On November 18, 2024, the Nifty 50 and Sensex extended their losses for the seventh straight session, continuing to face pressure due to FII selling, weak global cues, and a hawkish commentary from the US Fed. While the broader market struggled to recover, some stocks witnessed notable movements, with Muthoot Finance, Crompton Greaves, and NALCO among the top gainers, and IGL, MGL, and Honasa Consumer as the major losers.

Top Gainers

• Muthoot Finance (Rs 1,890.45, +6.5%)
  Shares of Muthoot Finance, India’s largest gold financier, surged by nearly 8% due to a strong quarterly profit growth. The company reported crossing the Rs 1 lakh crore AUM (Assets Under Management) milestone, with a robust demand for gold loans driven by restrictions on unsecured lending by the RBI. The company’s gold loan AUM is at a record high, indicating strong growth potential in the sector.

• Crompton Greaves Consumer Electrical (Rs 384, +3.5%)
  Crompton Greaves saw its stock rise by 4%, driven by a 26% YoY increase in consolidated net profit, which reached Rs 125 crore for the quarter ending September. The company also saw a 6.4% YoY growth in revenue, reflecting healthy demand for its consumer electrical products and solid operational performance.

• Hero MotoCorp (Rs 4,728, +2.7%)
  Shares of Hero MotoCorp rose by over 3%, as brokerages like Jefferies, Nomura, and Nuvama Institutional Equities reiterated their ‘Buy’ ratings. The rural demand recovery, upcoming product launches, and margin improvements were cited as the key growth drivers, boosting investor confidence in the company.

• NALCO (Rs 238.81, +8.6%)
  Shares of NALCO, a leading aluminium producer, surged as China decided to reduce or cancel export tax rebates for select products made of aluminium and copper. With China being the world’s largest producer of aluminium and alumina, a reduction in its exports could tighten global supply and potentially raise prices, benefiting Indian companies like NALCO.

• Brainbees Solutions (Rs 539, +3.84%)
  Shares of Brainbees Solutions rose by 10% after the company reported a significant revenue increase of 26% YoY, reaching Rs 1,900 crore in Q2FY25. The company’s loss narrowed to Rs 63 crore from Rs 119 crore in the year-ago period, indicating a solid recovery in its financial performance.

Top Losers

• IGL (Rs 325.3, -19.8%)
  Shares of Indraprastha Gas Limited (IGL) and other city gas distribution (CGD) companies took a major hit after the government cut the Administered Price Mechanism (APM) allocation to CGDs by 20% for the second consecutive month. This reduction in gas supply from older, cheaper fields means IGL and other CGD players will have to resort to more expensive options like New Well Gas or spot LNG, affecting their margins and leading to a sharp decline in share prices.

• MGL (Rs 1,128.35, -14.04%)
  Similarly, shares of Mahanagar Gas Limited (MGL) also took a significant hit for the same reason. The reduced APM allocation impacts CGDs across India, forcing companies to seek more expensive gas alternatives, which is expected to hurt their profitability in the near term.

• Honasa Consumer (Rs 297.25, -20%)
  Shares of Honasa Consumer, the parent company of Mamaearth, hit the 20% lower circuit limit after it reported its first quarterly loss in five quarters for the period ending September 2024. The company’s weak earnings report reflected declining profitability, and its shares fell below their IPO price of Rs 324, causing significant concern among investors.

• TCS (Rs 4,017.15, -3.1%)
  TCS, one of India’s leading IT firms, along with other companies in the Nifty IT index, saw a decline of nearly 4% after US Federal Reserve Chairman Jerome Powell indicated that there was no immediate need to lower interest rates, despite ongoing economic growth and a strong job market. This comment added to concerns about global inflation and its potential impact on the tech sector.

• Bharat Dynamics (Rs 940.35, -4.97%)
  Shares of Bharat Dynamics fell by 3.5% after the company reported weak results for Q2FY25. The company posted a 17% YoY decline in its net profit, which raised concerns about its financial outlook for the rest of the fiscal year.

Conclusion

The stock market on November 18, 2024, was a mix of strong performers and notable losers, reflecting the volatility in the global and domestic markets. While stocks like Muthoot Finance and Crompton Greaves saw substantial gains, IGL, MGL, and Honasa Consumer faced significant declines due to regulatory changes and weak earnings reports. The overall market sentiment remained cautious due to global economic concerns and domestic challenges.

The Upcoming IPOs in this week and coming weeks are NTPC Green, Lomosaic India, C2C Advanced System, Rajesh Power Services, Rosmerta Digital, Avanse Financial and Nisus Finance.

The Current active IPO are Zinka Logistics Solution (Black Buck), and Onyx Biotec.

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.