Benchmark indices trade with limited losses; European markets advance

The benchmark indices continued to trade with limited losses in afternoon trade. The Nifty traded tad above the 19,100 level after hitting the day�s low of 19,064.70 in morning trade. Markets in Europe advanced while their Asian peer mostly traded in the red.

At 13:35 IST, the barometer index, the S&P BSE Sensex, was down 162.68 points or 0.25% to 63,949.97. The Nifty 50 index lost 37.35 points or 0.2% to 19,103.55.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.28% while the S&P BSE Small-Cap index gained 0.32%.

The market breadth was positive. On the BSE, 1,923 shares rose and 1,603 shares fell. A total of 141 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Honasa Consumer received bids for 14,01,482 shares as against 2,88,99,514 shares on offer, according to stock exchange data at 13:39 IST on Tuesday (31 October 2023). The issue was subscribed 0.05 times.

The issue opened for bidding on Tuesday (31 October 2023) and it will close on Thursday (2 November 2023). The price band of the IPO is fixed at Rs 308-324 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

The initial public offer (IPO) of Cello World received bids for 1,96,39,332 shares as against 2,20,61,947 shares on offer, according to stock exchange data at 13:39 IST on Tuesday (31 October 2023). The issue was subscribed 0.89 times.

The issue opened for bidding on Monday (30 October 2023) and it will close on Wednesday (1 November 2023). The price band of the IPO is fixed at Rs 617-648 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

Stocks in Spotlight:

Tata Motors rose 0.36%. The company has won an arbitral award of Rs 766 crore plus interest to compensate for its investment in the automobile manufacturing facility at Singur (West Bengal) plant.

TVS Motor Company shed 0.67%. The company has recorded 32% growth in net profit to Rs 537 crore in Q2 FY24 from Rs 408 crore in Q2 FY23. During the quarter, the company�s operating revenue grew by 13% to Rs 8,145 crore as against Rs 7,219 crore in Q2 of last year.

DLF advanced 1.47%. The company reported consolidated net profit of Rs 621.89 crore in Q2 FY24 from Rs 477.20 crore in Q2 FY23. Total income rose to Rs 1476.42 crore as against Rs 1360.30 crore in Q2 of last year.

Marico added 0.33%. The company reported consolidated net profit of Rs 360 crore in Q2 FY24 from Rs 307 crore in Q2 FY23. Total income was Rs 2514 crore as against Rs 2515 crore in Q2 of last year.

Larsen & Toubro (L&T) declined 0.43%. The EPC major announced that its hydrocarbon business, L&T Energy Hydrocarbon (LTEH) has secured Letter of Intent (LoI) for Ultra-Mega onshore project from a client in the Middle East for a Gas Compression plant. As per Larsen & Toubro`s (L&T) classification, the value of the �Ultra Mega` project is more than Rs 15,000 crore.

Global Markets:

European stock markets edged higher while their Asian peers mostly declined on Tuesday, as investors digest more corporate earnings ahead of the release of key regional growth and inflation data, overshadowing disappointing Chinese activity data.

Investors will have the opportunity to study the latest eurozone growth and inflation data later in the session, as they look for clues of future European Central Bank monetary policy decisions.

French GDP grew 0.1% on the quarter, data showed earlier Tuesday, showing annual growth of 0.7%, while German retail sales slumped 0.8% on the month in September, an annual drop of 4.3%.

Sentiment was hit earlier Tuesday by the release by weaker than expected Chinese purchasing managers� indices, denting hopes a recovery in the world�s second largest economy, however fragile, was underway.

China�s official manufacturing purchasing managers` index fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion.

The non-manufacturing PMI also fell to 50.6 last from 51.7 in September, indicating a slowdown in activity in the vast service sector and construction.

In a separate development, the Bank of Japan held interest rates at ultra-low levels and slightly altered the rhetoric around its yield curve control policy, saying it will use the upper end of its YCC band, a range of (-1)% to 1%, as a reference cap for its market operations.

US stocks rallied on Monday as traders started a big week filled with a Federal Reserve rate decision, employment report and Apple�s earnings.

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