At provisional closing data, the barometer index, the S&P BSE Sensex, was up 634.65 points or 1.01% to 63,782.80. The Nifty 50 index added 190 points or 1.01% to 19,047.25.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.70% while the S&P BSE Small-Cap index gained 1.89%.

The market breadth was strong. On the BSE, 2,827 shares rose and 839 shares fell. A total of 133 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 7.03% to 10.91.

IPO Update:

The initial public offer (IPO) of Blue Jet Healthcare received bids for 10,61,32,428 shares as against 1,69,99,612 shares on offer, according to stock exchange data at 15:15 IST on Friday (27 October 2023). The issue was subscribed 6.24 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:

Maruti Suzuki India rose 1.821 after the company's standalone net profit surged 80.28% to Rs 3,716.5 crore from Rs 2,061.5 crore recorded in Q2 FY23. Net sales grew by 24.49% year on year to Rs 35,535.1 crore during the quarter, on the back of higher sales volume and product mix.

Bajaj Finserv rose 0.34%. The company's consolidated net profit surged 23.89% crore on a 25.09% increase in total income to Rs 26,022.66 crore in Q2 FY24 over Q2 FY23.

Colgate-Palmolive (India) added 2.26%. The company reported 22.3% rise in net profit to Rs 340 crore on 6.1% rise in net sales to Rs 1462.4 crore in Q2 FY24 over Q2 FY23.

Shriram Finance rallied 7.67%. The company reported 12.59% rise in standalone net profit to Rs 1750.84 crore on 15.45% jump in total income to Rs 8,564.45 crore in Q2 FY24 over Q2 FY23.

Dixon Technologies (India) added 0.190%. The company's consolidated net profit rose 47% to Rs 113 crore on 28% decline in net sales to Rs 4,943 crore in Q2 September 2023 over Q2 September 2022.

Vodafone Idea rose 1.40%. The company reported consolidated net loss of Rs 8,737.9 crore in Q2 FY24 as compared with Rs 7,595.5 crore in Q2 FY23. Revenue from operations increased by 0.57% to Rs 10,716.3 crore in Q2 FY24 as compared with Rs 10,655.5 crore posted in Q1 FY24, aided by better subscriber mix and 4G subscriber additions.

Aditya Birla Sun Life AMC (ABSL AMC) fell 1.64%. The company reported 7.09% decline in consolidated net profit to Rs 178.09 crore in Q2 FY4 as against Rs 191.69 crore posted in Q2 FY23. Revenue from operations grew by 7.68% year on year to Rs 334.99 crore in the quarter ended 30 September 2023.

Ujjivan Small Finance Bank rose 0.36% after the bank reported 11% rise in net profit to Rs 328 crore on a 39% increase in total income to Rs 1,580 crore in Q2 FY24 as compared with Q2 FY23.

RailTel Corporation of India rose 2.66% after the company reported 23% rise in net profit to Rs 68.15 crore on a 40% increase in revenue from operations to Rs 599.15 crore in Q2 FY24 as compared with Q2 FY23.

Global Markets:

European shares traded mixed while Asian stocks advanced on Friday in an attempt to rebound from sharp losses previously. U.S. stock-index futures rose driven by solid earnings from Amazon and Intel.

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected. U.S. data overnight showed the U.S. economy grew almost 5% in the third quarter.

Overnight, the European Central Bank left interest rates unchanged as expected. ECB President Christine Lagarde told a press conference the euro zone economy was weak but stressed that price pressures remained strong and could be aggravated further if the Middle East conflict pushed energy costs higher.

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