Equity barometers hit fresh intraday low; European markets open higher

The domestic equity barometers hit fresh intraday low in afternoon trade. The Nifty traded tad above the 19,000 mark. Markets in Europe and Asia edged higher on Wednesday.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 230.39 points or 0.36% to 63,644.54. The Nifty 50 index lost 73.20 points or 0.38% to 19,006.40.

In the broader market, the S&P BSE Mid-Cap index declined 0.26% while the S&P BSE Small-Cap index gained 0.04%.

The market breadth was negative. On the BSE, 1,670 shares rose and 1,865 shares fell. A total of 146 shares were unchanged.

Economy:

Posting 55.5 in October, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers� IndexTM (PMI) signalled an improvement in the health of the sector for the twenty-eighth month in a row. The latest reading was above its long-run average of 53.9, but slipped from 57.5 in September to signal the slowest rate of expansion since February. Output increased further at the start of the third fiscal quarter, stretching the current sequence of expansion to over two years.

Meanwhile, the index of eight core industries in India saw a growth of 8.1% in September on an annual basis, data from the Ministry of Commerce & Industry showed Tuesday. The index had grown 12.1% in August. The index rose 7.8% YoY between April and September 2023-24.

IPO Update:

The initial public offer (IPO) of Honasa Consumer received bids for 1,25,16,922 shares as against 2,88,99,514 shares on offer, according to stock exchange data at 13:27 IST on Wednesday (1 November 2023). The issue was subscribed 0.43 times.

The issue opened for bidding on Tuesday (31 October 2023) and it will close on Thursday (2 November 2023). The price band of the IPO is fixed at Rs 308-324 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

The initial public offer (IPO) of Cello World received bids for 25,83,49,478 shares as against 2,20,61,947 shares on offer, according to stock exchange data at 13:27 IST on Wednesday (1 November 2023). The issue was subscribed 11.71 times.

The issue opened for bidding on Monday (30 October 2023) and it will close on Wednesday (1 November 2023). The price band of the IPO is fixed at Rs 617-648 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

Stocks in Spotlight:

Adani Wilmar declined 2.49%. The company reported consolidated net loss of Rs 131 crore in Q2 FY24 as compared with net profit of Rs 49 crore in Q2 FY23. Revenue from operations dropped 13% to Rs 12,267 crore in Q2 FY24 from Rs 14,150 crore in Q2 FY23.

Geojit Financial Services zoomed 14.53%. The company posted 58% jump in consolidated net profit to Rs 37.48 crore on a 30% rise in total income to Rs 145.51 crore in Q2 FY24 over Q2 FY23.

C.E. Info Systems (MapMyIndia) rose 3.38%. The company�s consolidated net profit rose 30.43% to Rs 33.09 crore in Q2 FY24 as against Rs 25.37 crore posted in Q2 FY23. Revenue from operations stood at Rs 91.08 crore in Q2 FY24, registering growth of 19.36% as compared with Rs 76.31 crore posted in the corresponding quarter previous year.

Global Markets:

European markets opened higher while their Asian peers traded mostly in the green on Wednesday as investors looked ahead to the key policy decision on interest rates from the U.S. Federal Reserve.

The Fed will conclude its two-day monetary policy meeting later in the day, with markets expecting the central bank to stand pat on interest rates.

China�s Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July.

US stocks closed higher on Tuesday, regaining some ground at the end of a dismal month that was defined by surging interest rates.

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