Ola Powers Festive Growth
Aaj Ka Bazaar
The US market rallied to new records overnight with significant boosts from financial stocks after banks reported strong quarterly results. At the same time, the latest inflation data fuelled the idea that interest rates are finally heading back down and that the economy is on a solid footing. The US dollar traded at an over two-month high against major currencies, and gold changed little amid bets that the Federal Reserve would proceed with modest rate cuts in the near term. Investors eagerly await the upcoming European Central Bank meeting, where another interest rate cut is expected. The Asian market was lower this morning, though Japanese markets surged as traders returned from a long holiday weekend. Indian market looks set to open on a tepid note Tuesday after government data showed retail inflation in the country rose to a nine-month high of 5.49% in September due to higher food prices. That marks a significant increase from 3.65% in August.
Markets Around Us?
BSE Sensex - 82,151.25 (0.18%)
Nifty 50 - 25,168.20 (0.16%)
Bank Nifty - 51,950.45?(0.26%)
Dow Jones - 43,140.55 (0.18%)
Nasdaq - 18,502.69 (0.87%)
FTSE - 8,292.66 (0.47%)
Nikkei 225 - 40,130.31 (1.32%)
Hang Seng - 20,805.58 (-1.36%)
Sector: Electric Vehicles
Ola Electric secures 34% market share
Ola Electric, India's top electric vehicle maker, saw strong growth during the festive season, capturing 34% of the two-wheeler EV market with over 15,672 registrations by mid-October. This boost came from the popularity of its S1 scooter line-up and its expanding service network. Ola aims to keep this momentum through Diwali, focusing on expanding into smaller cities and improving after-sales service. The company plans to double its service centres to 1,000 by the end of 2024 and onboard 10,000 sales and service partners by 2025. Ola's S1 scooters range from Rs 74,999 to Rs 1,34,999, catering to a wide range of customers.
Why it Matters:
With a diverse product portfolio catering to both premium and mass-market segments, investors might see Ola’s strategy as well-balanced, with the potential to capture a broad market.?
NIFTY 50 GAINERS
BPCL - 349.20?(2.48%)
BHARTIARTL - 1,718.30?(1.34%)
BAJAJFINSV - 1,889.80?(1.21%)
NIFTY 50 LOSERS
ONGC - 282.85 (-1.27%)
TATASTEEL - 156.64 (-1.06%)
HINDALCO - 736.05?(-0.94%)
Sector: Oil & Gas
Reliance Industries Q2 profit slips
India's largest conglomerate, Reliance Industries Ltd.'s Q2FY25 performance reflects a mixed bag across its various business segments. Performance reflects robust growth in Digital Services and Upstream business. This helped partially offset the weak contribution from the O2C business, which was impacted by unfavourable global demand-supply dynamics. The retail segment continues to increase its consumer touchpoints and product offerings across physical and digital channels. The focus on strengthening retail operations will help it rapidly scale up this business in the coming quarters and years and sustain its industry-leading growth momentum. In comparison, the O2C business faced challenges mainly due to lower price realisation, partly offset by increased gas and condensate volumes in the KGD6 and CBM fields. ?In the telecom segment, Reliance Jio's broad spectrum of offerings enables it to digitally empower every village, town and city in India, as well as the country's small and medium-scale enterprises. The digital services business continues to focus on innovative deep-tech solutions nationally and is on track to deliver the path-breaking benefits of Artificial Intelligence to all Indians. Additionally, the first of the New Energy Giga factories is on track to commence production of solar PV modules by the end of this year.?
Why it Matters:
Overall, we believe the company is well-versed in dealing with short-term headwinds and continues to perform well across all business segments, with expectations of further improvement once the global macro environment is stable.
Around the World
Most Asian stocks rose on Tuesday, following record highs on Wall Street as investors focused on upcoming Q3 earnings. The S&P 500 and Dow Jones hit new peaks, helping boost Asian markets. Japan's Nikkei 225 surged 1.7%, crossing 40,000 points, driven by gains in technology stocks. Australia's ASX 200 also hit a record, helped by strong performance in mining companies like BHP and Rio Tinto. However, Chinese markets lagged, with the Shanghai and Hong Kong indexes slipping as recent fiscal stimulus measures from Beijing lacked key details, and weak economic data dampened optimism.
Option Traders Corner
Max Pain
Nifty 50 - 25,200
Bank Nifty - 51,800
Nifty 50 - 25,101 (Pivot)
Support - 25,043, 24,959, 24,901
Resistance - 25,185, 25,243, 25,328
Bank Nifty - 51,643 (Pivot)
Support - 51,934, 50,971, 50,722
Resistance - 52,066, 52,315, 52,738
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Big order win
Ashoka Buildcon has won orders worth ?3,267 crore from Maharashtra, two from Maharashtra State Road Development and another from CIDCO (City & Industrial Development Corporation of Maharashtra).