Benchmarks trade with tiny gains; realty shares advance

The key equity indices traded near the flat line with small gains in mid-morning trade. The Nifty hovered above the 19,400 level. Realty shares saw buying demand after declining in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 10.66 points or 0.02% to 64,953.06. The Nifty 50 index added 27.60 points or 0.14% to 19,434.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index gained 0.75%.

The market breadth was strong. On the BSE, 2,129 shares rose and 1,352 shares fell. A total of 145 shares were unchanged.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 1,25,95,238 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 11:21 IST on Wednesday (8 November 2023). The issue was subscribed 0.61 times.

The issue opened for bidding on Tuesday (7 October 2023) and it will close on Thursday (9 November 2023). The price band of the IPO is fixed at Rs 268-282 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The initial public offer (IPO) of Protean eGov Technologies received bids for 2,05,88,058 shares as against 43,78,700 shares on offer, according to stock exchange data at 11:21 IST on Wednesday (8 November 2023). The issue was subscribed 4.70 times.

The issue opened for bidding on Monday (6 October 2023) and it will close on Wednesday (8 November 2023). The price band of the IPO is fixed at Rs 752-792 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index gained 1.26% to 650.90. The index had declined 1.34% in the past trading session.

Swan Energy (up 4.71%), Prestige Estates Projects (up 4.61%), Sobha (up 2.04%), Brigade Enterprises (up 1.85%), Phoenix Mills (up 1.23%), Mahindra Lifespace Developers (up 1.19%), Macrotech Developers (up 0.75%), DLF (up 0.55%), Oberoi Realty (up 0.52%) and Godrej Properties (up 0.31%) advanced.

Stocks in Spotlight:

Skipper jumped 4.72% after the company reported a consolidated net profit of Rs 19.78 crore in Q2 FY24, which is significantly higher as compared with a PAT of Rs 2.99 crore in Q2 FY23. Revenue increased by 67.2% year-over-year (YoY) to Rs 77.24 crore in Q2 of FY2023-24.

Deepak Nitrite advanced 2.58% after the company�s consolidated net profit jumped 17.54% to Rs 205.08 crore in Q2 FY24 as compared with Rs 174.47 crore recorded in the same period last. Revenue from operation stood at Rs 1,778.05 crore in Q2 FY24, down 9.36% as compared with Rs 1,961.65 crore posted in Q2 FY23.

Apollo Tyres rallied 5.96% after the company`s consolidated net profit surged 164.37% to Rs 474.25 crore in Q2 FY24 as compared with Rs 179.39 crore posted in Q2 FY23. Revenue from operations increased 5.43% year on year to Rs 6,279.66 crore in the quarter ended 30 September 2023.

Global Markets:

Most Asian shares traded lower on Wednesday, while Japanese blue-chip stocks stayed afloat after a positive business sentiment survey.

U.S. stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in U.S. Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve. Fed Chair Jerome Powell is set to speak on Wednesday and Thursday.

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