KEY INDICES HIT FRESH INTRADAY LOW; METAL SHARES OUTPERFORM

The key equity indices declined further in morning trade as selling on the domestic bourses intensified. The Nifty traded below the 19,450 mark. Metal shares, however, extended gains for third day in a row.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 377.44 points or 0.58% to 64,882.01. The Nifty 50 index lost 100.15 points or 0.51% to 19,425.40.

In the broader market, the S&P BSE Mid-Cap index slipped 0.20% while the S&P BSE Small-Cap index fell 0.26%.

The market breadth was negative. On the BSE, 1492 shares rose and 1901 shares fell. A total of 169 shares were unchanged.

On the macro front, India`s inflation rate for October will be unveiled on 13 November 2023. India`s inflation based on wholesale price index (WPI) for October will be unveiled on 14 November 2023.

Earnings Today:

Grasim Industries (down 0.55%), Narayana Hrudayalaya (down 0.51%), Manappuram Finance (up 0.04%) and NRB Bearings (up 0.96%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Metal index rose 0.37% to 6,714.35. The index has added 1.74% in three sessions.

Hindustan Copper (up 6.1%), Welspun Corp (up 2.23%), NMDC (up 1.94%), Hindalco Industries (up 1.64%) and Jindal Steel & Power (up 1.12%) were the top gainers.

Among the other gainers were Jindal Stainless (up 1.11%), APL Apollo Tubes (up 0.89%), JSW Steel (up 0.5%), Ratnamani Metals & Tubes (up 0.2%) and Tata Steel (up 0.04%).

On the other hand, Vedanta (down 0.98%), Steel Authority of India (down 0.28%) and National Aluminium Company (down 0.22%) moved lower.

Stocks in Spotlight:

Elegant Marbles and Grani Industries hit an upper limit of 10%. The company`s net profit rose 69.6% to Rs 1.90 crore on 4.5% increase in net sales to Rs 8.59 crore in Q2 September 2023 over Q2 September 2022.

Fortis Healthcare fell 1.18%. The company reported 15% decline in consolidated net profit to Rs 173.72 crore in Q2 FY24 as compared with Rs 204.37 crore in Q2 FY23. The company�s revenue from operations jumped 10.13% year on year (YoY) to Rs 1,769.95 crore in Q2 FY24.

Tata Chemicals shed 0.93%. The company�s PAT on a consolidated basis, stood at Rs 495 crore for the quarter as compared to Rs 685 crore in Q2FY23, recording a de-growth of 28% on YoY basis. The income from operations declined 6% to Rs 3,998 crore in Q2 FY24 from Rs 4,239 crore in Q2 FY23.

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