The benchmark indices pared early losses in morning trade amid significant volatility. At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 149.84 points or 0.38% to 39,464.23. The Nifty 50 index lost 52.85 points or 0.45% at 11,589.55.
In the broader market, the S&P BSE Mid-Cap index gained 0.34% while the S&P BSE Small-Cap index slipped 0.50%.
The market breadth was negative. On the BSE, 879 shares rose and 1194 shares fell. A total of 131 shares were unchanged.
HDFC (up 0.22%), NTPC (up 1.43%), Zee Entertainment (down 1.78%), Bandhan Bank (up 3.47%), Cadila Healthcare (down 0.75), Ramco Cements (up 0.30%), Wockhardt (down 1.01%) and Whirlpool (down 2.34%) will announce their quarterly earnings today.
Economy:
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The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 58.9 in October, from 56.8 in September. The data pointed to the strongest improvement in the health of the sector in over a decade. Growth was led by the intermediate goods category, but there were also robust expansions in the consumer and investment goods sub-sectors.
Meanwhile, the Goods and Services Tax (GST) collections in October stood at over Rs 1.05 lakh crore, crossing for the first time Rs 1 lakh crore mark since February this year. The gross GST revenue collected in the month of October 2020 is Rs 1,05,155 crore, showing an increase of 10% over Rs 95,379 crore in October 2019. The GST revenues for October 2020 consists of CGST of Rs 19,193 crore, SGST Rs 25,411 crore, IGST Rs 53,540 crore (including Rs 23,375 crore collected on import of goods) and Cess Rs 8,011 crore (including Rs 932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October upto 31 October 2020 is 80 lakh.
New Listing:
Shares of Equitas Small Finance Bank were trading at Rs 30.60 at 10:08 IST on the BSE, a discount of 7.27% over the initial public offer (IPO) price of Rs 33.
The stock was listed at Rs 31, a discount of 6.06% to IPO price. So far the stock hit a high of Rs 31.45 and low of Rs 30.10. On the BSE, 8.26 lakh shares were traded on the counter so far.
The IPO of Equitas Small Finance Bank was subscribed 1.95 times. The issue opened for bidding on 20 October 2020 and closed on 22 October 2020. The price band for the IPO was set at Rs 32-33 per share.
The bank proposes to utilize the net proceeds from the offer towards augmenting bank's Tier I capital base to meet bank's future capital requirements such as organic growth and expansion and to comply with the regulatory requirements for enhanced capital base, as may be prescribed in the future.
October Auto Sales:
Maruti Suzuki India shed 0.27% to Rs 6937.15. The car major's total auto sales jumped 18.9% to 182,448 units in October 2020 from 153,435 units sold in October 2019.
Mahindra & Mahindra (M&M) added 0.61% to Rs 597.50. M&M announced that its overall auto sales (passenger vehicles+ commercial vehicles+ exports) for October 2020 stood at 44,359 vehicles, compared to 51,896 in October 2019.
Mahindra & Mahindra's Farm Equipment Sector (FES), announced its tractor sales numbers for October 2020. Total tractor sales (Domestic + Exports) during October 2020 were at 46,558 units, as against 45,433 units for the same period last year.
Escorts gained 0.42% to Rs 1206.40. The company's Agri Machinery Segment (EAM) in October 2020 sold 13,664 tractors, the company's highest ever October sales and registered a growth of 2.3% from 13,353 tractors sold in October 2019.
Hero MotoCorp rose 1.29% to Rs 2836 after the two-wheeler maker's total sales jumped 34.6% to 8,06,848 units in October 2020 from 5,99,248 units in October 2019.
Bajaj Auto fell 2.02% to Rs 2828. The company's total auto sales increased by 11% to 512,038 units in October 2020 from 463,208 units in October 2019. While total commercial vehicle sales declined by 35% YoY to 41,746 units, total two-wheeler sales improved by 18% to 470,290 units during the month.
TVS Motor Company slipped 1.09% to Rs 450.30. The company's auto sales grew by 22% registering 394,724 units in October 2020 as against 323,368 units in the month of October 2019.
Eicher Motors fell 1.51% to Rs 2,052.50 after the company said that its total motorcycles sales slipped 7% to 66,891 units in October 2020 from 71,964 units in October 2019.
VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors, said that its total commercial vehicles (CV) sales jumped 11.9% to 4,200 units in October 2020 from 3,755 units in October 2019.
Ashok Leyland added 1.14% to Rs 79.85. The company's total vehicle sales rose by 1% to 9,989 units in October 2020 from 9,862 units in October 2019.
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