Gift Nifty Down 18 Points | Reliance Jio IPO | Rupee Slips to Record Low | Top Buzzing Stocks Today

Tue, 5 Nov Pre-Open

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Indian share markets continued the down trend as the session progressed and ended the day weak.

Benchmark equity indices BSE Sensex and NSE Nifty 50 ended the week's first trading session in the negative territory, down over 1% each.

At the closing bell on Tuesday, the BSE Sensex stood lower by 942 points (down 1.2%).

Meanwhile, the NSE Nifty closed lower by 314 points (down 1.3%).

M&M, Cipla and SBI were among the top gainers.

Bajaj Auto, Adani Ports and BPCL 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 on negative. The BSE Mid Cap ended 1.3% lower and the BSE Small Cap index ended 1.6% lower.

Sectoral indices are trading negative with stocks in realty sector, power sector and telecom sector witnessing selling pressure.

Gold prices for the latest contract on MCX were 0.5% lower at Rs 78,510 per 10 grams at the time of Indian market closing hours on Monday.

At 7:30 AM today, the Gift Nifty was trading 18 Points lower at 24,103 levels.

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

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Top buzzing stocks today

M&M share price will be in focus today.

shares of Mahindra & Mahindra jumped over 5% on 4 November after the company reported a robust 25% year-on-year surge in SUV sales, reaching a record 54,504 units in October-its highest-ever monthly figure.

By 2:30 PM, Mahindra & Mahindra's stock climbed nearly 3% to Rs 2,894, emerging as the top gainer on the Nifty index.

Exide Industries will also be a top buzzing stock.

Battery maker Exide Industries reported a smaller-than-expected second-quarter profit on 4 November, as muted demand from carmakers offset steady replacement demand, sending its shares to a five-month low.

Exide's shares dropped as much as 4.6% to Rs 437.8 apiece after the results were announced, hitting their lowest since 4 June.

Rupee Slips to Record Low

The Indian rupee declined to its weakest level on record on Monday as persistent outflows from local stocks continued to pressure the currency even as most of its Asian peers benefited from a weak US dollar.

The rupee slipped to its all-time low of 84.11 against the dollar, inching past its previous record low of 84.09 last week.

The benchmark BSE Sensex and Nifty 50 equity indexes were down about 1.5% each on the day, pressured by likely selling by overseas investors and caution ahead of the US presidential election outcome.

Persistent selling by overseas investors and a tepid local earnings season have weighed on local stocks, with the benchmarks down about 9% from the record high hit in late September.

Foreign investors have net sold over US$ 11 billion (bn) of Indian equities in October, while overseas investors and foreign lenders also trimmed their positions in government bonds last month for the first time since April.

Foreign banks were spotted bidding for dollars on Monday, likely on behalf of custodial clients.

Despite the slide in equities, the Reserve Bank of India's routine interventions have ensured that the rupee doesn't suffer as much and the central bank is expected to persist with its defence of the currency.

Cipla's Goa Unit Approval

The facility, poised to manufacture a key oncology drug for Cipla-Abraxane-was caught in regulatory hurdles after the US Food and Drug Administration issued six observations back in June. These regulatory challenges had derailed the launch timeline of Abraxane, which is now paved after the clearance of the facility.

The facility, poised to manufacture a key oncology drug for Cipla-Abraxane-was caught in regulatory hurdles after the US Food and Drug Administration issued six observations in June. These regulatory challenges had derailed the launch timeline of Abraxane, which is now paved after the clearance of the facility.

The inspection was held from 10-21 June 2024.

Reliance Jio IPO

Billionaire Mukesh Ambani targets a 2025 Mumbai listing for his telecom business Jio, valued by analysts at over US$ 100 billion (bn), and plans to launch his retail unit's IPO much later.

Reliance Industries' boss Ambani hasn't updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would "move towards" a listing within five years.

In recent years, Ambani, Asia's richest man, raised US$ 25 bn collectively for digital, telecom and retail businesses from the likes of KKR, General Atlantic and Abu Dhabi Investment Authority, valuing both ventures at above US$ 100 bn.

Reliance has now firmed up plans to launch the Reliance Jio IPO in 2025 as it internally believes it has achieved a stable business and revenue stream in becoming India's No. 1 telecom player with 479 million subscribers.

However, the retail business IPO is not expected until after 2025 as the company first needs to address some internal business and operational challenges.

Oil-to-retail conglomerate Reliance Industries did not respond to a request for comment.

Reliance Jio is set to lock horns with Elon Musk if he launches his Starlink internet service in India, and Jio, which is also backed by Google and Meta, has partnered with Nvidia to develop AI infrastructure.

The sources said there was no internal decision yet on a valuation of Reliance Jio and bankers haven't yet been appointed, but Jefferies in July pegged the company's estimated IPO valuation at US$ 112 bn.

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

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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