INDICES TRADE WITH SMALL LOSSES, M&M RALLIES OVER 3%

The frontline indices traded with minor losses in afternoon trade. The Nifty traded below the 19,450 mark. Realty, auto and healthcare stocks were in demand while FMCG, oil & gas and consumer durables shares declined. Trading was volatile due to the expiry of weekly index options on the NSE today.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 50.36 points or 0.08% to 64,925.25 . The Nifty 50 index lost 13.10 points or 0.07% to 19,430.40.

In the broader market, the S&P BSE Mid-Cap index gained 0.28% while the S&P BSE Small-Cap index rose 0.10%.

The market breadth was negative. On the BSE, 1,779 shares rose and 1,833 shares fell. A total of 142 shares were unchanged.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 20,45,20,163 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 13:30 IST on Thursday (9 November 2023). The issue was subscribed 9.88 times.

The issue opened for bidding on Tuesday (7 October 2023) and it will close on Thursday (9 November 2023). The price band of the IPO is fixed at Rs 268-282 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

Gainers & Losers:

Mahindra & Mahindra (M&M) (up 3.38%), Hero MotoCorp (up 1.96%), Apollo Hospitals Enterprise (up 1.84%), IndusInd Bank (up 1.48%) and Coal India (up 1.45%) were major Nifty gainers.

Tech Mahindra (down 1.52%), Hindustan Unilever (down 1.52%), Adani Enterprises (down 1.40%), Tata Consumer Durables (down 1.40%) and Bajaj Finance (down 1.09%) were major Nifty losers.

Stocks in spotlight:

Tata Power Company declined 2.31%. The company reported 9% rise in consolidated net profit to Rs 1,017 crore in Q2 FY24 as compared with Rs 935 crore in Q2 FY23. Revenue from operations increased 9% YoY to Rs 15,442 crore in Q2 FY24, largely driven by higher revenue from core businesses of Generation, Transmission & Distribution.

Pidilite Industries shed 0.53%. The company has reported 35% jump in standalone net profit to Rs 455 crore on a 2.4% rise in net sales to Rs 2,768 crore in Q2 FY24 as compared with Q2 FY23.

Bata India advanced 1.19% The footwear major�s consolidated net profit dropped 38% to Rs 33.99 crore in Q2 FY24 as against Rs 54.82 crore recorded in Q2 FY23. Revenue from operationS declined marginally to Rs 819.12 crore during the quarter as compared with Rs 829.76 crore reported in the same period a year ago.

United Spirits added 0.10%. The company reported consolidated net profit of Rs 339.3 crore in Q2 FY24 as compared to net profit of Rs 547.7 crore in Q2 FY23. Total income dropped to Rs 6776.6 crore in Q2 FY24 from Rs 8290.3 crore in Q2 FY23.

Global markets:

Markets in Europe traded mixed while Asian stocks advanced on Thursday after US equities hit their hottest winning streak in two years, as investors cling to hopes that interest rates have peaked. Meanwhile, China slid back into deflation. Government data showed October consumer prices shrank 0.2% year-on-year in China. Producer prices declined 2.6%.

In US, the S&P 500 and Nasdaq eked out small gains on Wednesday to extend their recent winning streaks as investors weighed Federal Reserve officials` recent comments for signals on the path of interest rates and focused on the direction of Treasury yields. The Dow`s decline snapped a seven-session winning streak.

Fed Chair Jerome Powell will appear on a panel discussing monetary policy challenges later Thursday. Atlanta Fed President Raphael Bostic and his Richmond counterpart Tom Barkin are also slated to speak Thursday, as is Bank of England chief economist Huw Pill.

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