Equity barometers end with strong gains; Protean eGov Tech IPO fully subscribed

Domestic equity benchmarks clocked solid gains on Monday, rising for the third straight day. The Nifty closed above the 19,400 level. Metal, pharma and oil & gas stocks led the gains while PSU banks and consumer durable stocks lagged behind.

The barometer index, the S&P BSE Sensex, was up 594.91 points or 0.92% to 64,958.69. The Nifty 50 index added 181.15 points or 0.94% to 19,411.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index gained 1%. The market breadth was strong

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 2.04% to 11.11.

Among the sectoral indices, Nifty Metal index (up 1.36%), Nifty Oil & Gas index (up 1.28%) and Nifty Pharma index (up 1.28%) outperformed the Nifty50 index.

Meanwhile, the FMCG index (down 0.34%), the IT index (down 0.63%) and the Media index (down 0.67%) underperformed the Nifty 50 index.

Numbers to track:

The yield on India`s 10-year benchmark federal paper shed 0.16% to 7.305 from its previous close of 7.317.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2250, compared with its close of 83.2050 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.22% to Rs 60,888.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 104.91.

The United States 10-year bond yield advanced 0.83% to 4.595.

In the commodities market, Brent crude for January 2024 settlement gained $1.42 cents or 1.67% to $86.31 a barrel.

Global Markets:

Markets in Europe declined while Asian stocks advanced on Monday after a soft monthly jobs report from the US helped ease bets that the Federal Reserve will continue to hike interest rates.

US stocks closed higher on Friday after a soft jobs report drove bond yields lower. The October jobs report on Friday came in weaker than expectations, showing the Fed�s attempt to cool the economy and stifle inflation could be working. The U.S. economy last month added 150,000 jobs, lower than September�s blowout of 297,000 jobs added. The unemployment rate rose to 3.9%.

Stocks in Spotlight:

State Bank of India fell 0.65%. The largest PSU bank�s standalone net profit increased 8.03% to Rs 14,330.02 crore in Q2 FY24 on 26.41% jump in total income to Rs 1,12,169.43 crore in Q2 FY24 over Q2 FY23.

Vedanta rose 0.13%. The company reported a consolidated net loss of Rs 915 crore in Q2 FY24 as against a net profit of Rs 3,308 crore in Q2 FY23. Income from operations increased by 16% year-over-year (YoY) to Rs 38,546 crore during the quarter, driven by higher sales volume and favorable arbitration award in oil and gas, partially offset by a slip in output commodity prices.

Bank of Baroda tumbled 4.02%. The public sector bank`s net profit jumped 28.35% to Rs 4,252.89 crore in Q2 FY24 as compared with Rs 3,313.42 crore in Q2 FY23. Total income increased by 38.79% to Rs 32,032.75 crore during the quarter as compared with Rs 23,080.03 crore recorded in corresponding quarter last year.

Divis Laboratories jumped 4.65%. The pharmaceutical company`s consolidated net profit declined 29.41% to Rs 348 crore in Q2 FY24 as against Rs 493 crore reported in Q2 FY23. Revenue from operations stood at Rs 1909 crore in Q2 FY24, up 2.91% from Rs 1855 crore recorded in the similar quarter previous year.

Crompton Greaves consumer Electricals fell 1.17%. The company reported a 23% decline in consolidated net profit to Rs 100.87 crore despite of 4.87% rise in net sales to Rs 1,782.27 crore in Q2 FY24 over Q2 FY23.

JSW Infrastructure was locked in 10% upper circuit. The company reported 88.95% jump in consolidated net profit to Rs 254.40 crore in Q2 FY24 as against Rs 134.64 crore recorded in Q2 FY23. The company�s revenue from operations stood at Rs 848.31 crore, up 28.14% YoY in Q2 FY24.

Shipping Corporation of India slipped 5%. The company�s consolidated net profit tumbled 42.53% to Rs 65.73 crore on 22.88% decline in revenue from operations to Rs 1,093.20 crore in Q2 FY24 over Q2 FY23.

InterGlobe Aviation advanced 2.04%. The company has reported a net profit of Rs 188.9 crore in Q2 FY24 as compared with a net loss of Rs 1,583.3 crore in Q2 FY23. Total income for the quarter ended September 2023 was Rs 15,502.9 crore, an increase of 20.6% over the same period last year.

IPO Update:

The initial public offer (IPO) of Protean eGov Technologies received bids for 46,91,250 shares as against 43,78,700 shares on offer, according to stock exchange data at 17:00 IST on Monday (6 November 2023). The issue was subscribed 1.07 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 47,92,07,250 shares as against 5,77,28,408 shares on offer, according to stock exchange data at 17:00 IST on Monday (6 November 2023). The issue was subscribed 8.30 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.

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