Equity indices exhibit resilience, Nifty holds 19,400

In a volatile trading session on Tuesday, equity indices initially showed a downward trend but managed to recover most of their losses by the end of the day, displaying remarkable resilience. The cautious sentiment surrounding state elections and negative global cues, such as a decline in Chinese exports, resulted in market resistance. Although the market remained range-bound throughout the session, a surge in buying during the final hour helped overcome the initial setbacks. The pharma sector performed well, while the real estate segment faced profit booking. Additionally, there were some specific movements in the IT and metal stocks. Notably, mid and small-cap stocks outperformed the major index.

The barometer index, the S&P BSE Sensex declined 16.29 points or 0.03% to 64,942.40. The Nifty 50 index lost 5.05 points or 0.03% to 19,406.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.53% while the S&P BSE Small-Cap index rose 0.38%.

The market breadth was positive. On the BSE, 1,929 shares rose and 1,760 shares fell. A total of 124 shares were unchanged.

Numbers to track:

The yield on India`s 10-year benchmark federal paper declined 0.34% to 7.280 from its previous close of 7.305.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2600, compared with its close of 83.2125 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.66% to Rs 60,368.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.37% to 105.60.

The United States 10-year bond yield slipped 1.33% to 4.604.

In the commodities market, Brent crude for January 2024 settlement lost $1.65 cents or 1.94% to $83.53 a barrel.

Global Markets:

The Dow Jones index futures were down 96 points, indicating a weak opening in the US stocks today.

European and Asian stocks tumbled on Tuesday, as Federal Reserve warnings and concerns over China`s economic conditions affected market sentiment. The Reserve Bank of Australia also raised interest rates as expected, indicating a less favorable inflation outlook.

Minneapolis Fed President Neel Kashkari`s comments tempered optimism about the Fed`s potential end to their tightening cycle this year.

China`s exports contracted more than expected in October and their trade surplus reached a 17-month low. While imports unexpectedly increased, the decline in exports signifies ongoing struggles for China`s exporters, primarily due to weakening demand in Western countries. This weakness in China has negative implications for broader Asian markets that rely on China as a key trading partner. Chinese inflation data later in the week is expected to provide further insights into the situation.

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.

Stocks in Spotlight:

Bajaj Finance declined 1%. The non-banking financial company (NBFC) announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 7,533.81 per share.

Trent zoomed 8.78% after the company reported consolidated net profit net profit of Rs 228.06 crore in Q2 FY24, steeply higher than Rs 78.94 crore posted in Q2 FY23. Revenue from operations jumped 52.73% to Rs 2,982.42 crore in Q2 FY24 as against Rs 1,952.74 crore recorded in Q2 FY23.

Hindustan Petroleum Corporation soared 6.33% after the state-owned oil retailer reported a standalone net profit of Rs 5,118.16 crore in Q2 FY24 as against a net loss of Rs 2,172.14 crore recorded in Q2 FY23. Net sales (excluding excise duty) stood at Rs 95,320.4 crore in September 2023 quarter, down 11.79% from Rs 1,08,056.24 crore recorded in the same period a year ago.

Average gross refining margin (GRM) (gross of export duty) for the period July-September 2023 were $13.33 per barrel as compared to $8.41 per barrel reported during the corresponding period of previous year.

Gland Pharma jumped 5.01%. The 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.

FSN E-Commerce Ventures (Nykaa) advanced 1.25% after the company�s consolidated net profit jumped 50.29% to Rs 7.80 crore in Q2 FY24 as compared with Rs 5.19 crore in Q2 FY23.

Zydus Lifesciences advanced 2.17% after the company consolidated net profit surged 53.2% to Rs 800.7 crore in Q2 FY24 as compared with Rs 522.5 crore posted in Q2 FY23. Revenue from operations rose 9.1% YoY to Rs 4,368.8 crore during the quarter ended 30 September 2023.

Emami fell 1.30%. The FMCG goods maker has reported 3.1% fall in consolidated net profit to Rs 178.53 crore in Q2 FY24 from Rs 807.36 crore in Q2 FY23.

Radico Khaitan jumped 4.97% after the liquor maker�s consolidated net profit rose 19.39% to Rs 61.87 crore on 21.48% increase in revenue from operations to Rs 925 crore in Q2 FY24 over Q2 FY23.

RR Kabel surged 8.69% after the company�s consolidated net profit jumped 111.7% to Rs 74.1 crore on 17.7% increase in revenue from operations to Rs 1,609.7 crore in Q2 FY24 over Q2 FY23.

Cochin Shipyard rallied 3.69% after the company`s consolidated net profit jumped 60.93% to Rs 181.52 crore in Q2 FY24 as compared with Rs 112.79 crore recorded in Q2 FY23. Revenue from operations increased 48% year on year to Rs 1,011.71 crore in the quarter ended 30 September 2023.

Meanwhile, the company`s board has approved the sub division of existing one equity share of face value of Rs 10 each fully paid up into two equity shares of face value of Rs 5 each fully paid up. Further, the board has also declared an interim dividend of Rs 8 per equity share of Rs 10 each for the financial year 2023-2024.

New Listing:

Shares of Honasa Consumer closed at Rs 337.15 on the BSE, representing a premium of 4.06% as compared with the issue price of Rs 324.

The scrip was listed at Rs 324, matching the initial public offer (IPO) price. The stock has hit a high of 340 and a low of 322. On the BSE, over 8.22 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 78,51,155 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (7 November 2023). The issue was subscribed 38%.

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 IPO of Protean eGov Technologies received bids for 1,40,61,024 shares as against 43,78,700 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (7 November 2023). The issue was subscribed 3.21 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 4,22,28,99,750 shares as against 5,77,28,408 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (7 November 2023). The issue was subscribed 73.15 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.

Powered by Capital Market - Live News