On November 8, 2024, Indian equity markets extended their losses for a second consecutive session, driven by profit booking despite positive cues from global markets. The Nifty and Sensex continued their downward trajectory, closing in the red by afternoon. This dip occurred even though there was optimism globally, including US Federal Reserve's second consecutive rate cut, which was expected to boost market sentiment. However, the Federal Reserve's Chairman Powell refrained from giving further guidance, citing uncertainties in the ongoing economic landscape.

Market Overview:

At the close of trading, the Sensex fell 55.47 points, or 0.07 percent, to 79,486.32, while the Nifty dropped 51.10 points, or 0.21 percent, ending at 24,148.20. The market breadth was negative, with 2,475 stocks declining, compared to 1,314 advancing, and 95 unchanged.

Top Losers:

1. Bajaj Electricals
   Shares of Bajaj Electricals declined by 4.5 percent after the company reported muted Q2FY25 results. The company saw a 52 percent year-on-year decline in net profit, which fell to Rs 12.9 crore, despite modest growth in revenue. Investors reacted negatively to the company's performance, leading to a drop in its stock price.

2. GMM Pfaudler
   GMM Pfaudler shares fell 7 percent after the company reported a 75 percent year-on-year decline in net profit for Q2FY25. The company's revenue also dropped 14 percent year-on-year, leading to concerns about its future prospects, and triggering a sell-off in its shares.

3. Indigo Paints
   Indigo Paints shares fell by 6 percent after the company reported a 7.7 percent decline in profit for the September quarter, which amounted to Rs 24.1 crore. The weaker-than-expected results weighed on investor sentiment.

4. Rail Vikas Nigam
   Rail Vikas Nigam (RVNL) saw its shares drop 6 percent after it reported disappointing results for Q2FY25. The company’s net profit dropped by 27 percent, while its revenue remained nearly flat at Rs 4,855 crore. Analysts had anticipated weaker performance due to slower project executions and reduced growth in key segments.

5. IRCON International
   Shares of IRCON International plunged 5 percent after the company reported a decline in both revenue and net profit for Q2FY25. The company's revenue fell by 20.3 percent year-on-year, while net profit dropped by 12.2 percent, signaling weaker financial health for the period.

6. Great Eastern Shipping Company
   Shares of Great Eastern Shipping fell 7 percent, pressured by a weaker quarter-on-quarter performance. The company faced declining revenue and rising expenses, which dented its profitability for Q2FY25.

7. Waaree Energies
   Waaree Energies saw its stock drop by nearly 5 percent on November 8 amid concerns over the potential impact of Donald Trump’s presidency on renewable energy exports to the United States. The company's market cap had already declined in the previous days, with fears growing about reduced exports.

8. Cochin Shipyard
   Shares of Cochin Shipyard dropped 5 percent following higher operational costs that impacted its Q2 margins. The company's EBITDA margin fell from 18.9 percent in Q2FY24 to 17.3 percent for Q2FY25, adding to concerns about its future growth potential.

9. Trent
   Shares of Trent dropped 3.5 percent after the company’s earnings for Q2FY25 came in below expectations. While the company's net profit surged by 46 percent year-on-year, reaching Rs 423.44 crore, and revenue increased by 39.9 percent, investors were disappointed by the results not meeting market forecasts.

Top Gainers:

1. Indian Hotels Company (IHCL)
   Indian Hotels Company saw its shares rise by nearly 7 percent after reporting strong earnings for Q2FY25. The Tata Group company’s net profit surged 232 percent year-on-year to Rs 554.6 crore, and its revenue from operations jumped by 27 percent to Rs 1,826 crore. Despite brokerages remaining cautious on the stock, investors were optimistic about the company's solid performance.

Overall, the market showed signs of consolidation as profit booking took hold amid mixed corporate earnings reports. While Indian Hotels Company emerged as a key gainer, Bajaj Electricals, GMM Pfaudler, and Waaree Energies were among the biggest losers for the day. Investors are likely to continue monitoring global economic cues and corporate earnings as they look for direction in the coming sessions.

The Upcoming IPOs in this week and coming weeks are Mangal Compusolution, Onyx Biotec, Rosmerta Digital, NTPC Green, Avanse Financial and Black Buck.

The Current active IPO are  Swiggy, ACME Solar Holdings, Niva Bupa Health and Neelam Lines and Garments.

For more insights into financial trends , visit our Top News Headlines. You can also explore investment opportunities in the market and apply for upcoming IPOs through our Best IPO to Apply Now section.