In the week ended on Friday, 11 October 2024, the S&P BSE Sensex declined 307.09 points or 0.38% to settle at 81,381.36. The Nifty 50 index shed 50.35 points or 0.20% to settle at 24,964.25. The BSE Mid-Cap index added 1.11% to close at 48,436.86. The BSE Small-Cap index rose 1.17% to end at 56,600.09.

Weekly Index Movement:

The domestic equity indices ended with significant losses on Monday. In the barometer index, the S&P BSE Sensex dropped 638.45 points or 0.78% to 81,050. The Nifty 50 index slipped 218.85 points or 0.87% to 24,795.75.

The domestic equity market bounced back sharply on Tuesday, ending a six-day losing streak. In the barometer index, the S&P BSE Sensex rose 584.81 points or 0.72% to 81,634.81. The Nifty 50 index added 217.40 points or 0.88% to 25,013.15.

The domestic equity benchmarks snapped early gains to close slightly lower on Wednesday. In the barometer index, the S&P BSE Sensex was down 167.71 points or 0.21% to 81,467.10. The Nifty 50 index shed 31.20 points or 0.12% to 24,981.95.

The domestic equity benchmarks ended with minor gains on Thursday. In the barometer index, the S&P BSE Sensex added 144.31 points or 0.18% to 81,611.41. The Nifty 50 index rose 16.50 points or 0.07% to 24,998.45.

The key equity indices ended with limited losses on Friday. The Nifty closed below the 25,000 level. 5In the barometer index, the barometer index, the S&P BSE Sensex was down 230.05 points or 0.28% to 81,381.36. The Nifty 50 index lost 34.20 points or 0.14% to 24,964.25.

RBI Policy Outcome:

Reserve Bank of India (RBI) Governor Shaktikanta Das announced that the Monetary Policy Committee (MPC) has decided to keep interest rates unchanged, aligning with market expectations, while shifting its policy stance from "withdrawal of accommodation" to "neutral." The MPC voted by a 5:1 majority to maintain the policy repo rate at 6.5%.

The RBI also retained its GDP growth target for FY25 at 7.2%. However, Consumer Price Index (CPI) inflation for September is expected to rise significantly due to unfavorable base effects and increasing food prices, according to the governor. The minutes of the MPC’s meeting will be published on October 23, 2024. The next meeting of the MPC is scheduled during December 4 to 6, 2024.

Nifty stocks in spotlight:

Titan Company tumbled 5.14%. The Tata Group company reported standalone revenue growth of 25% in second quarter of FY25. The firm also launched 75 new outlets during the quarter, taking its total retail network to 3,171 stores.

Tata Steel lost 3.48%. The company said that in Q2 FY25, the crude steel production of India division stood at 5.27 million tons (up 5% YoY) and deliveries were 5.10 million tons (up 6% YoY). Tata Motors rose 0.09%. The company announced that the Jaguar Land Rover (JLR) wholesale volume decreased 10% year on year (YoY) to 87,303 units in Q2 FY25 (excluding the Chery Jaguar Land Rover China JV). Meanwhile, the company’s global wholesales in Q2 FY25, including Jaguar Land Rover were at 3,04,189 units, slipped 11%, as compared to Q2 FY24.

Trent surged 11.83%. The company launched its new lab-grown diamond (LGD) brand 'Pome' in Westside stores. Pome offers a range of LGD jewelry, including earrings, rings, necklaces, and bracelets, all crafted with the same expertise as natural diamonds. Lab-grown diamonds are chemically identical to natural diamonds but are created in a laboratory instead of being mined.

JSW Steel fell 1.55% after the company informed that its consolidated crude steel production for the Q2 FY25 was at 6.77 million tonnes, which is higher by 7% as against 6.34 million tonnes reported in Q2 FY24.

Tata Consultancy Services (TCS) decreased 2.4%. The IT major's consolidated net profit declined 1.09% to Rs 11,909 crore in Q2 FY25 as against Rs 12,040 crore reported in Q1 FY25. However, revenue from operations grew by 2.63% quarter on quarter (QoQ) to Rs 64,259 crore in second quarter of FY25. Constant currency revenue growth stood at 5.5% YoY in the September 2024 quarter.

Meanwhile, the firm’s board declared an interim dividend of Rs 10 per equity share. The record date for the same is Friday, 18 October 2024 and the payment date is Tuesday, 5 November 2024.

Global Markets:

Britain economy rose by 0.2% in monthly terms in August, according to figures from the Office for National Statistics. Britain's economy grew in August after two consecutive months of stagnation,

The Bank of Korea (BoK) lowered its benchmark rate by 25 basis points to 3.25%, marking its first rate reduction in over four years. The move signaled a shift away from its restrictive monetary policy stance in response to slowing economic growth and easing inflation.

Headline US consumer price index (CPI) inflation eased slightly in September, falling from 2.5% to 2.4% year-over-year. However, core CPI inflation, which excludes volatile food and energy prices, rose to 3.3% from 3.2%.

Additionally, initial jobless claims in the US unexpectedly increased for the week ending October 4, reaching 258,000. This represented the highest level of new jobless claims since June 2023.

Data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.