Sensex, Nifty end flat; media shares underperforms

The key equity indices ended near the flatline on Monday. The Nifty settled below the 24,150 mark. IT, bank and financial services shares advanced while media, metal and pharma shares declined.

As per provisional closing, the S&P BSE Sensex, was up 9.83 points or 0.01% to 79,496.15. The Nifty 50 index shed 6.90 points or 0.03% to 24,141.30.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.79% and the S&P BSE Small-Cap index fell 1.14%.

The market breadth was weak. On the BSE, 1,542 shares rose and 2,554 shares fell. A total of 117 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.38% to 14.27.

Economy:

India's forex reserves declined by $2.675 billion to $682.13 billion for the week ended November 1, the RBI said on Friday. In the previous reporting week, the overall reserves had dropped by $3.463 billion to $684.805 billion.

For the week ended November 1, foreign currency assets, a major component of the reserves, decreased by $3.902 billion to $589.849 billion, the data released on Friday showed.

Gold reserves increased by $1.224 billion to $69.751 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $1 million to $18.219 billion, the apex bank said.

India's reserve position with the IMF was up by $4 million to $4.311 billion in the reporting week, the data showed.

IPO Update:

The initial public offer (IPO) of Niva Bupa Health Insurance Company received bids for 12,18,29,800 shares as against 17,28,57,143 shares on offer, according to stock exchange data at 15:20 IST on Monday (11 November 2024). The issue was subscribed 1.68 times.

The issue opened for bidding on Thursday (07 November 2024) and it will close on Monday (11 November 2024). The price band of the IPO is fixed between Rs 70 to Rs 74 per share. An investor can bid for a minimum of 200 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index lost 1.30% to 1,935.15. The index declined 3.57% in three consecutive trading sessions.

Nazara Technologies (down 2.66%), Saregama India (down 2.48%), Den Networks (down 2.47%), Network 18 Media & Investments (down 1.88%), Sun TV Network (down 1.34%), Zee Entertainment Enterprises (down 1.24%), Dish TV India (down 1.04%), Hathway Cable & Datacom (down 0.94%), PVR Inox (down 0.32%) and Tips Music (down 0.05%) slipped.

Stocks in Spotlight:

Asian Paints tumbled 8% after the company reported 42.37% decline in consolidated net profit to Rs 694.64 crore in Q2 FY25 as against Rs 1,205.42 crore reported in Q2 FY24. Revenue from operations stood at Rs 8,003.02 crore in Q2 FY25, down 5.31% from Rs 8,451.93 crore recorded in the corresponding quarter previous year.

Power Finance Corporation (PFC) surged 6.90% after the companys consolidated net profit rose 8.85% to Rs 7,214.90 crore on 14.96% increase in total revenue from operations to Rs 25,721.79 crore in Q2 FY25 over Q2 FY24.

Fortis Healthcare rose 0.52% after the company reported a 4.99% gain in consolidated net profit to Rs 193.08 crore on 12.34% jump in revenue from operations to Rs 1,988.39 crore in Q2 FY25 over Q2 FY24.

ITI jumped 6.30% on emerges as the lowest bidder for three packages of BharatNet phase-3 project for a total value of Rs 4,559 crore.

Shipping Corporation of India (SCI) rallied 6.79% after the companys consolidated net profit surged 343.39% to Rs 291.44 crore on 32.71% increase in revenue from operations to Rs 1450.76 crore in Q2 FY25 over Q2 FY24.

Pix Transmissions hit an upper circuit of 20% after the company's consolidated net profit surged 95.89% to Rs 40.53 crore in Q2 FY25 as against Rs 20.69 crore in Q2 FY24. Revenue from operations jumped 27.89% to Rs 159.05 crore in Q2 FY25 as against Rs 124.36 crore in Q2 FY24.

PPAP Automotive hit upper circuit of 20% after the companys standalone net profit surged 106.92% to Rs 5.56 crore in Q2 FY25 as compared with Rs 2.68 crore in Q2 FY24. Revenue from operations rose 0.59% to Rs 1,413.06 crore during the quarter.

Global Markets:

European market advanced on Monday, starting the week on a positive footing after Donald Trumps election victory and interest rate cuts from major central banks.

Most Asian stocks declined after Chinas latest stimulus measures underwhelmed and its October inflation numbers came in lower than expected, prompting concerns over the recovery in the worlds second-largest economy.

Meanwhile, Bitcoin surged past $81,000, driven by the incoming president's support for digital assets and the election of pro-crypto lawmakers. Oil prices declined further, extending losses from the previous session, as weak demand from China continued to dampen market sentiment.

In the US, the S&P 500 reached a new record high, driven by optimism surrounding the potential economic benefits of a second term for the incumbent US president. The S&P 500 rose 0.38% to 5,995.54 points on Friday. The Dow Jones Industrial Average rose 0.59% to 43,988.99 points, while the NASDAQ Composite rose 0.09% to 19,286.78 points.

Tesla's stock surged over 8%, boosting its market valuation above $1 trillion, while Airbnb shares fell more than 8% following a mixed quarterly earnings report.

The University of Michigan's Consumer Sentiment reading climbed to 73 in November, up from 70.5 last month, reflecting increased optimism about the economy.

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