Indian equity benchmark indices fell nearly 1 per cent on Wednesday due to selling pressure in financial and IT stocks amid mounting tensions in the Middle East. Investors lost nearly 14.60 lakh crore in last five sessions.
The BSE Sensex plunged 522.82 points or 0.81 per cent to close at 64,049.06. The NSE Nifty lost by 159.60 points or 0.83 per cent end at 19,122.15.
“Domestic equities saw profit booking and slipped to 3-months low. Nifty opened marginal green, but soon gave up its early gains and witnessed second consecutive day of selling to close with loss of 160 points (-0.8%) at 19122 levels. Profit booking continued in mid-cap and small-cap stocks. Except Metals and PSU Bank, all sector ended in red. Metal stocks were in momentum after China unveiled plans for $137 billion extra debt to boost infrastructure spending,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
“Overall we expect Indian markets to remain volatile on the back of concerns over higher interest rates, ongoing Israel-Hamas war and mixed Q2 results. On global front, investors will take cues from ECB interest rate decision on Thursday. Also US New Home Sales data will be released late Wednesday,” he said.
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The private sector lender reported profit after tax (PAT) of Rs 5,863.6 crore, up 10 per cent from Rs 5,329.8 crore in year-ago period. Net interest income (NII) grew 19 per cent to Rs 12,314.6 crore against Rs 10,360 crore. Gross NPA (non performing assets) slipped to 1.73 per cent from Rs 1.96 per cent in previous quarter.
The telecom infrastructure company reported 10 per cent YoY decline in revenue at Rs 7132 crore in July-September quarter compared to Rs 7967 crore in year-ago period. EBITDA increased 22.9 per cent to Rs 3456 crore in reported quarter from Rs 2812 crore in year-ago period. EBITDA margins rose 1320 bps to 48.5 per cent from 35.5 per cent.
The IT services major reported a 61.6 per cent fall in net profit to Rs 494 crore YoY for the July-September quarter of FY24. Consolidated revenue declined 2 per cent YoY at Rs 12,864 crore. The company’s EBITDA margin came in at 4.7 per cent.
Samvardhana Motherson International
The company has started operational reconfiguration of a few of its European units. The operational reconfiguration entails a singe-time cost of 25-30 million euros.
The company has invested Rs 15 crore through rights issue in its subsidiary company, HMC MM Auto. The company’s share holding in its units has increased from 60 per cent to 66.32 per cent.