Nifty hovers below 19,450, Coal India jumps 4.76%

The benchmark indices traded with modest losses in afternoon trade. The Nifty hovered below the 19,450 mark. PSU bank and metal stocks were in demand while IT, consumer durables and healthcare shares declined.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 317.22 points or 0.49% to 64,942.23. The Nifty 50 index lost 79.65 points or 0.41% to 19,445.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.11% while the S&P BSE Small-Cap index shed0.04%.

The market breadth was negative. On the BSE, 1,675 shares rose and 2,066 shares fell. A total of 150 shares were unchanged.

On the macro front, India`s inflation rate for October will be unveiled on 13 November 2023. India`s inflation based on wholesale price index (WPI) for October will be unveiled on 14 November 2023.

Gainers & Losers:

Coal India (up 4.76%), Eicher Motors (up 1.91%), NTPC (up 1.25%), Hindalco Industries (up 1.06%) and BPCL (up 0.85%) were major Nifty gainers.

SBI Life Insurance Company (down 1.95%), Apollo Hospitals Enterprise (down 1.40%), HDFC Life Insurance Company (down 1.28%), Bajaj Finance (down 1.24%) and Tech Mahindra (down 1.23%) were major Nifty losers.

Stocks in Spotlight:

Glenmark Pharmaceuticals dropped 4.70%. The company has posted a net loss of Rs 61.6 crore in Q2 FY24 as compared with a net profit of Rs 278.6 crore in Q2 FY23. Revenue rose by 6.3% YoY to Rs 3,207.4 crore during the period under review.

Fortis Healthcare rallied 3.15%. The company reported 15% decline in consolidated net profit to Rs 173.72 crore in Q2 FY24 as compared with Rs 204.37 crore in Q2 FY23. The company�s revenue from operations jumped 10.13% year on year (YoY) to Rs 1,769.95 crore in Q2 FY24.

Biocon slipped 3.58%. The global biopharmaceuticals company has reported a net profit of Rs 126 crore for Q2 FY24 as against a PAT of Rs 47 crore in Q2 FY23. Consolidated revenues for the second quarter grew by 52% year-on-year (YoY) to Rs 3,620 crore.

Hindustan Copper surged 7.90% after the company�s consolidated net profit zoomed to Rs 60.70 crore in Q2 FY24 as against Rs 25.87 crore posted in Q2 FY23. Revenue from operations stood at Rs 381.40 crore in the quarter ended 30 September 2023, registering a growth of 79.78% YoY.

Global markets:

Markets in Europe declined and Asian stocks traded mixed on Monday, as investors look to more economic data ahead of high-stakes talks between the U.S. and China. U.S. President Joe Biden and China�s President Xi Jinping are set this week for their first in-person meeting in about a year.

Japan�s wholesale inflation slowed sharply last month, in a sign that cost pressures were gradually cooling, according to data released by the Bank of Japan. The central bank�s corporate goods price index rose 0.8% in October from a year earlier.

Ratings agency Moody�s Investors Service on Friday downgraded its ratings outlook on the U.S. government to negative from stable, pointing to rising risks to the nation�s fiscal strength.

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