Domestic shares ended lower on Wednesday, due to fag-end selling in absence of any major trigger. Negative global cues also triggered selling. After opening at 18,288.25, the Nifty index inched lower as the session progressed and settled at 18,157. Realty, healthcare and pharma shares witnessed selling. However, banks and FMCG shares bucked the trend.
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.
Hindalco Industries (down 4.7%), Power Grid Corporation of India (down 4.04%) and Divi's Laboratories (down 3.44%) were top Nifty losers.
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.
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, 1,683 shares rose and 1,837 shares fell. A total of 114 shares were unchanged.
Investors are keenly watching the results of the U.S. midterm elections. Traders also looked 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.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined to 7.387 as compared with 7.434 at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.50, compared with its close of 82.92 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement fell 0.26% to Rs 51,494.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.31% to 109.97.
The United States 10-year bond yield added 0.40% to 4.145.
In the commodities market, Brent crude for January 2023 settlement declined 60 cents or 0.63% at $94.76 a barrel.
Global Markets:
The Dow Jones index futures were down 85 points, indicating a negative opening in the US stocks today, 9 November 2022.
Shares in Europe fell across the board while Asian stocks ended 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.
Stocks in Spotlight:
Hindalco Industries fell 4.7%. The company's wholly-owned subsidiary, Novelis Inc, reported a 23% fall in net income to $183 million for the quarter ended 30 September 2022. Novelis Inc had posted a net income of $237 million in the corresponding period of the previous fiscal. However, the net sales of the company in the September quarter increased to $4,799 million from $4,119 million in the year-ago period.
Coal India gained 2.59% 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. Average price realization in the second quarter was Rs 1,781.31 per ton as against Rs 1,447.98 per ton in the same period last year, registering a growth of 23% on YoY basis.
PI Industries zoomed 9.79% 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. The company recorded 29% growth in exports on a higher base, led by volume growth of approximately 25%, favorable price and currency of approximately 4%. Domestic business registered 36% YoY growth, mainly driven by volume growth of approximately 31% and price increase of approximately 5%.
Bharat Petroleum Corporation (BPCL) shed 0.90%. 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 1.30%. 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 7.55%. 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 0.97% 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 8.28% 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 1.31% 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 7.03% 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 7.30%. 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.
Fairchem Organics fell 11.60% after the company's net profit tumbled 80.9% to Rs 4 crore on 0.4% increase in net sales to Rs 168.26 crore in Q2 September 2022 over Q2 September 2021.
NRB Bearings fell 17.04% after the company's consolidated net profit declined 46.67% to Rs 12.56 crore on 0.37% increase in net sales to Rs 257.52 crore in Q2 September 2022 over Q2 September 2021.
IPO Updates:
The initial public offer (IPO) of Five-Star Business Finance received bids for 7,21,742 shares as against 3,04,88,966 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (9 November 2022). The issue was subscribed 2%.
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 59,41,260 shares as against 1,99,57,325 shares on offer, according to stock exchange data 17:00 IST on Wednesday (9 November 2022). The issue was subscribed 30%.
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.
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