As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 522.82 points or 0.81% to 64,049.06. The Nifty 50 index lost 159.60 points or 0.83% to 19,122.15.

In the broader market, the S&P BSE Mid-Cap index declined 0.52% while the S&P BSE Small-Cap index slipped 0.77%.

The market breadth is negative. On the BSE, 1,228 shares rose, and 2,459 shares fell. A total of 108 shares were unchanged.

IPO Corner:

The initial public offer (IPO) of Blue Jet Healthcare received bids for 56,82,517 shares as against 1,69,99,612 shares on offer, according to stock exchange data at 15:27 IST on Wednesday (25 October 2023). The issue was subscribed 0.51 times.

The issue opened for bidding on Wednesday (25 October 2023) and it will close on Friday (27 October 2023). The price band of the IPO is fixed at Rs 329-346 per share. An investor can bid for a minimum of 43 equity shares and in multiples thereof.

Stocks in Spotlight:

Mahindra Logistics declined 1.94%. The company reported consolidated net loss of Rs 15.6 crore in Q2 FY24 as compared to net profit of Rs 11.3 crore in Q2 FY23. Total revenue rose 2.9% to Rs 1364.8 crore in Q2 FY24 from Rs 1326.3 crore in in Q2 FY23.

Delta Corp advanced 3.69%. The High Court of Bombay at Goa considered the writ petitions filed by the company and its subsidiaries on 23 October 2023. The High Court has directed tax authorities not to pass any final orders on the show cause notices without the prior permission of the High Court.

Torrent Pharmaceuticals added 2.42% after the company has reported 23.72% rise in consolidated net profit to Rs 386 crore in Q2 FY24 as compared with Rs 312 crore in Q2 FY23. Revenue from operations jumped 16.11% to Rs 2,660 crore in Q2 FY24 as compared with Rs 2,291 crore posted in Q2 FY23.

Kewal Kiran Clothing spurted 8.78% after the company has reported 27% YoY jump in consolidated net profit to Rs 49.66 crore on a 16% YoY rise in revenue from operations to Rs 262.48 crore in Q2 FY24.

Dreamfolks Services rose 0.73%. The company reported 20.4% increase in consolidated net profit to Rs 17.85 crore on 65% jump in revenue from operations to Rs 282.49 crore in Q2 FY24 over Q2 FY23.

Network18 Media & Investments fell 2.08% after the media company's consolidated net loss widened to Rs 60.99 crore in Q2 FY24 as against a net loss of Rs 36.49 crore reported in Q2 FY23. Revenue from operations jumped 20.44% to Rs 1,865.50 crore in the quarter ended 30 september 2023 from Rs 1,549 crore recorded in the quarter ended 30 September 2022.

TV18 Broadcast slipped 4.89% after the media company reported a consolidated net loss of Rs 28.92 crore in Q2 FY24 as against a net profit of Rs 5.69 crore posted in Q2 FY23. Revenue from operations stood at Rs 1,794.17 crore in Q2 FY24, up 21.8% YoY, driven by the performance of news business, movie studio and sports vertical.

Global Markets:

European shares slipped while Asian stocks traded mixed on Wednesday as investors assess Australia's third-quarter inflation figures, which will give clues to the Reserve Bank of Australia's monetary policy decision when it meets on November 3. The country's third quarter inflation rate came in at 5.4%, lower than the 6% seen in the second quarter.

Wall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally.

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