Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices snapped their four-day winning streak to end in red as investors booked profit ahead of the US Federal Reserve meet outcome later tonight. Markets expect the central bank to hike interest rates by 75 bps. BSE Sensex slipped into red and drifted to a low of 60,794 on the back of weakness in IT, telecom and select auto stocks. The index finally ended 215 points lower at 60,906. Meanwhile, broader, NSE Nifty 50 ended with a loss of 62 points at 18,083. Among individual stocks, shares of LIC Housing Finance plunged 13% after the company reported a disappointing set of numbers in Q2FY23.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates 2 November, Wednesday
Bharti Airtel, Apollo Hospitals, Maruti Suzuki, Eicher Motors and Britannia Industries were among the top Nifty losers, while Hindalco Industries, Sun Pharma, ITC, ONGC and Tech Mahindra were the gainers.
Indian benchmark indices snapped four-day winning streak and ended lower with Nifty below 18100. BSE Sensex ended 215.26 points or 0.35% down at 60,906.09, and NSE Nifty 50 shut shop 62.60 points or 0.34% lower at 18,082.80. On the sectoral front, selling was seen in the Auto, Bank, Capital Goods, Information Technology, PSU Bank, Power and Realty names. On the other hand, Metal and Pharma indices ended on positive note. In broader markets, the BSE midcap index ended flat, while smallcap index edged 0.2% higher.
Benchmark indices end in red as investors book profit ahead of US Fed meeting outcome. Sensex falls over 200 pts, and Nifty settles below 18100.
Indian rupee is trading lower at 82.77 per dollar against previous close of 82.70.
Industrialist Sajjan Jindal, chairman of the JSW Group, said on Wednesday that his group was planning to invest Rs 1 lakh crore over the next five years in all its Karnataka-based businesses.
The Sensex was down 267.96 points or 0.44% at 60853.39, and the Nifty was down 77.40 points or 0.43% at 18068
The maiden public issue of Fusion Micro Finance has mopped up bids for 11.92 lakh equity shares against an IPO size of 2.13 crore shares, subscribing 6 percent on the first day of bidding. Retail investors have bought shares 8 percent of the allotted quota and non-institutional investors subscribed 7 percent of the portion set aside for them. Qualified institutional investors have not put in a single bid yet.
The IPO of defence system integration company DCX Systems has received an overwhelming response across all categories of investors as increasing government focus on defence, decent financials and healthy order book, reasonable valuations, and positive equity markets. Investors bid for 51.33 crore shares against offer size of 1.45 crore, subscribing the initial public offering (IPO) 35.37 times on November 2, the final day of bidding. Retail investors have remained at the forefront since day one, buying their quota 50.19 times. Non-institutional investors have also remained active since first day of IPO, subscribing their portion 32.71 times while the quota for qualified institutional buyers was bought 32.01 times.
ITC stock hit a fesh high in a subdued market. So far this year, the stock has zoomed 63%. Post Q2 results, most brokerages have either recommended a 'buy' or an 'accumulate' rating on ITC with target prices in the range of Rs 365 to Rs 405.
Mahindra Holidays & Resorts today reported 23.8 per cent drop in Q2 net at Rs 30.91 crore when compared with Rs 40.56 crore in the year ago quarter. Total income, however, was up 13.8 per cent YoY at Rs 301.80 crore.
Firstsource Solutions today reported 4.1 per cent fall in Q2FY23 net profit at Rs 129.40 crore from Rs 135 crore in Q2FY22. Total income, however, was up 7.6 per cent YoY at Rs 1,537.60 crore.
Consolidated quarterly numbers for CMS Info Systems:
Net Sales at Rs 471.67 crore in September 2022 up 26.77% from Rs. 372.08 crore in September 2021.
Quarterly Net Profit at Rs. 72.52 crore in September 2022 up 37.38% from Rs. 52.79 crore in September 2021.
EBITDA stands at Rs. 137.06 crore in September 2022 up 42.36% from Rs. 96.28 crore in September 2021.
CMS Info System EPS has increased to Rs. 4.71 in September 2022 from Rs. 3.57 in September 2021.
Grasim Industries' Finance Committee of the Board of Directors has approved the issue of non-convertible debentures (NCDs) on private placement basis, for up to Rs 1,000 crore, in one or more tranches. Grasim Industries was quoting at Rs 1,759.00, down Rs 3.55, or 0.20% on the BSE.
Bharti Airtel has surpasse 1 million customers on its 5G network. The company said it has achieved this milestone in less than 30 days of its commercial launch.
Rupee falls 12 paise against dollar amid muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.64 against the dollar, then lost further ground to quote at 82.71, registering a loss of 12 paise over its previous close.
BSE Power index shed 0.5% dragged by NHPC, JSW Energy, Adani Power
Nifty PSU Bank index shed 0.5%, dragged by Bank of India, Indian Bank, Punjab National Bank
The maiden public issue of Fusion Micro Finance has mopped up bids for 5.55 lakh equity shares against an IPO size of 2.13 crore shares, subscribing 2% on the first day of bidding. The offer size has been reduced to 2.13 crore shares, from nearly 3 crore equity shares after the microfinance lender mobilised Rs 331 crore from anchor investors on November 1, a day before the issue opening. Retail investors have bought shares 4% of the allotted quota and non-institutional investors put in bids 2% of the portion set aside for them. Qualified institutional investors have not put in bets yet.
Sensex is down 131.59 points or 0.22 percent at 60,989.76. Nifty is down 36.30 points or 0.20 percent at 18,109.10.
LIC Housing Finance shares plunged 13% on disappointing September quarter results. LIC Housing Finance's net interest income (NII) declined by 0.8% to Rs 1,163 crore in the reporting quarter from Rs 1,173 crore a year ago.
"Globally markets are waiting for the Fed commentary tonight. 75 bps rate hike is a given and already discounted by the markets. So it will be the Fed’s commentary and probable guidance that would be market moving. The Fed is likely to continue with its hawkish stance but any mildly dovish signal will be positive for markets. In the absence of any rate moderation signal, markets are likely to correct. So investors may wait and watch for this big event. Q2 results are panning out on expected lines. A notable feature is the superior performance of the premium segment particularly in automobiles and the very good results of financials, particularly banking. Apart from the excellent performance of the leading private banks, many PSU banks, too, have done well. Since this PSU segment is under-owned and cheap there is some scope for further short-term rally."-VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Fusion Micro Finance IPO opened for subscription on Wednesday (2 November), and will conclude on 4 November. The non-banking finance company (NBFC) has fixed the IPO price band at Rs 350-368 apiece. The Rs 1,104 crore IPO comprises issuance of fresh equity shares worth Rs 600 crore and an offer for sale (OFS) worth Rs 504 crore of 13,695,466 equity shares by promoters and existing shareholders. Half of the issue size has been reserved for qualified institutional investors (QIBs), 35% for retail investors and the remaining 15% for non-institutional investors (NIIs). The minimum bid is that of 40 equity shares and then in multiples thereof. The face value of each share would be Rs 10. Fusion Micro Finance IPO shares were commanding a grey market premium (GMP) of Rs 35-40 apiece.
Hero MotoCorp shares fell as company’s total sales in October fell 17% on-year. Exports declined 41.8% to 11,757 units vs 20,191 units a year ago.
Adani Ports and Special Economic Zone share price fell over 1% after company's consolidated profit increased by 65.5% on-year to Rs 1,738 crore for the quarter ended September FY23, supported by top line, operating income and lower tax cost. Revenue surged 33% on-year to Rs 5,211 crore for the quarter. Cargo for the quarter stood at 86.6 MMT, a 15% on-year growth.
Shares of LIC Housing, slumped on Wednesday, clocking its worst fall in more than two years. Market participants seem to be disappointed with the 23% on-year growth in net profit at Rs 305 crore, sinking the stock down for a fourth day on heavy volumes. The subsidiary of the country's largest insurer LIC said its net interest income for the quarter declined marginally (80 basis points) to Rs 1,163 crore from Rs 1,173 crore, but the management did not give any reason for the same.
Bank Nifty bucket market trend to trade in green, supported by gains in HDFC Bank, Federal Bank, IDFC First Bank, ICICI Bank and IndusInd Bank.
Nifty Auto Index slipped 0.6%, dragged by the Maruti Suzuki, TVS Motor, Bajaj Auto
BSE metal index added 1%, supported by Hindalco Industries, Jindal Steel, NALCO
"Bank Nifty moved above 41,500-level, but failed to hold that mark and reversed subsequently. The index formed a bearish pattern on the daily chart. The index again underperformed benchmark-Nifty amidst mixed action across the constituents. Since 25th Oct’22, the index failed to surpass 41,500 level convincingly. The key technical indicators are still in favor of the bulls on weekly timeframe chart and its daily indicators are positively poised. As mentioned earlier, a stable move above 41,500-level could lead the index towards 41,800-41,850 zone initially and 42,000-level subsequently. In case of any decline, the index will continue to find support
around crucial 40,700-mark. As for the day, support is placed at around 41,093 and then at 40,896 levels, while resistance is observed at 41,582 and then at
41,874 levels."
"Continuing its prior daily rising trend, NIFTY-50 rose to 9-month high and regained 18,100-mark. Overall market breadth was positive and mixed trend witnessed across the sectors. The key technical indicators are positively poised on medium-term as well as short-term timeframe charts. This could lead the index towards 18,210-level initially and 18,350-level subsequently. On the lower side, now the index will find support at around 17,900-level, which coincides with late-Sep’22 high and also, with recent positive gap. As for the day, support is placed at around 18,078 and then at 18,011 levels, while resistance is observed at 18,194 and then at 18,243
levels."-Reliance Securities