At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 6.74 points or 0.01% to 60,912.83. The Nifty 50 index lost 8.20 points or 0.05% to 18,074.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index gained 0.09%.
The market breadth was positive. On the BSE, 1,812 shares rose and 1,465 shares fell. A total of 142 shares were unchanged.
The Reserve Bank of India (RBI) scheduled today, 3 November 2022. An additional meeting of the Reserve Bank of India's Monetary Policy Committee (MPC) has been scheduled for 3 November 2022. The meeting with its rate-setting panel could be held to discuss RBI's reply to the government, explaining the reasons of its failure to contain inflation up to 6%, as per reports.
The RBI's rate-setting panel last met on 28 - 30 September, 2022 and was slated to meet for the last time this calendar year on 5 - 7 December. The MPC had on 30 September, 2022, increased the policy repo rate by 50 basis points (bps) to 5.9%.
IPO Update:
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The initial public offer (IPO) of Fusion Micro Finance received bids for 35,22,320 shares as against 2,13,75,525 shares on offer, according to stock exchange data 11:30 IST on, Thursday (3 November 2022). The issue was subscribed 16%.
The issue opened for bidding on Wednesday (02 November 2022) and it will close on Friday (04 November 2022). The price band of the IPO is fixed at Rs 350-368 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.
Buzzing Index:
The Nifty PSU Bank index rose 1.34% to 3,455.90. The index has slipped 1.47% in previous two trading sessions.
Among the components of the Nifty PSU Bank index, Bank of Maharashtra (up 3.22%), Punjab National Bank (up 2.93%), UCO Bank (up 2.92%), Central Bank of India (up 2.71%) and Bank of India (up 1.89%) were the top gainers.
Among the other gainers were Union Bank of India (up 1.54%), Punjab & Sind Bank (up 1.21%), Indian Overseas Bank (up 1.07%), Indian Bank (up 0.76%) and Canara Bank (up 0.53%).
Stocks in Spotlight:
JK Paper gained 0.98% after the company reported a consolidated net profit of Rs 324.23 crore in Q2 FY23, steeply higher than Rs 118.39 crore posted in Q2 FY22. Revenue from operations soared 74.1% to Rs 1,644.10 crore in Q2 FY23 as against Rs 944.37 crore reported in the corresponding quarter previous year.
Procter & Gamble Hygiene & Health Care declined 0.78% after reporting 29% drop in net profit to Rs 154 crore on a 1% fall in sales to Rs 1,045 crore in Q1 September 2022 over Q1 September 2021. The company cited post-COVID normalization of demand as the reason for the decline in sales.
MTAR Technologies rose 0.27% after the company's consolidated net profit surged 29.6% to Rs 24.69 crore on 38.2% rise in revenue from operations to Rs 126.18 crore in Q2 FY23 over Q2 FY22. EBIDTA grew 19% to Rs 34.9 crore in Q2 FY23 as against Rs 29.4 crore in Q2 FY22.
Global markets:
Asian stocks were mostly trading lower on Thursday after Federal Reserve Chairman Jerome Powell said the Federal Reserve would raise interest rates more than previously anticipated. Japanese market is closed for a holiday Thursday.
China's Caixin Services Purchasing Managers' Index came in at 48.4 for October, the the lowest reading since May and the second consecutive contraction for the sector. In September, the print was 49.3, also below the 50 point mark, indicating a contraction.
US stocks closed lower in a volatile trading session on Wednesday as the Federal Reserve delivered another 75 basis point rate hike and hinted at its intentions to continue hiking.
The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point. The Fed's move raised its key short-term rate to a range of 3.75% to 4%.
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