Market Morning Notes For 17th October 2024

Markets extended selling pressure on Wednesday after a bearish dark cloud cover on Tuesday and was followed by closing below the psychological mark of 25,000 in Nifty. The inherent strength of markets has diminished in the past few days and any attempts to rally higher are met with stiff resistance with broad based selling. The current state of markets may be a pause before a larger decline with a downside target well below 22,000 in Nifty. The risk management system may be positioned for liquidating larger holdings on close below 24,750 in days to come.Result Today – Axis Bank, Havells, Polycab, Wipro, Tata ChemicalNifty 50 ChartStocks to watchPositive Read throughUltratech – Commissions additional 1.2 MTPA grinding capacity at Arakkonam, Tamil Nadu unit.Reliance – Sets October 28 as record date for bonus share eligibility.Cochin Shipyard – To exercise oversubscription option to take OFS size to 5 pct from 2.5 pct.PG Electroplast – To consider fund raise in October 19, 2024 board meet.HFCL – The company expects 70 pct of its sales in fibre optic segment.Mphasis – CC sales growth at 2.4 pct vs estimate of 1.8-2 pct, profit grew 4.65 pct QoQ.GMR Airports – September passenger traffic grew 9 pct, aircraft movements rose 8 pct YoY.Oberoi Realty – Thane project spread across 75 acres to start bookings on Oct 18.Sudarshan chem – Approves Rs. 10 bn fund raising plus 25 pct greenshoe via issue of shares.Bikaji – Arm to acquire 53.02 pct stake in Hazelnut Factory Food, to invest up to Rs. 1.31 bn.Kolte Patil – Q2 volumes up 5 pct, sales value rose 22 pct YoY.Crisil – Q3CY24 EBITDA rose 17 pct, sales increased 10 pct YoY.Allcargo Gati – September total volume up 7 pct MoM & down 0.9 pct YoY at 108 KT.RVNL – Lowest bidder for a project worth Rs. 2.70 bn from Maharashtra Metro Rail Corporation.Ircon – MoU with Patel Engineering for mutual execution of infra projects.Railtel – Bags work orders worth Rs. 872 mn.Negative Read throughBajaj Auto – Posted Q2 largely in-line, festive demand so far below expectations.L&T Tech – Q2 sales largely in-line, margin miss estimate, declined 50 bps QoQ.Popular Vehicle – Total sales from operation fell 7 pct, PV segment (excluding luxury) slipped 6 pct.Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.