Nifty rises above 19,750 mark; oil & gas stocks in demand.

The key equity barometers extended gains and hit fresh intraday high in mid-morning trade. The Nifty traded above the 19,750 mark. Oil & gas shares extended gains for second day in a row.

The barometer index, the S&P BSE Sensex, was up 405.37 points or 0.62% to 66,081.30. The Nifty 50 index added 110.70 points or 0.56% to 19,786.15.

In the broader market, the S&P BSE Mid-Cap indexhttps://t.me/bigbullscall gained 0.34% while the S&P BSE Small-Cap index rose 0.57%.

The market breadth was strong. On the BSE, 2159 shares rose and 1380 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 0.77% to 8,178.20. The index has added 2.24% in two sessions.

Oil India (up 2.71%), Hindustan Petroleum Corporation (up 2.42%), Bharat Petroleum Corporation (up 1.49%), Indian Oil Corporation (up 1.43%) and Aegis Logistics (up 1.38%) were the top gainers.

Among the other gainers were Oil & Natural Gas Corp (up 0.98%), Mahanagar Gas (up 0.59%), Reliance Industries (up 0.52%), Indraprastha Gas (up 0.26%) and Gujarat Gas (up 0.23%).

On the other hand, Adani Total Gas (down 0.4%), Petronet LNG (down 0.15%) and Gujarat State Petronet (down 0.07%) turned lower.

Stocks in Spotlight:

RateGain Travel Technologies fell 1.34%. The company has announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 676.66 per share. The floor price of Rs 676.66 is at a discount of 4.93% to the previous day's closing price of Rs 711.75 on the BSE.

Dabur India rose 1.18%. The company's two foreign subsidiaries, Dabur International and Dermoviva Skin Essentials, have been removed as defendants in multiple lawsuits filed in a U.S. court over allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other related health issues.

IIFL Finance added 0.48%. The NBFC will invest up to Rs 200 crore in arm IIFL Samasta Finance by way of subscription to 7,47,94,315 fully paid-up equity shares of face value of Rs 10 each, at a premium of Rs. 16.74 per share, through rights issue.

Global Markets:

Asian stocks are trading lower Thursday as investors digested high-level discussions between U.S. President Joe Biden and Chinese President Xi Jinping.

Biden and Xi met Wednesday outside of San Francisco in their first face-to-face meeting in a year. The talks were on the sidelines of the Asia-Pacific Economic Cooperation conference and were a part of efforts between the U.S. and China to boost high-level communication amid continued tensions.

US stocks ended higher on Wednesday, building on the strong rally from Tuesday, on the back of more encouraging inflation data. Another reading on U.S. inflation showed October?s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020.

Key indices hit fresh intraday high; metal shares in demand.

The key equity indices extended gains and hit fresh intraday high in morning trade. The Nifty continued to trade above the 19,600 mark. Metal shares witnessed buying demand for fourth consecutive session.

The barometer index, the S&P BSE Sensex, was up 596.07 points or 0.92% to 65,529.94. The Nifty 50 index added 188.75 points or 0.97% to 19,632.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.70% while the S&P BSE Small-Cap index advanced 1.06%.

The market breadth was strong. On the BSE, 2332 shares rose and 1090 shares fell. A total of 185 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.62% to 6,822.65. The index has added 3.38% in four sessions.

Hindalco Industries (up 4.53%), Jindal Steel & Power (up 2.56%), National Aluminium Company (up 2.55%), JSW Steel (up 2.25%) and Tata Steel (up 1.86%) were the top gainers.

Among the other gainers were APL Apollo Tubes (up 1.31%), Hindustan Zinc (up 1.1%), Vedanta (up 1.01%), Steel Authority of India (up 0.91%) and Welspun Corp (up 0.9%).

On the other hand, NMDC (down 2.28%) and Jindal Stainless (down 0.41%) turned lower.

Stocks in Spotlight:

Adani Energy Solutions was up 0.03%. The distribution arm of Adani Energy Solutions Ltd., Adani Electricity Mumbai Ltd., announced a tender offer to buyback up to $120 million of its outstanding $1,000 million of 3.949% senior secured notes due 2030. The tender offer is being fully funded through its cash surplus and internal accruals.

Rail Vikas Nigam (RVNL) added 2.42%. The company received a Rs 311 crore LoA from Central Railways for the construction of tunnels and bridges in Madhya Pradesh. The time period by which the order is to be executed is 18 months.

IDFC First Bank gained 0.93%. The company received a PFRDA nod for the merger of IDFC and IDFC Financial Holding Co. with IDFC First Bank. The company also received BSE and NSE's nods for the merger of IDFC and IDFC Financial Holding Co. with itself.

Knowledge Marine & Engineering Works tumbled 5.82%. The company bagged a project from the Mumbai Port Authority for the hiring of two dock tugs for a period of 7 years for an amount of Rs. 34.49 crore. 

Asian Paints was up 0.07%. The original installed production capacity of the Khandala plant has been increased to 4,00,000 KL per annum in order to meet the medium-term capacity requirements of the company. An amount of Rs. 385 crore (approx.) has been invested by the company towards the above increase in installed capacity and the same has been funded through internal accruals.

Grasim Industries added 1.72%. The company has reported 6% rise in consolidated net profit of Rs 1164 in Q2 FY24 from net profit of Rs 1097 crore in Q2 FY23. Revenue increased 10% rise in total income to Rs 30221 crore in Q2 FY24 from Rs 27486 crore in Q2 FY23.

Rajesh Exports dropped 5.99%. The company has posted 87.9% drop in consolidated net profit to Rs 45.3 crore in Q2 FY24 from Rs 373 crore in Q2 FY23. Revenue for the period under review added up to Rs 38,066 crore, down 52.6% YoY.

Aster DM Healthcare fell 1.91%. The company has recorded a net loss of Rs 15.3 crore in Q2 FY24 as against a net profit of Rs 54.1 crore in the same period last year. Revenue for the second quarter increased by 17.8% YoY to Rs 3,317 crore.

Global markets:

Asian stocks are trading with strong gains on Wednesday, taking cues from Wall Street after a soft U.S. inflation reading boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle.

Japan?s economy shrank in the July-September period for the first time in four quarters, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, while also recording a 0.5% decline from the previous quarter.

On the geopolitical front, U.S. President Joe Biden and China?s President Xi Jinping are expected to meet in person in San Francisco for the first time in about a year.

US stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered the soft U.S. inflation report. The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. The headline CPI had increased 0.4% in September.

Late Tuesday, the House of Representatives passed a bill to avert a government shutdown. The measure will go to the Senate for a vote. If cleared by lawmakers, the legislation goes to President Joe Biden.

Nifty above 19,350; realty shares in demand.

The key equity barometers traded with significant gains in morning trade. The Nifty traded above the 19,350 mark. Realty stocks gained for the seventh consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 405.50 points or 0.63% to 64,769.28. The Nifty 50 index added 127.30 points or 0.66% to 19,357.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index gained 1.03%.

The market breadth was strong. On the BSE, 2,443 shares rose and 945 shares fell. A total of 225 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 1.74% to 654.95. The index surged 14.53% in seven trading sessions.

Brigade Enterprises (up 6.21%), Mahindra Lifespace Developers (up 3.41%), Phoenix Mills (up 2.76%), Macrotech Developers (up 2.48%), Sobha (up 2.07%), Godrej Properties (up 1.69%), Prestige Estates Projects (up 1.63%), Swan Energy (up 1.04%), Oberoi Realty (up 0.56%) and DLF (up 0.15%) advanced.

Stocks in Spotlight:

Punjab & Sind Bank declined 2.34% after the bank?s standalone net profit declined 32% to Rs 189.09 crore on 26.13% increase in total income to Rs 2,674.15 crore in Q2 FY24 over Q2 FY23.

Shipping Corporation of India slipped 4.17% after the company?s consolidated net profit tumbled 42.53% to Rs 65.73 crore on 22.88% decline in revenue from operations to Rs 1,093.20 crore in Q2 FY24 over Q2 FY23.

Indigo Paints fell 2.56% after the company's consolidated net profit declined 31.66% to Rs 25.34 crore in Q2 FY24 from Rs 37.08 crore posted in Q2 FY23. Revenue from operations jumped 15.01% year on year to Rs 279.01 crore during the period under review.

SBI fell 0.21%. The largest PSU bank?s standalone net profit increased 8.03% to Rs 14,330.02 crore in Q2 FY24 on 26.41% jump in total income to Rs 1,12,169.43 crore in Q2 FY24 over Q2 FY23.

Vedanta shed 0.06%. The company reported a consolidated net loss of Rs 915 crore in Q2 FY24 as against a net profit of Rs 3,308 crore in Q2 FY23. Income from operations increased by 16% year-over-year (YoY) to Rs 38,546 crore during the quarter, driven by higher sales volume and favorable arbitration award in oil and gas, partially offset by a slip in output commodity prices.

Bank of Baroda declined 2.85%. The public sector bank's net profit jumped 28.35% to Rs 4,252.89 crore in Q2 FY24 as compared with Rs 3,313.42 crore in Q2 FY23. Total income increased by 38.79% to Rs 32,032.75 crore during the quarter as compared with Rs 23,080.03 crore recorded in corresponding quarter last year.

Crompton Greaves consumer Electricals fell 1.29%. The company reported a 23% decline in consolidated net profit to Rs 100.87 crore despite of 4.87% rise in net sales to Rs 1,782.27 crore in Q2 FY24 over Q2 FY23.

JSW Infrastructure rallied 5.07%. The company reported 88.95% jump in consolidated net profit to Rs 254.40 crore in Q2 FY24 as against Rs 134.64 crore recorded in Q2 FY23. The company?s revenue from operations stood at Rs 848.31 crore, up 28.14% YoY in Q2 FY24.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper shed 0.22% to 7.301 from its previous close of 7.317.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1675, compared with its close of 83.2050 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.30% to Rs 60,835.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 105.08.

The United States 10-year bond yield rose 0.48% to 4.579.

In the commodities market, Brent crude for January 2024 settlement gained 31 cents or 0.37% to $85.20 a barrel.

Global Markets:

Asian stocks are trading higher on Monday after a soft monthly jobs report from the US helped ease bets that the Federal Reserve will continue to hike interest rates.

US stocks closed higher on Friday after a soft jobs report drove bond yields lower. The October jobs report on Friday came in weaker than expectations, showing the Fed?s attempt to cool the economy and stifle inflation could be working. The U.S. economy last month added 150,000 jobs, lower than September?s blowout of 297,000 jobs added. The unemployment rate rose to 3.9%.

Sensex rises 400 pts, realty stocks rally for 6th day.

 

The frontline indices traded with modest gains in morning trade. The Nifty scaled above the 19,250 mark. Realty shares extended gains for the sixth consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 399.50 points or 0.62% to 64,480.40. The Nifty 50 index added 124.05 points or 0.65% to 19,257.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 0.97%.

The market breadth is strong. On the BSE, 2,380 shares rose and 889 shares fell. A total of 158 shares were unchanged.

Economy:

The S&P Global India services Purchasing Managers' Index (PMI) declined to 58.4 in October as compared to 61 in September, signaling the slowest rate of expansion since March. The Competitive pressures and inflationary forces restricted the increase, according to surveyed firms.

Meanwhile, the S&P Global India Composite PMI Output Index fell from 61 in September to 58.4 in October, indicating the weakest rate of expansion since March.

Buzzing Index:

The Nifty Realty index rose 1.42% to 636.70. The index surged 11.34% in six trading sessions.

Prestige Estates Projects (up 2.77%), Brigade Enterprises (up 2.34%), Sobha (up 1.72%), Phoenix Mills (up 1.14%), DLF (up 0.78%), Mahindra Lifespace Developers (up 0.68%), Swan Energy (up 0.66%), Godrej Properties (up 0.5%), Oberoi Realty (up 0.48%) advanced.

Stocks in Spotlight:

Indian Railway Finance Corporation (IRFC) shed 0.49% after the company?s net profit declined 9.59% to Rs 1,549.87 crore in Q2 FY24 as compared with Rs 1,714.28 posted in corresponding quarter last year. Revenue from operations jumped 16.46% year on year to Rs 6,766.32 crore in Q2 FY24.

NBCC (India) added 0.40%. The government-owned construction company, has recently secured two significant orders from the Haryana government. The combined value of these orders amounts to Rs 212 crore.

Tilaknagar Industries surged 9.95% after the firm?s consolidated net profit stood at Rs 37.04 crore in Q2 FY24, steeply higher than Rs 13.88 crore recorded in Q2 FY23. Revenue from operations grew by 29.1% year on year (YoY) to Rs 354.39 crore in the quarter ended 30 September 2023.

Sheela Foam slipped 2.96% after the company reported 17.32% decline in consolidated net profit to Rs 44.30 crore in Q2 FY24 as compared with Rs 53.58 crore posted in corresponding quarter last year. Revenue from operations fell 10.18% to Rs 613.18 crore in Q2 FY24 as compared with Rs 682.69 crore in Q2 FY23. Decline in Topline primarily on account of portfolio rationalization and reduction in raw material prices

Global Markets:

Asian stocks advanced on Friday, with investors awaiting a fresh round of data for more clues on the health of services activity through the region. Services purchasing managers? index data from major economies including China and India are set to be released throughout the day. Japan markets were shut for a public holiday.

US stocks rose on Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023.

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.