Share Market Highlights - November 5, 2024: Sensex Rises 694 Points, Nifty Closes Above 24,200; Strong Gains in Metal and Banking Stocks

As the US faces ongoing trade disputes, discretionary spending in various sectors is expected to tighten, posing risks to India's IT export market. Trade conflicts often impact US corporate spending, particularly in areas such as IT services and outsourcing—core sectors for Indian exports. With lower US investment in these services, Indian IT companies could experience slowed growth and revenue constraints.

Stock Market Live Updates - November 5, 2024

Nifty Metal Stocks Surge: Leading Nifty Metal stocks gained, with Hindustan Zinc up 2.98%, NMDC rising 2.48%, JSW Steel up 2.41%, SAIL at 2.10%, and Tata Steel increasing by 2.06%.

Sensex Down: The Sensex declined by 387.52 points (0.49%) to reach 78,394.72 as of 12:04 PM.

Market Gainers and Losers:

Top gainers on NSE: JSW Steel (2.40%), Tata Steel (2.01%), Bajaj Auto (1.92%), IndusInd (1.41%), Hindalco (1.23%).

Top losers: Adani Ports (-3.69%), HDFC Life (-2.81%), Shriram Finance (-2.79%), Trent (-2.55%), BEL (-2.16%).

US Fed Rate Cuts: PGIM India MF’s Puneet Pal suggests a probable 25bps rate cut from the US Fed on November 7, though gradual cuts may continue. In India, stable macroeconomic conditions could encourage rate cuts, possibly starting by February 2025.

BSE Snapshot at Noon: Out of 3,910 stocks, 1,853 advanced, 1,914 declined, and 143 were unchanged. 180 stocks hit a 52-week high, 22 a 52-week low, 307 traded in the upper circuit, and 161 in the lower circuit.

L&T's Acquisition: Larsen & Toubro (L&T) plans to acquire a 21% stake in E2E Networks, a cloud services provider, for approximately ₹1,407 crore by December 31, 2024.

Sagility India IPO Update: As of 11:45 AM, Sagility’s IPO is subscribed 0.10 times, with retail at 0.48 times and employee reservation at 0.53 times. The IPO closes on November 7.

ABB India Performance: Despite a 21% increase in profit, ABB India shares dropped 4.84% to ₹7,004.35 on the NSE.

Contract Wins: NBCC received a ₹500 crore contract from the Bureau of Indian Standards, trading down 2.10% at ₹95.76, and Solar Industries secured an ₹887 crore order from Singareni Collieries, with its stock trading flat at ₹9,806.20.

Gland Pharma Boost: Gland Pharma’s stock rose 12.67% to ₹1,815 on the NSE due to revenue growth, though profits fell by 16%.

Eicher Motors Enters EV Market: Eicher Motors shares increased by 1.28% to ₹4,893.75, as its Royal Enfield brand announced its first electric bike, expected to launch by 2026.

US Elections and India’s Markets: Director Nitin Aggarwal at Client Associates highlights potential impacts on India's market:

Pharmaceuticals: Possible tariff adjustments could impact Indian generic drug exports.

IT Sector: Reduced US discretionary spending due to trade wars may affect India’s IT exports.

Foreign Portfolio Investments (FPI): Delayed US interest rate cuts could reduce FPI inflows into India, given their inverse relation to US rates.

India's Monetary Policy: A delay in US rate cuts may stall India’s own rate reduction plans, extending economic pressures and slowing earnings growth.

Leadership Appointment: Vaibhav Sinha named VP of Business Development - Rest of the World for Indoco Remedies.

Market Insights by Appreciate: Shlok Srivastav from Appreciate suggests a potential Trump victory could increase US bond yields, causing capital outflows from India, while a Harris win would likely sustain existing US policies under Biden.

Additional Updates:

Nifty Metal Index rose by 1.19% to 9,353.

Swiggy's IPO opens on November 6 and closes on November 8.

Suzuki unveiled the eVITARA, its first global electric SUV, with production starting in India in 2025.

Stay updated for further insights on market movements, key industry developments, and the latest economic forecasts.