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Key indices open lower; broader market trades in the green

Published on Oct 25, 2023 09:29

The key equity indices traded with minor cuts in early trade as markets resumed trading after a day`s pause. The Nifty traded below the 19,300 level. Pharma, healthcare and IT stocks witnessed some bit of selling while metals and PSU bank shares recorded significant buying demand.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 39.37 points or 0.06% to 64,532.51. The Nifty 50 index lost 19.35 points or 0.1% to 19,262.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.04% while the S&P BSE Small-Cap index added 0.45%.

The market breadth was strong. On the BSE, 1,689 shares rose and 1,019 shares fell. A total of 118 shares were unchanged.

Stocks in Spotlight:

Reliance Industries (RIL) shed 0.23%. RIL is reportedly set to finalise a multi-billion dollar deal with Walt Disney Co. to buy its India operations. After the deal, Reliance is expected to hold a controlling stake in the Disney Star business, which has an estimated valuation of $10 billion. The American entertainment giant will hold minority stake in the business.

Lupin lost 0.47%. The company said that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Fluconazole Tablets to market a generic equivalent of Diflucan Tablets of Pfizer, Inc. This product will be manufactured at Lupin`s Pithampur facility in India.

Mahindra Logistics slumped 4.56%. The company reported consolidated net loss of Rs 15.6 crore in Q2 FY24 as compared to net profit of Rs 11.3 crore in Q2 FY23. Total revenue rose 2.9% to Rs 1364.8 crore in Q2 FY24 from Rs 1326.3 crore in in Q2 FY23.

Delta Corp jumped 4.12%. The High Court of Bombay at Goa considered the writ petitions filed by the company and its subsidiaries on 23 October 2023. The High Court has directed tax authorities not to pass any final orders on the show cause notices without the prior permission of the High Court.

Global markets:

Asian stocks were trading mixed on Wednesday as investors assess Australia`s third-quarter inflation figures, which will give clues to the Reserve Bank of Australia`s monetary policy decision when it meets on November 3. The country`s third quarter inflation rate came in at 5.4%, lower than the 6% seen in the second quarter.

Wall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally.

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