As per provisional closing data, the barometer index, the S&P BSE Sensex was down 138.74 points or 0.17% to 80,081.98. The Nifty 50 index shed 36.60 points or 0.15% to 24,435.50.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.48% and the S&P BSE Small-Cap index gained 0.93%.
The market breadth was positive. On the BSE, 2,184 shares rose and 1,746 shares fell. A total of 101 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.31% to 14.59.
Economy:
The International Monetary Fund (IMF) maintained its June growth rate projects for India in its latest World Economic Outlook (WEO). IMF stated that India is set to grow at 7% in the current fiscal year ending March 31, 2025 and 6.5% in the next fiscal year (FY2025-26).
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IPO Update:
The initial public offer (IPO) of Godavari Biorefineries received bids for 15,84,912 shares as against 1,12,74,739 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (23 October 2024). The issue was subscribed 0.14 times.
The issue opened for bidding on Wednesday (23 October 2024) and it will close on Friday (25 October 2024). The price band of the IPO is fixed between Rs 334 to Rs 352 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.
The initial public offer (IPO) of Deepak Builders & Engineers India received bids for 28,99,93,887 shares as against 89,67,061 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (23 October 2024). The issue was subscribed 32.34 times.
The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 192 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.
The initial public offer (IPO) of Waaree Energies received bids for 91,79,71,407 shares as against 2,10,79,384 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (23 October 2024). The issue was subscribed 43.55 times.
The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 1,427 to Rs 1,503 per share. An investor can bid for a minimum of 9 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Pharma index slipped 1.56% to 22,471.60. The index fell 3.78% in three consecutive trading sessions.
Alkem Laboratories (down 3.99%), Lupin (down 2.9%), Sun Pharmaceuticals Industries (down 2.78%), Gland Pharma (down 2.42%), Abbott India (down 2.08%), Cipla (down 1.73%), Divis Laboratories (down 1.61%), Ipca Laboratories (down 1.5%), Mankind Pharma (down 1.33%) and Aurobindo Pharma (down 1.18%) declined.
On the other hand, Granules India (up 1.52%), Zydus Lifesciences (up 0.99%) and J B Chemicals & Pharmaceuticals (up 0.95%) edged higher.
Stocks in Spotlight:
Bajaj Finance jumped 4.82% after the NBFCs consolidated net profit jumped 13.03% to Rs 4,013.74 crore on 27.72% rise in total income to Rs 17,095.41 crore in Q2 FY25 over Q2 FY24.
Coforge surged 10.77% after the companys consolidated net profit surged 51.8% to Rs 202.2 crore on 27.55% rise in revenue to Rs 3,062.3 crore in Q2 FY25 over Q1 FY25.
Persistent Systems zoomed 10.83% after the companys consolidated net profit jumped 6.06 to Rs 324.99 crore on 5.84% increase in revenue from operations to Rs 2,897.15 crore in Q2 FY25 over Q1 FY25.
Godrej Properties (GPL) added 1.57% after the companys consolidated net profit soared to Rs 335.21 crore in Q2 FY25 as against Rs 66.80 crore posted in Q2 FY24. Revenue from operations zoomed to Rs 1,093.23 crore in the quarter ended 30 September 2024 as compared to Rs 343 crore reported in the corresponding quarter previous year.
SRF advanced 2.47%. The specialty chemical maker's consolidated net profit slipped 33.03% to Rs 201.42 crore in Q2 FY25 as compared with Rs 300.78 crore recorded in Q2 FY24. However, total revenue from operations increased 7.77% year on year (YoY) to Rs 3,424.30 crore in Q2 FY25.
ICICI Prudential Life Insurance Company rose 1.85% after the life insurer's net profit rose 3.06% to Rs 251.72 crore on 42.68% jump in total income to Rs 25,007.53 crore in Q2 FY25 over Q2 FY24.
Gujarat Mineral Development Corporation (GMDC) surged 8.63% after the companys standalone net profit jumped 68.95% to Rs 129.18 crore on 54.93% increase in total income to Rs 593.01 crore in Q2 FY25 over Q2 FY24.
Dodla Dairy shed 0.55%. The dairy product maker reported 45.36% surge in consolidated net profit to Rs 63.38 crore on 29.94% jump in revenue from operations to Rs 997.62 crore in Q2 FY25 over Q2 FY24.
Chennai Petroleum Corporation tumbled 10.54% after petroleum refineries reported standalone net loss of Rs 629.49 crore in Q2 FY25 as against net profit of Rs 1,190.56 crore in Q2 FY24. Revenue from operations (excluding excise duty) fell 26.9% YoY to Rs 12,086.54 crore in the quarter ended 30 September 2024.
Amber Enterprises surged 11.09% after the company reported consolidated net profit of Rs 20.96 crore in Q2 FY25 as compared with net loss of Rs 5.65 crore posted in Q2 FY24. Revenue from operations jumped 81.73% year on year (YoY) to Rs 1,684.70 crore in the quarter ended 30 September 2024.
Olectra Greentech added 1.61% after the companys consolidated net profit zoomed 163.49% to Rs 47.56 crore on 70.48% rise in revenue to Rs 523.67 crore in Q2 FY25 over Q2 FY24.
JSW Energy rallied 3.01% after the companys step-down subsidiary, JSW Renew Energy Eleven, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for ISTS connected solar capacity of 700 MW.
Jyoti Structures jumped 4.97% after the company said that it has received a letter of acceptance from Adani Energy Solutions for a project worth Rs 450 crore in Navinal, Gujarat
RITES added 1.19% after the company said that it has secured an order worth Rs 453.99 crore from Karnataka Mining Environment Restoration Corporation (KMERC) for construction of railway Private Freight Terminals under turnkey basis in Karnataka.
Global Markets:
The Dow Jones index futures were down 133 points, indicating a weak opening in the US stocks today.
European stocks declined while most Asian stocks ended higher on Wednesday. However, gains were capped as rising U.S. Treasury yields and the looming presidential election continued to weigh on investor sentiment.
Hong Kong's stock market led the region, buoyed by a strong debut from China Resources Beverage. Chinese equities also extended their recent rally following Beijing's stimulus measures, including a surprise interest rate cut by the People's Bank of China on Monday.
US stocks saw a flat overnight session. Mixed corporate earnings and the ongoing uncertainty surrounding the U.S. presidential election contributed to the cautious mood. At the close in NYSE, the Dow Jones Industrial Average declined 0.02%, while the S&P 500 index declined 0.05%, and the NASDAQ Composite index added 0.18%.
General Motors stock rose 10% after the company reported stronger-than-expected third-quarter earnings, driven by robust revenue growth and improved profitability.
Verizon stock fell 5% after the telecom giant reported mixed third-quarter results, with earnings slightly beating expectations but revenue falling short.
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