Profit-Taking in Kalyan Jewellers, Declines in Varun Beverages & Suzlon and Upcoming IPO Developments

Market Snapshot

• Indian benchmark indices fell for the sixth straight session on October 7, driven by selling across sectors. Rising tensions in the Middle East dampened investor confidence, adding to the market’s volatility.
• The IT sector rose 0.6%, while all other sectors, including PSU banks, healthcare, and capital goods, dropped 1-3%. 
• The BSE Midcap and Smallcap indices declined by 2% and over 3%, respectively.

Sectoral Trends

Technical Outlook: Key Indices

Top News

• Kalyan Jewellers’ shares dipped around 1% as investors took profits following robust Q2 business updates. The stock’s 40% rise over the last three months provided a favorable opportunity for partial profit-taking.
• Varun Beverages’ stock dropped 5.7%, marking its third straight session of losses after the company announced a board meeting to consider raising funds via Qualified Institutional Placement (QIP) last week.
• Suzlon Energy’s stock fell 5%, extending its losses for the eighth consecutive session. The sharp decline of over 12% in the past week follows an ‘advisory cum warning’ letter issued by the BSE and NSE earlier this month.
• Goswami Infra seeks waivers related to Afcons IPO
• Hero Motors withdraws DRHP for Rs 900 crore IPO
• Garuda Construction and Engineering IPO to open on Oct 8; sets price band Rs 92-95/ share

Focus Smallcase Updates

• The Fisdom Prime Five Smallcase achieved approximately 10% returns over the last three months, Outperforming the key benchmark index consistently.

Trade Ideas Update

• Our Trade Ideas success rate has remained above 70% over the past month, even with increased volatility in the benchmark index. Follow Trade Ideas for timely stock insights.