The headline equity indices ended with modest gains on Monday. The Nifty settled above the 19,100 level after hitting the day?s low of 18,940 in morning trade. Realty, oil & gas and bank shares advanced while auto, consumer durables and FMCG stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 329.85 points or 0.52% to 64,112.65. The Nifty 50 index added 93.65 points or 0.49% to 19,140.90.

In the broader market, the S&P BSE Mid-Cap index gained 0.13% while the S&P BSE Small-Cap index rose 0.06%.

The market breadth was positive. On the BSE, 1,923 shares rose and 1,811 shares fell. A total of 201 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 5.36% to 11.49.

Economy:

India's foreign exchange (forex) reserves declined by $2.36 billion to $583.53 billion during the week ended October 20, according to data by the Reserve Bank of India (RBI). In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 billion.

Gold reserves were up by $1.85 billion to $45.42 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $70 million to $17.93 billion, according to the RBI.

Forex reserves also include India's reserve tranche position in the IMF. India's reserve position with the IMF increased by $6 million to $4.98 billion in the reporting week, as per the RBI data.

IPO Update:

The initial public offer (IPO) of Cello World received bids for 50,99,307 shares as against 2,20,61,947 shares on offer, according to stock exchange data at 15:24 IST on Monday (30 October 2023). The issue was subscribed 0.23 times.

The issue opened for bidding on Monday (30 October 2023) and it will close on Wednesday (1 November 2023). The price band of the IPO is fixed at Rs 617-648 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

Buzzing index:

The Nifty Realty index advanced 2.14% to 595.45. The index rallied 4.13% in two trading sessions. Swan Energy (up 5.65%), DLF (up 3.26%), Macrotech Developers (up 2.87%), Godrej Properties (up 2.37%), Oberoi Realty (up 1.68%), Phoenix Mills (up 0.47%), Prestige Estates Projects (up 0.31%), Sobha (up 0.07%) rallied.

On the other hand, Mahindra Lifespace Developers (down 1.19%) and Brigade Enterprises (down 0.4%) edged lower

Macrotech Developers gained 2.87% after the company reported a consolidated net profit of Rs 201.9 crore in Q2 FY24 as against a net loss of Rs 933 crore in Q2 FY23. Revenue from operations remained flat at Rs 1,749.6 crore during the period under review.

Stocks in Spotlight:

Reliance Industries (RIL) advanced 1.93% after the Mukesh Ambani-led diversified company reported 28.15% increase in consolidated net profit to Rs 19,878 crore in Q2 FY24 as against Rs 15,512 crore posted in Q2 FY23. Gross revenue rose by 1.2% year on year (YoY) to Rs 255,996 crore in the quarter ended 30 September 2023, supported by continuing growth momentum in consumer businesses.

NTPC shed 0.72%. The company reported consolidated net profit of Rs 4726.40 crore in Q2 FY24 as against net profit of Rs 3417.67 crore in Q2 FY23. Total income rose to Rs 45384.64 crore in the quarter ended September 2023 as against Rs 44681.50 crore during the previous quarter ended September 2022.

UltraTech Cement gained 2.44%. The board of directors approved the 3rd phase of growth with an investment of Rs 13,000 crore towards increasing the capacity by another 21.9 mtpa with a mix of brown field and green field projects.

Bharat Petroleum Corporation (BPCL) rallied 3.69% after the state-owned oil marketing firm reported a standalone net profit of Rs 8,501.17crore in Q2 FY24 as against a net loss of Rs 304.17 crore posted in Q2 FY23. Net sales (excluding excise duty) declined 10.3% to Rs 1,02,985.56 crore in Q2 FY24 from Rs 1,14,807.59 crore recorded in the corresponding quarter previous year.

Adani Green Energy jumped 4.88% after the company?s consolidated net profit soared 149.66% to Rs 372 crore in Q2 FY24 as compared with Rs 149 crore in Q2 FY23. Revenue from power supply jumped 80% to Rs 1,984 crore as compared with Rs 1,105 crore posted in Q2 FY23.

SBI Cards and Payment Services dropped 5.92%. The company reported 14.71% rise in net profit to Rs 602.98 crore on 22.24% increase in total income to Rs 4,221.40 crore in Q2 FY24 over Q2 FY23.

Piramal Pharma rallied 3.03%. The pharmaceutical company reported a consolidated net profit of Rs 5.02 crore in Q2 FY24 as compared to a net loss of Rs 37.34 crore in Q2 FY23. Net sales grew by 11.13% year on year to Rs 1,911.38 crore during the quarter.

Mahindra & Mahindra Financial Services slumped 11.65%. The company's net profit dropped 47.54% to Rs 235.18 crore despite of 24.19% increase in total income to Rs 3,240.49 crore in Q2 FY24 over Q2 FY23.

IDFC First Bank slipped 3.18%. The private bank's standalone net profit jumped 35.23% to Rs 751.32 crore on 34.52% increase in total income to Rs 8,785.8 crore in Q2 FY24 over Q2 FY23.

IRB Infrastructure Developers rallied 3.39% after the company reported 12.24% jump in net profit to Rs 95.74 crore on 30.28% increase in total income to Rs 1,874.50 crore in Q2 FY24 over Q2 FY23.

Global Markets:

The Dow Jones index futures were up 164 points, indicating a positive opening in the US stocks today.

European shares advanced while Asian stocks traded mixed on Monday, ahead of a week of key economic data from around the region. Monetary policy decisions from Japan and Malaysia, inflation data from South Korea, and gross domestic growth figures from Taiwan and Hong Kong will be in focus this week.

Risk appetite was dulled by Israel's push to surround Gaza's main city in a self-declared second phase of a three-week war against Iranian-backed Hamas militants.

US stocks ended the day mixed on Friday as renewed selling occurred on Wall Street on fears of a recession. The Federal Reserve decision looms on Wednesday, where the central bank is widely expected to hold its benchmark interest rate at the same level. The Bank of England will announce its interest rate decision on Thursday.

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