As per provisional closing data, the barometer index, the S&P BSE Sensex, jumped 786.74 points or 1.31% to 60,746.59. The Nifty 50 index gained 225.40 points or 1.27% to 18,012.20.
In the broader market, the S&P BSE Mid-Cap index gained 1.24% while the S&P BSE Small-Cap index rose 0.45%.
The market breadth was positive. On the BSE, 1,855 shares rose and 1,698 shares fell. A total of 166 shares were unchanged.
Economy:
India's forex reserves dropped by $3.847 billion to $524.52 billion for the week ended October 21, the RBI said on Friday. The overall reserves had dropped by $4.50 billion to $528.37 billion in the previous reporting week, and have been declining for many months now. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. Foreign currency assets (FCA), a major component of the overall reserves, saw a drop of $3.593 billion to $465.075 billion during the week to October 21, according to the Weekly Statistical Supplement released by the RBI on Friday.
IPO Update:
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The initial public offer (IPO) of DCX System received bids for 2.21 crore shares as against 1.45 crore shares on offer, according to stock exchange data 15:33 IST on, Monday (31 October 2022). The issue was subscribed 1.52 times.
The issue opened for bidding on Monday (31 October 2022) and it will close on Wednesday (2 November 2022). The price band of the IPO is fixed at Rs 197 to 207 per share. An investor can bid for a minimum of 72 Equity Shares and in multiples thereof.
Stocks in Spotlight:
NTPC slipped 0.66%. The power producer reported consolidated net profit of Rs 3417.67 crore in Q2FY23 from net profit of Rs 3690.95 crore reported in Q2FY22. Total income rose to Rs 44681.50 crore during Q2FY23 against Rs 33095.67 crore recorded in Q2FY22.
Indian Oil Corporation (IOC) fell 0.29%. The company reported consolidated net loss of Rs 910.21 crore in Q2FY23 from net profit of Rs 6,235.39 crore reported in Q2FY22. Total income rose to Rs 2,33,800.98 crore during Q2FY23 against Rs 1,72,646.31 crore recorded in Q2FY22.
Vedanta declined 1.35%. On consolidated basis, Vedanta's net profit declined 53.71% to Rs 2,690 crore despite of 20.6% increase in revenue from operations to Rs 36,237 crore in Q2 FY23 over Q2 FY22. The mining company said that the increase in revenue was supported by higher sales volume, strategic hedging gains and foreign exchange gains; partially offset by lower commodity prices.
Dr. Reddy's Laboratories shed 0.78%. The drug maker reported 12% growth in consolidated net profit to Rs 11,128 crore in Q2 FY23 as compared with a PAT of Rs 9,920 crore recorded in the same period last year. Revenues improved by 9% YoY to Rs 63,057 crore in the second quarter. The company had posted a revenue of Rs 57,632 crore in the same period last year.
JSW Energy rallied 6.02% after the company's consolidated net profit surged 37.3% to Rs 465.67 crore on 14.4% rise in revenue from operations to Rs 2,387.48 crore in Q2 FY23 over Q2 FY22. Consolidated profit before tax declined marginally to Rs 604.68 crore in Q2 FY23 as against Rs 606.56 crore posted in the same period last year.
Intellect Design Arena fell 13.61% after the company's consolidated net profit fell 33.44% to Rs 45.77 crore on 2.54% decrease in net revenue to Rs 527.54 crore in Q2 September 2022 over Q1 June 2022. On a consolidated basis, the company's net profit fell 42.2% and net revenue rose 16.7% in Q2 September 2022 over Q2 September 2021.
Sona BLW Precision Forgings advanced 0.31% after the company's net profit rose 5% to Rs 92.5 crore in Q2 FY23 from Rs 88.2 crore in Q2 FY22. Revenue in the second quarter improved 12% YoY to Rs 657.4 crore.
Sportking India fell 16.28% after the company's net profit slumped to Rs 0.01 crore in Q2 September 2022 as against net profit of Rs 110.17 crore in Q2 September 2021. The company incurred an exceptional expense of Rs 30 crore due to redemption of 5% non-convertible non-cumulative redeemable preference shares. Net sales rose 5.4% year-on-year to Rs 552.14 crore in Q2 FY23. Profit before tax (PBT) tumbled by 95.5% YoY to Rs 6.62 crore in Q2 FY23.
Global markets:
The Dow Jones index futures were down 116 points, indicating a negative opening in the US market today.
Most of the shares in Europe edged higher while Asian stocks traded mixed on Monday as investors digest the European Central Bank's decision to raise its interest rate by 75 basis points.
Investors will be watching for the latest inflation figures from the euro zone for October, as well as third quarter gross domestic product (GDP) data.
Meanwhile, China's factory activity shrank in October compared with September, data from the National Bureau of Statistics showed. The official manufacturing Purchasing Managers' Index print came in at 49.2, missing expectations for a reading of 50. In September, the PMI reading stood at 50.1. China's official non-manufacturing PMI came in at 48.7, compared with a print of 50.6 in September.
A robust, broad-based rally sent the Wall Street to a sharply higher close on Friday as encouraging economic data and a sunnier earnings outlook fueled investor risk appetite ahead of next week's much-anticipated two-day policy meeting of the Federal Reserve.
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