Sensex down 313 pts; consumer durables stocks slide

The key equity indices continued to trade in a narrow range with limited losses in early afternoon trade. The Nifty hovered below the 19,450 mark. Consumer durables shares witnessed across the board selling.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 312.64 points or 0.48% to 64,946.81. The Nifty 50 index lost 80.90 points or 0.41% to 19,444.65.

In the broader market, the S&P BSE Mid-Cap index slipped 0.02% while the S&P BSE Small-Cap index fell 0.11%.

The market breadth was negative. On the BSE, 1,622 shares rose and 2,052 shares fell. A total of 159 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.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 0.68% to 11.27. The Nifty 30 November 2023 futures were trading at 19,501, at a premium of 56.35 points as compared with the spot at 19,444.65.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 33 lakh contracts at the 19,500 strike price. Maximum Put OI of 49.3 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index fell 0.92% to 28,354.60. The index has advanced 0.68% in the past trading session.

TTK Prestige (down 2.35%), Amber Enterprises India (down 1.86%), Voltas (down 1.78%), Rajesh Exports (down 1.61%), Crompton Greaves Consumer Electricals (down 1.58%), Dixon Technologies (India) (down 1.15%), Orient Electric (down 0.82%), Titan Company (down 0.8%), Bata India (down 0.72%) and Havells India (down 0.63%) slipped.

Stocks in Spotlight:

Munjal Auto Industries rallied 5.27% after the company�s consolidated net profit jumped 79.19% to Rs 13.78 crore during the quarter as compared with Rs 7.69 crore in Q2 FY23. Revenue from operations stood at Rs 544.68 crore in Q2 FY24, marginally higher than Rs 543.76 crore in Q2 FY23.

Glenmark Pharmaceuticals slipped 4.57% after the firm reported consolidated net loss of Rs 61.56 crore in Q2 FY24 as compared with net profit of Rs 278.67 crore in Q2 FY23. However, total revenue from operations rose 6.3% to Rs 3,587.9 crore during the quarter as compared with Rs 3,375.2 crore posted in same quarter last year.

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