As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 405.53 points or 0.62% to 65,631.57. The Nifty 50 index advanced 109.65 points or 0.56% to 19,545.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.03% while the S&P BSE Small-Cap rose 0.59%.

The market breadth was strong. On the BSE, 2,277 shares rose and 1,387 shares fell. A total of 121 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 5.94% to 10.96.

The Reserve Bank of India (RBI) Governor-headed six-member Monetary Policy Committee (MPC) meeting is currently underway. The meeting started on Oct 4 and will conclude on Oct 6, with the governor announcing the outcome of the policy meet in his statement. The RBI's MPC is likely to maintain a status quo on interest rates, as per reports.

Economy:

The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 60.1 in August to 61 in September, signaling a sharp upturn in output that was one of the strongest in over 13 years.

The uptick meant that the index averaged 61.1 over the second fiscal quarter, above that seen in the prior three-month period (60.6). September's expansion in output was commonly associated with effective marketing, favorable demand conditions and strong influxes of new business.

IPO Update:

The initial public offer (IPO) of Plaza Wires received bids for 70.47 crore shares as against 94.96 lakh shares on offer, according to stock exchange data at 15:54 IST on Thursday (5 October 2023). The issue was subscribed 74.22 times.

The issue opened for bidding on Friday (29 September 2023) and it will close on Thursday (5 October 2023). The price band of the IPO is fixed at Rs 51-54 per share. An investor can bid for a minimum of 277 equity shares and in multiples thereof.

Stocks in Spotlight:

Bandhan Bank shed 1.71%. The private bank's total deposits rose by 12.8% to Rs 1,12,074 crore in the quarter ended 30 September 2023 from Rs 99,366 crore recorded in the quarter ended 30 September 2022. Loans & advances (on book + off book + TLTRO + PTC) rose by 12.3% to Rs 1,07,633 crore in the quarter ended 30 September 2023 from Rs 95,835 crore in the quarter ended 30 September 2022.

Marico slipped 4.97%. The company stated that the domestic volumes grew in low-single digits on a year on year basis, with low single digit volume growth in Parachute Coconut Oil and Saffola Edible Oils, and low single-digit value growth in Value Added Hair Oils. The International business delivered double-digit constant currency growth, thereby exhibiting sustained resilience amidst a volatile global operating environment.

CSB Bank rose 0.33%. The bank's total deposits jumped 21.21% to Rs 25,438.38 crore crore as on 30 September 2023 from Rs 20,986.61 crore posted in corresponding quarter last year. The bank's gross advances increased 27.22% to Rs 22,468.40 crore in Q2 FY24 as compared with Rs 17,661.02 crore in Q2 FY23.

RBL Bank slipped 3.09%. The company reported 13% increase in total deposits to Rs 89,774 crore as on 30 September 2023 from Rs 79,404 crore recorded on 30 September 2022. The banks gross advances increased by 21% to Rs 78,186 crore as on 30 September 2023 from Rs 64,608 crore recorded on 30 September 2022.

Indian Energy Exchange (IEX) added 2.58% after it achieved 9,147 million units (MU) total electricity volume in September 2023, registering an increase of 13% on YoY basis.

Equitas Small Finance Bank (Equitas SFB) fell 0.39%. The bank said that its gross advances surged 37% to Rs 31,231 crore as on 30 September 2023 as against Rs 22,779 crore as on 30 September 2022.

Sobha rallied 6.07% after the company's total sales jumped 48.07% to Rs 1,723.8 crore in Q2 FY24 as compared with Rs 1,164.2 crore in Q2 FY23.

Macrotech Developers fell 0.12% after the company has achieved pre-sales of Rs 3,530 crore in Q2 FY24 as compared with Rs 3,150 crore in Q2 FY23, recording a growth of 12%.

Poonawalla Fincorp rose 0.49%. The company said that its total disbursements for Q2 FY24 aggregated to Rs 7,750 crore, recording a growth of 149% on YoY basis.

Global Markets:

Most of the European markets advanced while Asia stocks ended mixed on Thursday following a drop in oil prices and softer US labour data. China's markets remain closed for the weeklong holiday.

US stocks broke a three-day losing streak Wednesday as Treasury yields pulled back from multiyear highs following the release of much weaker-than-expected jobs data.

Wednesday's moves follow the release of new jobs data. ADP said 89,000 private payrolls were added last month. That's well below an upwardly revised 180,000 payroll additions from August.

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