At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 416.40 points or 0.52% to 79,588.64. The Nifty 50 index slipped 151.45 points or 0.62% to 24,187.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.83% and the S&P BSE Small-Cap index fell 0.58%.

The market breadth was weak. On the BSE, 1,488 shares rose and 2,023 shares fell. A total of 169 shares were unchanged.

Economy:

According to the monthly report by the finance ministry, the outlook for the Indian economy is good, underpinned by a stable external sector, positive agricultural outlook, expected improvements in demand supported by the festive season, and the likelihood of an increase in Government spending, which will boost investment activity. However, at the margin, demand conditions in the economy bear watching. Given the overall subdued inflation, barring a few food items, the real price of money may have gone up. The finance ministry maintains that the Indian economy will grow between 6.5% and 7.0% in the current fiscal year. However, risks stem from global factors such as geopolitical conflicts, rising geo-economic fragmentation, uncertainties about the trade policies of major economies and consequent financial market reactions, the report noted.

IPO Update:

The initial public offer (IPO) of Afcons Infrastructure received bids for 6,63,99,552 shares as against 8,66,19,950 shares on offer, according to stock exchange data at 11:20 IST on Tuesday (29 October 2024). The issue was subscribed 0.77 times.

The issue opened for bidding on Friday (25 October 2024) and it will close on Tuesday (29 October 2024). The price band of the IPO is fixed between Rs 440 to Rs 463 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index fell 1.88% to 9,104.30. The index advanced 2.54% in the past trading session.

NMDC (down 3.79%), Hindustan Copper (down 2.26%), Hindalco Industries (down 2.06%), Adani Enterprises (down 2.02%), JSW Steel (down 1.92%), Vedanta (down 1.9%), Welspun Corp (down 1.76%), Tata Steel (down 1.61%), Jindal Steel & Power (down 1.58%) and APL Apollo Tubes (down 1.44%) edged lower.

On the other hand, Hindustan Zinc (up 2.29%), Ratnamani Metals & Tubes (up 0.46%) edged higher.

Stocks in Spotlight :

Gillette India jumped 7.27% after the company reported strong Q1 FY25 numbers. The company delivered strong balanced growth during the first quarter with sales of Rs 782 crore, up 17% vs year ago. The growth has been broad based amidst continuing green shoots in rural markets. It reported profit after tax (PAT) of Rs 133 crore, up 43% vs year ago led by a strong sales growth, productivity interventions and innovation.

Suzlon Energy fell 4.87%. The company reported 95.72% surge in consolidated net profit to Rs 200.20 core on 47.68% rise in revenue from operations to Rs 2092.99 crore in Q2 FY25 over Q2 FY24.

Spandana Sphoorty Financial tumbled 16.56% after the microfinancier reported a consolidated net loss of Rs 216 crore in Q2 FY25 as against a net profit of Rs 125 crore in Q2 FY24. Total income fell by 4% YoY to Rs 707 crore during the quarter. Net interest income (NII) rose by 9% to Rs 341 crore in Q2 FY25 over Q2 FY24.

Global Markets:

Most Asian stocks traded higher on Tuesday as investors turned their attention to a flurry of key earnings reports due out in the coming days. While Japanese markets continued their upward trend following the ruling coalition's loss of its parliamentary majority, the broader Asian market was less enthusiastic. The Bank of Japan's upcoming meeting later this week is expected to maintain its current monetary policy stance.

US stocks closed higher on Monday, driven by hopes of easing geopolitical tensions in the Middle East. The focus is firmly on the upcoming deluge of major earnings reports and economic data releases. The S&P 500 gained 0.27% to 5,823.52, the NASDAQ Composite rose 0.26% to 18,568.05, and the Dow Jones Industrial Average outperformed with a 0.65% increase to 42,387.57.

Key economic events this week include the release of US GDP data for the third quarter on Thursday, followed by the PCE price index (the Fed's preferred inflation gauge) and nonfarm payrolls data on Friday. These figures will provide crucial insights ahead of the Fed's upcoming meeting, where a smaller 25-basis-point rate cut is widely anticipated. Additionally, the US presidential elections are scheduled for November 5th.