State-owned fuel retailer Hindustan Petroleum Corporation (HPCL) announced on Friday that its consolidated net profit plummeted 97.5% year-on-year, dropping to Rs 142.67 crore from Rs 5,826.9 crore in the same quarter of the previous fiscal year.

Just a month back the headlines were about the Nifty and Sensex touching new highs. The clamor on the street was: Buy! Today the mood is one of despair and the talk is all about corrections and a very negative market breadth. The question is: Has this decline got anything to do with macro developments in any sector? In most cases, no. But, at the same time, there is no denying that valuations are expensive in most sectors. Now, to another question: Is there any sector where things are improving, and given that overall economic growth is on track, are likely to continue improving? The answer is yes. There are still sectors and spaces displaying inherent strength. This corrective wave may be an opportunity to look at them.

The IPO comprises a fresh issue of Rs 325 crore and an OFS of up to 6.53 million shares by existing shareholders and promoters. Mandala Capital AG will fully exit by selling 4,926,983 shares in the OFS. Unlisted shares trade GMP of Rs 15, reflecting a 4% premium over the upper price band.

Mid-cap stocks are approaching correction territory as concerns over slowing earnings growth and high valuations grow. The Nifty Midcap 100 dropped up to 2.9% on Friday, falling over 10% from recent highs, indicating a technical correction. This decline is driven by heavy selling from foreign portfolio managers this month, despite a 30% rally through September 23.

Indian equity indices Sensex and Nifty50 slipped on Friday, eyeing fourth straight week of losses, dragged down by a drop in private lender IndusInd Bank and power company NTPC on disappointing quarterly results. However, four small and midcap stocks from the Nifty 500 index hit new 52-week highs. Here's the list:

Japan’s Nikkei average falls for the second straight week, ending 0.6% lower amid fears of the ruling party losing its majority in the upcoming election. Market volatility increases with broad declines; all 33 industry sectors close in the red led by the shipping sector.

Nippon Life India Asset Management's shares jumped 10% after reporting a 47% rise in Q2 profit. An interim dividend of Rs 8 per share was also announced.

IndusInd Bank, M&M, L&T, and ICICI Bank dragged the Sensex 445 points lower. Reliance Industries, HDFC Bank, SBI, and NTPC also contributed to the decline.

A long buildup occurs when open interest and trading volumes increase alongside a rise in the underlying stock price in the Futures and Options segment, signaling a bullish market trend. In Friday's trading session, five stocks saw fresh long positions. Here’s the list:

A short buildup occurs when there is a rise in open interest and trading volumes, coupled with a decrease in the price of the underlying stock in the Futures and Options segment. This indicates that more traders are expecting the prices to decline and are creating short positions. In Friday's trading session, five stocks saw fresh short positions being built. Here's the list:

Godavari Biorefineries' IPO sees muted demand, with 66% subscription. Retail investors lead at 1.17 times, while analysts express caution due to significant debt and high valuations.

Shares of Dixon Technologies fell 9.7% to Rs 13,601.30 on the BSE after reaching a new all-time high of Rs 15,999.95. Despite this drop, the company reported a 265% year-on-year increase in Q2 PAT to Rs 412 crore, driven by higher mobile phone production and a one-time gain of Rs 209.6 crore.

PNB Housing Share Price: PNB Housing Finance shares climbed 11% to Rs 1,035 after posting a 23% YoY rise in Q2 FY25 net profit to Rs 470 crore, attributed to improved asset quality and reduced GNPA ratio. Net interest income grew modestly, while net interest margin showed slight improvement.

Bikaji Foods shares rose 10% after Q2 results showed 18.5% revenue growth and 15% profit increase, driven by strong demand in ethnic snacks and packaged sweets during the festive season.

Analysts suggest a cautiously optimistic approach for Indian equities amid current market corrections. Top stock picks from Fisdom Research include HCL Technologies, IndusInd Bank, Max Healthcare Institute, Kalyan Jewellers, and Crompton Greaves Consumer Electricals, each with considerable growth potential and key technical and fundamental triggers.

The stock peaked at Rs 2,202 on September 27, 2024, but retreated to Rs 1,991 by October 23, marking a 10% decline. It fell below key moving averages on the daily charts before bouncing back after testing the 200-EMA, indicating a potential bullish recovery. The stock also found support above the lower boundary of an Ascending Triangle pattern, suggesting that if momentum strengthens, it could retest the Rs 2,100 level. This pattern generally signals a continuation of an uptrend.

Godrej Consumer Products shares rose 5% after a 13% net profit increase to Rs 491.31 crore. Analysts maintain buy ratings, with target prices ranging from Rs 1,450 to Rs 1,600.

Several top global brokerages have shared their latest views on key stocks, highlighting growth potential and target prices.Citi has upgraded Paytm to a "buy" following resolved regulatory risks, while Macquarie continues to be positive on Birlasoft despite a margin miss.Jefferies sees strong growth prospects for Godrej Properties, citing robust demand and accelerated land acquisition, and JPMorgan remains "overweight" on Coforge, anticipating sustained organic growth and margin expansion.We have collated inputs from ETNow and here's a closer look at their recommendations and target prices:

After a strong northward rally seen in the markets in the last few months, the markets have seemed to take a breather, witnessing a phase of correction in the current month so far.With the Indian equities experiencing pressure, analysts believe that while the macroeconomic picture of the country is still strong, a cautiously optimistic approach to the markets is advisable.Anchored by two robust mega-caps for stability, and complemented by mid and small caps for growth, Fisdom Research designed a selection of stocks to capitalize on market trends while managing risks for potential returns of up to 36%:

IndusInd Bank Share Price: Jefferies, Nomura, Investec, Nuvama, and IIFL have downgraded their ratings on IndusInd Bank due to weaker asset quality, lower Net Interest Margins, and softer loan growth. Target prices have been reduced significantly, reflecting concerns over profitability and growth prospects.

Nifty has suffered its worst pre-Diwali phase in a decade, falling nearly 6% in a month. Analysts attribute this decline to weak earnings growth and FII outflows. Despite the current downturn, long-term investors see this as an entry point, expecting a recovery by year's end.

Oracle Financial Services Software reported a 38.4% YoY net profit increase to Rs 577.7 crore for Q2, driven by strong revenue growth and rising demand for cloud offerings.

Indian indices Sensex and Nifty50 opened slightly higher after a four-day decline, with IndusInd Bank limiting gains by opening 10% lower.

Shares of FMCG major ITC surged 4% to a day's high of Rs 490 on the BSE on Friday, following the company's announcement of a nearly 16% increase in revenue to Rs 22,282 crore for the quarter ended September 2024. While net profit rose marginally to Rs 4,993 crore—up 2%—it fell short of Street estimates of Rs 5,079 crore. However, revenue exceeded expectations of Rs 18,068 crore.

Paytm shares rise nearly 11% in one week after securing NPCI approval for onboarding new UPI users and reporting a net profit of Rs 928.3 crore for Q2 FY2024, bolstered by a one-time gain from selling its entertainment ticketing business. Analysts highlight significant business and profitability improvements.

NTPC reported a 14% rise in Q2 net profit to Rs 5,380.25 crore despite a decline in total income. The company approved a Rs 2.50 interim dividend.

In the options market, the highest Call Open Interest (OI) is positioned at 25,500, followed by 25,000, while the maximum Put OI is at 24,000 and then at 24,400. Call writing is evident at the 24,500 and 24,400 strikes, whereas Put writing is noted at the 24,400 and 24,300 strikes.

IndusInd Bank Share Price: Jefferies, Nomura, Investec, Nuvama, and IIFL have downgraded their ratings on IndusInd Bank due to weaker asset quality, lower Net Interest Margins, and softer loan growth. Target prices have been reduced significantly, reflecting concerns over profitability and growth prospects.

Nifty has suffered its worst pre-Diwali phase in a decade, falling nearly 6% in a month. Analysts attribute this decline to weak earnings growth and FII outflows. Despite the current downturn, long-term investors see this as an entry point, expecting a recovery by year's end.

Dixon Technologies will be in the spotlight on Friday after reporting a 265% year-on-year increase in net profits to Rs 412 crore, driven by higher mobile phone production and an exceptional gain of Rs 209.6 crore in the second quarter of FY2025. The company also saw a 120% rise in revenues, reaching Rs 18,116 crore compared to Rs 4,944 crore the previous year.

Brokerage firm Jefferies has retained its buy recommendation for IndusInd Bank and Piramal Pharma, while JP Morgan holds a neutral stance on Colgate. Additionally, Investec and Goldman Sachs have also issued buy ratings for Dixon Technologies and ITC.

Jefferies, Nomura, Investec, Nuvama, and IIFL have downgraded their ratings on IndusInd Bank due to weaker asset quality, lower Net Interest Margins, and softer loan growth. Target prices have been reduced significantly, reflecting concerns over profitability and growth prospects.

Mahanagar Gas shares are set to attract attention after the board approved a merger scheme with Unison Enviro and announced quarterly results. Unison Enviro, a wholly owned subsidiary of MGL, operates in the City Gas Distribution (CGD) sector and has a presence in Ratnagiri, Latur, Osmanabad in Maharashtra, and Chitradurga and Davangere in Karnataka.

On October 24, three stocks from the Nifty500 pack came to the bullish scanner of "White Marubozu", according to stockedge.com's technical scan data. What is a White Marubozu patternA White Marubozu is a bullish candlestick pattern in technical analysis. It occurs when the opening price is the lowest for a given period, and the closing price is the highest. Represented by a long white (or green) candlestick with no upper shadow and a small or nonexistent lower shadow, it indicates strong buying pressure throughout the session. Traders interpret it as a signal that buyers were in control from the opening to the closing, often using such patterns for informed decisions about future price movements in financial markets.

Reliance Industries has approved a 1:1 bonus share issue, with the record date set for October 28, 2024. Shareholders with RIL shares in their demat accounts before this date will receive an additional share. This bonus issue is the largest ever in the Indian equity market and is seen as an early Diwali gift.

Shares of JSW Steel are anticipated to be in the spotlight due to upcoming September quarter earnings. The company is expected to report a revenue drop of 2% to 8.5% year-on-year and a significant decline in profit after tax by 71% to 80%, as per brokerages.

Godrej Consumer Products Ltd reported a 13% increase in its net profit to Rs 491.31 crore for the September quarter, driven by growth in domestic volumes and the Indonesian market. Revenue rose 2.2% to Rs 3,647.11 crore, while expenses slightly increased to Rs 3,039.88 crore.

Coal India is expected to report a decline in earnings for the July-September 2024 quarter, with net profit potentially dropping by up to 29% year-on-year. Analysts cite factors like lower volume and e-auction prices as key reasons. Focus will be on management's guidance for future volumes and e-auction premiums.

Shares of IndiGo will be in the spotlight as the airline reports its second quarter results today. Expectations range from a loss of up to Rs 680 crore to a profit of Rs 107 crore. Key focus areas include passenger count, load factor, and international expansion plans.

Benchmark indices Sensex and Nifty extend losses for the fourth consecutive day amid disappointing earnings and continuous FII outflows. Key stocks in focus include ITC, which has broken crucial support levels; ACC, nearing critical support after disappointing earnings; and Adani Wilmar, showing positive momentum post-Q2 earnings.

Nasdaq and S&P 500 gained driven by Tesla's strong earnings forecast and falling Treasury yields. Tesla's shares surged 21.9%, boosting the Consumer Discretionary sector, despite mixed results from other companies. Treasury yields eased after hitting a three-month high, impacting overall market sentiment.

“MCX stock has been constantly witnessing buying at any minor dip for the last fifteen months and recently gave a range breakout on the daily chart at life highs which has bullish implications. Traders can buy for a target of Rs 7100 in the next 2-3 weeks,” Shivangi Sarda, Analyst, Derivatives and Technical Research, Motilal Oswal Financial Services Ltd, said.

Zomato clarified that the Rs 10 platform fee hike is not a rumor and is a routine business adjustment. Both Zomato and Swiggy have increased platform fees in some cities to cover operational costs during the festive season. Zomato mentioned that this hike is temporary, while Swiggy has not provided any such clarification.

Diversified conglomerate ITC Ltd reported net profit of Rs 4,993 crore in the quarter ended September 2024. This is a jump of 2% from Rs 4898 crore reported in the previous year quarter.

Treasuries were stable after advancing Thursday. An index of the dollar was steady after tracking US yields lower Thursday. Australian and New Zealand bond yields fell Friday. The yen was stable in early trading after a Thursday rally.

Both infra-focused government lenders, which specialise in power-related projects, have told the company that for any loan proposal to be considered, Vodafone Idea (Vi) will have to furnish an extra cover through corporate guarantees to shield these proposed commitments from any future default, top financial industry sources involved in the discussions told ET.

Religare Enterprises informed stock exchanges that the Reserve Bank of India rejected its proposal to appoint Rakesh Asthana as a director. This rejection occurred on May 15, 2024. Religare attributed the delay in disclosure to an oversight and faces legal challenges from the Burman family regarding the appointment and AGM postponement.

Non-bank financial companies (NBFCs) will face stress from unsecured loans due to higher interest rates impacting borrowers' repayment capacities this fiscal year, says rating agency ICRA. Growth in microfinance and other unsecured loans will slow significantly. As a result, NBFC profitability will be affected. Regulatory guidelines will also play a role in moderating credit growth.

SAT earlier this week has disposed of appeals filed by Kirloskar Oil Engines, Kirloskar Ferrous Industries, Kirloskar Pneumatic, Kirloskar Industries, and GG Dandekar Properties, against Sebi's October communications addressed to them to disclose the DFS within seven days from the receipt of those regulatory directives.

The Nifty FMCG Index plunged nearly 3%, its steepest single-day drop in 28 months after HUL's second-quarter results missed expectations, disappointing investors. Analysts anticipate continued margin pressure for consumer companies in the near term due to rising raw material costs and weak urban demand.