Key equity indices trade sideways; auto shares in demand

The key equity indices traded sideways in early afternoon trade. The Nifty traded above the 19,400 mark. Auto shares witnessed buying demand for second day in a row.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 21.84 points or 0.03% to 64,997.45. The Nifty 50 index lost 3.25 points or 0.02% to 19,440.25.

In the broader market, the S&P BSE Mid-Cap index advanced 0.35% while the S&P BSE Small-Cap index rose 0.20%.

The market breadth was strong. On the BSE, 1783 shares rose and 1739 shares fell. A total of 168 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 0.92% to 10.94. The Nifty 30 November 2023 futures were trading at 19,513.95, at a premium of 73.70 points as compared with the spot at 19,440.25.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 31 lakh contracts at the 20,000 strike price. Maximum Put OI of 46.5 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Auto index rose 0.97% to 16,377.90. The index has added 1.45% in two sessions.

Mahindra & Mahindra (up 3.2%), Hero MotoCorp (up 1.41%), Tata Motors (up 1.35%), Maruti Suzuki India (up 1.05%) and Bharat Forge (up 0.97%) were the top gainers.

Among the other gainers were Bajaj Auto (up 0.87%), Eicher Motors (up 0.61%), Ashok Leyland (up 0.23%), Sona BLW Precision Forgings (up 0.22%) and MRF (up 0.11%).

On the other hand, Tube Investments of India (down 3.14%), Samvardhana Motherson International (down 0.92%) and Balkrishna Industries (down 0.89%) turned lower.

Stocks in Spotlight:

Piramal Pharma added 3.94%. The company has announced successful closure of U.S. Food and Drug Administration (USFDA) inspection at its manufacturing facility located at Bethlehem, USA. The USFDA has issued an Establishment Inspection Report (EIR) for the facility, marking a successful closure of the inspection.

MTAR Technologies slumped 9.83%. The company has reported 17.1% fall in net profit to Rs 20.5 crore in Q2 FY24 from Rs 24.7 crore in Q2 FY23. Revenue from operations stood at Rs 166.8 crore in Q2 FY24 as against Rs 126.2 crore in Q2 FY23, 32.2% increase YoY.

Parvat Srinivas Reddy, managing director & promoter, MTAR Technologies, said: �We revise our annual guidance for FY24 to a revenue of around Rs 670 crore � Rs 700 crore as against previous guidance of around Rs 830 crore � Rs 860 crore with an EBITDA of around 26% [(+/-) 100 basis points] as against previous guidance of around 28% [(+/-) 100 basis points] due to deferment of shipment plans against the confirmed orders from Clean Energy to the next fiscal year.

Bata India rose 0.70%. 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 operation 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.

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