Market Meltdown: Bajaj Auto Plunges 13% as Sensex and Nifty Close in the Red Amid Geopolitical Tensions and Lackluster Earnings

On October 17, 2024, the Indian stock market experienced notable movements among various stocks as the Sensex and Nifty closed in the red for the third consecutive session. Here’s a summary of the key gainers and losers of the day:

Gainers

1. Kolte-Patil Developers
   • CMP: ₹406
   • Change: +3.5%
   • Achieved its highest-ever quarterly revenue in Q2, with a sales value of ₹770 crore, reflecting 22% YoY growth.
2. Nalco
   • CMP: ₹224
   • Change: +3%
   • Benefited from robust profits reported by Alcoa Corporation and rising alumina prices, which are up over 45% this year.
3. Mphasis
   • CMP: ₹3,090
   • Change: +6%
   • Reported an 8% increase in net profit to ₹423.3 crore for Q2 FY25, despite a revenue drop.
4. Hind Rectifiers
   • CMP: ₹1,067
   • Change: +10% (upper circuit)
   • Hit a record high driven by high trading volumes, with around 3 lakh shares traded.
5. Titagarh Rail
   • CMP: ₹1,168
   • Change: +3%
   • Gained after Morgan Stanley bought a stake in the company.

Losers

1. Bajaj Auto
   • CMP: ₹10,093
   • Change: -13%
   • Reported lower-than-expected profits and revised its sales growth guidance for two-wheelers to 3-5%.
2. Hero MotoCorp
   • CMP: ₹5,215
   • Change: -3.5%
   • Experienced its biggest single-day drop in two years, impacted by Bajaj Auto’s weak earnings and guidance.
3. Nestle India
   • CMP: ₹2,378
   • Change: -4%
   • Reported a marginal decline in net profit due to high commodity prices and softer consumer demand.
4. L&T Technologies Services
   • CMP: ₹5,255
   • Change: -2%
   • Earnings missed expectations with a marginal profit increase.
5. CRISIL
   • CMP: ₹4,743
   • Change: -1%
   • Despite a 12.9% YoY increase in net profit, shares slipped.

Market Overview

• Sensex: Down 494 points (0.6%) at 81,006
• Nifty: Down 221 points (0.9%) at 24,749
• Market Breadth: 1,199 shares advanced, 2,580 shares declined, and 101 shares remained unchanged.

The market was influenced by selling pressure from foreign investors, an underwhelming earnings season, and ongoing geopolitical tensions, particularly impacting the banking and auto sectors.

Disclaimer: The information provided in this report is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and past performance is not indicative of future results. Readers are encouraged to conduct their research and consult with a qualified financial advisor before making any investment decisions. The author and publisher of this report are not responsible for any losses or damages arising from reliance on this information.