Indian Stock Market Overview
The Indian stock market is expected to start the day on a muted note, with the GIFT Nifty trading marginally lower near 25,280. The futures contract based on the benchmark Nifty 50 remained completely flat at 25,281 as of 7:00 a.m.
Nifty and Sensex Performance
The Nifty ended in the red for the second consecutive session on Tuesday, after a volatile and choppy trade. At the close, the Sensex slipped 297.07 points, or 0.36%, to 82,029.98, while the Nifty fell 81.85 points, or 0.36%, to 25,145.50.
Nifty fell as much as 0.66% during the day to 25,060.55, while the Sensex was also down 0.66% to 81,781.62. The market breadth was negative, with 1,044 stocks declining against 794 advancing stocks on the NSE.
Global Market Cues
Asian stocks rebounded after three days of losses, as optimism over a potential Federal Reserve interest-rate cut lifted sentiment and outweighed renewed US-China trade tensions, reports Bloomberg. The S&P 500 fell 0.16% to close at 6,644.69, while the Nasdaq fell 0.76% to end at 22,521.70.
The Dow Jones Industrial Average surged 202.88 points, or 0.44%, to finish at 46,270.46. Oil prices steadied after falling to a five-month low Tuesday on expectations for a supply glut and escalating US-China trade tensions.
Company Results and Updates
Tech Mahindra Q2 Highlights (Consolidated, QoQ): Revenue up 4.8% to Rs 13,995 crore versus Rs 13,351 crore (Estimate: Rs 13,777.50 crore). Net Profit up 5% to Rs 1,194.50 crore versus Rs 1,140.60 crore (Estimate: Rs 1,285 crore).
ICICI Lombard General Insurance Co Q2 Highlights (Consolidated, YoY): Total income up 12.5% to Rs 6,583 crore versus Rs 5,851 crore. Gross Premiums written up 1.58% at Rs 7058 crore versus Rs 6948 crore.
Cyient DLM Q2 Highlights (Consolidated, YoY): Revenue down 20.2% to Rs 310.60 crore versus Rs 389.40 crore. Net Profit at Rs 32 crore versus Rs 15 crore.
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Upcoming Events and Announcements
The government will release trade data for September. Industry group SIAM will release car sales data for September. Axis Bank, HDB Financial Services, HDFC Asset Management Company, HDFC Life Insurance Company, Angel One, Tata Communications, Oberoi Realty, Delta Corp, Heritage Foods, Huhtamaki India, Indian Railway Finance Corporation, KEI Industries, Kewal Kiran Clothing, L&T Finance, Mangalore Refinery and Petrochemicals, Nuvoco Vistas Corporation, Rossari Biotech are among the companies that will announce their Q2 results today.
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Conclusion
In conclusion, the Indian stock market is expected to start the day on a muted note, with the Nifty and Sensex trading lower. The market breadth was negative, with more stocks declining than advancing. The global market cues were mixed, with Asian stocks rebounding after three days of losses.
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