Barometers turn rangebound, media shares advance

The benchmark indices traded in a narrow range with moderate gains in mid-morning trade. The Nifty traded above the 19,250 mark. Media stocks extended gains for the fourth day in a row.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 397.84 points or 0.62% to 64,478.74. The Nifty 50 index added 126.60 points or 0.66% to 19,259.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.75% while the S&P BSE Small-Cap index gained 1%.

The market breadth was strong. On the BSE, 2,435 shares rose and 1,018 shares fell. A total of 150 shares were unchanged.

Economy:

The S&P Global India services Purchasing Managers` Index (PMI) declined to 58.4 in October as compared to 61 in September, signaling the slowest rate of expansion since March. Still, the headline figure remained well above the 50-mark separating growth from contraction for the 27th straight month.

Anecdotal evidence indicated that growth was underpinned by the securing of new work, favourable demand trends and positive market conditions. Competitive pressures and inflationary forces restricted the increase, according to surveyed firms.

Meanwhile, the S&P Global India Composite PMI Output Index fell from 61 in September to 58.4 in October, indicating the weakest rate of expansion since March.

Earnings Today:

Titan Company (up 1.55%), MRF (up 0.89%), Aditya Birla Capital (up 7.40%), Thermax (up 1.02%), Escorts Kubota (down 0.29%), Crompton Greaves Consumer Electricals (down 0.28%), Bharat Dynamics (up 1.28%), EIH (up 0.20%), Godrej Agrovet (up 2.04%), Procter & Gamble Health (up 0.02%), JM Financial (up 3.92%), Prism Johnson (up 0.60%), Indigo Paints (up 1.25%), Shipping Corporation of India (up 0.50%), Gabriel India (up 0.65%), SML Isuzu (up 3.37%), Satia Industries (up 0.64%), InterGlobe Aviation (up %), Zomato (up 4%), UCO Bank (up 0.48%), JSW Infra (up 0.41%), IDFC (up 0.97%), Gujarat Fluorochemicals (up 1.29%), Punjab & Sind Bank (up 0.17%), Bayer Cropscience (up 1.18%), Whirlpool of India (up 0.50%), Godfrey Phillips India (up 0.98%), Chambal Fertilisers (down 1.38%), Aegis Logistics (down 0.61%), Usha Martin (up 0.88%), Kirloskar Ferrous Industries (down 4.39%), JK Paper (up 0.59%), Orient Electric (up 1.06%), Patel Engineering (up 0.88%), Krsnaa Diagnostics (up 2.25%), Gati (up 0.41%) and Shakti Pumps (up 2.13%) will announce their quarter results later today.

Buzzing Index:

The Nifty Media index gained 1.30% to 2,265. The index rallied 3.93% in four trading sessions.

Network 18 Media & Investments (up 7.47%), TV18 Broadcast (up 3.23%), Sun TV Network (up 2.14%), Dish TV India (up 2.09%), Hathway Cable & Datacom (up 1.39%), D B Corp (up 1.33%), Zee Entertainment Enterprises (up 1.08%), Nazara Technologies (up 0.45%), PVR Inox (up 0.31%) edged higher.

Stocks in Spotlight:

Tilaknagar Industries surged 9.95% after the firm�s consolidated net profit stood at Rs 37.04 crore in Q2 FY24, steeply higher than Rs 13.88 crore recorded in Q2 FY23. Revenue from operations grew by 29.1% year on year (YoY) to Rs 354.39 crore in the quarter ended 30 September 2023.

Sheela Foam slipped 2.96% after the company reported 17.32% decline in consolidated net profit to Rs 44.30 crore in Q2 FY24 as compared with Rs 53.58 crore posted in corresponding quarter last year. Revenue from operations fell 10.18% to Rs 613.18 crore in Q2 FY24 as compared with Rs 682.69 crore in Q2 FY23. Decline in Topline primarily on account of portfolio rationalization and reduction in raw material prices

Global Markets:

Asian stocks advanced on Friday, with investors awaiting a fresh round of data for more clues on the health of services activity through the region. Services purchasing managers� index data from major economies including China and India are set to be released throughout the day. Japan markets were shut for a public holiday.

US stocks rose on Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023.

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