Sensex slips 144 pts, private bank stocks decline

The key equity indices traded with minor losses in mid-morning trade. The Nifty traded below the 19,050 mark. Private bank shares extended losses for the second day in a row.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 143.74 points or 0.23% to 63,731.19. The Nifty 50 index shed 37.40 points or 0.20% to 19,042.20.

In the broader market, the S&P BSE Mid-Cap index declined 0.08% while the S&P BSE Small-Cap index gained 0.33%.

The market breadth is strong, On the BSE, 1,881 shares rose and 1,516 shares fell. A total of 154 shares were unchanged.

Economy:

Posting 55.5 in October, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers� IndexTM (PMI) signalled an improvement in the health of the sector for the twenty-eighth month in a row. The latest reading was above its long-run average of 53.9, but slipped from 57.5 in September to signal the slowest rate of expansion since February. Output increased further at the start of the third fiscal quarter, stretching the current sequence of expansion to over two years.

Meanwhile, the index of eight core industries in India saw a growth of 8.1% in September on an annual basis, data from the Ministry of Commerce & Industry showed Tuesday. The index had grown 12.1% in August. The index rose 7.8% YoY between April and September 2023-24.

IPO Update:

The initial public offer (IPO) of Honasa Consumer received bids for 53,30,894 shares as against 2,88,99,514 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (1 November 2023). The issue was subscribed 0.18 times.

The issue opened for bidding on Tuesday (31 October 2023) and it will close on Thursday (2 November 2023). The price band of the IPO is fixed at Rs 308-324 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

The initial public offer (IPO) of Cello World received bids for 5,30,11,412 shares as against 2,20,61,947 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (1 November 2023). The issue was subscribed 2.40 times.

The issue opened for bidding on Monday (30 October 2023) and it will close on Wednesday (1 November 2023). The price band of the IPO is fixed at Rs 617-648 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Private Bank index declined 0.56% to 22,111.60. The index shed 1.03% in two trading sessions.

Kotak Mahindra Bank (down 1.04%), Axis Bank (down 0.9%), HDFC Bank (down 0.76%), Federal Bank (down 0.57%) and IDFC First Bank (down 0.54%) were the top losers. Among the other losers were ICICI Bank (down 0.31%), City Union Bank (down 0.29%), IndusInd Bank (down 0.23%) declined.

Earnings Impact:

Adani Total Gas 1.20%. The natural gas distribution company reported 20.42% increase in net profit to Rs 167.79 crore in Q2 FY24 as against Rs 139.34 crore recorded in Q2 FY23. Revenue from operations declined 1.03% to Rs 1,178.08 crore in Q2 FY24 from Rs 1,190.37 crore posted in corresponding quarter last year.

Amara Raja Energy & Mobility rose 1.47% after the company�s consolidated net profit jumped 12.47% to Rs 226.32 crore in Q2 FY24 as compared with Rs 201.22 crore in Q2 FY23. Revenue from operations increased by 9.58% to Rs 2,959.34 crore in Q2 FY24 as compared with Rs 2,700.47 crore posted in same quarter last year.

Global Markets:

Asian stocks were trading higher on Wednesday ahead of a policy decision from the U.S. Federal Reserve, as investors monitored a slew of manufacturing data. The Fed will conclude its two-day monetary policy meeting later in the day, with markets expecting the central bank to stand pat on interest rates.

China�s Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July.

US stocks closed higher on Tuesday, regaining some ground at the end of a dismal month that was defined by surging interest rates.

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