RIL | CMP: Rs 2441.80 | The share price of oil-to-telecom major Reliance Industries dropped 1.5 percent. On October 21, the company reported a marginal drop in consolidated net profit at Rs 13,656 crore for the quarter ended September 30, 2022 as against Rs 13,680 crore in the year-ago quarter. HSBC has a “hold” call on the stock, with the target cut to Rs 2,500. “We cut refining margin assumptions, resulting in FY23–25 estimate declining 3–7 percent,” the brokerage noted. (Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

The market failed to capitalise on the strong start to Samvat 2079, the Hindu calendar year, on Diwali day to end lower on October 25, snapping a seven-session winning streak. At close, the Sensex was down 287.70 points, or 0.48 percent, at 59,543.96, and the Nifty was down 74.50 points, or 0.42 percent, at 17,656.30. After a positive start, the market erased the gains and turned negative, as an extended last-hour selling dragged the indices near the day’s low.

The domestic market pared its early gains with FMCG and private banks pressuring the benchmark. Market attention has shifted to central bank policy announcements since the European Central Bank is expected to hike interest rates at its upcoming policy meeting,” said Vinod Nair, Head of Research at Geojit Financial Services

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