The domestic equity benchmarks ended with modest losses and near the day's low on Tuesday. The Nifty managed to close above the 17,650 level, after hitting the day's low at 17,637. PSU bank, auto and IT stocks were in demand while FMCG, private bank and financial services stocks witnessed some bit of selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 287.70 points or 0.48% to 59,543.96. The Nifty 50 index lost 74.40 points or 0.42% to 17,656.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index declined 0.35%.
The market breadth was negative. On the BSE, 1,440 shares rose and 1,978 shares fell. A total of 111 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index advanced 3.10% to 3,413.65. The index has added 8.24% in four sessions.
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Bank of India (up 10.54%), Indian Overseas Bank (up 6.37%), Punjab National Bank (up 5.47%), Union Bank of India (up 5.42%) and Canara Bank (up 4.73%) were the top gainers.
Among the other gainers were Central Bank of India (up 4.5%), Bank of Maharashtra (up 3.95%), UCO Bank (up 3.6%), Punjab & Sind Bank (up 3.41%) and Bank of Baroda (up 2.46%).
Stocks in Spotlight:
Reliance Industries (RIL) declined 1.60%. Reliance Jio Infocomm (Jio) announced that it is introducing JioTrue5G-powered Wi-Fi services in high footfall areas such as Educational Institutes, Religious places, Railway Stations, Bus stands, Commercial Hubs and more.
On a consolidated basis, the diversified conglomerate's net profit fell 0.2% to Rs 13,656 crore on 37.3% increase in net revenue to Rs 230055 crore in Q2 September 2022 over Q2 September 2021.
Meanwhile, the RIL board, at its meeting held on Friday, 21 October 2022, approved to demerge the company's financial services undertaking into Reliance Strategic Investments (RSIL). The financial services undertaking will be renamed Jio Financial Services Limited (JFSL). Shareholders will get one equity share of Jio Financial Services (JFS) for each RIL share held.
Tech Mahindra added 3.22%. The company has entered into share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited. The acquisition would enable the company to procure 1.5 MW of Solar Energy for its captive consumption at its facilities located in Noida, UP.
Biocon rose 0.67%. Biocon Biologics' integrated insulins manufacturing facility in Malaysia is approved by the European Medicines Agency following a site inspection in July 2022. The company has received the Certificate of GMP Compliance from the representative European inspection authority, Health Products Regulatory Authority (HPRA), Ireland.
Multi Commodity Exchange of India (MCX) jumped 8.76%. The commodity exchange's consolidated net profit rose 93.72% to Rs 63.27 crore on 53.14% increase in net sales to Rs 127.40 crore in Q2 September 2022 over Q2 September 2021.
DLF rose 0.49%. The realty major's consolidated net profit jumped 25.9% to Rs 477.04 crore in Q2 FY23 as against Rs 378.95 crore recorded in Q2 FY22. Net sales declined 12.1% to Rs 1,302.34 crore in the quarter ended 30 September 2022 from Rs 1,480.90 crore posted in the same period last year.
United Spirits advanced 2.84%. The spirits maker's standalone net profit climbed 105.93% to Rs 563 crore in Q2 FY23 as against Rs 273.4 crore posted in Q2 FY22. Net sales jumped 17.69% to Rs 2,879.7 crore in the quarter ended 30 September 2022 from Rs 2,446.8 crore recorded in the same period a year ago. The rise in the net sales was driven by resilient consumer demand in off-trade, rebounding in on-trade and continued mix improvement.
RBL Bank slipped 3.18%. The private lender reported a net profit of Rs 201.55 crore in Q2 FY23, steeply higher than Rs 30.80 crore posted in Q2 FY22. Total Income rose 7.5% to Rs 2,758.98 crore in Q2 FY23 as against Rs 2,567.65 crore recorded in the corresponding quarter previous year.
V.I.P. Industries fell 1.54%. The company reported 2.3x jump in consolidated net profit to Rs 43 crore in Q2 FY23 from Rs 19 crore in Q2 FY22. Revenue from operations increased by 56% YoY to Rs 515 crore during the quarter.
Birlasoft slipped 2.89%. The company's consolidated net profit declined 4.7% to Rs 115.05 crore despite of 3.26% rise in revenue from operations to Rs 1,192.08 crore in Q2 FY23 over Q1 FY23.
Indraprastha Gas (IGL) jumped 5.74%. The company reported 4% rise in consolidated net profit to Rs 416.15 crore on a 94% jump in net revenue from operations to Rs 3,554.01 crore in Q2 FY23 over Q2 FY22.
Global Markets:
Most European shares traded lower while Asian stocks ended mixed on Tuesday as global investors assessed the outlook for monetary policy from the U.S. Federal Reserve and digested a swathe of corporate earnings.
The German business sentiment remained bleak in October, according to the Ifo Institute's business climate index reportedly published Tuesday. The index slipped to 84.3 points in October from 84.4 points in September.
Companies were less satisfied with their current business. Their expectations improved, but they are still worried about the coming months. The German economy is facing a difficult winter, Ifo Institute President Clemens Fuest reportedly said.
US stocks advanced on Monday, extending last week's gains as signs of economic softness suggested the effects of the Fed's aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root.
Meanwhile, Indian Origin former UK Chancellor Rishi Sunak became UK's prime minister on Monday (October 24). Replacing former PM Liz Truss, Sunak became the first Indian-origin prime minister of the UK. Rishi Sunak will take oath as PM on October 28 and the cabinet is likely to be formed on October 29.
Rishi Sunak, in his first address to the country after being elected as the PM said, "I pledge that I will serve you with integrity and humility; and I will work day in, day out to deliver for the British people."
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