As per provisional closing data, 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 broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rallied 1.86% and the S&P BSE Small-Cap index gained 2.44%.

The market breadth was strong. On the BSE, 3,020 shares rose and 924 shares fell. A total of 102 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.26% to 14.59.

IPO Update:

The initial public offer (IPO) of Garuda Construction and Engineering received bids for 3,31,73,943 shares as against 1,99,04,862 shares on offer, according to stock exchange data at 15:30 IST on Tuesday (08 October 2024). The issue was subscribed 1.67 times.

The issue opened for bidding on Tuesday (08 October 2024) and it will close on Thursday (10 October 2024). The price band of the IPO is fixed between Rs 90 to Rs 95 per share. An investor can bid for a minimum of 157 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index jumped 3.11% to 2,057.40. The index fell 8.16% in past three consecutive trading sessions.

Saregama India (up 8.08%), Tips Music (up 6.36%), Nazara Technologies (up 5.35%), Dish TV India (up 4.54%) and PVR Inox (up 3.71%), Hathway Cable & Datacom (up 2.88%), Network 18 Media & Investments (up 2.69%), TV18 Broadcast (up 1.63%), Zee Entertainment Enterprises (up 0.56%) and Sun TV Network (up 0.38%) advanced.

Saregama India surged 8.08%, Fueled by reports suggesting the company is in talks to acquire a majority stake in Dharma Productions, a prominent film production house owned by Bollywood filmmaker Karan Johar.

The media reports indicated that the deal might not materialize and is still in its early stages. This development comes at a time when the film industry is facing challenges due to box office volatility and rising star fees, making it difficult for production companies to operate independently.

Stocks in Spotlight:

Tata Motors shed 0.36%. 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.

FSN E-Commerce Ventures (Nykaa) added 0.26%. The company stated that it has witnessed a strong performance with consolidated net revenue growth of mid-twenties in second quarter of FY25.

Bajaj Finserv declined 2.27% after the company's subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for September 2024 was at Rs 1,689.17 crore, recording a decline of 7.59% year on year (YoY).

Shyam Metalics and Energy slipped 1.52%. The company announced that its stainless steel production surged 90% YoY to 8,175 MT in September 2024 as compared with 4,304 MT produced in September 2023.

Rites advanced 2.03% after the company said that it has received the LOA for supply and commissioning of overhauled in-service cape gauge ALCO diesel electric locomotives from Ntokoto Rail Holdings. The value of the aforementioned contract is $5.4 million, which at the prevailing exchange translates to Rs 45.33 crore.

SpiceJet soared 8.58% after the company announced its plans to significantly expand its fleet with the induction of ten aircraft by the end of November 2024. The company stated that seven of these aircraft will be acquired on lease, while three previously grounded SpiceJet planes are being reintroduced into service.

Allied Digital Services zoomed 16.32% after the company announced that it has been awarded the Pune Safe City Project for total contract value of more than Rs 430 crore.

PSP Projects rallied 4.45% after the company announced that it has received work order worth Rs 269.55 crore for construction of high rise residential tower 'SIBAN' at Gandhinagar.

MOIL gained 4.81% after the company achieved its September production of 1.46 lakh tonnes of manganese ore in September 2024. The company has achieved its sales of 1.59 lakh tonnes of manganese ore in September 2024.

Navkar Corporation jumped 5.05%. The company reported standalone net loss of Rs 2.29 crore in Q2 FY25 as compared with net profit of Rs 2.10 crore reported in Q2 FY24. Revenue from operations stood at Rs 133.12 crore in second quarter of FY25, up 40.75% as compared with Rs 94.58 crore posted in same quarter previous year.

Hi-Tech Pipes advanced 2.05% after the company announced that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 194.98 per share.

Sobha added 1.20%. The company said that its total sales declined 31.63% to Rs 1,178.5 crore in Q2 FY25 from Rs 1,723.8 crore posted in Q2 FY24.

Global Markets:

European stocks declined on Tuesday as investors are assessing the conflict in the Middle East closely and its potential impact on oil markets, supply chains and the global economy.

Most Asian shares ended lower on Tuesday. However, Chinese stocks surged as trading resumed after a week-long break, buoyed by recent stimulus measures from Beijing. Officials are scheduled to provide further details on these measures later today.

In contrast, other Asian indices followed Wall Street's downward trend. U.S. stocks fell sharply on Monday as investors anticipated a smaller rate cut from the Federal Reserve due to a stronger-than-expected U.S. jobs report.

The major U.S. indexes suffered significant losses on Monday. The Dow Jones Industrial Average fell 0.94%, the S&P 500 dropped 0.96%, and the NASDAQ Composite lost 1.18%.

Fears of an escalating Middle East conflict also dampened risk appetite. Meanwhile, the impending landfall of Hurricane Milton, following on the heels of Hurricane Helene, added further anxiety.

US tech stocks witnessed a sharp decline. Google's parent company, Alphabet Inc., faced pressure after being ordered to restructure its Android app store. Additionally, negative analyst comments on Amazon and Apple triggered selling in these tech giants.

The release of the minutes from the September Federal Reserve meeting, scheduled for Wednesday, will be closely monitored. These minutes will offer insights into the Fed's future rate cut strategy. Thursday's consumer price index data is another key event. Investors will be looking for signs of persistent inflation, which could influence the Fed's monetary policy decisions.

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