The domestic equity barometers ended with minor cuts after a volatile session on Wednesday. The Nifty 50 index opened higher, but declined as the session progressed. It dropped to the day's low of 18,117.50 in the late trade. PSU bank, FMCG and bank stocks were in demand while realty, healthcare and pharma shares witnessed a bit of a selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 151.60 points or 0.25% to 61,033.55. The Nifty 50 index shed 45.80 points or 0.25% to 18,157.
In the broader market, the S&P BSE Mid-Cap index declined 0.52% while the S&P BSE Small-Cap index lost 0.33%.
The market breadth was negative. On the BSE, 1,740 shares rose and 1,774 shares fell. A total of 120 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.11% to 15.92.
Investors kept a close eye on the results of the U.S. midterm elections. Traders also continued to look ahead to Thursday's report on US consumer price inflation. 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.
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IPO Updates:
The initial public offer (IPO) of Five-Star Business Finance received bids for 3,13,224 shares as against 3,04,88,966 shares on offer, according to stock exchange data at 15:27 IST on Wednesday (9 November 2022). The issue was subscribed 1%.
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 33,81,120 shares as against 1,99,57,325 shares on offer, according to stock exchange data 15:27 IST on Wednesday (9 November 2022). The issue was subscribed 17%.
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.
Buzzing Index:
The Nifty PSU Bank index rallied 3.93% to 3,835.20, extending gains for the fourth trading session. The index jumped 12.46% in four trading sessions.
Union Bank of India (up 9.48%), Bank of India (up 9.41%), Punjab National Bank (up 7.05%), Central Bank of India (up 6.19%), Bank of Baroda (up 5.21%), Indian Overseas Bank (up 4.04%), UCO Bank (up 3.96%), Bank of Maharashtra (up 3.65%), Punjab & Sind Bank (up 3.26%) and Indian Bank (up 2.98%) advanced.
Stocks in Spotlight:
Coal India gained 2.57% after the company's consolidated net profit zoomed to Rs 6,043.99 crore in Q2 FY23 from Rs 2,932.73 crore in Q2 FY22. Net sales during the quarter increased by 29% YoY to Rs 27,538.59 crore.
Bharat Petroleum Corporation (BPCL) shed 0.84%. BPCL reported a standalone net loss of Rs 304.17 crore in Q2 FY23 as against a net profit of Rs 2,840.73 crore in Q2 FY22. Net revenue from operations rose by 50% to Rs 1,14,807.59 crore in the second quarter from Rs 76,390.39 crore in the same period last year.
One 97 Communications (Paytm) fell 1.53%. On a consolidated basis, Paytm's revenue surged 76.2% to Rs 1914 crore in Q2 September 2022 over Q2 September 2021. Paytm's said its consolidated loss widened to Rs 571.10 crore in Q1 June 2022 from net loss of Rs 472.90 crore a year ago.
Jubilant FoodWorks slipped 7.57%. The QSR chain operator's standalone net profit declined 1.94% to Rs 119.17 crore despite of 16.9% jump in revenue from operations to Rs 1,286.77 crore in Q2 FY23 over Q2 FY22.
PB Fintech rose 1.22% after the company reported consolidated net loss of Rs 186.64 crore in Q2 September 2022, lower than net loss of Rs 204.44 crore in Q2 September 2021. On a consolidated basis, revenue from operations surged 105.1% year on year to Rs 573.47 crore in Q2 September 2022.
MRF tumbled 8.86% after the tyre maker's consolidated net profit slipped 31.3% to Rs 129.86 crore despite of 18.7% rise in net sales to Rs 5,826.30 crore in Q2 FY23 over Q2 FY22.
Godrej Consumer Products declined 1.47% after the FMCG company's consolidated net profit declined 25.1% to Rs 358.86 crore despite of 7% rise in net sales to Rs 3,364.45 crore in Q2 FY23 over Q2 FY22. Consolidated EBITDA declined by 15% YoY while consolidated EBITDA margins decreased by 450 bps 17.1% in the second quarter.
CARE Ratings surged 6.68% after the company's standalone net profit increased by 29% to Rs 38.47 crore in Q2FY23 from Rs 29.76 crore in Q2FY22. The ratings agency's standalone income from operations was up by 12% to Rs 77.49 crore in Q2FY23, compared with Rs 69.30 crore in the corresponding quarter of the previous year.
Godrej Properties dropped 7.34%. The company's consolidated net profit rose 53.82% to Rs 54.96 crore on 27.66% increase in revenue from operations to Rs 165.09 crore in Q2 FY23 over Q2 FY22. On the operational front, total booking value in Q2 FY23 stood at Rs 2,409 crore, down 6% year on year from Rs 2,574 crore posted in Q2 FY22. Total booking volume declined by 25% to 3.61 million sq. ft. in Q2 FY23 as compared to 2.71 million sq. ft. in Q2 FY22.
PI Industries zoomed 9.74% after the company reported 46% jump in consolidated net profit to Rs 334.8 crore on a 31% rise in revenue to Rs 1,770 crore in Q2 FY23 over Q2 FY22.
Global Markets:
Shares in Europe tumbled while Asian stocks traded mixed on Wednesday as investors awaited the results of the United States midterm elections. Results of the U.S. midterm elections will decide whether the Democrats lose or retain congressional control halfway through President Joe Biden's term, with investors reportedly expecting Republican gains.
China's producer price index fell 1.3% in October on an annualized basis after rising 0.9% in September. China's consumer price index rose 2.1% in October compared to a year ago, easing after climbing 2.8% in September.
Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the US Congress, with investors betting on a political stalemate that could prevent major policy changes.
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