Broader mkt outperforms; pharma shares advance

The frontline equity indices continued to trade with small cuts in mid-morning trade. The Nifty hovered below the 19,400 level. Pharma shares gained for the fifth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 127.69 points or 0.20% to 64,831. The Nifty 50 index lost 25.35 points or 0.13% to 19,386.40.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth was positive. On the BSE, 1,985 shares rose and 1,458 shares fell. A total of 179 shares were unchanged.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 24,13,620 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 11:24 IST on Tuesday (7 November 2023). The issue was subscribed 0.12 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 73,87,776 shares as against 43,78,700 shares on offer, according to stock exchange data at 11:30 IST on Tuesday (7 November 2023). The issue was subscribed 1.69 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.

The IPO of ESAF Small Finance Bank received bids for 72,78,25,500 shares as against 5,77,28,408 shares on offer, according to stock exchange data at 13:18 IST on Tuesday (7 November 2023). The issue was subscribed 12.61 times.

The issue opened for bidding on Friday (3 October 2023) and it will close on Tuesday (7 November 2023). The price band of the IPO is fixed at Rs 57-60 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index rose 1.12% to 15,240.40. The index gained 3.79% in five trading sessions.

Gland Pharma (up 5.05%), Ipca Laboratories (up 1.88%), Dr Reddys Laboratories (up 1.8%), Zydus Lifesciences (up 1.78%), Aurobindo Pharma (up 1.76%), Alkem Laboratories (up 1.15%), Glenmark Pharmaceuticals (up 1.02%), Granules India (up 1%), Sun Pharmaceuticals Industries (up 0.71%) and Torrent Pharmaceuticals (up 0.53%) advanced.

On the other hand, Laurus Labs (down 0.64%), Pfizer (down 0.57%) and Sanofi India (down 0.25%) edged lower.

Stocks in Spotlight:

D B Realty added 3.47% after the company announced the signing of a share purchase agreement to sell its 100% stake in Real Gem Buildtech to Kingmaker Developers for a consideration of approximately Rs 231.42 crore.

Tata Communications declined 0.77%. The company said that it has signed a multi-year agreement with Singapore Airlines Limited (SIA) to transform the airline�s communications and collaboration tools to enhance employee productivity and boost user experience.

Gland Pharma advanced 4.99%. The pharma company reported 19.55% fall in consolidated net profit to Rs 194.08 crore in Q2 FY24 from Rs 241.24 crore in Q2 FY23. Revenue from operations jumped 31.50% to Rs 1,373.42 crore in Q2 FY24 as against Rs 1,044.40 crore recorded in Q2 FY23.

Global Markets:

Asian stocks declined across the board ahead of trade data coming out of China, as well as a rate decision by the Reserve Bank of Australia. As per reports, the RBA is likely to raise its key policy rate by 25 basis points to 4.35%.

US stocks eked out small gains on Monday as hopes continued to prevail that the Federal Reserve is ready to call an end to tightening.

Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday. The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.

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