Domestic equity barometers ended with significant gains on Wednesday, rising for the second day in a row. The Nifty closed above the 19,800 level. Auto, FMCG and media stocks advanced while PSU bank and IT shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 393.69 points or 0.60% to 66,473.05. The Nifty 50 index added 121.50 points or 0.62% to 19,811.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.77%.

The market breadth was strong. On the BSE, 2,351 shares rose and 1,336 shares fell. A total of 135 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.52% to 10.99.

Buzzing Index:

The Nifty Auto index rose 0.92% to 16,175.80. The index gained 2.17% in the two trading sessions.

Hero MotoCorp (up 4.17%), Samvardhana Motherson International (up 2.3%), Ashok Leyland (up 1.53%), TVS Motor Company (up 1.43%), Mahindra & Mahindra (up 1.2%), Sona BLW Precision Forgings (up 1.03%), Eicher Motors (up 0.97%), Balkrishna Industries (up 0.72%), Bajaj Auto (up 0.63%) and Bharat Forge (up 0.5%) advanced.

Stocks in Spotlight:

Tata Consultancy Services (TCS) shed 0.42%. Country's largest software services firm TCS will announce its Q2 results today, 11 October 2023. Moreover, TCS board will also consider a proposal for share buyback in its meeting.

Titan Company rose 0.37%. The meeting of the board of directors of the company is scheduled on 17 October 2023 to consider and approve the proposal for issuance of rated, listed, redeemable, unsecured Non-Convertible Debentures on a private placement basis, within the permissible borrowing limits under Section 180 of the Companies Act 2013.

Bank of Baroda slipped 3.17%. The Reserve Bank of India has directed Bank of Baroda to suspend, with immediate effect, any further onboarding of customers onto its 'bob World' mobile application, based on certain supervisory concerns that RBI had observed in the Bank's mobile banking onboarding processes. Further onboarding of customers on the ?bob World? application will be subject to further strengthening of related processes by the bank to the satisfaction of RBI.

Laxmi Organic Industries surged 11.05% after the specialty chemicals maker announced the successful conclusion of its qualified institutions placement (QIP) for the company's equity shares. The QIP, which commenced on 5 October 2023, concluded on 10 October 2023, with a total of 9,625,579 equity shares being allotted. The shares were priced at Rs 269.20 per share, resulting in an issue size of approximately Rs 259.12 crore.

The issue price of Rs 269.20 is at a discount of Rs 14.07 or 4.97%, to the floor price of Rs 283.27 per equity share set for the QIP issue.

Vedanta advanced 2.36% after the mining company announced that it has incorporated a wholly owned subsidiary, Vedanta Base Metals, for carrying out metal business.

Info Edge (India) added 0.96%. The company said that the board of its subsidiary Redstart Labs (India) has agreed to invest about $400,000 in Ray IOT Solutions Inc. at the applicable exchange rate. Redstart has agreed to acquire 11,22,019 Series Seed A-5 preferred stock. The aggregate shareholding of the company through Redstart, post this investment, in the said entity would be 12.6% on a fully converted & diluted basis.

Birla Corporation gained 1.83%. The cement maker said that it has received an order from the Office of Collector (Mining), Satna, Madhya Pradesh, imposing a penalty of Rs 8,42,86,858/- for excess production of limestone from the captive mining for the period from 2000-01 to 2006-07, without obtaining environment clearance as per EIA Notification 1994.

NCL Industries rallied 3.10% after the company announced that its cement production for the second quarter of FY24 was 659,300 MT, registering a growth of 9% on YoY basis. Cement dispatches increased by 11% to 669,587 in Q2 FY24 as compared with Q2 FY23.

Shiva Cement jumped 9.54% after the company announced the receipt of approval from Odisha's pollution control board for doubling its existing production capacity.

Global Markets:

Markets in Europe and Asia advanced on Wednesday mirroring moves on Wall Street as U.S. Treasury yields fell and oil prices slightly eased.

Bullish global trading was boosted by two Federal Reserve officials who suggested Monday that the recent rise in Treasury yields may reduce the need to raise the Federal Funds rate, paring back peak rate expectations.

Atlanta Federal Reserve Bank President Raphael Bostic on Tuesday said rates did not need to rise any further.

The world continues to monitor the latest developments in the war between Israel and Hamas.

Investors sought safe assets earlier in the week, including gold, the dollar and Treasuries, while stock markets have looked past the volatile situation after an initial wobble.

US stocks climbed on Tuesday as investors awaited key inflation data out of the world's largest economy, with the producer price index and consumer price index readings for September out Wednesday and Thursday, respectively.

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