The frontline indices ended with major gains on Tuesday. The Nifty settled above the 19,650 mark. Barring the Nifty Healthcare index, all the sectoral indices on the NSE ended in green.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 566.97 points or 0.87% to 66,079.36. The Nifty 50 index added 177.50 points or 0.91% to 19,689.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.14% while the S&P BSE Small-Cap index gained 1.26%.

Buyers outnumbered sellers. On the BSE, 2,554 shares rose and 1,099 shares fell. A total of 136 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.42% to 11.24.

Economy:

The Union Finance Ministry will kick off consultations for the Union Budget 2024-25 from today, 10 October 2023. In meetings with individual ministries, the finance ministry will finalise the Revised Estimates for 2023-24 and the Budget Estimates for 2024-25. Pre-Budget consultations with ministries will continue till November 14, The Budget circular lays the groundwork and spell out the timelines for the next Budget and seeks details on actuals and projected expenditure and outlays as well as revenue by government ministries.

Growth in India is projected to remain strong, at 6.3% in both 2023 and 2024, with an upward revision of 0.2% point for 2023, reflecting stronger-than-expected consumption during April-June, the International Monetary Fund stated in its October World Economic Outlook. However, in contrast, IMF said baseline forecast is for global growth to slow from 3.5% in 2022 to 3% in 2023 and 2.9% in 2024, well below the historical (2000-19) average of 3.8%.

Meanwhile, global inflation is forecast to decline steadily, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024, due to tighter monetary policy aided by lower international commodity prices. Core inflation is generally projected to decline more gradually, and inflation is not expected to return to target until 2025 in most cases.

Buzzing Index:

The Nifty Realty index rallied 4.01% to 606.20. The index declined 0.79% in the past trading session.

Prestige Estates Projects (up 7.98%), Sobha (up 6.44%), Godrej Properties (up 5.46%), DLF (up 3.84%), Oberoi Realty (up 3.43%), Phoenix Mills (up 3.18%), Macrotech Developers (up 3.13%), Swan Energy (up 1.27%), Brigade Enterprises (up 1.01%) and Mahindra Lifespace Developers (up 0.24%) climbed.

Stocks in Spotlight:

Mazagon Dock Shipbuilders (MDL) rallied 5.02% after the company said that it has signed a letter of intent (LoI) with an European client for construction of six firm and four optional units of 7500 DWT multi- purpose hybrid power vessels. The prices for which would be firmed up at the time of signing of contract.

Dr. Reddy's Laboratories (DRL) shed 0.28%. Dr Reddy's Laboratories, Inc, a wholly-owned step-down subsidiary of DRL, along with several other pharmaceutical companies was named as a defendant in a complaint filed on 6 October 2023 in the US District Court for Northern District, California.

Larsen & Toubro (L&T) added 0.09%. The civil construction company announced that it has secured a significant order for its Water & Effluent Treatment business from public health engineering department in Rajasthan under the Jal Jeevan Mission (Package-I). As per L&T's classification, the value of the 'significant' project lies between Rs 1,000 crore and Rs 2,500 crore.

JSW Steel rose 2.09% after the company said that its consolidated crude steel production grew by 13% to 6.41 million tonnes in Q2 FY24 from 5.68 million tonnes in Q2 FY23. The crude steel production was marginally lower by 3% on a sequential basis, primarily due to scheduled shutdowns undertaken at Indian operations and lower capacity utilisation at USA-Ohio due to market conditions.

Glenmark Life Sciences gained 1.71%. The board of directors of the company has declared an interim equity dividend for the financial year 2023-24 of Rs. 22.50/- per equity share.

Genus Power Infrastructure hit an upper circuit of 5% after the company's wholly owned subsidiary received two letter of awards (LoAs) worth Rs 3,115.01 crore for appointment of Advanced Metering Infrastructure Service Providers.

Bhageria Industries advanced 3.66% after the company announced its one turnkey international Solar Engineering, Procurement, and Construction (Solar EPC) projects with comprehensive Operation & Maintenance and Water Proofing in APM Terminal, Kingdom of Bahrain. Aggregating to a capacity of 11.40 MWp, this project has a total order value of about Rs 104.49 crore (including comprehensive O&M and Water Proofing), without taking taxes into account.

G R Infraprojects added 1.28% while Patel Engineering rallied 3.29%. Dibang Power Consortium, JV of G R Infraprojects and Patel Engineering have executed the contract agreement with NHPC for a project worth Rs 3,637.12 crore on 9 October 2023.

Dhampur Bio Organics slumped 7.88% after the company's standalone net profit dropped 89.3% to Rs 0.81 crore in Q2 FY24 from Rs 7.56 crore in Q2 FY23. Net sales rose by 4.5% YoY to Rs 538.11 crore in the second quarter.

Keystone Realtors jumped 5.85% after the company announced that its collections has surged 70.06% to Rs 585 crore in Q2 FY24 as against Rs 344 crore recorded in Q2 FY23. The pre-sales stood at Rs 306 crore in the quarter ended 30 September 2023, registering a decline of 32.75% YoY and 39.04% QoQ.

Ajmera Realty & Infra soared 12.06% after the company recorded sales value of Rs 252 crore in Q2 FY24, recording a growth of 52% as compared with sales value of Rs 166 crore in Q2 FY23. Collections rose 8.82% YoY to Rs 111 crore in Q2 FY24.

Puravankara soared 10.84% after its sales value zoomed 102% to Rs 1,600 crore in Q2 FY24 from Rs 791 crore recorded in Q2 FY23. The relator's sales value soared 109% to Rs 2,725 crore in H1 FY24 as against Rs 1,304 crore in H1 FY23.

Global Markets:

Markets in Europe advanced while Asian stocks ended mixed on Tuesday, as investors resume focusing on potential central bank moves while keeping an eye on the conflict in the Middle East.

A degree of calm has returned to global equity markets, with European indices rebounding after the previous session's losses, helped by relatively dovish comments by Federal Reserve officials which helped to settle nerves which had been frayed by the deepening conflict between Israel and the Palestinian Islamist group Hamas.

Fed Vice Chair Philip Jefferson said the central bank could proceed carefully in deciding whether any further increases are warranted, while Dallas Fed President Lorie Logan indicated rising Treasury yields could steer the Fed from further rate increases.

Wall Street's major indexes closed higher on Monday while energy stocks rallied as investors digested the latest news about the conflict between Israel and the Palestinian Islamist group Hamas.

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