As per provisional closing, the S&P BSE Sensex tumbled 984.23 points or 1.25% to 77,690.95. The Nifty 50 index declined 324.40 points or 1.36% to 23,559.60.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index dropped 2.56% and the S&P BSE Small-Cap index tumbled 3.08%.
The market breadth was weak. On the BSE, 674 shares rose and 3,297 shares fell. A total of 96 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 5.03% to 15.33.
Economy:
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Indias retail inflation, based on the Consumer Price Index (CPI), in October 2024 surged to a 14-month high of 6.21%, according to the latest official data released on Tuesday. Indias retail inflation had stood at a nine-month high of 5.49% in September 2024. It was at 4.87% in October 2023.
Indias industrial production grew by 3.1% in September, according to official data released on Tuesday. In the previous month of August, the factory output, based on the Index of Industrial Production (IIP), was in the negative territory at (-) 0.1%. However, the IIP growth had stood at 6.4% in September 2023.
New Listing:
Shares of Swiggy closed at Rs 455.95 on the BSE, representing a premium of 16.19% as compared with the issue price of Rs 390.
The scrip was listed at Rs 412, exhibiting a premium of 5.64% to the issue price. The stock has hit a high of 465.30 and a low of 390.70. On the BSE, over 80.70 lakh shares of the company were traded in the counter.
Shares of ACME Solar Holdings closed at Rs 253.50 on the BSE, representing a discount of 12.28% as compared with the issue price of Rs 289.
The scrip was listed at Rs 259, exhibiting a discount of 10.38% to the issue price. The stock has hit a high of 279 and a low of 248. On the BSE, over 13.29 lakh shares of the company were traded in the counter.
IPO Update:
The initial public offer (IPO) of Zinka Logistics Solutions received bids for 51,16,068 shares as against 2,25,67,270 shares on offer, according to stock exchange data at 15:20 IST on 13 November 2024. The issue was subscribed 0.23 times.
The issue opened for bidding on 13 November 2024 and it will close on 18 November 2024. The price band of the IPO is fixed between Rs 259 to Rs 273 per share. An investor can bid for a minimum of 54 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index lost 3.17% to 937.25. The index tumbled 6.54% in five consecutive trading sessions.
Brigade Enterprises (down 4.36%), Prestige Estates Projects (down 3.94%), Raymond (down 3.68%), Sobha (down 3.12%), Macrotech Developers (down 3.03%), Oberoi Realty (down 2.96%), Mahindra Lifespace Developers (down 2.89%), Phoenix Mills (down 2.78%), Godrej Properties (down 2.5%) and DLF (down 1.85%) slipped.
Stocks in Spotlight:
Bombay Stock Exchange (BSE) slipped 4.07%. The company reported 192% surge in consolidated net profit to Rs 346 crore on 137% soar in revenue from operations to Rs 746 crore in Q2 FY25 over Q2 FY24.
FSN E-Commerce Ventures (NYkaa) declined 2.56%. The companys consolidate net profit jumped 66.28% to Rs 12.97 crore on 24.4% increase in revenue from operations to Rs 1,874.74 crore in Q2 FY25 over Q2 FY24.
Sula Vineyards slipped 3.41% after the companys consolidated net profit fell 37.28% to Rs 14.48 crore in Q2 FY25 as against Rs 23.09 crore posted in Q2 FY24. Revenue from operations (excluding excise duty) decreased marginally to Rs 132.36 crore in the second quarter of FY25 as compared to Rs 133.69 crore recorded in the corresponding quarter previous year.
Droneacharya Aerial Innovations tanked 16.15%. The company said that it has secured a master contract worth $1.75 million (Rs 14.80 crore) for specialized drone consultancy services from American Blast Systems (ABS), California, USA.
Suven Pharmaceuticals Industries (SPL) added 4.75% after the drug makers consolidated net profit increased 3.34% to Rs 82.21 crore on 11.54% rise in revenue from operations to Rs 257.72 crore in Q2 FY25 over Q2 FY24.
Greaves Cotton tumbled 11.24% after the company reported a consolidated net loss of Rs 14.33 crore in Q2 FY25 as against a net loss of Rs 379.59 crore posted in Q2 FY24. Income from operations fell by 3% YoY to Rs 705 crore during the quarter.
Century Plyboards (India) dropped 6.18% after the companys consolidated net profit tumbled 58.74% to Rs 39.96 crore in Q2 FY25 as against Rs 96.86 crore posted in Q2 FY24. Revenue from operations grew 18.73% year on year (YoY) to Rs 1,183.62 crore in the quarter ended 30 September 2024.
Global Markets:
The US Dow Jones index futures is currently down by 78 points, signaling a negative opening for US stocks today.
European stocks advanced as investors look ahead for Octobers inflation data of the U.S., a key factor when it comes to the Federal Reserves decision to cut or maintain interest rates
Asian stocks ended lower on Wednesday as traders are growing cautious ahead of crucial U.S. inflation data.
Asian traders assessed corporate goods data out of Japan, which showed year-on-year producer price growth, or wholesale inflation, in October reached its highest since July last year at 3.4%.
China's recent fiscal measures failed to significantly boost regional markets, while uncertainty surrounding global trade relations continues to dampen sentiment.
Wall Street benchmarks retreated from record highs on Tuesday after a strong post-election run. At the close in NYSE, the Dow Jones Industrial Average lost 0.86%, while the S&P 500 index fell 0.29%, and the NASDAQ Composite index declined 0.09%.
Key Federal Reserve officials' hawkish comments, particularly Minneapolis Fed President Neel Kashkari's warning about potential rate hikes, added to the negative sentiment.
Investors are now focused on the upcoming U.S. consumer price index (CPI) data due later on Wednesday, which is expected to reveal persistent inflation in October.
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