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Barometers edge higher, Nifty above 19,150 mark.

The headline equity indices were trading with minor gains in early trade. The Nifty traded above the 19,150 mark. Realty, PSU bank and pharma stocks were in demand while oil & gas, IT and private banks shares decline.

The barometer index, the S&P BSE Sensex, was up 62.30 points or 0.10% to 64,174.95. The Nifty 50 index added 20.10 points or 0.11% to 19,161.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 0.71%.

The market breadth is strong, On the BSE, 1,977 shares rose and 607 shares fell. A total of 89 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,761.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,328.47 crore in the Indian equity market on 30 October, provisional data showed.

Stocks in Spotlight:

Tata Motors rose 1.19%. The company has won an arbitral award of Rs 766 crore plus interest to compensate for its investment in the automobile manufacturing facility at Singur (West Bengal) plant.

TVS Motor Company added 0.24%. The company has recorded 32% growth in net profit to Rs 537 crore in Q2 FY24 from Rs 408 crore in Q2 FY23. During the quarter, the company?s operating revenue grew by 13% to Rs 8,145 crore as against Rs 7,219 crore in Q2 of last year.

DLF advanced 2.33%. The company reported consolidated net profit of Rs 621.89 crore in Q2 FY24 from Rs 477.20 crore in Q2 FY23. Total income rose to Rs 1476.42 crore as against Rs 1360.30 crore in Q2 of last year.

Marico rose 0.43%. The company reported consolidated net profit of Rs 360 crore in Q2 FY24 from Rs 307 crore in Q2 FY23. Total income was Rs 2514 crore as against Rs 2515 crore in Q2 of last year.

Procter & Gamble Hygiene & Health Care gained 0.85%. The company has recorded a profit after tax (PAT) of Rs 211 crore for the quarter ended on 30 September 2023, up 36% versus year ago led by acceleration of volume growth coupled with product price-mix and productivity. The company?s PAT for the same period last year was Rs 154 crore. During the quarter, the company delivered sales of Rs 1,138 crore, up 9% from Rs 1,045 crore recorded in the year ago period.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper shed 0.07% to 7.364 from its previous close of 7.369.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2675, compared with its close of 83.2650 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.19% to Rs 61,162.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 106.39.

The United States 10-year bond yield fell 0.04% to 4.877.

In the commodities market, Brent crude for December 2023 settlement gained 54 cents or 0.62% to $87.99 a barrel.

Global Markets:

Most of the Asian stocks were trading lower on Tuesday ahead of a key monetary policy decision by the Bank of Japan, and as investors assessed manufacturing data from China.

The Bank of Japan will conclude its two-day policy meeting later in the day, with investors watching for any signs of the central bank raising its inflation forecasts. The U.S. Federal Reserve and Bank of England are also meeting this week. The U.S. monthly jobs report is due on Friday.

China purchasing manager?s index data for October came in at 49.5. A PMI reading below 50 signifies a contraction.

US stocks rallied on Monday as traders started a big week filled with a Federal Reserve rate decision, employment report and Apple?s earnings.

The stock market broke its six-day losing streak and bounced today, driven by savvy bargain hunters. The Nifty 50 index successfully climbed above the 19,000 level, fueled by a broader rally. PSU banks, media and realty shares surged. The value buying was triggered by the positive sentiment stemming from the recovery in other Asian indices. However, there is still some caution among traders due to various negative factors such as the Israel-Hamas conflict, rising US bond yields, outflows from FII funds, and concerns about potential rate hikes in the near future.

The barometer index, the S&P BSE Sensex jumped 634.65 points or 1.01% to 63,782.80. The Nifty 50 index added 190 points or 1.01% to 19,047.25.

Adani Enterprises (up 2.63%), Reliance Industries (up 1.75%) and Infosys (up 1.68%) boosted the indices.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.70% while the S&P BSE Small-Cap index gained 1.89%.

The market breadth was strong. On the BSE, 2,827 shares rose and 839 shares fell. A total of 133 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 7.03% to 10.91.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper shed 0.02% to 7.350 from its previous close of 7.366.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.2500, compared with its close of 83.2550 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement fell 0.19% to Rs 60,835.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 106.57.

The United States 10-year bond yield gained 0.33% to 4.862.

In the commodities market, Brent crude for December 2023 settlement advanced $1.86 or 2.12% to $89.79 a barrel.

IPO Update:

The initial public offer (IPO) of Blue Jet Healthcare received bids for 13,50,46,488 shares as against 1,69,99,612 shares on offer, according to stock exchange data at 17:00 IST on Friday (26 October 2023). The issue was subscribed 7.94 times.

The issue opened for bidding on Wednesday (25 October 2023) and it will close on Friday (27 October 2023). The price band of the IPO is fixed at Rs 329-346 per share. An investor can bid for a minimum of 43 equity shares and in multiples thereof.

Stocks in Spotlight:

Shriram Finance rallied 7.70%. The company reported 12.59% rise in standalone net profit to Rs 1750.84 crore on 15.45% jump in total income to Rs 8,564.45 crore in Q2 FY24 over Q2 FY23.

Maruti Suzuki India rose 1.21% after the company's standalone net profit surged 80.28% to Rs 3,716.5 crore from Rs 2,061.5 crore recorded in Q2 FY23. Net sales grew by 24.49% year on year to Rs 35,535.1 crore during the quarter, on the back of higher sales volume and product mix.

Bajaj Finserv rose 0.45%. The company's consolidated net profit surged 23.89% crore on a 25.09% increase in total income to Rs 26,022.66 crore in Q2 FY24 over Q2 FY23.

Shalby spurted 7.86% after the company announced that its consolidated net profit rose 49.8% to Rs 27.58 crore on 17.9% increase in net sales to Rs 237.98 crore in Q2 September 2023 over Q2 September 2022.

Max India climbed 6.10% after the company's subsidiary, Antara Senior Care, expanded its operations into Southern India. Antara plans to set up 3 Care Homes, i.e., assisted living facilities in a home-like environment with integrated health care services, in Bengaluru with a total capacity of ~200 beds.

NLC India jumped 7.56% after the company reported a standalone net profit of Rs 1,121.41 crore in Q2 FY24, steeply higher than Rs 367.21 crore recorded in Q2 FY23. Revenue from operations stood at Rs 2,471.32 crore in Q2 FY24, up 10.22% from Rs 2,752.75 crore posted in Q2 FY23.

Colgate-Palmolive (India) added 2.33%. The company reported 22.3% rise in net profit to Rs 340 crore on 6.1% rise in net sales to Rs 1462.4 crore in Q2 FY24 over Q2 FY23.

Vodafone Idea rose 1.40%. The company reported consolidated net loss of Rs 8,737.9 crore in Q2 FY24 as compared with Rs 7,595.5 crore in Q2 FY23. Revenue from operations increased by 0.57% to Rs 10,716.3 crore in Q2 FY24 as compared with Rs 10,655.5 crore posted in Q1 FY24, aided by better subscriber mix and 4G subscriber additions.

Aditya Birla Sun Life AMC (ABSL AMC) fell 1.40%. The company reported 7.09% decline in consolidated net profit to Rs 178.09 crore in Q2 FY4 as against Rs 191.69 crore posted in Q2 FY23. Revenue from operations grew by 7.68% year on year to Rs 334.99 crore in the quarter ended 30 September 2023.

RailTel Corporation of India rose 2.87% after the company reported 23% rise in net profit to Rs 68.15 crore on a 40% increase in revenue from operations to Rs 599.15 crore in Q2 FY24 as compared with Q2 FY23.

Ujjivan Small Finance Bank rose 0.68% after the bank reported 11% rise in net profit to Rs 328 crore on a 39% increase in total income to Rs 1,580 crore in Q2 FY24 as compared with Q2 FY23.

Dixon Technologies (India) added 0.57%. The company's consolidated net profit rose 47% to Rs 113 crore on 28% decline in net sales to Rs 4,943 crore in Q2 September 2023 over Q2 September 2022.

Global Markets:

European shares fell across the board while Asian stocks advanced on Friday in an attempt to rebound from sharp losses previously.

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected. U.S. data overnight showed the U.S. economy grew almost 5% in the third quarter.

Overnight, the European Central Bank left interest rates unchanged as expected. ECB President Christine Lagarde told a press conference the euro zone economy was weak but stressed that price pressures remained strong and could be aggravated further if the Middle East conflict pushed energy costs higher.

The benchmark indices traded with significant gains in morning trade. The Nifty hovered near the 19,000 level. Oil & gas shares advanced as value buying emerged at lower levels.

The barometer index, the S&P BSE Sensex, was up 457.95 points or 0.73% to 63,606.10. The Nifty 50 index added 134.95 points or 0.57% to 18,992.20.

In the broader market, the S&P BSE Mid-Cap index rose 1.78% while the S&P BSE Small-Cap index gained 1.59%.

The market breadth was strong. On the BSE, 2699 shares rose and 601 shares fell. A total of 127 shares were unchanged.

Reliance Industries (up 1.86%), Maruti Suzuki India (up 0.96%), Bajaj Finserv (down 0.29%), SBI Life Insurance (up 0.80%), Cipla (up 0.68%), Dr Reddy's Laboratories (down 0.67%), Indian Overseas Bank (up 3.54%), Bajaj Holding & Investment (up 0.50%), Bharat Petroleum Corp (up 0.55%), SBI Cards and Payment Services (up 1.02%), Union Bank of India (up 5.44%), SRF (up 0.74%), Schaeffler India (up 1.07%), Oberoi Realty (up 1.46%), Mahindra & Mahindra Financial Services (up 3.82%), ZF Commercial Vehicle Control Systems India (down 0.19%), Carborundum Universal (up 2.14%), Sumitomo Chemical India (up 3.41%), IRB Infrastructure Developers (up 1.61%), Indiamart Intermesh (up 3.60%), Blue Dart Express (down 0.02%), Great Eastern Shipping Company (up 3.03%), Piramal Pharma (up 1.95%), TTK Prestige (down 0.26%), Ujjivan Small Finance Bank (up 3.20%), Mahanagar Gas (up 1.78%), Route Mobile (up 1.13%) and Supreme Petrochem (up 3.64%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Oil & Gas index rose 1.16% to 7,539.70. The index had declined 6.60% in the past six sessions.

Aegis Logistics (up 4.15%), Adani Total Gas (up 2.69%), Mahanagar Gas (up 1.93%), Reliance Industries (up 1.63%) and Castrol India (up 1.59%) were the top gainers.

Among the other gainers were Oil India (up 1.3%), Indian Oil Corporation (up 1.16%), Hindustan Petroleum Corporation (up 0.83%), Oil & Natural Gas Corp (up 0.8%) and Petronet LNG (up 0.66%).

Stocks in Spotlight:

Vodafone Idea rose 0.28%. The company reported consolidated net loss of Rs 8,737.9 crore in Q2 FY24 as compared with Rs 7,595.5 crore in Q2 FY23. Revenue from operations increased by 0.57% to Rs 10,716.3 crore in Q2 FY24 as compared with Rs 10,655.5 crore posted in Q1 FY24, aided by better subscriber mix and 4G subscriber additions.

Astral added 2.09%. The company has started commercial production of adhesives division at Dahej plant.

Lemon Tree Hotels gained 3.46%. The company has signed a license agreement a 50 rooms property in Visakhapatnam, Andhra Pradesh under the company's brand Red Fox Hotels?. The hotel is expected to be operational by FY 2026.

Colgate-Palmolive (India) rose 0.49%. The company reported 22.3% rise in net profit to Rs 340 crore on 6.1% rise in net sales to Rs 1462.4 crore in Q2 FY24 over Q2 FY23.

Shriram Finance jumped 8.65%. The company reported 12.59% rise in standalone net profit to Rs 1750.84 crore on 15.45% jump in total income to Rs 8,564.45 crore in Q2 FY24 over Q2 FY23.

Dixon Technologies (India) added 0.81%. The company's consolidated net profit rose 47% to Rs 113 crore on 28% decline in net sales to Rs 4,943 crore in Q2 September 2023 over Q2 September 2022.

Global Markets:

Asian stocks are trading higher on Friday in an attempt to rebound from sharp losses previously. U.S. stock-index futures rose driven by solid earnings from Amazon and Intel.

All eyes were on U.S. data later in the session that may show core inflation growing 0.3% in September on a monthly basis, pushing the annual rate lower to 3.7% from 3.9% a month ago.

The key equity indices further extended losses in the afternoon trade. The Nifty traded around the 18,850 mark. All the other sectoral indices on the NSE traded in the red, with realty, healthcare and media stocks declining the most.

The barometer index, the S&P BSE Sensex, was down 892.96 points or 1.39% to 63,156.10. The Nifty 50 index declined 270.10 points or 1.41% to 18,852.05.

In the broader market, the S&P BSE Mid-Cap index fell 1.64% while the S&P BSE Small-Cap index lost 1.31%.

Sellers outnumbered buyers. On the BSE, 857 shares rose and 2,739 shares fell. A total of 140 shares were unchanged.

The market sell-off has been triggered by the US 10-year bond yield nearing the 5 percent mark, which pulled down the risk levels materially in the region. Geopolitical tensions emanating from West Asia dragged the market lower. The expiry of monthly F&O contracts on the NSE today further added to the volatility.

Gainers & Losers:

Axis Bank (up 1.43%), ITC (up 0.49%), IndusInd Bank (up 0.13%), HCL Technologies (up 0.13%), Hindustan Unilever (up 0.07%) were major Nifty gainers.

Mahindra & Mahindra (down 3.94%), Tech Mahindra (down 2.97%), Bajaj Finance (down 2.93%), Dr. Reddy's Laboratories (down 2.77%) and Nestle India (down 2.62%) were major Nifty losers.

Axis Bank rose 1.43%. The private lender's net profit rose 10.02% to Rs 5,863.56 crore on 31.4% jump in total income to Rs 31,660.26 crore in Q2 FY24 over Q2 FY23. Net interest income (NII) grew 19% YoY to Rs 12,315 crore as against Rs 10,360 crore posted in Q2 FY23 . Net interest margin (NIM) for Q2 FY24 stood at 4.11%, up 15 basis points (bps) YoY.

Tech Mahindra fell 2.97%. The IT major's consolidated net profit slipped 28.68% to Rs 493.9 crore in Q2 FY24 as against Rs 692.5 crore posted in Q1 FY24. Revenue from operations declined 2.24% quarter on quarter (QoQ) to Rs 12,863.9 crore in the quarter ended 30 September 2023.

Stocks in Spotlight:

Indus Towers shed 2.50%. The company reported 49% rise in consolidated net profit to Rs 1295 crore 10% fall in revenue to Rs 7133 crore in Q2 FY24 over in Q2 FY23.

Jubilant FoodWorks slumped 4.23%. The company reported 26.1% fall in consolidated net profit to Rs 97.2 crore 4.9% rise in total income to Rs 1375.7 crore in Q2 FY24 over in Q2 FY23.

Sonata Software rallied 2.41% after the company's consolidated net profit jumped 3.37% to Rs 124.12 crore in Q2 FY24 as compared with Rs 120.12 crore in Q1 FY24. Revenue from operations declined 5.11% to Rs 1,912.57 crore in Q2 FY24 as compared with Rs 2,015.53 crore in Q1 FY24.

Valiant Communications was locked in 5% upper circuit at Rs 259.65 after the company announced the receipt of order for supply of its indigenously developed and manufactured communication, protection and synchronization solutions from Tejas Networks.

Share India Securities added 2.60% after the company reported 57.5% rise in consolidated net profit to Rs 112.70 crore in Q2 FY24 from Rs 71.56 crore in Q2 FY23. Total income rose by 51.2% year-over-year to Rs 367.94 crore during the period under review.

CMS Info Systems dropped 2.64%. The business service company's consolidated net profit jumped 16.3% to Rs 84.36 crore on 15.3% improvement in revenue from operations to Rs 543.73 crore in Q2 FY24 over Q2 FY23.

Global Markets:

Markets in Europe and Asia declined on Thursday as U.S. shares slumped following a batch of poor corporate earnings.

US stocks dropped on Wednesday as Alphabet shares slid after the Google parent posted disappointing earnings and as US Treasury yields rose, reviving fears that interest rates could stay higher for longer. Traders also kept an eye on the latest comments by US President Joe Biden after he had asked Israel to delay its invasion so that more hostages held by Hamas could be freed.

The benchmarks indices managed to rise above the flat line and trade with limited gains in morning trade. The Nifty traded tad above the 19,300 level. Metal shares advanced as value buying emerged at lower levels.

The barometer index, the S&P BSE Sensex, was up 89.71 points or 0.14% to 64,661.59. The Nifty 50 index gained 22.95 points or 0.12% to 19,304.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index added 0.69%.

The market breadth was strong. On the BSE, 2082 shares rose, and 1266 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.48% to 6,589.90. The index had declined 5.91% in the past four sessions.

Jindal Steel & Power (up 3.08%), Hindalco Industries (up 3.01%), National Aluminium Company (up 2.79%), Tata Steel (up 2.08%) and NMDC (up 1.89%) were the top gainers.

Among the other gainers were Steel Authority of India (up 1.86%), JSW Steel (up 1.44%), Vedanta (up 1.19%), Hindustan Copper (up 1.09%) and Adani Enterprises (up 1%).

On the other hand, APL Apollo Tubes (down 1.39%), Jindal Stainless (down 1.26%) and Hindustan Zinc (down 0.72%) moved lower.

Results Today:

Axis Bank (up 0.51%), Tech Mahindra (up 0.12%), Indus Towers (down 0.79%), Jubilant Foodworks (up 0.14%), Sona BLW Precision Forgings (down 0.48%), Sonata Software (down 2.43%), Lakshmi Machine Works (down 0.53%), Welspun India (down 1.49%), Chalet Hotels (up 1.58%), Gulf Oil Lubricants India (up 1.14%), Swaraj Engines (up 1.14%), TV18 Broadcast (up 1.08%), Network18 Media & Investments (up 1.13%) and Rallis India (up 1.53%) are some of the companies that will announce their quarterly earnings today.

Stocks in Spotlight:

PNB Housing Finance fell 1.39%. The company's consolidated net profit surged 45.8% to Rs 383 crore on 5.7% increase in total income to Rs 1779.40 crore in Q2 FY24 over Q2 FY23.

Torrent Pharmaceuticals rose 2.55%. The company has reported 23.72% rise in consolidated net profit to Rs 386 crore in Q2 FY24 as compared with Rs 312 crore in Q2 FY23. Revenue from operations jumped 16.11% to Rs 2,660 crore in Q2 FY24 as compared with Rs 2,291 crore posted in Q2 FY23.

Krishna Institute of Medical Sciences declined 0.89%. The company's subsidiary KIMS Hospital Enterprises has acquired an additional 12.09% equity stake in Kondapur Healthcare for Rs 24.11 crore. The company's total equity stake in Kondapur Healthcare now stands at 37.18%.

Reliance Industries (RIL) shed 0.23%. RIL is reportedly set to finalise a multi-billion dollar deal with Walt Disney Co. to buy its India operations. After the deal, Reliance is expected to hold a controlling stake in the Disney Star business, which has an estimated valuation of $10 billion. The American entertainment giant will hold minority stake in the business.

Lupin lost 0.47%. The company said that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Fluconazole Tablets to market a generic equivalent of Diflucan Tablets of Pfizer, Inc. This product will be manufactured at Lupin's Pithampur facility in India.

Mahindra Logistics slumped 4.56%. The company reported consolidated net loss of Rs 15.6 crore in Q2 FY24 as compared to net profit of Rs 11.3 crore in Q2 FY23. Total revenue rose 2.9% to Rs 1364.8 crore in Q2 FY24 from Rs 1326.3 crore in in Q2 FY23.

Delta Corp jumped 4.12%. The High Court of Bombay at Goa considered the writ petitions filed by the company and its subsidiaries on 23 October 2023. The High Court has directed tax authorities not to pass any final orders on the show cause notices without the prior permission of the High Court.

Global markets:

Asian stocks were trading mixed on Wednesday as investors assess Australia's third-quarter inflation figures, which will give clues to the Reserve Bank of Australia's monetary policy decision when it meets on November 3. The country's third quarter inflation rate came in at 5.4%, lower than the 6% seen in the second quarter.

Wall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally.

Street Investment

The domestic equity indices continued to trade with significant losses in mid-morning trade. The Nifty continued to trade below the 19,550 level. Metal shares recorded significant selling for fourth day in a row.

The barometer index, the S&P BSE Sensex, was down 161.45 points or 0.25% to 65,236.17. The Nifty 50 index lost 62.80 points or 0.32% to 19,479.85.

In the broader market, the S&P BSE Mid-Cap index fell 1.10% while the S&P BSE Small-Cap index slipped 2.20%.

The market breadth was weak. On the BSE, 853 shares rose, and 2759 shares fell. A total of 171 shares were unchanged.

As the earnings season intensifies, it will have a significant influence on the direction of the market. Investors will closely follow the financial performance of companies, which will provide insights into the overall health and outlook of various sectors. Additionally, global cues and developments in international markets will also impact the market trend.

Buzzing Index:

The Nifty Metal index slipped 1.88% to 6,586.25. The index has declined 4.57% in four sessions.

Welspun Corp (down 4.03%), Hindustan Copper (down 4.03%), APL Apollo Tubes (down 3.46%), Steel Authority of India (down 2.65%) and NMDC (down 2.56%) were the top losers.

Among the other losers were Adani Enterprises (down 2.33%), Jindal Stainless (down 2.15%), Jindal Steel & Power (down 1.76%), Hindustan Zinc (down 1.65%) and National Aluminium Company (down 1.64%).

Stocks in Spotlight:

One 97 Communications (Paytm) declined 3.26%. Paytm has reported a consolidated net loss of Rs 291.7 crore in Q2 FY24 as against a net loss of Rs 571.5 crore posted in Q2 FY23. Revenue from operations jumped 31.59% to Rs 2,518.6 crore in the quarter ended 30 September 2023 from Rs 1,914crore recorded in the same period last year.

CreditAccess Grameen rallied 8.87%. The company's standalone net profit surged 99.38% to Rs 349.21 crore in Q2 FY24 as compared with Rs 175.15 crore in Q2 FY23. Total income jumped 53.21% to Rs 1,247.59 crore in Q2 FY24 as compared with Rs 814.31 crore in corresponding quarter last year. Net interest income rose 49.6% to Rs 772.0 crore in Q2 FY24 from Rs 516.2 crore in Q2 FY23.

Dodla Dairy rose 4.86%. The company's consolidated net profit rose 10.5% to Rs 43.60 crore on 10.4% increase in net sales to Rs 767.75 crore in Q2 September 2023 over Q2 September 2022.

Amber Enterprises India tumbled 6.72%. The company reported net loss of Rs 6.94 crore in Q2 FY24 as compared with Rs 2.98 crore in Q2 FY23. Revenue from operations jumped 23.54% YoY to Rs 927.06 crore in Q2 FY23.

Global markets:

Asian stocks fell for a fourth day today after a selloff in US markets deepened Friday. Traders closely monitored the geopolitical situation in the Middle East.

Although there have been some positive developments, like two American hostages being released and aid being delivered to Gaza, there is still a risk of more conflict between Israel and Hamas, and there's concern that it could spread to involve other countries in the region.

On Friday, the US markets experienced significant declines, with the 10-year US treasury yield reaching its highest level since 2007. The S&P 500, Dow, and Nasdaq all experienced losses of varying degrees. Investors will be closely watching upcoming earnings reports and economic data releases. These factors are expected to have a significant impact on how the market moves in the future.

Street Investment

The key equity indices continued to trade with minor losses in morning trade. The Nifty hovered below the 19,600 level. FMCG stocks declined after rising in the past trading session.

The barometer index, the S&P BSE Sensex, was down 198.13 points or 0.30% to 65,431.11. The Nifty 50 index lost 71.45 points or 0.36% to 19,553.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.38% while the S&P BSE Small-Cap index added 0.19%.

The market breadth was strong. On the BSE, 1,829 shares rose and 1,543 shares fell. A total of 167 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 1.01% to 51,984.90. The index rose 0.14% in the past trading session.

ITC (down 2.09%), Hindustan Unilever (down 1.9%), Dabur India (down 1.44%), Varun Beverages (down 1.06%), United Spirits (down 0.73%), Marico (down 0.52%), Britannia Industries (down 0.48%), Tata Consumer Products (down 0.27%) slipped.

On the other hand, United Breweries (up 3.38%), Nestle India (up 2.03%) and Colgate-Palmolive (India) (up 1.56%) edged higher.

ITC shed 2.09%. The diversified conglomerate reported 10.3% rise in net profit to Rs 4,927 crore in Q2 FY24 from Rs 4,466 crore in Q2 FY23. Net revenue increased by 2.4% YoY to Rs 16,357 crore during the period under review.

The FMCG - Cigarettes segment revenue rose by 10.1% to Rs 7,658 crore. Excluding excise duty/NCCD on sales, the net revenue growth was 8.5% on YoY basis. The company commented that the Sharp escalation in costs of leaf tobacco and certain other inputs, along with increase in taxes was largely mitigated through improved mix, strategic cost management and calibrated pricing.

The revenue of the Hotels segment grew by 21.2% YoY to Rs 649 crore in Q2 FY24. The strong performance was driven by retail and MICE segments. Segment EBITDA margin expanded by 170 bps YoY to 30.7% driven mainly by higher RevPAR, curated packages, finest F&B offerings and strategic cost management initiatives.

Stocks in Spotlight:

Equitas Small Finance Bank (Equitas SFB) gained 0.49% after the bank's net profit jumped 70.2% to Rs 198.14 crore in Q2 FY24 as against Rs 116.42 crore recorded in Q2 FY23.

Mphasis fell 2.42% after the company's consolidated net profit dropped 1.04% to Rs 391.94 crore. Revenue from operations increased marginally year on year to Rs 3,276.50 crore in Q2 FY24 over Q1 FY24.

ITC fell 1.29%. The company reported 10.3% increase in consolidated net profit to Rs 4927 crore on 2.4% increase in net revenue to Rs 16357 crore in Q2 FY24 over Q2 FY23.

Hindustan Unilever (HUL) declined 1.84%. The FMCG major reported 3.86% increase in consolidated net profit to Rs 2,717 crore on 3.53% increase in revenue from operations to Rs 15,027 crore in Q2 FY24 over Q2 FY23. Hindustan Unilever (HUL) delivered Underlying Volume Growth (UVG) of 2% in Q2 FY24.

Zomato rose 0.76%. Softbank is reportedly planning to sell around 1.1% stake in Zomato and mop up around Rs 1,000 crore via the block deal route.

Tata Motors advanced 1.05% after the company and Freight Commerce Solutions (freight Tiger) have signed a securities subscription agreement (SSA) and a shareholders agreement (SHA) for the acquisition of 26.79% stake in freight Tiger for a consideration of Rs 150 crore. The SSA also includes a provision enabling Tata Motors to further invest Rs 100 crore over the next two years, at the then prevailing market value.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.04% to 7.372 from its previous close of 7.369.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1950, compared with its close of 83.1300 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement advanced 0.45% to Rs 60,591.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 106.25.

The United States 10-year bond yield fell 0.92% to 4.945.

In the commodities market, Brent crude for December 2023 settlement rose 0.91 cents or 0.99% to $93.29 a barrel.

Global markets:

Asian stocks are trading lower Friday, extending losses from Thursday's broad sell-off. China's central bank kept its benchmark loan rates unchanged for October. The People's Bank of China kept its one-year loan prime rate unchanged at 3.45%. The five-year benchmark loan rate was held at 4.2%.

US stocks ended lower on Thursday as Powell's comments and rising bond yields weighed on markets. U.S. Federal Reserve Chair Jerome Powell said inflation was still too high and would likely require lower economic growth. Powell also added that monetary policy was not yet too tight. The benchmark 10-year Treasury yield traded as high as 4.996% on Thursday, inching closer to the well-followed 5% level that was last crossed in 2007.

Domestic equity barometers pared most of the losses but traded with minor cuts in mid-morning trade. The Nifty traded above the 19,650 level after hitting day's low of 19,512.35 in early trade. Pharma shares saw profit booking after gaining in past two consecutive trading sessions.

The barometer index, the S&P BSE Sensex, was down 119.50 points or 0.18% to 65,757.52. The Nifty 50 index lost 19.65 points or 0.10% to 19,651.45.

In the broader market, the S&P BSE Mid-Cap index slipped 0.29% while the S&P BSE Small-Cap index added 0.04%.

The market breadth was strong. On the BSE, 1,615 shares rose and 1,880 shares fell. A total of 170 shares were unchanged.

Earnings Today:

Hindustan Unilever (down 0.18%), ITC (up 0.25%), Ultratech Cement (up 0.11%), Nestle India (down 0.46%), Havells India (up 0.79%), Tata Communications (down 0.85%), Mphasis (up 1.94%), United Breweries (down 0.54%), Jindal Stainless (down 1.90%), Metro Brands (down 0.34%), Voltas (down 0.62%), Cyient (up 2.26%), PVR Inox (up 0.13%), Tanla Platforms (down 0.38%), Equitas Small Finance Bank (down 0.05%), Ramkrishna Forgings (up 1.27%), HFCL (up 0.93%), Mastek (up 1.27%), South Indian Bank (down 1.27%), Tata Coffee (down 1.15%), Aarti Drugs (down 1.75%), Kirloskar Pneumatic (up 2.67%), Ganesh Housing Corp (up 0.44%), Sagar Cements (down 0.38%), Indoco Remedies (up 0.17%), Wendt (India) (up 1.49%) wil announce their quarterly earnings later today.

Buzzing Index:

The Nifty Pharma index declined 0.63% to 15,235.05. The index rose 1.1% in past two trading sessions.

Biocon (down 1.63%), Ipca Laboratories (down 1.5%), Granules India (down 1.1%), Natco Pharma (down 1.01%), Dr Reddys Laboratories (down 0.97%), Aurobindo Pharma (down 0.91%), Cipla (down 0.85%), Glenmark Pharmaceuticals (down 0.81%), Sun Pharmaceuticals Industries (down 0.77%) and Divis Laboratories (down 0.75%) slipped.

On the other hand, Lupin (up 0.46%), Glaxosmithkline Pharmaceuticals (up 0.22%) and Zydus Lifesciences (up 0.15%) edged higher.

The Nifty Metal index declined 1.26% to 6,776.80. The index decreased 1.81% in two trading sessions.

APL Apollo Tubes (down 2.58%), Jindal Stainless (down 2.02%), Tata Steel (down 1.61%), Welspun Corp (down 1.55%), Hindalco Industries (down 1.53%), Jindal Steel & Power (down 1.41%), National Aluminium Company (down 1.37%), Ratnamani Metals & Tubes (down 1.29%), JSW Steel (down 0.89%) and Vedanta (down 0.22%) slipped.

On the other hand, Hindustan Copper (up 0.68%) ,Hindustan Zinc (up 0.51%) and NMDC (up 0.12%) edged higher.

Stocks in Spotlight:

KFin Technologies rose 2.67% after the company said that it has won a high value multi-year contract from LIC Pension Fund for investment management solution.

Bandhan Bank dropped 3.97%. The Kolkata-based private lender reported a net profit of Rs 721.17 crore in Q2 FY24, steeply higher than Rs 209.27 crore recorded in Q2 FY23. Total income jumped 18.4% to Rs 5,032.19 crore in the second quarter of FY24 from Rs 4,249.87 crore posted in Q2 FY23.

Global Markets:

Asian stocks fell across the board, taking cues from U.S. markets overnight, while the Bank of Korea kept its interest rates steady at 3.5% for the sixth time in a row.

South Korea's central bank kept its benchmark policy rate at 3.5%, in line with expectations. In its release, the Bank of Korea said that inflation in the country is ?projected to continue its underlying trend of a slowdown,? but there are uncertainties regarding the future path of inflation.

US stocks ended sharply lower on Wednesday as Treasury yields rose again and investors assessed the latest batch of quarterly corporate results and forecasts. Mounting tensions in the Middle East stoked risk aversion.

Investors have been worried about repercussions from the Israel-Hamas conflict that began October 7 with a Hamas attack on Israeli civilians and soldiers. U.S. President Joe Biden, during a lightning visit on Wednesday, pledged solidarity with Israel and said a deadly blast at a Gaza hospital seemed to have been caused by a rocket misfired by militants.

U.S. Treasury yields jumped to multiyear highs, with the 10-year Treasury yield breaking above 4.9% for the first time since 2007.

The U.S. economy showed ?little or no change? over the past six weeks, the Federal Reserve reported Wednesday in its Beige Book report. Spending was described as ?mixed? while prices increased ?at a modest pace,? the report said. Companies said they expect inflation to continue rising, thought at a slower pace.

Street Investment

Domestic equity barometers pared all the gains and traded near the day's low with modest losses in mid-morning trade. The Nifty slipped below the 19,800 level. Financial services stocks declined after gaining in the past trading session.

The barometer index, the S&P BSE Sensex, was down 329.84 points or 0.50% to 66,098.25. The Nifty 50 index lost 69.30 points or 0.35% to 19,742.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.46% while the S&P BSE Small-Cap index declined 0.22%.

The market breadth was negative. On the BSE, 1,447 shares rose and 2,065 shares fell. A total of 168 shares were unchanged.

Earnings Today:

Wipro (down 0.04%), LTIMindtree (down 0.99%), Bajaj Auto (up 0.62%), IndusInd Bank (up 0.02%), Polycab India (down 0.42%), ICICI Lombard General Insurance (down 0.53%), Astral (down 0.11%), Bandhan Bank (down 0.23%), Persistent Systems (down 0.42%), Oracle Financial Services Software (down 0.45%), Zee Entertainment Enterprises (up 1.33%), IIFL Finance (up 0.51%), UTI Asset Management (up 0.29%), Titagarh Rail Systems (up 3.07%), Shoppers Stop (down 0.61%), Tips Industries (up 1.73%), SG Finserve (up 1.90%), Heritage Foods (down 2.55%), RPG Life Sciences (down 2.36%) and 5paisa Capital (up 1.42%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Financial Services index declined 1.13% to 19,718.35. The index rose 0.65% in the past trading session.

ICICI Prudential Life Insurance Company Ltd (down 3.5%), Cholamandalam Investment & Finance Company Ltd (down 2.23%), Bajaj Finance Ltd (down 1.95%), Bajaj Finserv Ltd (down 1.26%), HDFC Bank Ltd (down 1.21%), ICICI Bank Ltd (down 1.16%), Axis Bank Ltd (down 1.08%), Kotak Mahindra Bank Ltd (down 1.07%), Shriram Finance Ltd (down 0.98%) and REC Ltd (down 0.75%) edged lower.

Stocks in Spotlight:

L&T Technology Service declined 4.35%. The company's consolidated net profit rose marginally to Rs 315.4 crore in Q2 FY24 as against Rs 311.1 crore recorded in Q1 FY24. Revenue from operations grew by 3.7% quarter on quarter (QoQ) to Rs 2,386.5 crore in Q2 FY24.

Bajaj Electricals rose 2.30% after the company received contract worth Rs 347.29 crore from Power Grid Corporation of India for new transmission line in Bhadla, Rajasthan.

Indian Railway Catering and Tourism Corporation declined 1.41%. The company said that it has tied up with Zomato for supply and delivery of pre-ordered meals through IRCTC's E-catering portal as a proof of concept (PoC).

Orient Cement spurted 10.14% amid media reports that the company's promoter, CK Birla, has approached Gautam Adani to sell his stake. According to the media reports, CK Birla has approached Gautam Adani to sell his promoter stake in Orient Cement. Executives from both sides have reportedly met to discuss the potential deal. If this transition occurs, it could trigger an open offer for an additional 26% stake, as per takeover laws.

Global Markets:

Asian stocks traded mixed on Wednesday as a blast at a Gaza hospital dealt a blow to hopes for containing the crisis.

Economic data from China showed stronger-than-expected growth. China posted 4.9% growth in the July to September quarter from a year earlier, according to a release from China's National Bureau of Statistics on Wednesday. However, this figure was lower than the 6.3% year-on-year expansion seen in the second quarter.

US stocks closed near the flat line on Tuesday as investors analyzed the latest bond yield moves and the corporate earnings season gained steam.

Street Investment

The benchmark indices further continued to trade with decent gains in early afternoon trade. The Nifty continued to hover above the 19,800 level. Pharma shares saw buying demand after declining in the previous trading session.

The barometer index, the S&P BSE Sensex, was up 303.29 points or 0.46% to 66,470.22. The Nifty 50 index added 95.25 points or 0.48% to 19,827.

In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index gained 0.78%.

The market breadth was strong. On the BSE, 2,328 shares rose and 1,209 shares fell. A total of 175 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.45% to 10.69. The Nifty 26 October 2023 futures were trading at 19,835.20, at a premium of 8.20 points as compared with the spot at 19,827.

The Nifty option chain for the 26 October 2023 expiry showed maximum Call OI of 41.6 lakh contracts at the 20,000 strike price. Maximum Put OI of 47.1 lakh contracts were seen at 19,500 strike price.

Buzzing Index:

The Nifty Pharma added 0.73% to 15,275.30. The index had declined 0.46% to end at 15,164.75 on Monday.

Glenmark Pharmaceuticals (up 1.47%), Dr Reddys Laboratories (up 1.3%), Ipca Laboratories (up 1.2%), Lupin (up 1.02%), Cipla (up 1%), Aurobindo Pharma (up 1%), Biocon (up 0.9%), Torrent Pharmaceuticals (up 0.87%), Zydus Lifesciences (up 0.67%) and Natco Pharma (up 0.67%) edged higher.

Stocks in Spotlight:

Aurobindo Pharma rose 0.85% after the company's step down subsidiary, Eugia Pharma Specialities launched green-field manufacturing unit in Andhra Pradesh.

CEAT jumped 4.56% after the company's consolidated net profit soared 3125.5% to Rs 207.7 crore on 5.5% increase in net sales to Rs 3053.32 crore in Q2 September 2023 over Q2 September 2022.

Bombay Dyeing & Manufacturing Company added 3.20% after the company announced that it has signed the conveyance deed with Goisu Realty and transferred the land along with associated FSI of Phase-I located at Worli, Mumbai.

Jio Financial Services (JFSL) rose 0.33%. The company reported 101.31% increase in consolidated net profit to Rs 668 crore in Q2 FY24 as compared with Rs 332 crore in Q1 FY24. Total revenue from operations jumped 46.82% to Rs 608 crore from Rs 414 crore.

Grasim Industries declined 0.18%. The company said that its board has approved the proposal of raising of funds not exceeding Rs 4,000 crore by way of a rights issue to the eligible equity shareholders

Global Markets:

Asian stocks traded higher on Tuesday, recovering a measure of recent losses tracking strength in Wall Street, although markets still remained on edge over the Israel-Hamas war and key upcoming economic readings from China.

New Zealand's consumer inflation hit a two-year low in the third quarter. Consumer prices rose 5.6% from a year ago, slower than the 6% increase in the second quarter, according to Statistics New Zealand data published Tuesday.

China's third-quarter gross domestic product data is due on Wednesday, and is expected to show continued weakness in economic growth.

US stocks ended sharply higher on Monday as investors were optimistic about the start of the earnings season, while transportation and small-cap shares also jumped.

Street Investment

The domestic equity benchmarks continued to trade near the flat line in mid-morning trade. The Nifty traded above the 19,750 mark. PSU bank shares saw bargain buying after declining in the past three trading sessions.

The barometer index, the S&P BSE Sensex, was down 49.43 points or 0.07% to 66,233.31. The Nifty 50 index added 3 points or 0.02% to 19,754.05.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.51%.

The market breadth was positive. On the BSE, 2,126 shares rose and 1,435 shares fell. A total of 199 shares were unchanged.

Earnings Today:

HDFC Bank (down 0.39%), CEAT (down 0.96%), Choice International (up 0.43%), Cyient DLM (up 0.39%), Federal Bank (up 0.60%), ICICI Securities (up 0.28%), Jio Financial Services (up 0.16%), Bank of Maharashtra (up 0.75%), NELCO (up 0.57%), Oriental Hotels (up 0.49%), Tinplate Company of India (up 1.37%) and Yatra Online (up 0.62%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index rose 0.78% to 5,088.55. The index had declined 2.2% in past three trading sessions.

Union Bank of India (up 1.75%), Canara Bank (up 1.69%), Indian Bank (up 1.23%), Punjab National Bank (up 1.13%), Bank of Maharashtra (up 0.75%), Punjab & Sind Bank (up 0.58%), Bank of Baroda (up 0.32%), Indian Overseas Bank (up 0.23%), Central Bank of India (up 0.21%) and State Bank of India (up 0.16%) advanced.

Buzzing Index:

The Nifty Consumer Durables index rose 0.80% to 29,396.75. The index slipped 0.17% in the past trading session.

Rajesh Exports Ltd (up 3.23%), Blue Star Ltd (up 1.44%), Titan Company Ltd (up 1.32%), Kajaria Ceramics Ltd (up 1.3%), Relaxo Footwears Ltd (up 1.06%), V-Guard Industries Ltd (up 0.97%), Dixon Technologies (India) Ltd (up 0.62%), Havells India Ltd (up 0.42%), Voltas Ltd (up 0.42%) and Crompton Greaves Consumer Electricals Ltd (up 0.25%) advanced.

On the other hand, Amber Enterprises India Ltd (down 0.79%), Whirlpool of India Ltd (down 0.62%) and TTK Prestige Ltd (down 0.48%) edged lower.

Stocks in Spotlight:

J.Kumar Infraprojects advanced 2.79% after the civil construction services provider announced that it has received a letter of acceptance (LOA) from Mumbai Metropolitan Regional Development Authority (MMRDA).

Tata Steel Long Products gained 0.86% to after the company's consolidated net loss narrowed to Rs 438.11 crore in Q2 FY24 as compared to a net loss of Rs 646.22 crore recorded in Q2 FY23.

Dalmia Bharat added 0.11%. The cement manufacturer reported a consolidated net profit of Rs 123 crore in Q2 FY24, steeply higher than Rs 47 crore posted in Q2 FY23. Revenue from operations grew by 6% year on year to Rs 3,149 crore in the quarter ended 30 September 2023.

Kalpataru Projects International added 2.05% after the company said that it has bagged new orders/notification of awards of Rs 2,217 crore.

BLS International Services surged 7.35% after the company announced that it has signed an exclusive global visa outsourcing contract for Slovakia in 18 countries with more than 54 offices.

Anant Raj rose 1.92% after the company announced the start of two new projects. The first project, called Anant Raj Centre, is located in Mehrauli, South Delhi, and encompasses approximately 700,000 square feet. The second project, Anant Raj Aashray-11, is an affordable housing project situated in the Electronic Manufacturing Cluster 2 (EMC 2) in Tirupati, Andhra Pradesh.

Global Markets:

Asian stocks declined across the board as investors look ahead to key economic data from China and Japan this week. Most notably, China will release its third-quarter gross domestic product numbers on Wednesday. Japan's September inflation data is expected on Friday. South Korea's central bank will also announce its rate decision on Thursday.

US stocks ended the day mixed on Friday, pressured by a spike in oil prices and rising inflation expectations. Deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.

Street Investment

The frontline indices traded in a narrow range with significant cuts in mid-morning trade. The Nifty traded below the 19,700 level. IT stocks declined for the third day in a row.

The barometer index, the S&P BSE Sensex, was down 363.85 points or 0.55% to 66,044.54. The Nifty 50 index shed 102.50 points or 0.52% to 19,691.50.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index gained 0.18%.

The market breadth was positive. On the BSE, 1,794 shares rose and 1,682 shares fell. A total of 160 shares were unchanged.

Economy:

India's retail inflation, as measured by the Consumer Price Index (CPI), declined to a three-month low of 5.02% in September due to easing food prices, according to data released by the National Statistics Office (NSO) on Thursday. In July 2023, India's CPI stood at 7.44%, while in August 2023, it was at 6.83%.

Industrial output as measured by the Index of Industrial Production (IIP) was 10.3% in August 2023. Factory output measured in terms of the IIP had contracted by 0.7% in August 2022.

Buzzing Index:

The Nifty IT index declined 0.97% to 31,692.40. The index fell 2.69% in three trading sessions.

Mphasis (down 3.29%), Infosys (down 2.42%), Wipro (down 1.76%), Tech Mahindra (down 1.29%), LTIMindtree (down 1.02%), Coforge (down 0.95%), Persistent Systems (down 0.9%), L&T Technology Services (down 0.28%) slipped.

On the other hand, HCL Technologies (up 1.32%) and Tata Consultancy Services (up 0.41%) edged higher.

Infosys declined 2.42% after the IT major trimmed its FY24 revenue guidance agsin to 1% - 2.5%. The company has lowered its FY24 revenue guidance from the previous quarter's projection of 1% - 3.5% to 1% - 2.5% in constant currency, while maintaining the operating margin guidance at 20% - 22% for the same fiscal year.

The IT giant's consolidated net profit rose 4.5% to Rs 6,215 crore on 2.8% increase in revenues to Rs 38,994 crore in Q2 FY24 over Q1 FY24. On a year on year basis, the company's net profit and revenues grew by 3.1% and 6.7%, respectively as compared with Q2 FY23. The total contract value (TCV) of large deal wins was $7.7 billion in Q2 FY24, with net new of 48%.

HCL Technologies added 1.32% after the IT major reported 8.43% rise in consolidated net profit to Rs 3,832 crore on 1.43% increase in revenue from operations to Rs 26,672 crore in Q2 FY24 over Q1 FY24. Compared with Q2 last year, the company's net profit and revenue were higher by 9.83% and 8.05%, respectively.

For FY24, the company slashed its revenue growth guidance to 5%-6% YoY in CC from 6%-8% estimated in the previous quarter, while maintaining the EBIT margin guidance at 18% - 19%. Services revenue guidance is revised to be in between 4.5%-5.5% from 6.5%-8.5% YoY in CC and company's organic revenue growth is expected to be between 4%-5% YoY in CC for the same fiscal year. In Q2 FY24, the company bagged 16 large deals - 10 in the Services segment & 6 in the Software segment. Total contract value (TCV) of new deal wins was $3,969 million.

Stocks in Spotlight:

Anand Rathi Wealth fell 2.45%. The company reported 34% rise in consolidated net profit to Rs 57.7 crore on a 37% increase in total income to Rs 189.1 crore in Q2 FY24 as compared with Q2 FY23.

Panacea Biotec declined 1.25%.the drug maker said that the United States Food and Drug Administration (USFDA) conducted an inspection at its material wholly-owned subsidiary, Panacea Biotec Pharma at Baddi facility, Himachal Pradesh. The inspection was conducted from 3 October 2023 to 12 October 2023 at Baddi, Himachal Pradesh, India facility.

At the end of inspection, USFDA issued a FDA Form 483 with nine observations which are related to improvements in existing procedures and are addressable.

Global Markets:

Asian stocks declined across the board on Friday as Treasury yields surged after the latest US inflation data bolstered bets on Federal Reserve rate hikes. Latest data on continued weakness in China's economy added to the gloom.

China's Consumer Price Index (CPI) stagnated at 0% YoY in September after accelerating by 0.1% in August. China's Producer Price Index (PPI) dropped 2.5% YoY in September, compared with a 3% decline registered previously.

Singapore's central bank kept its monetary policy unchanged for a second straight meeting, maintaining the rate of appreciation of its Singapore dollar nominal effective exchange rate policy band. Singapore's GDP grew faster than expected and expanded 0.7% year-on-year in the third quarter, advanced estimates from the government showed.

US stocks indices fell on Thursday after a treasury auction sent bond yields higher.

Consumer prices rose 3.7% over last year in September, matching August's increase. On a month-over-month basis, consumer prices rose 0.4%.

Street Investment

The benchmark indices traded with significant gains in morning trade. The Nifty traded above the 19,800 level. Realty shares extended gains for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 431.19 points or 0.65% to 66,510.55. The Nifty 50 index added 126.35 points or 0.64% to 19,816.20.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.98% while the S&P BSE Small-Cap index gained 1.01%.

Buyers outnumbered sellers. On the BSE, 2,527 shares rose and 818 shares fell. A total of 181 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 0.91% to 611.70. The index jumped nearly 5% in two trading sessions.

Prestige Estates Projects (up 2.61%), Phoenix Mills (up 2.55%), Macrotech Developers (up 2.26%), Mahindra Lifespace Developers (up 1.58%) Godrej Properties (up 0.47%), Swan Energy (up 0.31%) and DLF (up 0.12%) edged higher.

On the other hand, Sobha (down 0.96%), Brigade Enterprises (down 0.19%) and Oberoi Realty (down 0.05%) declined.

Stocks in Spotlight:

Laxmi Organic Industries surged 11.01% after the specialty chemicals maker announced the successful conclusion of its qualified institutions placement (QIP) for the company's equity shares. The QIP, which commenced on 5 October 2023, concluded on 10 October 2023, with a total of 9,625,579 equity shares being allotted. The shares were priced at Rs 269.20 per share, resulting in an issue size of approximately Rs 259.12 crore.

The issue price of Rs 269.20 is at a discount of Rs 14.07 or 4.97%, to the floor price of Rs 283.27 per equity share set for the QIP issue.

NCL Industries advanced 2.48% after the company announced that its cement production for the second quarter of FY24 was 659,300 MT, registering a growth of 9% on YoY basis. Cement dispatches increased by 11% to 669,587 in Q2 FY24 as compared with Q2 FY23.

Shiva Cement jumped 5.28% after the company announced the receipt of approval from Odisha's pollution control board for doubling its existing production capacity.

Tata Consultancy Services (TCS) added 0.13%. Country's largest software services firm TCS will announce its Q2 results today, 11 October 2023. Moreover, TCS board will also consider a proposal for share buyback in its meeting.

Titan Company rose 0.34%. The meeting of the board of directors of the company is scheduled on 17 October 2023 to consider and approve the proposal for issuance of rated, listed, redeemable, unsecured Non-Convertible Debentures on a private placement basis, within the permissible borrowing limits under Section 180 of the Companies Act 2013.

Wipro gained 0.87%. The IT major had signed a definitive agreement to subscribe to equity share capital in FPEL Ujwal Private Limited (FPEL), engaged in the business of developing, building, and managing a portfolio of solar power assets. The company has completed its subscription in equity share capital of FPEL on 10 October 2023.

Bank of Baroda slipped 2.01%. The Reserve Bank of India has directed Bank of Baroda to suspend, with immediate effect, any further onboarding of customers onto its 'bob World' mobile application, based on certain supervisory concerns that RBI had observed in the Bank's mobile banking onboarding processes. Further onboarding of customers on the ?bob World? application will be subject to further strengthening of related processes by the Bank to the satisfaction of RBI.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.34% to 7.326 from its previous close of 7.351.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2250, compared with its close of 83.2500 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.04% to Rs 57,652.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 105.77.

The United States 10-year bond yield fell 0.39% to 4.635.

In the commodities market, Brent crude for December 2023 settlement gained 25 cents or 0.29% to $87.90 a barrel.

Global Markets:

Asian stocks were trading higher on Wednesday mirroring moves on Wall Street as U.S. Treasury yields fell and oil prices slightly eased.

US stocks climbed on Tuesday as investors awaited key inflation data out of the world's largest economy, with the producer price index and consumer price index readings for September out Wednesday and Thursday, respectively.

Street Investment

The domestic equity benchmarks extended gains in morning trade. The Nifty traded above the 19,600 level. Realty shares witnessed buying demand after declining in the past trading session.

The barometer index, the S&P BSE Sensex, was up 339.80 points or 0.52% to 65,852.19. The Nifty 50 index added 99.35 points or 0.51% to 19,611.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 1.08%.

Buyers outnumbered sellers. On the BSE, 2,505 shares rose and 785 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty Realty index advanced 2.95% to 600.05. The index declined 0.79% in the past trading session.

Prestige Estates Projects (up 5.73%), DLF (up 2.95%), Phoenix Mills (up 2.89%), Godrej Properties (up 2.83%), Oberoi Realty (up 2.41%), Mahindra Lifespace Developers (up 1.55%), Sobha (up 1.49%), Macrotech Developers (up 1.39%), Brigade Enterprises (up 1.23%) and Swan Energy (up 1.17%) rallied.

Stocks in Spotlight:

Genus Power Infrastructure hit an upper circuit of 5% after the company's wholly owned subsidiary received two letter of awards (LoAs) worth Rs 3,115.01 crore for appointment of Advanced Metering Infrastructure Service Providers.

Bhageria Industries jumped 7.76% after the company announced its one turnkey international Solar Engineering, Procurement, and Construction (Solar EPC) projects with comprehensive Operation & Maintenance and Water Proofing in APM Terminal, Kingdom of Bahrain. Aggregating to a capacity of 11.40 MWp, this project has a total order value of about Rs 104.49 crore (including comprehensive O&M and Water Proofing), without taking taxes into account.

Mazagon Dock Shipbuilders (MDL) rallied 5.34% after the company said that it has signed a letter of intent (LoI) with an European client for construction of six firm and four optional units of 7500 DWT multi- purpose hybrid power vessels. The prices for which would be firmed up at the time of signing of contract.

IDFC First Bank added 0.62%. IDFC First Bank has entered into agreement(s) with National Securities Depository Limited for the sale of bank's office premises located at Naman Chambers, Bandra-Kurla Complex, Mumbai, as a part of consolidation of bank's operations near its corporate office. The consideration for the office premises amounts to around Rs 198 crore.

Glenmark Life Sciences gained 1.59%. The board of directors of the company has declared an interim equity dividend for the financial year 2023-24 of Rs. 22.50/- per equity share.

Dilip Buildcon rose 1.58%. The company has received letter of acceptance (LOA) from Water Resources Zone, Udaipur, Rajasthan, for the construction of Dewas III and IV Dams in Gogunda, Udaipur, The project cost is Rs 396.93 crore.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.41% to 7.356 from its previous close of 7.386.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2300, compared with its close of 83.2825 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement gained 0.25% to Rs 57,714.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 106.06.

The United States 10-year bond yield fell 0.11% to 4.635.

In the commodities market, Brent crude for December 2023 settlement jumped 31cents or 0.35% to $87.84 a barrel.

Global Markets:

Asian stocks climbed across the board, as markets rally despite pressures from the attack on Israel by Palestinian militant group Hamas.

Wall Street's major indexes closed higher on Monday while energy stocks rallied as investors digested the latest news about the conflict between Israel and the Palestinian Islamist group Hamas.

The key equity barometers hit fresh intraday high in mid-morning trade. The Nifty managed to hold tad above the 19,600 level. Realty stocks extended gains for second consecutive session.

The barometer index, the S&P BSE Sensex, was up 201.47 points or 0.31% to 65,833.04. The Nifty 50 index advanced 62.60 points or 0.32% to 19,608.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.31%.

The market breadth was strong. On the BSE, 2163 shares rose and 1262 shares fell. A total of 172 shares were unchanged.

RBI MPC Meet Outcome:

The Reserve Bank of India's Monetary Policy Committee (MPC) at its meeting today (October 6, 2023) decided to Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%.

The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

CPI inflation is maintained at 5.4% for 2023-24, with Q2 at 6.4%, Q3 at 5.6% and Q4 at 5.2%, with risks evenly balanced. CPI inflation for Q1:2024-25 is maintained at 5.2%. Inflation is expected to improve in the near term due to a correction in vegetable prices and the recent reduction in LPG prices. The future trajectory will depend on factors such as lower pulses area, falling reservoir levels, El Ni?o conditions, and volatile global energy and food prices.

Real GDP growth for 2023-24 is maintained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%, with risks evenly balanced. Real GDP growth for Q1:2024-25 is maintained at 6.6%. Domestic demand is expected to be the key driver of growth in the near term, but global headwinds need to be monitored closely.

The next meeting of the MPC is scheduled during 6-8 December 2023.

Buzzing Index:

The Nifty Realty index added 0.82% to 574.65. The index has gained 1.12% in two sessions.

Godrej Properties (up 1.77%), Brigade Enterprises (up 1.46%), DLF (up 0.91%), Prestige Estates Projects (up 0.9%) and Macrotech Developers (up 0.55%) were the top index gainers.

Stocks in Spotlight:

Angel One advanced 2.15%. The stockbroker's its client base jumped 47.6% to 17.07 million in September 2023 as against 11.57 million in September 2022. On sequential basis, the company's client base rose by 4.4% month on month (MoM) from 16.36 million in August 2023.

FSN E-Commerce Ventures (Nykaa) added 2.21%. The company has witnessed strong momentum in Q2 FY24. At the consolidated level, for Q2 FY24, the company expects net sales value to grow in the mid-twenties and revenue to grow in the early twenties on YoY basis, both at levels similar to Q1 FY24. Overall, the H1 FY24 performance sets up well for the year with second half historically witnessing superior consumer demand.

Global markets:

Asian stocks are trading higher following much weaker-than-expected jobs data. China's markets remain closed for the weeklong holiday.

US stocks ended lower Thursday as investors looked toward key jobs data on Friday that could determine the next move for interest rates. Weekly initial jobless claims came in at 207,000 for the week ending September 30, up just 2,000 from the prior week's numbers.