Nifty around 18,850; Axis Bank up 1.43%.

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.

Equity benchmarks trade with limited gains; metal stocks snap 4-day losing streak.

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.

Broader market tumbles; metal shares edge lower for fourth day.

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.

Sensex down 198 pts; FMCG shares under pressure.

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.

Sensex, was down 119.50 pts ; pharma shares slide.

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.

Nifty down 117.60 pts; financial services slide.

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.

Nifty hovers above 19,800; pharma stocks edge higher.

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.