BAROMETERS TRADE WITH MINOR CUTS; EUROPEAN MKT OPENS HIGHER

The key equity indices traded with small losses in afternoon trade. The Nifty traded below the 24,200 level. IT, consumer durables and healthcare shares advanced while oil & gas, realty and media stocks declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex declined 43.49 points or 0.05% to 79,498.50. The Nifty 50 index lost 26.40 points or 0.11% to 24,172.95.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.68% and the S&P BSE Small-Cap index declined 0.96%.

The market breadth was negative. On the BSE, 1,472 shares rose and 2,409 shares fell. A total of 111 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Swiggy received bids for 34,04,88,474 shares as against 16,01,09,703 shares on offer, according to stock exchange data at 13:24 IST on Thursday (6 November 2024). The issue was subscribed 2.13 times.

The issue opened for bidding on Wednesday (6 November 2024) and it will close on Friday (8 November 2024). The price band of the IPO is fixed between Rs 371 to Rs 390 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

Gainers & Losers:

Tech Mahindra (up 2.12%), Infosys (up 1.94%), Mahindra & Mahindra (up 1.92%), Wipro (up 1.86%) and Hindalco Industries (up 1.62%) were major Nifty gainers.

Coal India (down 2.53%), Asian Paints (down 2.43%), Trent (down 2.12%), Eicher Motors (down 1.78%) and Bharat Petroleum Corporation (BPCL) (down 1.75%) were major Nifty losers.

Stocks in Spotlight:

Lupin rose 0.75%. The company�s consolidated net profit jumped 74.1% to Rs 852.63 crore in Q2 FY25 as compared with Rs 489.67 crore in Q2 FY24. Revenue increased 11.3% YoY to Rs 5497.01 crore in Q2 FY24.

Indian Hotels rallied 6.93% after the company�s consolidated net profit surged to Rs 554.58 crore during the quarter as compared with Rs 166.92 crore in Q2 FY24. Revenue jumped 27.4% to Rs 1826.12 crore in Q2 FY25.

Steel Authority of India (SAIL) slipped 3.28% after the company reported 31.3% decline in consolidated net profit to Rs 897.15 crore on 17% fall in revenue to Rs 24,675.20 crore in Q2 FY25 over Q2 FY24.

Indian Metals & Ferro Alloys jumped 8.78% after the company�s standalone net profit rallied 47.54% to Rs 132.73 crore despite 0.1% decline in revenue from operations to Rs 691.92 crore in Q2 FY25 over Q2 FY24.

GMM Pfaudler tumbled 6.70% after the company�s consolidated net profit fell 74.72% to Rs 17.26 crore in Q2 FY25 as against Rs 68.30 crore posted in Q2 FY24. Revenue from operations declined 14.08% to Rs 805.42 crore in Q2 FY25 from Rs 937.48 crore recorded in the corresponding quarter previous year.

Global Markets:

European shares advanced while Asian stocks traded mixed on Friday following a Federal Reserve interest rate cut by 25 basis points to a range of 4.5% to 4.75% on Thursday, a move that was widely anticipated.

Fed Chair Jerome Powell stated that the recent presidential election outcome would have no immediate impact on monetary policy. He emphasized that the Fed will continue to rely on a data-driven approach for future decisions, noting that inflation is cooling as expected, while economic growth remains strong.

In Europe, the Bank of England cut interest rates on Thursday for only the second time since 2020 and said future reductions were likely to be gradual, seeing higher inflation and growth after the new government`s first budget. The Monetary Policy Committee voted 8-1 to cut interest rates to 4.75% from 5%.

Investors are now focused on China, where a legislative meeting is concluding and may result in new stimulus measures. While Trump`s victory has introduced tariff concerns for China and other developing economies, optimism remains high that Chinese authorities will announce measures to counter potential trade impacts from the US.

In the US, stock indices mostly gained on Thursday, extending the recent rally spurred by Trump�s victory. The S&P 500 rose 0.74% to a record 5,973.10 points, and the NASDAQ Composite climbed 1.51% to reach a record 19,269.36 points. The Dow Jones Industrial Average remained flat at 43,729.34 points but stayed close to a record high.

Trump`s victory, coupled with a Republican majority in Congress, suggests fewer obstacles for the 47th President in enacting significant policy reforms. He is expected to pursue a looser fiscal policy, while his protectionist trade and immigration stances are anticipated to strengthen the dollar.

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