 512.74 crore in Q2 FY25 as compared with Rs 483.79 crore in Q2 FY24.

Network18 Media & Investments declined 2.70% after the company's consolidated net loss widened to Rs 95.84 crore in Q2 FY25 as compared to net loss of Rs 83.08 crore recorded in Q2 FY24. Revenue from operations declined 2.16% to Rs 1,825.18 crore in Q2 FY25 as against Rs 1,865.50 crore posted in Q2 FY24.

Wipro jumped 4.24% after the company said that its board will meet on 16-17 October 2024 to consider bonus issue to equity shareholders.

Alok Industries declined 1.62% after the company's consolidated net loss widened to Rs 262.10 crore in Q2 FY25 as against a net loss of Rs 174.83 crore reported in Q2 FY24. Revenue from operations dropped 35.46% year on year (YoY) to Rs 885.66 crore in the quarter ended 30 September 2024.

Gensol Engineering gained 3.37% after the company received a contract from UAE's leading sustainable and clean energy development company for constructing rooftop solar photovoltaic (PV) systems for aviation company in Dubai. The said contract is valued at AED 81.6 million (approximately Rs 186 crore) plus taxes and is set to be executed over a 20-month period

PNC Infratech added 2.11% after the company received an order worth Rs 2,039.61 crore from the City & Industrial Development Corporation of Maharashtra (CIDCO) for infra-development in Navi Mumbai's NAINA region.

Ashoka Buildcon gained 2.18% after the company said that it has received letter of acceptance (LoA) for projects totalling to Rs 3,983.24 crore from the Maharashtra State Road Development Corporation (MSRDCL).

Premier Energies advanced 2.38% after the company's subsidiaries, Premier Energies International, Premier Energies Photovoltaic has received multiple orders from various customers amounting to a total value of Rs 765 crore.

JSW Energy fell 0.57%. The company announced that its step-down subsidiary, JSW Renew Energy Thirteen, has signed a power purchase agreement (PPA) with NTPC for ISTS/STU-connected solar capacity of 700 MW. The PPA is signed for supply of power for a period of 25 years with a tariff of Rs 2.59/KWh. The project is expected to be commissioned by June 2026. The current solar pipeline capacity stands at 3.2 GW with PPAs signed for 2.0 GW.

Global Markets:

Europeans shares declined on Monday. Asian stocks ended higher as investors assessed China's weekend press briefing and awaited a slew of economic data this week from the region.

China's finance ministry detailed plans for increased government debt issuances and support for provincial governments. However, the lack of specific details, particularly regarding the scale and timing of the measures, caused some disappointment. Analysts expressed concerns about the potential for a significant increase in government debt.

Economic data from China highlighted ongoing weakness. China's consumer price index (CPI) rose 0.4% from a year earlier last month, against a 0.6% rise in August. CPI was unchanged month-on-month, versus a 0.4% gain in August and below an estimated 0.4% increase. Meanwhile, the producer price index (PPI) fell 2.8% year-on-year in September, versus a 1.8% decline the previous month.

Asian markets drew support from the positive performance of US stocks on Friday. The S&P500 rose 0.61% to a record high of 5,815.03 points, while the Dow Jones surged nearly 1% to a record high of 42,863.86 points. The Nasdaq lagged, rising 0.3% to 18,342.94 points. Positive earnings from major banks helped investors look past questions over whether the Federal Reserve will cut interest rates in November.

The Producer Price Index (PPI) for final demand in the US rose 1.8% on a yearly basis in September. This reading followed the 1.9% increase recorded in August. The US consumer price index for all urban consumers rise by 0.2% month on month (MoM) on a seasonally-adjusted basis in September, the same rise as in August and July.

This week, investors will focus on additional third-quarter earnings reports and statements from Federal Reserve officials.

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