The frontline indices ended with deep cuts on Thursday. Domestic sentiment was dented amid negative global cues. The Nifty closed below the 18,050 mark. All the sectoral indices on the NSE were in the red with auto, PSU bank and consumer durables stocks falling the most.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 419.85 points or 0.69% to 60,613.70. The Nifty 50 index lost 128.80 points or 0.71% to 18,028.20.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 1.02% while the S&P BSE Small-Cap index shed 1.05%.
The market breadth was weak. On the BSE, 1,269 shares rose and 2,197 shares fell. A total of 126 shares were unchanged.
Investors looked ahead to the US consumer price inflation report due on Thursday. The inflation data would give clues about how much the U.S. Federal Reserve's rapid interest rate hikes are helping in cooling down the economy.
IPO Updates:
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The initial public offer (IPO) of Five-Star Business Finance received bids for 25,66,180 shares as against 3,04,88,966 shares on offer, according to stock exchange data at 15:24 IST on Thursday (10 November 2022). The issue was subscribed 8%.
The issue opened for bidding on Wednesday (9 November 2022) and it will close on Friday (11 November 2022). The price band of the IPO is fixed at Rs 450 to 474 per share. An investor can bid for a minimum of 31 equity shares and in multiples thereof.
The IPO of Archean Chemical Industries received bids for 1,71,94,464 shares as against 1,99,57,325 shares on offer, according to stock exchange data 15:24 IST on Thursday (10 November 2022). The issue was subscribed 86%.
The issue opened for bidding on Wednesday (9 November 2022) and it will close on Friday (11 November 2022). The price band of the IPO is fixed at Rs 386 to 407 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.
The IPO of Kaynes Technology India received bids for 6,33,225 shares as against 1,04,70,246 shares on offer, according to stock exchange data 15:24 IST on Thursday (10 November 2022). The issue was subscribed 6%.
The issue opened for bidding on Thursday (10 November 2022) and it will close on Monday (14 November 2022). The price band of the IPO is fixed at Rs 559 to 587 per share. An investor can bid for a minimum of 25 Equity Shares and in multiples thereof.
Buzzing Index:
The Nifty Auto index fell 1.95% to 13,080.75. The index declined 2.7% in two trading sessions.
Tube Investments of India (down 5.41%), Tata Motors (down 4.84%), TVS Motor Company (down 3.11%), Mahindra & Mahindra (down 2.97%), Balkrishna Industries (down 2.82%), Bosch (down 2.49%), Maruti Suzuki India (down 1.59%), Sona BLW Precision Forgings (down 0.9%), Ashok Leyland (down 0.81%) and Eicher Motors (down 0.77%) edged lower.
Tata Motors slipped 4.84%. The auto major reported a consolidated net loss of Rs 944.61 crore in Q2 FY23 as against a net loss of Rs 4,441.57 crore in Q2 FY22. Revenue from operations increased 29.7% YoY to Rs 79,611.37 crore during the quarter ended 30 September 2022.
Earnings Impact:
Deepak Nitrite slumped 9.60% after the specialty chemical maker's consolidated net profit declined 31.4% to Rs 174.47 crore despite of a 16.7% rise in net sales to Rs 1,961.65 crore in Q2 FY23 over Q2 FY22.
Piramal Enterprises tumbled 8.62%. The company reported a consolidated net loss of Rs 1536 crore in Q2 FY23 as against a net profit of Rs 427 crore in Q2 FY22. Total income increased 37% Rs 997 crore in Q2 FY23 over Q2 FY22.
Lupin rallied 4.32% after the company reported a consolidated net profit of Rs 129.7 crore in Q2 FY23 as against a net loss of Rs 2,098 crore recorded in Q2 FY22. Sales rose by 2.2% YoY to Rs 4,091.2 crore during the quarter. While Total Formulations revenue rose by 2.8% to Rs 3,841.3 crore, API revenue declined by 6.7% to Rs 249.9 crore in Q2 FY23.
Narayana Hrudayalaya advanced 3.60% after the healthcare player's consolidated net profit stood at Rs 168.9 crore in Q2 FY23, translating into YoY growth of 69.9% and QoQ growth of 52.6% respectively. Consolidated total operating income was Rs 1141.60 crore for Q2 FY23 as against Rs 940.70 crore in the corresponding period of the previous year, reflecting an increase of 21.4% YoY and 10.5% QoQ respectively.
Gujarat Pipavav Port jumped 8.18% after the company's standalone net profit (excluding exceptional items) rose 47% to Rs 74.6 crore in Q2 FY23 from Rs 50.8 crore registered in the same period last year. Revenue from operations rose 17% year on year to Rs 209.7 crore in Q2 FY23 from Rs 179.9 crore posted in Q2 FY22.
Pidilite Industries rose 0.33% after the company reported 11.3% decline in consolidated net profit to Rs 332.44 crore despite of 14.7% rise in net sales to Rs 3,011.15 crore in Q2 FY23 over Q2 FY22.
Gujarat Alkalies & Chemicals dropped 7.75% after the company's consolidated net profit declined 18.8% to Rs 60.54 crore in Q2 FY23 from Rs 74.57 crore posted in Q2 FY22. Consolidated revenue from operations jumped 36.5% YoY to Rs 1,127.26 crore in Q2 FY23.
Kalyan Jewellers India declined 3.96%. The jewellery retailer's consolidated net profit surged 54.78% to Rs 106.38 crore on 20.22% jump in revenue from operations to Rs 3472.9 crore in Q2 FY23 over Q2 FY22.
Precision Wires fell 5.33% after company's net profit declined 2.07% to Rs 14.66 crore, despite 2.08% rise in revenue from operations to Rs 721.31 crore in Q2 FY23 over Q2 FY22. The board of Precision Wires has approved a proposal to issue 1 bonus equity share for every 2 equity shares held by the shareholders of the company as on the record date. The bonus shares would be credited within 2 months from the date of approval in board meeting i.e. by 9 January 2023.
Global Markets:
Shares in Europe and Asia stocks declined on Thursday as investors await US inflation data, a key metric closely watched by the Federal Reserve.
Wall Street ended lower on Wednesday as investors awaited both the results of the U.S. midterm elections and key data on consumer prices that could impact the Federal Reserve's policy on interest rates. Data on the U.S. consumer price index (CPI) is due on Thursday.
The outcome of the midterm elections remained unclear as a better-than-expected showing by Democrats muddied the outlook for fiscal spending and regulation.
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