Market ends with strong gains; Nifty settles above 24,450; VIX slumps 8.20%

The headline equity benchmarks ended with major gains on Wednesday, as Donald Trump won the U.S. presidential election, bringing his electoral vote tally to 267, while Kamala Harris has 224 electoral votes. The Nifty settled above the 24,450 mark. All the sectoral indices on the NSE ended in the green, with IT, realty and oil & gas stocks gaining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex surged 901.50 points or 1.13% to 80,378.13. The Nifty 50 index jumped 270.75 points or 1.12% to 24,484.05.

In the broader market, the S&P BSE Mid-Cap index surged 2.28% and the S&P BSE Small-Cap index jumped 1.96%.

The market breadth was strong. On the BSE, 3,005 shares rose and 964 shares fell. A total of 94 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 8.20% to 14.80.

Economy:

India's services activity growth recovered from September's ten-month low on sharper expansion in output and new business, final data from S&P Global showed on Wednesday. The HSBC final services Purchasing Managers' Index registered 58.5 in October, up from 57.7 in September. The flash score was 57.9.

New business growth accelerated from a ten-month low seen in September. Driven by strengthening demand from Africa, Asia, the US, the Middle East and the UK, new export sales recovered in October. Services employment increased at the quickest pace in 26 months. A sustained improvement in new business induced firms to hire full and part-time workers.

Regarding prices, the survey showed that input price inflation hit a three-month high and output price inflation picked up to the strongest since July and outpaced the series trend.

Indian private sector activity increased to a greater extent in October, owing to stronger growth at both goods producers and service providers. The HSBC composite output index rose to 59.1 from September's ten-month low of 58.3. The final score was above the initial estimate of 58.6.

IPO Update:

The initial public offer (IPO) of Swiggy received bids for 1,66,44,646 shares as against 16,01,09,703 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (06 November 2024). The issue was subscribed 0.10 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 371 to Rs 390 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The initial public offer (IPO) of ACME Solar Holdings received bids for 1,80,37,833 shares as against 5,82,03,223 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (06 November 2024). The issue was subscribed 0.31 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 275 to Rs 289 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

The initial public offer (IPO) of Sagility India received bids for 18,31,35,000 shares as against 38,70,64,594 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (06 November 2024). The issue was subscribed 0.47 times.

The issue opened for bidding on Tuesday (05 November 2024) and it will close on Thursday (07 November 2024). The price band of the IPO is fixed between Rs 28 to Rs 30 per share. An investor can bid for a minimum of 500 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index jumped 3.99% to 42,039.50. The index shed 0.07% in past two consecutive trading sessions.

Sun TV Network (up 3.36%), Tips Music (up 3.31%), Network 18 Media & Investments (up 3.19%), Nazara Technologies (up 2.68%), Hathway Cable & Datacom (up 2.29%), Zee Entertainment Enterprises (up 1.75%), Den Networks (up 1.1%), PVR Inox (up 1.02%) and Dish TV India (up 0.39%) advanced.

Stocks in Spotlight:

Titan Company slipped 1.64% after the company reported 25% decline in standalone net profit to Rs 705 crore in Q2 FY25 as against Rs 940 crore posted in Q2 FY24. However, revenue from operations jumped 23.88% year on year (YoY) to Rs 12,268 crore in the quarter ended 30 September 2024.

Oil India jumped 5.98% after the petroleum business companys net profit zoomed 379.29% to Rs 2,016.20 crore in Q2 FY25 as against Rs 420.66 crore in Q2 FY24. Revenue from operations (excluding excise duty) fell 3.32% to Rs 7,247.03 crore in Q2 FY25 from Rs 7,496.51 crore reported in the same period a year ago.

GAIL (India) rallied 6.42% after the companys consolidated net profit increased 10.13% to Rs 2,689.67 crore on 2.7% rise in revenue from operations (excluding excise duty) to Rs 33,888.90 in Q2 FY25 over Q2 FY24.

Mankind Pharma added 1.44% after the companys consolidated net profit surged 30.43% to Rs 653.47 crore on a 13.6% rise in revenue to Rs 3,076.51 crore in Q2 FY25, compared to Q2 FY24.

Berger Paints advanced 2.44% after the paint majors consolidated net profit decrease 7.53% to Rs 269.66 crore in Q2 FY25 as against Rs 291.64 crore posted in Q2 FY24. Revenue from operations rose marginally to Rs 2,774.61 crore in Q2 FY25 as against Rs 2,767.30 crore posted in Q2 FY24.

Hi-Tech Pipes fell 3.46%. The company reported 71.98% surge in consolidated net profit to Rs 18.11 crore in Q2 FY25 as against Rs 10.53 crore posted in Q2 FY24. However, revenue from operations decreased by 5.37% YoY to Rs 70,590 crore in the quarter ended 30 September 2024.

Gujarat Pipavav Port rose 1.09%. The companys consolidated net profit fell 18.19% to Rs 75.48 crore on 10.12% declined in revenue from operations to Rs 227.04 crore in Q2 FY25 over Q2 FY24.

Indian Energy Exchange (IEX) rallied 2.60% after the company informed that it has achieved electricity volume of 9,642 million units (MU) in October 2024, registering a growth of 4% YoY basis.

Hindustan Zinc slumped 8.14% after the President of India announced its proposal to sell 1.25% stake in the company through an offer for sale (OFS).

Datamatics Global Services (DGSL) added 1.24%. The company's consolidated net profit fell 13.99% to Rs 42.36 crore on a 7.95% rise in revenue to Rs 406.75 crore in Q2 FY25 over Q2 FY24.

Triveni Engineering & Industries declined 2.70% after the company reported consolidated net loss of Rs 19.20 crore in Q2 FY25 as against net profit of Rs 29.11 crore posted in Q2 FY24. Revenue from operations (excluding Excise duty) increased 5.83% YoY to Rs 1,490.95 crore during the quarter.

CCL Products (India) jumped 6.51% after the coffee products makers consolidated net profit increased 21.51% to Rs 73.95 crore on 21.5% rise in net sales to Rs 73,819.77 crore in Q2 FY24 over Q2 FY23.

Manappuram Finance declined 1.01%. The companys consolidated net profit added 2.19% to Rs 570.65 crore on 21.30% increase in total income to Rs 2,637.14 crore in Q2 FY25 over Q2 FY24.

Global Markets:

The Dow Jones index futures soars 1,171 points, signaling a strong opening for U.S. stocks today.

European stocks advanced while Asian stocks ended mixed on Wednesday as Republican presidential candidate Donald Trump has declared victory over Democratic rival, Kamala Harris, after being projected to win the key battleground states of Pennsylvania, North Carolina and Georgia.

On Tuesday, U.S. stock indexes surged, recovering from recent losses due to gains in technology stocks. Speculation over an upcoming rate cut by the Federal Reserve further boosted risk appetite. The S&P 500 climbed 1.2% to 5,782.76 points, while the NASDAQ Composite increased 1.4% to 18,438.62 points. The Dow Jones Industrial Average rose 1.02% to 42,221.88 points.

Attention this week remains on the Federal Reserve meeting, where the central bank is expected to reduce interest rates by 25 basis points.

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