BAROMETERS EXTEND LOSSES; NIFTY SLIDES BELOW 19,150

The key equity benchmarks continued to extend losses and hit fresh day`s low in afternoon trade. The Nifty slipped below the 19,150 mark after hitting the day`s high at 19,347.30 in morning trade. PSU bank and metal shares advanced while media, realty and healthcare stocks declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 476.99 points or 0.74% to 64,094.89. The Nifty 50 index lost 147.50 points or 0.76% to 19,134.25.

In the broader market, the S&P BSE Mid-Cap index declined 0.80% while the S&P BSE Small-Cap index slipped 1.23%.

Sellers outnumbered buyers. On the BSE, 937 shares rose, and 2,659 shares fell. A total of 135 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 5.59% to 11.52.

Gainers & Losers:

Tata Steel (up 1.42%), Nestle India (up 1.15%), Hindalco Industries (up 1.12%), State Bank of India (up 0.63%), Tata Consumer Products (up 0.53%) were major Nifty gainers.

NTPC (down 2.64%), HDFC Life Insurance Company (down 2.45%), Cipla (down 2.24%), Apollo Hospitals Enterprise (down 2.16%) and Bharti Airtel (down 1.84%) were major Nifty losers.

Reliance Industries (RIL) shed 0.51%. 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.

Stocks in Spotlight:

Mahindra Logistics declined 0.95%. 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 rose 2.08%. 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.

Torrent Pharmaceuticals rallied 3.60%. The company has reported 23.72% rise in consolidated net profit to Rs 386 crore in Q2 FY24 as compared with Rs 312 crore in Q2 FY23. Revenue from operations jumped 16.11% to Rs 2,660 crore in Q2 FY24 as compared with Rs 2,291 crore posted in Q2 FY23.

Kewal Kiran Clothing jumped 6.86%. The company has reported 27% YoY jump in consolidated net profit to Rs 49.66 crore on a 16% YoY rise in revenue from operations to Rs 262.48 crore in Q2 FY24.

Global Markets:

European shares slipped while Asian stocks traded 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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