FIRST TRADE: Sensex, Nifty open flat; L&T up over 1% post-Q2 nos

Stock market today: Domestic equity indices on Wednesday, November 1, opened on a subdued note ahead of the US Federal Reserve's policy decision.

Last seen, the S&P BSE Sensex was down 0.20 per cent or 124.16 points at 63,746.46, and the NSE Nifty was down 0.15 per cent, or 28.55 points, at 19,051.9.

Nifty Mid Cap 100 and Small Cap 100 opened in positive territory.

On the sectoral front, high-beta Nifty Bank was down 0.29 per cent at 42,721.45.

"With the ground war in Gaza intensifying, there is no surety when this war will end and what the consequences will be. Therefore, investors should continue with a cautious strategy," said Dr. V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

He added it was important to understand that equity markets globally are being impacted more by the spike in US bond yields than the Israel-Hamas conflict. The US 10-year bond yield above 4.9 per cent will continue to be a major headwind for stock markets, particularly for those in emerging markets.

Further, Vijayakumar said sustained selling by FIIs is likely to continue weighing on markets.

Vijayakumar sees the crash in Brent crude to $85 as a big positive for India.

"Investors may watch the trends in high-quality large caps like Maruti, ICICI Bank, HDFC Bank, RIL, ITC, and L&T, which have come out with good Q2 results. These companies have good earnings visibility and, therefore, will witness substantial institutional buying when normalcy returns,", said Vijayakumar.

BUZZING STOCKS 

RattanIndia Enterprises shares were up over 7 per cent after the company received Type-Certification for its drone product, DOPO, from the Directorate General of Civil Aviation (DGCA).

Vodafone Idea shares were up over 4 per cent a day after its earnings call.

Birlasoft shares were up over 3 per cent a day after the company posted its Q2 results.

DLF shares were up over 3 per cent higher a day after the company reported its Q2 numbers.

CE Info Systems shares were up over 3 per cent after it announced excellent September quarter results.

Five Star Business Finance shares were up over 1 per cent after it announced a good set of numbers for the September quarter. 

Conversely, PNC Infratech shares slipped over 1 per cent after it posted its Q2 results.

VIP Industries shares were down over 1 per cent after posting Q2 results.

Max Financial Services shares were down over 2 per cent despite posting inline to slightly positive earnings for the July–September period.

Jindal Steel Power stock was down over 6 per cent after it reported Q2 results slightly below estimates.

GLOBAL MARKETS 

Asian stocks inched lower on Wednesday ahead of a keenly-awaited policy decision from the Federal Reserve later in the day, while the yen was stuck near one-year lows against the dollar, keeping markets on edge for possible intervention by Tokyo.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.13 per cent lower, starting November in a sombre mood after clocking three straight months of losses. Japan's Nikkei was 2 per cent higher.

(with agency inputs)

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