Sensex jumps 471 pts, PSU bank shares in demand.

The benchmark indices continued to trade with strong gains in morning trade, as investors found solace in the U.S. Federal Reserve's decision to maintain its benchmark interest rate unaltered. The Nifty traded above the 19,100 level. PSU bank stocks extended gains for the fifth consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 471.42 points or 0.74% to 64,062.75. The Nifty 50 index added 140.95 points or 0.74% to 19,130.10.

In the broader market, the S&P BSE Mid-Cap index gained 1.14% while the S&P BSE Small-Cap index rose 0.85%.

The market breadth is strong, On the BSE, 2,384 shares rose and 922 shares fell. A total of 150 shares were unchanged.

The US Federal Reserve held interest rates at a 22-year high, with the benchmark rate remaining between 5.25% and 5.50%, for the second meeting in a row.

Results Today:

Adani Enterprises (up 1.92%), Tata Motors (up 0.68%), Adani Power (up 0.96%), Cholamandalam Investment and Finance Company (up 0.58%), Dabur India (up 0.27%), Indian Railway Finance Corporation (up 0.26%), Berger Paints India (down 0.12%), Godrej Properties (up 1.95%), Container Corporation (up 0.95%), Gujarat Gas (up 1%), Dr. Lal PathLabs (up 0.53%), Ratnamani Metals & Tubes (down 0.03%), 360 One WAM (up 1.81%), Indian Energy Exchange (up 0.60%), Sapphire Foods India (down 0.26%), Deepak Fertilisers & Petrochemicals Corporation (up 0.09%), Minda Corporation (down 0.37%), Kirloskar Oil Engines (up 0.28%), Karnataka Bank (up 0.45%), Surya Roshni (up 0.38%), Infibeam Avenues (down 0.05%), NOCIL (up 1.48%), Datamatics Global Services (up 3.03%), Tatva Chintan Pharma Chemicals (down 0.34%) and Hikal (up 0.04%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index rose 1.86% to 5,041.90. The index jumped 6.68% in five trading sessions.

Bank of India (up 3.47%), Bank of Maharashtra (up 3.02%), Indian Overseas Bank (up 2.81%), Central Bank of India (up 2.78%), Union Bank of India (up 2.76%), Punjab National Bank (up 2.47%), UCO Bank (up 2.4%), Punjab & Sind Bank (up 2.27%), Bank of Baroda (up 1.92%) and Canara Bank (up 1.72%) edged higher.

State Bank of India (SBI) advanced 1.37%. SBI raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year. The bonds are issued for 15 years tenor, with the first call option after 10 years.

Stocks in Spotlight:

Kotak Mahindra Bank gained 1.14% after the company announced the signing of definitive agreements with Zurich Insurance Company for divesting majority stake in Kotak Mahindra General Insurance.

The private sector lender said that the bank, Kotak Mahindra General Insurance Company and Zurich Insurance Company have entered into definitive agreements for a transaction whereby Zurich will invest (approximately) Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance through a combination of fresh growth capital and share purchase.

Bajaj Finance rose 1.05%. The preferential issue special committee of the board of directors of the company has approved the issue of 15,50,000 warrants to Bajaj Finserv , promoter and holding company, at an issue price of Rs 7,670 per warrant, for an amount aggregating to Rs 1,188.85 crore.

Eicher Motors added 0.40%. Eicher Motors' motorcycles sales rose 3% to 84,435 units in October 2023 over October 2022.

Hero Motocorp added 0.25%. The two wheeler major reported a net profit of Rs 1,053.81 crore in Q2 FY24, registering a growth of 47.17% as compared with Rs 716.07 crore in Q2 FY23. Revenue from operations increased 4.08% YoY to Rs 9,445.42 crore in Q2 FY24.

Tata Steel declined 0.39%. The steel major reported consolidated net loss of Rs 6511 crore in Q2 FY24 as compared with net profit of Rs 1297 crore in Q2 FY23. Turnover fell to Rs 59,490 crore in Q2 FY24 from Rs 59,878 crore in Q2 FY23.

Britannia Industries rallied 3.32%. The company reported consolidated net profit of Rs 586.50 crore in Q2 FY24 as compared with net profit of Rs 490.58 crore in Q2 FY23. Total income rose to Rs 4,485.23 crore in Q2 FY24 from Rs 4,432.85 crore in Q2 FY23.

State Bank of India (SBI) gained 1.02%. SBI raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year. The bonds are issued for 15 years tenor, with the first call option after 10 years.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.45% to 7.325 from its previous close of 7.358.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1950, compared with its close of 83.2850 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.18% to Rs 60,881.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.48% to 106.37.

The United States 10-year bond yield slippped 1.40% to 4.722.

In the commodities market, Brent crude for January 2023 settlement gained 80 cents or 0.95% to $85.43 a barrel.

Global Markets:

Asian stocks were trading higher as investors took comfort from the U.S. Federal Reserve?s decision to leave its benchmark interest rates unchanged, while parsing inflation and trade data from across the region.

US stocks advanced on Wednesday after the Federal Reserve kept interest rates unchanged for a second consecutive time ? leading investors to think the central bank would stay put for the rest of the year.

The Federal Reserve on Wednesday held rates steady at a range of 5.25%-5.5%. amid signs of economic growth, while labor market conditions and inflation remain above the central bank?s target. The decision also included an upgrade to the Fed?s general assessment of the economy.

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.

Market snaps losing streak; Nifty back above 19k.

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.

Nifty nears 19,000 mark; oil & gas stocks in demand.

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.

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.

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.

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.