Domestic equity barometers ended with modest losses on Tuesday. The Nifty settled below the 19,100 level after hitting the day?s high of 19,233.70 in early trade. Realty, media and consumer durables stocks were in demand while auto, pharma and healthcare shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 237.72 points or 0.37% to 63,874.93. The Nifty 50 index lost 61.30 points or 0.32% to 19,079.60.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index gained 0.29% while the S&P BSE Small-Cap index added 0.02%.

The market breadth was positive. On the BSE, 1,904 shares rose and 1,737 shares fell. A total of 119 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.91% to 11.83.

IPO Update:

The initial public offer (IPO) of Honasa Consumer received bids for 33,23,132 shares as against 2,88,99,514 shares on offer, according to stock exchange data at 13:39 IST on Tuesday (31 October 2023). The issue was subscribed 0.11 times.

The issue opened for bidding on Tuesday (31 October 2023) and it will close on Thursday (2 November 2023). The price band of the IPO is fixed at Rs 308-324 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

The initial public offer (IPO) of Cello World received bids for 2,46,26,054 shares as against 2,20,61,947 shares on offer, according to stock exchange data at 13:39 IST on Tuesday (31 October 2023). The issue was subscribed 1.12 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.

Stocks in Spotlight:

TVS Motor Company shed 0.80%. The company has recorded 32% growth in net profit to Rs 537 crore in Q2 FY24 from Rs 408 crore in Q2 FY23. During the quarter, the company?s operating revenue grew by 13% to Rs 8,145 crore as against Rs 7,219 crore in Q2 of last year.

DLF gained 1.52%. The company reported consolidated net profit of Rs 621.89 crore in Q2 FY24 from Rs 477.20 crore in Q2 FY23. Total income rose to Rs 1476.42 crore as against Rs 1360.30 crore in Q2 of last year.

Marico added 0.78%.The FMCG major reported 17.26% consolidated net profit of Rs 360 crore in Q2 FY24 from Rs 307 crore in Q2 FY23 recording the growth of 17.26%. Revenue from operations declined 0.8% to Rs 2,476 crore in Q2 FY24 as against Rs 2,496 crore in Q2FY23, with underlying volume growth of 3% in the domestic business and constant currency growth of 13% in the international business.

Larsen & Toubro (L&T) rose 0.16%. The EPC major announced that its hydrocarbon business, L&T Energy Hydrocarbon (LTEH) has secured Letter of Intent (LoI) for Ultra-Mega onshore project from a client in the Middle East for a Gas Compression plant. As per Larsen & Toubro's (L&T) classification, the value of the ?Ultra Mega' project is more than Rs 15,000 crore.

Procter & Gamble Hygiene & Health Care rallied 4.35%. The company has recorded a profit after tax (PAT) of Rs 211 crore for the quarter ended on 30 September 2023, up 36% versus year ago led by acceleration of volume growth coupled with product price-mix and productivity. The company?s PAT for the same period last year was Rs 154 crore. During the quarter, the company delivered sales of Rs 1,138 crore, up 9% from Rs 1,045 crore recorded in the year ago period.

APL Apollo Tubes slipped 2.17%. The company has reported 35% rise in consolidated net profit to Rs 202.9 crore in Q2 FY24 from Rs 150.2 crore in Q2 FY23. Net revenue increased by 17% year-over-year to Rs 4,630.4 crore during the period under review. Sales volume for the second quarter was 675 thousand tons as compared with 602 thousand tons recorded in the corresponding period last year, up 12% YoY.

Castrol India declined 1.73%. The company reported 4% rise in net profit to Rs 194.42 crore in the third quarter ended 30 September 2023 from Rs 187.17 crore recorded in the same period last year. For the quarter from July to September 2023, the company registered a 6% year-on-year increase in revenue from operations, growing to Rs 1,183 crore from Rs 1,121 crore in 3Q 2022.

Spandana Sphoorty Financial fell 2.53%. The company has reported 127% jump in consolidated net profit to Rs 125 crore in Q2 FY24 from Rs 55 crore in Q2 FY23. Total income from operations increased 105% year-over-year to Rs 610 crore during the period under review. Net interest margin for Q2 FY24 was 14.1% as compared with 13% in Q2 FY23.

Blue Star gained 2.11% after the company?s consolidated net profit stood at Rs 70.77 crore in Q2 FY24, recording the growth 65.97% as compared with Rs 42.64 crore posted in Q2 FY23. Revenue from operations increased by 19.47% to Rs 1,890.40 crore for the second quarter ended 30 September 2023 as compared to Rs 1,582.29 crore during the same period the previous year.

Global Markets:

The Dow Jones index futures were up 111 points, indicating a positive opening in the US stocks today.

Markets in Europe advanced as inflation across the euro zone dropped to a two-year low of 2.9% in October, according to preliminary data released on Tuesday, down from 4.3% the previous month.

Core inflation, which excludes volatile food and energy prices, dropped to 4.2% year on year in October from 4.5% in September.

French GDP grew 0.1% on the quarter, data showed earlier Tuesday, showing annual growth of 0.7%, while German retail sales slumped 0.8% on the month in September, an annual drop of 4.3%.

Asian stocks ended mixed on Tuesday as sentiment was hit by weaker than expected Chinese purchasing managers? indices. China?s official manufacturing purchasing managers' index fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion.

China's non-manufacturing PMI also fell to 50.6 last from 51.7 in September, indicating a slowdown in activity in the vast service sector and construction.

In a separate development, the Bank of Japan held interest rates at ultra-low levels and slightly altered the rhetoric around its yield curve control policy, saying it will use the upper end of its YCC band, a range of (-1)% to 1%, as a reference cap for its market operations.

US stocks rallied on Monday as traders started a big week filled with a Federal Reserve rate decision, employment report and Apple?s earnings.

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