At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 136.43 points or 0.22% to 60,984.92. The Nifty 50 index gained 37.45 points or 0.21% to 18,107.95.
In the broader market, the S&P BSE Mid-Cap index gained 0.15% while the S&P BSE Small-Cap index rose 0.42%.
The market breadth was positive. On the BSE, 1895 shares rose and 1383 shares fell. A total of 148 shares were unchanged.
IPO Updates:
The initial public offer (IPO) of DCX System received bids for 17.83 lakh shares as against 1.45 crore shares on offer, according to stock exchange data 11:27 IST on, Wednesday (2 November 2022). The issue was subscribed 12.29 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.
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Buzzing Index:
The Nifty PSU Bank index declined 0.63% to 3,415.90. The index has slipped 1.3% in two trading sessions.
Among the components of the Nifty PSU Bank index, Bank of India (down 3.48%), Indian Bank (down 2.04%), Punjab National Bank (down 1.62%), Union Bank of India (down 1.05%), UCO Bank (down 0.76%) Indian Overseas Bank (down 0.27%) and Bank of Baroda (down 0.17%) were the top losers.
On the other hand, Central Bank of India (up 0.49%), Punjab & Sind Bank (up 0.31%) and State Bank of India (up 0.25%) advanced.
Earnings Impact:
Adani Ports and Special Economic Zone's (APSEZ) declined 0.64%. The company's consolidated net profit surged 65.5% to Rs 1,737.81 crore on 32.8% jump in revenue from operations to Rs 5,210.80 crore in Q2 FY23 over Q2 FY22. The company's profit before tax stood at Rs 1,900.39 crore in the second quarter, registering a growth of 50.2% from Rs 1,265.16 crore recorded in the same period last year. EBITDA in Q2 FY23 was at Rs 3,260 crore, up by 31% from Rs 2,483 crore posted in Q2 FY22.
Karnataka Bank hit an upper circuit limit of 20% after the private lender's net profit surged 227.70% to Rs 411.63 crore on 11.04% increase in total income to Rs 2,031.09 crore in Q2 FY23 over Q2 FY22. For the quarter ending September 2022, the net interest income increased by 26% to Rs 802.73 crore from Rs 637.10 crore. The net interest margin has improved to 3.56% from 3.15% as of 30 September 2021.
Dai-Ichi Karkaria hit an upper circuit limit of 20% after the company reported a consolidated net profit of Rs 12.28 crore Q2 September 2022 as against a net loss of Rs 6.51 crore in Q2 September 2021. Net sales surged 110.87% to Rs 54.32 crore Q2 September 2022 over Q2 September 2021.
Global markets:
Asian stocks were trading mostly higher on Wednesday as investors brace for another likely 75-basis-point rate hike by the US Federal Reserve.
US stocks slipped on Tuesday as investors digested economic data ahead of an expected rate hike from the Fed later Wednesday.
Investors will be closely eyeing any signals in the statement or comments from Fed Chair Jerome Powell afterward that the central bank is contemplating decreasing its rate hikes.
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