The equity benchmarks indices settled with decent gains on Friday, led by gains in metals, PSU banks and oil & gas shares. Strong global cues and rising FII flows into India boosted investors sentiment. After hovering above the 18,000 mark throughout the session, the Nifty 50 index jumped above 18,100 in late trade.
The barometer index, the S&P BSE Sensex, was up 113.95 points or 0.19% to 60,950.36. The Nifty 50 index rose 64.45 points or 0.36% to 18,117.15. In the past two sessions, the Nifty corrected 0.51%.
Bajaj Finserv (up 4.55%), Tata Steel (up 2.50%), Ultratech Cement (up 2.45%), SBI (up 1.53%) and Reliance Industries (up 1.43%) were top Sensex gainers.
In the broader market, the S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index gained 0.41%.
The market breadth was strong. On the BSE, 2,023 shares rose and 1,422 shares fell. A total of 140 shares were unchanged.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper declined to 7.470 compared with 7.482 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 82.4050, compared with its close of 82.88 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement added 0.52% to Rs 50,445
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.37% to 112.51.
The United States 10-year bond yield rose 0.53% to 4.146.
In the commodities market, Brent crude for January 2023 settlement rallied $2.54 or 2.68% at $97.21 a barrel.
Global Markets:
The Dow Jones index futures were up 219 points, indicating a positive opening in the US market today.
Shares in Europe and Asia advanced on Friday with investors awaiting domestic earnings reports for cues on corporate health and U.S. jobs data for hints on future rate hikes.
The US Federal Reserve raised rates by 75 basis points on Wednesday and said its battle against inflation will require borrowing costs to rise further.
US Federal Reserve and Bank of England in separate statements said it was premature to think about pausing as part of the fight against inflation. Investors will be watching the US employment report due out Friday for any signs of cooling in the economy.
Japan's services sector activity grew at the fastest clip in four months in October, a private survey showed on Friday. The final au Jibun Bank Japan Services purchasing managers' index (PMI) rose to a seasonally adjusted 53.2 from the prior month's 52.2, growing at the quickest rate since June.
US stocks closed lower for a fourth consecutive session on Thursday as markets awaited key US jobs data, while taking in hawkish moves by major central banks.
Stocks in Spotlight:
Adani Enterprises jumped 6.72%. The company's consolidated net profit zoomed 117% to Rs 460.94 crore in Q2 FY23 as against Rs 212.41 crore posted in Q2 FY22. The company's net sales surged 188.8% to Rs 38,175.23 crore in Q2 FY23 from Rs 13,218.02 crore recorded in the corresponding quarter previous year.
Adani Total Gas advanced 2.68% after the company's consolidated net profit rose 1.2% to Rs 160.02 crore on 72.1% jump in revenue from operations to Rs 1,115.50 crore in Q2 FY23 over Q2 FY22. Consolidated profit before tax dropped 12% to Rs 187.53 crore in Q2 FY23 from Rs 213.09 crore recorded in the same period a year ago.
GMM Pfaudler rallied 5.82% after the company reported a consolidated net profit (from continuing operations) of Rs 96.89 crore in Q2 FY22, steeply higher than Rs 38.80 crore posted in Q2 FY22. Revenue from operations jumped 20.52% to Rs 780.05 crore in Q2 FY23 from Rs 647.24 crore recorded in the corresponding quarter previous year.
Amara Raja Batteries zoomed 9.54%. The company reported 39% rise in consolidated net profit to Rs 201.22 crore in Q2 FY23 from Rs 144.32 crore in Q2 FY22. Revenue from operations rose by 19% YoY to Rs 2,700.47 crore during the quarter.
To further strengthen its efforts in the advanced energy storage technologies, the company has announced the incorporation of a wholly owned subsidiary that will set up a multi-gigawatt hour lithium-ion cell manufacturing facility.
Cipla skid 0.95%. The pharma major's consolidated net profit rose 10.9% to Rs 788.90 crore on 5.59% increase in total revenue from operations to Rs 5,828.54 crore in Q2 FY23 over Q2 FY22. Consolidated profit before tax stood at Rs 1,100.36 crore in quarter ended 30 September 2022 from Rs 995.81 crore posted in the same period last year. EBITDA rose 6.2% year on year to Rs 1,302 crore in Q2 FY23. EBITDA margin stood at 22.3% in Q2 FY23, as comared with 22.2% reported in Q2 FY22.
Hero MotoCorp declined 2.19%. The two-wheeler maker reported consolidated net profit of Rs 682.28 crore in Q2FY23 as compared with net profit of Rs 747.79 crore reported in Q2FY22. Total income rose to Rs 9,252.22 crore during Q2FY23 against Rs 8,696.8 crore recorded in Q2FY22.
Vodafone Idea slipped 1.87%. The debt-ridden telecom operator reported a consolidated net loss of Rs 7,595.5 crore in Q2 FY23 as against a net loss of Rs 7,132.3 crore recorded in the same period last year. Revenue during the quarter increased by 12.8% to Rs 10,614.6 crore in the second quarter. The teleco had posted a revenue of Rs 9,406.4 crore in Q2 FY22.
ARPU improved to Rs 131, up 2% QoQ from Rs 128 in Q1FY23. On a YoY basis, ARPU witnessed strong growth of 19.5% aided by tariff hikes and migration of subscribers to unlimited plans. The subscriber base declined to 234.4 million as against 240.4 million in Q1 FY23 and 253 million in Q2 FY22. The 4G subscriber base, however, continued to grow and with 1.5 million 4G customers added in Q2, and accordingly 4G subscriber base stood at 120.6 million.
Gillette India fell 0.41%. The company reported 5.92% rise in net profit to Rs 86.78 crore on 8.13% increase in revenue from operations to Rs 619.92 crore in the quarter ended September 2022 over quarter ended September 2021.
Ajanta Pharma tumbled 6.86% after the pharmaceutical company's consolidated net profit dropped 20.1% to Rs 156.60 crore in Q2 FY23 as against Rs 195.94 crore in Q2 FY22. Revenue from operations stood at Rs 938.10 crore in quarter ended 30 September 2022, registering a growth of 6% from Rs 884.80 crore posted in the corresponding quarter previous year.
IPO Updates:
The initial public offer (IPO) of Fusion Micro Finance received bids for 6,30,35,880 shares as against 2,13,75,525 shares on offer, according to stock exchange data 17:00 IST on, Friday (4 November 2022). The issue was subscribed 2.95 times.
The issue opened for bidding on Wednesday (02 November 2022), and it will close on Friday (04 November 2022). The price band of the IPO is fixed at Rs 350-368 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.
The IPO of Bikaji Foods International received bids for 3,04,44,000 shares as against 2,06,36,790 shares on offer, according to stock exchange data at 17:00 IST on Friday (4 November 2022). The issue was subscribed 1.48 times.
The issue opened for bidding on Thursday (3 November 2022) and it will close on Monday (7 November 2022). The price band of the IPO is fixed at Rs 285-300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
The IPO of Global Health (Medanta) received bids for 2,30,07,600 shares as against 4,67,42,397 shares on offer, according to stock exchange data 17:00 IST on Friday (4 November 2022). The issue was subscribed 0.49%.
The issue opened for bidding on Thursday (3 November 2022) and it will close on Monday (7 November 2022). The price band of the IPO is fixed at Rs 319 to 336 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.
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