Nifty above 19,450 mark, European mkt opens lower

The benchmark indices traded with minor gains in afternoon trade. The Nifty traded a tad above the 19,450 mark. Realty, pharma and healthcare stocks were in demand while bank, financial services and private bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 79.41 points or 0.12% to 65,021.81. The Nifty 50 index added 47.15 points or 0.24% to 19,453.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index advanced 0.73% while the S&P BSE Small-Cap index rose 0.70%.

The market breadth was strong. On the BSE, 2,062 shares rose and 1,544 shares fell. A total of 145 shares were unchanged.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 1,60,58,470 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 13:24 IST on Wednesday (8 November 2023). The issue was subscribed 0.78 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.

The initial public offer (IPO) of Protean eGov Technologies received bids for 3,46,98,006 shares as against 43,78,700 shares on offer, according to stock exchange data at 13:24 IST on Wednesday (8 November 2023). The issue was subscribed 7.92 times.

The issue opened for bidding on Monday (6 October 2023) and it will close on Wednesday (8 November 2023). The price band of the IPO is fixed at Rs 752-792 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.

Gainers & Losers:

Bharat Petroleum Corporation (BPCL) (up 3.25%), Adani Ports and Special Economic Zone (up 3.20%), Adani Enterprises (up 2.67%), Asian Paints (up 1.79%) and Cipla (up 1.52%) were major Nifty gainers.

ICICI Bank (down 1.16%), NTPC (down 0.86%), Apollo Hospitals Enterprise (down 0.72%), Power Grid Corporation of India (down 0.38%) and Tata Steel (down 0.38%) were major Nifty losers.

Power Grid Corporation of India shed 0.38%. The company reported consolidated net profit of Rs 3,781.42 crore in Q2 FY24 as compared to net profit of Rs 3,650.29 crore in Q2 FY23. Total income rose to Rs 11,530.43 crore in Q2 FY24 from Rs 11,349.44 crore in Q2 FY23.

Stocks in spotlight:

Shree Cement fell 1.50%. The company reported consolidated net profit of Rs 446.62 crore in Q2 FY24 as compared to net profit of Rs 183.24 crore in Q2 FY23. Total income rose to Rs 4932.11 crore in Q2 FY24 from Rs 4197.37 crore in Q2 FY23.

Apollo Tyres jumped 4.61% after the company`s consolidated net profit surged 164.37% to Rs 474.25 crore in Q2 FY24 as compared with Rs 179.39 crore posted in Q2 FY23. Revenue from operations increased 5.43% year on year to Rs 6,279.66 crore in the quarter ended 30 September 2023.

Indian Railway Catering and Tourism Corporation declined 0.62%. The firm has reported 30.4% rise in net profit to Rs 226.03 crore on a 23.5% increase in total revenue to Rs 995.31 crore in Q2 of FY 2023-24 in comparison to Q2 of FY 2022-23.

Global markets:

Markets in Europe and Asia declined on Wednesday.

U.S. stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in U.S. Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve. Fed Chair Jerome Powell is set to speak on Wednesday and Thursday.

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