The headline equity indices ended with stellar gains on Friday, mirroring strong global cues. The Nifty closed near the 18,350 mark. IT, metals, financial services stocks rallied while PSU banks, auto and FMCG stocks corrected.
The barometer index, the S&P BSE Sensex, surged 1,181.34 points or 1.95% to 61,795.04. The Nifty 50 index gained 321.50 points or 1.78% to 18,349.70.
The Sensex and Nifty hit a 52-week high of 61,840.97 and 18,362.30, respectively.
HDFC (up 5.84%), HDFC Bank (up 5.62%), Infosys (up 4.51%), Tech Mahindra (up 3.64%), HCL Technologies (up 3.56%) and TCS (up 3.43%) boosted the indices.
The broader market lagged the frontline indices. The S&P BSE Mid-Cap index gained 0.15% while the S&P BSE Small-Cap index rose 0.33%.
The market breadth was positive. On the BSE, 1,826 shares rose and 1,629 shares fell. A total of 146 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 7.46% to 14.41.
US CPI inflation print was cooler than expected 7.7% in October, triggering a rally in global equity markets. The latest number led to the conclusion that inflation in the US market has peaked, and the US Fed may pause the aggressive stance on the rate hikes soon.
The US central bank has delivered four consecutive rises of 0.75% points this year in an attempt to slow price growth. Markets now expect a smaller 0.5% point rise at the Fed's meeting in December.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined to 7.308 as compared with 7.346 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 80.7800, compared with its close of 81.40 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement added 0.61% to Rs 52,428.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.89% to 107.23.
The United States 10-year bond yield fell 0.48% to 3.811.
In the commodities market, Brent crude for January 2023 settlement jumped $2.95 or 3.15% at $96.62 a barrel.
Global Markets:
The Dow Jones index futures were up 132 points, indicating a positive opening in the US stocks today.
Shares in Europe and Asia advanced after the release of U.S. inflation data in October raised investor hopes that inflation has peaked.
US stocks on Thursday mounted their biggest rally since 2020, reacting to October's reading of consumer prices.
Meanwhile, US President Joe Biden is reportedly expected to discuss Russia's war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting. The meeting between the two leaders, the first since Biden ascended to the U.S. presidency, will take place ahead of the G-20 Summit in Bali, Indonesia.
Stocks in Spotlight:
Zomato surged 13.84% after the online food delivery platform reported a consolidated net loss of Rs 250.80 crore in Q2 September 2022, as against net loss of Rs 429.60 crore in Q2 September 2021. Zomato reported a net loss of Rs 185.70 crore in Q1 June 2022. Revenue from operations stood at Rs 1661.30 crore in Q2 September 2022, up 62.2% from Rs 1024.20 crore reported in Q2 September 2021.
In the food delivery business, Gross Order Value ("GOV") growth was 3% QoQ (23% YoY) driven by growth in both order volumes and average order value. Growth in revenue per order led to a higher Adjusted Revenue (for food delivery) growth of 8% QoQ (27% YoY). Average monthly transacting customers grew 4.4% QoQ to 17.5 million in Q2FY23 as compared to 16.7 million in Q1 FY23.
Mahindra & Mahindra (M&M) declined 0.83%. The vehicle manufacturer's standalone net profit surged 45.8% to Rs 2,089.92 crore on 56.52% jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22. M&M sold 1,74,098 vehicles in Q2 FY23, recording a growth of 75% as against 99,334 vehicles sold in the same quarter a year ago. Total tractors sold in Q2 FY23 stood at 92,590 units, rising 5% year on year.
Eicher Motors slipped 5.03%. The company's consolidated net profit jumped 76% to Rs 656.86 crore in Q2 FY23 from Rs 373.20 crore in Q2 FY22. Total revenue from operations was recorded at Rs 3,519.40 crore, up 56.4% as compared to Rs 2,249.56 crore in the corresponding quarter previous year. Royal Enfield sold 203,451 motorcycles in the quarter, an increase of 64.7% from 123,515 motorcycles sold over the same period in FY 2021-22.
Lumax Industries surged 19.86% after the company's consolidated net profit zoomed 32.96 crore in Q2 FY23 from Rs 15.33 crore in Q2 FY22. Revenue from operations increased by 37%YoY to Rs 620.06 crore during the quarter.
Jindal Steel & Power (JSPL) advanced 5.06%. The company reported a consolidated net loss of Rs 473 crore in Q2 FY23 as against a net profit of Rs 2,711 crore in Q2 FY23 over Q2 FY22. Net revenue fell by 1% YoY to Rs 13,107 crore during the quarter.
Apollo Hospitals Enterprise rallied 3.31%. The company reported 17.7% decline in consolidated net profit to Rs 203.99 crore despite of 14.4% rise in net sales to Rs 4251.07 in Q2 FY23 over Q2 FY22. As on 30 September 2022, Apollo Hospitals had 7,872 operating beds across the network (excluding AHLL & managed beds), out of which 2,423 were new with 1,543 occupied beds. The overall occupancy for hospitals was at 68% versus 60% in the trailing quarter, aided by a robust increase in patient flows across hospitals. Average revenue per operating bed (ARPOB ) (excluding vaccination) stood at Rs 51,136 in H1 FY23 rising 15.7% from Rs 44,186 registered in Q2 FY22.
Trent fell 3.42%. The Tata Group retail firm reported a consolidated net profit of Rs 93.02 crore in Q2 FY23 as against Rs 92.5 crore recorded in Q2 FY22. The company's revenue from operations jumped 65.8% to Rs 1,952.74 crore in Q2 FY23 from Rs 1,178.09 crore in Q2 FY22.
Ashok Leyland added 0.72%. The auto major reported a net profit of Rs 199 crore in Q2 FY23 as against a net loss of Rs 83 crore in Q2 FY22. The revenues for the quarter stood at Rs 8,266 crore as against Rs 4,458 crore in Q2 FY22. The company achieved a market share of 32% in Q2 FY23.
Bata India shed 1.65%. The footwear major's consolidated net profit rose 47.44% to Rs 54.82 crore on 35.1% increase in net sales to Rs 829.76 crore in Q2 FY23 over Q2 FY22.
Zydus Lifesciences declined 1.10%. The pharmaceutical company's consolidated net profit slumped 82.6% to Rs 522.50 crore despite of a 10% increase in total revenue from operations to Rs 4,134.7 crore in Q2 FY23 over Q2 FY22.
Kalpataru Power Transmission gained 1.04% after the company's consolidated net profit rose 18.1% to Rs 98 crore on 7% rise in net sales to Rs 3,798 crore in Q2 FY23 over Q2 FY22.
New Listing:
Shares of DCX Systems were settled at Rs 308.80 on the BSE, representing a premium of 49.18% as compared to the issue price of Rs 207.
The scrip was listed at a price of Rs 286.25, at a premium of 38.29% as compared to the issue price. The stock has hit a high of 319.75 and a low of 286.25. On the BSE, 21.19 lakh shares of the company were traded in the counter today.
IPO Updates:
The initial public offer (IPO) of Inox Green Energy Services received bids for 3,05,38,020 shares as against 6,67,21,310 shares on offer, according to stock exchange data at 17:00 IST on Friday (11 November 2022). The issue was subscribed 46%.
The issue opened for bidding on Friday (11 November 2022) and it will close on Tuesday (15 November 2022). The price band of the IPO is fixed at Rs 61 to 65 per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof.
The IPO of Five-Star Business Finance received bids for 2,12,03,845 shares as against 3,04,88,966 shares on offer, according to stock exchange data at 17:00 IST on Friday (11 November 2022). The issue was subscribed 70%.
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 64,31,49,252 shares as against 1,99,57,325 shares on offer, according to stock exchange data 17:00 IST on Friday (11 November 2022). The issue was subscribed 32.23 times.
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.
The IPO of Kaynes Technology India received bids for 1,14,70,150 shares as against 1,04,70,246 shares on offer, according to stock exchange data 17:00 IST on Friday (11 November 2022). The issue was subscribed 1.10 times.
The issue opened for bidding on Thursday (10 November 2022) and it will close on Monday (14 November 2022). The price band of the IPO is fixed at Rs 559 to 587 per share. An investor can bid for a minimum of 25 Equity Shares and in multiples thereof.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
