Swiggy’s IPO Heats Up, Indian Hotels Rises, and RVNL, Waaree Face Pressure
Written by - Fisdom Research
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November 8, 2024
2 minutes
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Market Snapshot
Indian equities declined on November 8, disregarding positive global cues following a quarter-point rate cut by the US Federal Reserve.
Benchmark indices ended lower for the second consecutive session, with Nifty closing below the 24,150 mark.
Sector-wise, the IT index gained 0.7 percent, while media, PSU banks, metals, oil & gas, power, and realty sectors saw declines of 1-2 percent.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY IT
0.7
NIFTY PHARMA
0.1
NIFTY CONSUMER DURABLES
0.4
NIFTY AUTO
0.0
NIFTY FMCG
0.3
NIFTY PRIVATE BANK
-0.4
NIFTY HEALTHCARE INDEX
0.2
NIFTY FINANCIAL SERVICES
-0.6
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
24,000
24,400
Bank Nifty
51,000
52,100
Top News
RVNL declined over 6 percent as its Q2FY25 net profit dropped 27 percent YoY to Rs 287 crore, with revenue slightly down to Rs 4,855 crore, due to reduced project execution and slower core segment growth.
Waaree Energies slid over 10 percent across two sessions on concerns that renewable energy exports to the US may decline under Donald Trump’s presidency, impacting firms heavily reliant on US exports.
Indian Hotels Company surged nearly 7 percent after posting strong Q2FY25 results, with net profit soaring 232 percent YoY to Rs 554.6 crore, driven by revenue growth and improved occupancy rates..
Zinka Logistics IPO to open on Nov 13th Price band set at Rs. 259-273
Paramesu Biotech files draft papers for Rs. 600 crore IPO
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