Gift Nifty Down 140 Points | PG Electroplast to Mull Fundraising | Why Auto Stocks are Falling | Top Buzzing Stocks Today

Fri, 18 Oct Pre-Open

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Indian share markets Slipped as the session progressed and ended the day weak.

Benchmark equity indices, BSE Sensex, and NSE Nifty50 ended in red amid the expiry of Nifty50 contracts, mirroring its Asian peers, on Thursday.

At the closing bell on Thursday, the BSE Sensex stood lower by 152 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 70 points (down 0.3%).

Infosys, L&T and SBI were among the top gainers.

Bajaj Auto, Nestle and M&M on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day negative. The BSE Mid Cap ended 1.7% lower and the BSE Small Cap index ended 1.4% lower.

Barring IT sector and media sector, all other Sectoral indices are trading on negative note with stocks in metal sector, auto sector and power sector witnessing buying most selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 76,789 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:55 AM today, the Gift Nifty was trading 140 points lower at 24,720 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

Speaking of the stock market, Tanushree Banerjee, Research Analyst in her latest video talks about how technological obsolescence has, in the past, made the biggest of the businesses redundant.

Kodak is of the most cited examples of a business losing relevance with changes in technology. But it is certainly not the only one.

Also, apart from technology, climate change and geopolitics also threaten to bring about certain dramatic shifts in traditional business models. These disruptions may not occur overnight. But they could certainly put several companies out of business unless they pivot.

Watch now.

Top buzzing stocks today

Nestle share price will be in focus today.

Nestle India's share price dropped 3.9% on Thursday to its intraday low of Rs 2,365 per share on the NSE after the FMCG major reported a marginal fall in the September quarter profit.

The company reported a decline of 0.9% in its net profit at Rs 8.9 bn for the quarter that ended September 2024, in which it faced high commodity prices and some of its key brands faced softer consumer demand.

Nalco will also be a top buzzing stock.

Shares of domestic aluminium maker Nalco are higher by nearly 5% in early trade, helped by global major Alcoa Corporation's robust quarterly profit, as well as strong alumina prices.

Lower raw material cost was also one of the factors helping Alcoa's quarterly results.

Why IRCTC Share Price is Falling

in news from the railway sector, IRCTC shares took a tumble on the bourses after the Indian Railways announced its decision to cut the advance reservation period for bookings from 120 days to 60 days, starting November 1.

However, all existing bookings done up to 31 October under the 120-day Advance Reservation Period (ARP), exclusive of the day of departure will remain valid.

The passengers will be able to cancel these tickets, according to the railway board circular.

The development is being seen as a negative for IRCTC, which relies on online booking for nearly 80-85% of its revenue.

There will be no change for trains where a lower time limit for advanced reservation is already in place, such as Taj Express, Gomti Express and others.

For international tourists, the limit of 365 days of advance booking remains intact.

Last month, Life Insurance Corp announced it hiked its stake in IRCTC to 9.3%.

PG Electroplast to Mull Fundraise

PG Electroplast shares advanced 4.7% in trade on Thursday and logged an intraday high of Rs 619 per share on BSE. The scrip gained as the company's board is scheduled to mull over a fundraising proposal at a meeting on 19 October.

PG Electroplast had, after market hours on Wednesday, said that its board of directors will meet at 10 AM on Saturday, October 19, to consider raising funds through the issuance of instruments or securities, through private placement, preferential issue, rights issue, qualified institutions placement or such other methods.

The company added that the trading window for dealing in the company's securities has already been closed from 1 October 2024, till 48 hours after the declaration of unaudited financial results for the quarter and half year ended on 30 September 2024.

PG Electroplast is an Indian company that specialises in manufacturing a variety of plastic products and components, particularly for the automotive and consumer goods sectors. Founded in 1996, it has established itself as a key player in the electroplating and plastic molding industries.

The company focuses on innovation and quality, producing items like automotive parts, electrical components, and consumer products with a commitment to sustainability and eco-friendly practices.

Why Auto Stocks are Falling

Indian auto stocks came under significant selling pressure on Dalal Street on Thursday, 17 October as Bajaj Auto, a leading manufacturer of two-wheelers (2W) and three-wheelers (3W), expressed caution regarding festive demand during the announcement of its September quarter results.

As the first automaker to release its September quarterly numbers, Bajaj Auto's disappointing forecast significantly dampened investor sentiment.

However, Bajaj Auto's projection of just 3% to 5% growth during the festive season fell short of market expectations, which were well below industry expectations of 8%.

The entry-level two-wheeler segment, despite being targeted with consumer offers and discounts ranging from Rs 50 to Rs 60 on models priced around Rs 65,000 ex-showroom.

The company's warning dragged also down its bigger two-wheeler rivals Hero MotoCorp and TVS Motor by about 4.5% each.

As a result, the Nifty Auto index plunged 3.5% in today's intraday trade, hitting 25,004, marking its lowest level since mid-August.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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