As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 215.26 points or 0.35% to 60,906.09. The Nifty 50 index lost 62.55 points or 0.34% to 18,082.85.In previous four consecutive sessions, the Sensex advanced 2.65% while the Nifty rose 2.77%.
In the broader market, the S&P BSE Mid-Cap index slipped 0.12% while the S&P BSE Small-Cap index rose 0.23%.
The market breadth was positive. On the BSE, 1,802 shares rose and 1,666 shares fell. A total of 141 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 3.30% to 16.66.
An unexpected rise in the US job openings data for September, dimmed hopes that the Fed would go easy on aggressive rate tightening in December ahead of the central bank's policy meeting decision later today. A 75 basis point rate hike is widely expected from U.S. Federal Reserve policymakers post the conclusion of their two-day meeting on Wednesday.
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) will hold an additional meeting on Thursday, 3 November 2022. The MPC last met on 28-30 September 2022. It was slated to meet for the last time this calendar year on 5-7 December 2022.
IPO Updates:
The initial public offer (IPO) of DCX System received bids for 95.84 lakh shares as against 1.45 crore shares on offer, according to stock exchange data 15:36 IST on, Wednesday (2 November 2022). The issue was subscribed 66.05 times.
The issue opened for bidding on Monday (31 October 2022) and it will close on Wednesday (2 November 2022). The price band of the IPO is fixed at Rs 197 to 207 per share. An investor can bid for a minimum of 72 Equity Shares and in multiples thereof.
Stocks in Spotlight:
Tech Mahindra rose 0.78%. On a consolidated basis, the IT major's net profit rose 13.59% to Rs 1,285.40 crore on 3.32% increase in revenue from operations to Rs 13,129.50 crore in Q2 FY23 over Q1 FY23. On a year on year (YoY) basis, Tech Mahindra's net profit declined 4% while revenue jumped 20.7% in Q2 FY23.
Adani Ports and Special Economic Zone (APSEZ) shed 1.38%. APSEZ reported 65% rise in consolidated net profit to Rs 1738 crore on 33% rise in total revenue to Rs 5211 crore in Q2 FY23 over Q2 FY22.
Eicher Motors declined 1.67%. The auto major's total motorcycles sales jumped by 86% to 82,235 units in October 2022 from 44,133 units sold in October 2021. While sales of motorcycle models with engine capacity up to 350cc doubled to 74,828 units, sales of motorcycle models with engine capacity exceeding 350cc rose 10% to 74,828 units in October 2022 over October 2021.
Karnataka Bank hit an upper circuit limit of 20%. The private lender's net profit surged 227.70% to Rs 411.63 crore on 11.04% increase in total income to Rs 2,031.09 crore in Q2 FY23 over Q2 FY22. For the quarter ending September 2022, the net interest income increased by 26% to Rs 802.73 crore from Rs 637.10 crore. The net interest margin has improved to 3.56% from 3.15% as of 30 September 2021.
TVS Motor Company skid 2.15%. The company said said that it had registered a growth of 2% with sales increasing to 360,288 units in October 2022 from 355,033 units in October 2021. Total two-wheelers registered sales rose by 1% to 344,630 units in October 2022 from 341,513 in October 2021. Domestic two-wheeler sales accounted for 80% of the total two-wheeler sales and recorded a growth of 7% on YoY basis.
Prudent Corporate Advisory Services surged 13.45% after the company's consolidated net profit soared 41.1% to Rs 27.60 crore on a 36.7% jump in total income to Rs 148.80 crore in Q2 FY23 over Q2 FY22. The company said that the PAT growth was lower than operating profit growth, led by higher depreciation due to the amortisation of payment for acquiring mutual fund (MF) assets of Karvy in November 2021 & lower other income.
Dai-Ichi Karkaria hit an upper circuit limit of 20% after the company reported a consolidated net profit of Rs 12.28 crore Q2 September 2022 as against a net loss of Rs 6.51 crore in Q2 September 2021. Net sales surged 110.87% to Rs 54.32 crore Q2 September 2022 over Q2 September 2021.
Chambal Fertilisers & Chemicals slipped 5.49% after the company posted a 45.8% fall in consolidated net profit to Rs 274.27 crore in Q2 FY23 from Rs 505.92 crore posted in Q2 FY22. Revenue from operations jumped 91.7% to Rs 8,586.75 crore in Q2 FY23 as against Rs 4,478.61 crore posted in the same quarter last year. Consolidated profit before tax declined 45% year on year to Rs 404.20 crore in the quarter ended 30 September 2022.
Global markets:
Most of the European and Asian shares advanced on Wednesday as investors brace for another likely 75-basis-point rate hike by the US Federal Reserve.
The U.S. central bank is expected to hike interest rates by 75 basis points on Wednesday when its meeting concludes.
Investors will be closely eyeing any signals in the statement or comments from Fed Chair Jerome Powell afterward that the central bank is contemplating decreasing its rate hikes.
In Europe, the market expects the Bank of England to raise interest rates by 75 basis points on Thursday, its largest hike since 1989, but economists believe policymakers will strike a dovish tone looking ahead as the prospect of a recession deepens.
With U.K. inflation running at a 40-year high of 10.1% in September, the Bank is seen hiking its main lending rate for the eighth consecutive time, but weaker growth momentum and a major shift in fiscal policy is expected to ease calls for more aggressive monetary tightening.
US stocks slipped on Tuesday as investors digested economic data ahead of an expected rate hike from the Fed later Wednesday.
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