In the week ended on Thursday, 14 November 2024, the S&P BSE Sensex tumbled 1,906.01 points or 2.40% to settle at 77,580.31. The Nifty 50 index dropped 615.50 points or 2.55% to settle at 23,532.70. The BSE Mid-Cap index declined 3.89% to close at 44,289.60. The BSE Small-Cap index slipped 5.31% to end at 51,99518.

Weekly Movement:

The domestic equity benchmarks ended almost flat with negative bias on Monday, marking a third consecutive day of losses. The S&P BSE Sensex, was up 9.83 points or 0.01% to 79,496.15. The Nifty 50 index shed 6.90 points or 0.03% to 24,141.30.

The domestic equity benchmarks continued their downward spiral on Tuesday, marking the fourth consecutive day of losses. The S&P BSE Sensex slipped 820.97 points or 1.03% to 78,675.18. The Nifty 50 index lost 257.85 points or 1.07% to 23,883.45. The 50-unit index has fallen 2.45% in four sessions.

The domestic equity benchmarks extended their losing streak on Wednesday, the S&P BSE Sensex tumbled 984.23 points or 1.25% to 77,690.95. The Nifty 50 index declined 324.40 points or 1.36% to 23,559.60. The 50-unit index has fallen 3.78% in five sessions.

The key equity indices ended with minor losses on Thursday. The S&P BSE Sensex declined 110.64 points or 0.14% to 77,580.31. The Nifty 50 index lost 26.35 points or 0.11% to 23,532.70.

Economy:

India’s retail inflation, based on the Consumer Price Index (CPI), in October 2024 surged to a 14-month high of 6.21%, according to the latest official data released on Tuesday. India’s retail inflation had stood at a nine-month high of 5.49% in September 2024. It was at 4.87% in October 2023.

India’s industrial production grew by 3.1% in September, according to official data released on Tuesday. In the previous month of August, the factory output, based on the Index of Industrial Production (IIP), was in the negative territory at (-) 0.1%. However, the IIP growth had stood at 6.4% in September 2023.

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 2.36% (Provisional) for the month of October, 2024 (over October, 2023). Inflation in October, 2024 is primarily due to increase in prices of food articles, manufacture of food products, other manufacturing, manufacture of machinery & equipment, manufacture of motor vehicles, trailers & semi-trailers, etc.

The month-on-month change in WPI for October 2024 showed a rise of 0.97% compared to September 2024.

Stocks in Spotlight:

Eicher Motors jumped 2.23%. The company's consolidated net profit increased 8.27% to Rs 1,100.33 crore on 3.8% increase in revenue from operations to Rs 4,186.38 crore in Q2 FY25 over Q2 FY24.

Asian Paints shares plummeted 10.12%. The company reported a significant decline in its quarterly earnings. The paint giant's consolidated net profit for Q2 FY25 fell by 42.37% to Rs 694.64 crore, compared to Rs 1,205.42 crore in the same quarter last year. Revenue from operations also decreased by 5.31% to Rs 8,003.02 crore. Several brokerages expressed disappointment with the company's underwhelming performance, citing a challenging demand environment and increased competition as the primary factors.

Britannia Industries declined 14.68% after the company’s consolidated net profit fell 9.37% to Rs 531.55 crore in Q2 FY25 as compared with Rs 586.50 crore in Q2 FY24. Revenue from operations increased 4.48% YoY to Rs 4,566.23 crore during the quarter.

Oil and Natural Gas Corporation (ONGC) declined 4.23%. The company reported 17.05% increase in standalone net profit to Rs 11,984.02 crore in Q2 FY25 as compared with Rs 10,238.10 crore in Q2 FY24. However, revenue from operations declined 3.6% YoY to Rs 33,880.88 crore in the quarter ended 30 September 2024.

Hindalco Industries fell 3.31%. The company’s consolidated net profit surged 78.01% to Rs 3,909 crore in on 7.45% increase in revenue from operations to Rs 58,203 crore in Q2 FY25 over Q2 FY24.

Zydus Lifesciences declined 1.20%. The pharma company’s consolidated net profit jumped 13.80% to Rs 911.2 crore in Q2 FY25 as compared to Rs 800.7 crore posted in Q2 FY24. Revenue from operations grew 19.87% year on year (YoY) to Rs 5,237 crore in the quarter ended 30 September 2024.

Bombay Stock Exchange (BSE) slipped 3.62%. The company reported 192% surge in consolidated net profit to Rs 346 crore on 137% soar in revenue from operations to Rs 746 crore in Q2 FY25 over Q2 FY24

Hindustan Aeronautics (HAL) added 1.66%. The company’s consolidated net profit jumped 22.13% to Rs 1,510.48 crore in Q2 FY25 as against Rs 1,236.70 crore posted in Q2 FY24. Revenue from operations increased 6.04% YoY to Rs 5,976.29 crore in the quarter ended 30 September 2024.

Global Market:

The University of Michigan's Consumer Sentiment reading climbed to 73 in November, up from 70.5 last month, reflecting increased optimism about the economy.

Bitcoin surged past $81,000, driven by the incoming president's support for digital assets and the election of pro-crypto lawmakers.

German inflation rose 2.4% in October, according to data published Tuesday by the country’s statistics office, confirming a preliminary reading. The harmonized index of consumer prices had risen 1.8% in September.

US consumer price index (CPI) data for October came in line with expectations, but still indicated persistent inflationary pressures. The annual CPI rose to 2.6% from 2.4% in September. Core CPI, which excludes volatile food and energy prices, increased to 3.3% year-over-year.