As per provisional closing, the S&P BSE Sensex declined 110.64 points or 0.14% to 77,580.31. The Nifty 50 index lost 26.35 points or 0.11% to 23,532.70. The 50-unit index declined 3.88% in six sessions.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.41% and the S&P BSE Small-Cap index added 0.83%.
The market breadth was positive. On the BSE, 2,156 shares rose and 1,801 shares fell. A total of 93 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 4.27% to 14.78.
The domestic stock market will remain shut on Friday, 15 November 2024 on account of Guru Nanak Jayanti.
Economy:
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The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 2.36% (Provisional) for the month of October, 2024 (over October, 2023). Inflation in October, 2024 is primarily due to increase in prices of food articles, manufacture of food products, other manufacturing, manufacture of machinery & equipment, manufacture of motor vehicles, trailers & semi-trailers, etc.
The month-on-month change in WPI for October 2024 showed a rise of 0.97% compared to September 2024.
New Listing:
Shares of Niva Bupa Health Insurance Company were at Rs 74 on the BSE, matching its issue price.
The scrip was listed at Rs 78.50, exhibiting a premium of 6.08% to the issue price.
The stock has hit a high of 80.94 and a low of 73.60. On the BSE, over 28.87 lakh shares of the company were traded in the counter.
IPO Update:
The initial public offer (IPO) of Zinka Logistics Solutions received bids for 70,01,694 shares as against 2,25,67,270 shares on offer, according to stock exchange data at 15:20 IST on 14 November 2024. The issue was subscribed 0.31 times.
The issue opened for bidding on 13 November 2024 and it will close on 18 November 2024. The price band of the IPO is fixed between Rs 259 to Rs 273 per share. An investor can bid for a minimum of 54 equity shares and in multiples thereof.
Buzzing Index:
The Nifty FMCG index lost 1.53% to 55,782.70. The index slipped 3.74% in four consecutive trading sessions.
Hindustan Unilever (down 3.18%), Tata Consumer Products (down 2.65%), Britannia Industries (down 2.52%), Nestle India (down 2.44%), Colgate-Palmolive (India) (down 1.87%), Balrampur Chini Mills (down 1.32%), ITC (down 1.12%), Marico (down 0.85%), Godrej Consumer Products (down 0.73%) and Radico Khaitan (down 0.65%) edged lower.
On the other hand, Varun Beverages (up 1.41%), United Breweries (up 1.27%) and United Spirits (up 1.08%) added.
Varun Beverages added 1.41% after the companys board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 594.56 per share.
Stocks in Spotlight:
Eicher Motors jumped 6.66% after the company's consolidated net profit increased 8.27% to Rs 1,100.33 crore on 3.8% increase in revenue from operations to Rs 4,186.38 crore in Q2 FY25 over Q2 FY24.
Shilpa Medicare surged 7.98% to Rs 886.25 after the drug maker's consolidated net profit soared 1042.68% to Rs 17.94 crore on a 9.85% rise in revenue from operations to Rs 343.80 crore in Q2 FY25 over Q2 FY24.
Apollo Tyres rallied 4.29%. The company reported 37.27% decline in consolidated net profit to Rs 297.46 crore in Q2 FY25 as against Rs 474.25 crore recorded in Q2 FY24. However, revenue from operations grew by 2.50% to Rs 6,437.03 crore in the quarter ended 30 September 2024.
SpiceJet jumped 3.58% after the firm fully settled a $90.8 million (Rs 763 crore) dispute with Export Development Canada (EDC) for a total of $22.5 million, resulting in a substantial saving of $68.3 million (Rs 574 crore).
Vodafone Idea shed 0.41%. The telecom service providers consolidated net loss narrowed to Rs 7,175.9 crore in Q2 FY25 as compared with Rs 8,737.9 crore reported in Q2 FY24. Revenue from operations rose 2.01% year on year (YoY) to Rs 10,932.2 crore in the quarter ended 30 September 2024.
Godrej Industries shed 0.05%. The companys consolidated net profit surged 229.5% to Rs 287.62 crore in Q2 FY25 as compared with Rs 87.30 crore in Q2 FY24. Revenue from operations jumped 22% YoY to Rs 4,804.96 crore in Q2 FY25.
AstraZeneca Pharma tumbled 5.50% after the pharmaceutical firms net profit declined 26.62% to Rs 38.43 crore in Q2 FY25 as compared with Rs 52.37 crore posted in Q2 FY24. Revenue from operations jumped 31.16% year on year (YoY) to Rs 408 crore in the quarter ended 30 September 2024, by increase in demonstrating companys focus on improving access to patients.
Ipca Laboratories advanced 2.02% after the companys consolidated net profit jumped 58.2% to Rs 229.48 crore on 15.78% increase in revenue from operations to Rs 2,354.90 crore in Q2 FY24 over Q2 FY23.
Torrent Power declined 5.19% after the companys consolidated net profit slipped 8.63% to Rs 495.72 crore in Q2 FY25 as against with Rs 542.55 crore posted in Q2 FY24. Revenue from operations grew by 3.09% year on year to Rs 7,175.81 crore in the quarter ended 30 September 2024.
Global Markets:
Most of the European stocks advanced as investors assessed the global inflation outlook and the possible trajectory of central bank rate cuts.
Asian markets ended lower on Thursday after the U.S. October consumer price index reading reinforced expectations that the Fed would cuts rates again in December.
The initial post-election rally in US equities appears to be waning. On Wednesday, the Dow Jones Industrial Average added 0.11%, while the S&P 500 index climbed 0.02%, and the NASDAQ Composite index lost 0.23%.
US consumer price index (CPI) data for October came in line with expectations, but still indicated persistent inflationary pressures. The annual CPI rose to 2.6% from 2.4% in September. Core CPI, which excludes volatile food and energy prices, increased to 3.3% year-over-year.
While these figures still support the case for a December rate cut by the Federal Reserve, the longer-term outlook for interest rates remains uncertain, especially given the potential inflationary impact of Trump's policies.
Investors are now awaiting a speech by Fed Chair Jerome Powell for further guidance on monetary policy. The Fed cut rates by 25 basis points last week and reaffirmed its data-dependent approach to future easing.
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