Indian markets ended in the red, with the Nifty 50 dropping by 126 points to close at 24,340.9, while the BSE Sensex lost 426.9 points to settle at 79,942.18. Broader indices like the Nifty 500 were also down, but market breadth showed strength, with 1,801 stocks posting gains against 483 losers across the exchange. Notably, Nifty Midcap 100 and Nifty Smallcap 100 indices closed in the green.

Volatility remained high, with the Nifty VIX jumping 6.9% to 15.5 points, signaling nervousness among investors.

Global Market Trends

Global markets provided mixed cues. Asian indices ended with a mixed performance, while European indices were mostly negative, except for Russia’s MOEX and RTSI indices, which traded higher. In the U.S., futures showed gains, hinting at a positive session on Wall Street.

Brent crude oil prices rose, adding further volatility to the markets. Alphabet’s Q3 results exceeded expectations, driven by strong demand for AI-powered cloud computing services.

Sectoral Performance and Key Gainers

Healthcare Equipment & Supplies emerged as the best-performing sector, up 5.5%. Meanwhile, the Nifty Media index also performed well, with constituents like Sun TV Network, PVR INOX, and Zee Entertainment Enterprises trading in the green.

Company-Specific Highlights

1. Larsen & Toubro announced major wins in its Transmission & Distribution (T&D) business, securing contracts worth Rs 5,000-10,000 crore for expanding energy grids in the Middle East and Africa.

2. Kaynes Technology reported 87.5% YoY profit growth in Q2FY25, but it narrowly missed analysts’ forecasts. Revenue surged 63.8% YoY to Rs 605.7 crore.

3. Shalby’s Q2FY25 net profit fell by 43% YoY to Rs 173.4 crore, impacted by higher operating costs.

4. Redington surged after beating profit forecasts by 12.3%, despite a 3.5% YoY decline in net profit to Rs 292.9 crore. Revenue grew 11.9% YoY to Rs 24,952.2 crore, driven by strong performances in India & South Asia markets.

5. GlaxoSmithKline Pharmaceuticals gained as its net profit increased 16.1% YoY to Rs 252.2 crore, supported by lower finance costs.

6. Sterlite Technologies posted a net loss of Rs 14 crore in Q2FY25 due to higher raw material costs, reversing from a profit of Rs 34 crore last year.

7. Voltas rose despite missing earnings estimates, reporting a 265.3% YoY jump in net profit, driven by improvements in engineering and cooling products segments.

IPO and Rating Updates

• Godavari Biorefineries debuted with a 12.5% discount on its listing price, closing at Rs 352 per share.
• Geojit BNP Paribas upgraded Bajaj Finance to ‘Buy’ with a target price of Rs 7,924, implying a 13.6% upside.

RBI Policy Outlook

Economists expect the RBI to cut its policy rate by 0.25% to 6.25% in December, despite a recent inflation uptick to 5.5%. Inflation is forecasted to average 4.9% this quarter, providing the central bank some leeway to stimulate growth. This would mark the first rate cut since early 2019, as the central bank has maintained high rates for the past ten meetings.

Other Key Movers

• Apollo Hospitals advanced 1.3%, anticipating positive Q2FY25 results on November 6.
• Force Motors surged over 15% as net profit grew by 43.8% YoY to Rs 135 crore, helped by lower finance costs.
• Five-Star Business Finance fell 11%, but Nuvama Research retained its ‘Buy’ rating with a price target of Rs 1,010, citing strong business fundamentals despite challenging market conditions.

Real Estate and Development News

Shriram Properties announced a joint development agreement for a 6-acre land parcel in Pune, with plans to develop 650 apartments and commercial spaces. The project, expected to generate Rs 700-750 crore in revenue, will be completed over the next four years.

Conclusion

The Indian stock market remained volatile, with benchmark indices closing in the red amid mixed global cues and higher volatility levels. However, midcap and smallcap stocks provided some relief, and sector-specific gains in media and healthcare boosted market sentiment. Positive earnings surprises from companies like Kaynes Technology and Redington also stood out, though several other firms faced challenges due to rising costs.

Investors will now keep a close eye on the upcoming RBI policy review and global market trends, as volatility is expected to continue.

The Upcoming IPOs in this week and coming weeks are Archit Nuwood Industries Limited, Swiggy, ACME Solar Holdings.

The current active IPO is Afcons Infrastructure Limited.

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.