As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 489.57 points or 0.77% to 64,080.90. The Nifty 50 index added 144.10 points or 0.76% to 19,133.25.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 1.20% while the S&P BSE Small-Cap index rose 0.97%.

The market breadth is strong. On the BSE, 2,301 shares rose and 1,281 shares fell. A total of 157 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 8.07% to 11.08.

The US Federal Reserve held interest rates at a 22-year high, with the benchmark rate remaining between 5.25% and 5.50%, for the second meeting in a row.

IPO Update:

The initial public offer (IPO) of Honasa Consumer received bids for 20,19,56,514 shares as against 2,88,99,514 shares on offer, according to stock exchange data at 15:30 IST on Thursday (2 November 2023). The issue was subscribed 6.99 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.

Buzzing Index:

The Nifty Realty index advanced 2.52% to 627.80. The index surged 9.78% in five trading sessions.

Macrotech Developers (up 5.21%), Phoenix Mills (up 4.5%), Oberoi Realty (up 4.1%), Sobha (up 3.44%) and Godrej Properties (up 3.06%) were the top gainers. Among the other gainers were Brigade Enterprises (up 0.79%), Mahindra Lifespace Developers (up 0.75%), DLF (up 0.43%).

On the other hand, Prestige Estates Projects (down 0.69%) and Swan Energy (down 0.67%), declined.

Stocks in Spotlight:

Hero Motocorp declined 1.07%. The two wheeler major reported a net profit of Rs 1,053.81 crore in Q2 FY24, registering a growth of 47.17% as compared with Rs 716.07 crore in Q2 FY23. Revenue from operations increased 4.08% YoY to Rs 9,445.42 crore in Q2 FY24.

Tata Steel rose 1.67%. The steel major reported consolidated net loss of Rs 6511 crore in Q2 FY24 as compared with net profit of Rs 1297 crore in Q2 FY23. Turnover fell to Rs 59,490 crore in Q2 FY24 from Rs 59,878 crore in Q2 FY23.

Britannia Industries rallied 3.03%. The company reported consolidated net profit of Rs 586.50 crore in Q2 FY24 as compared with net profit of Rs 490.58 crore in Q2 FY23. Total income rose to Rs 4,485.23 crore in Q2 FY24 from Rs 4,432.85 crore in Q2 FY23.

State Bank of India (SBI) added 0.97%. SBI raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year. The bonds are issued for 15 years tenor, with the first call option after 10 years.

Kotak Mahindra Bank rose 0.93% after the company announced the signing of definitive agreements with Zurich Insurance Company for divesting majority stake in Kotak Mahindra General Insurance.

The private sector lender said that the bank, Kotak Mahindra General Insurance Company and Zurich Insurance Company have entered into definitive agreements for a transaction whereby Zurich will invest (approximately) Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance through a combination of fresh growth capital and share purchase.

Gujarat Mineral Development Corporation (GMDC) tumbled 7.96% after the company?s standalone net profit declined 49.23% to Rs 76.04 crore as on Q2 FY24 as compared to Rs 150.60 recorded in Q2 FY23. Revenue from operations fell 28.94% YoY to Rs 383 crore during the quarter.

Godrej Consumer Products gained 1.51%. The Godrej Group company's consolidated net profit grew 20.6% to Rs 432.77 crore in Q2 FY24 from Rs 358.86 crore posted in Q2 FY23. Revenue from operations increased 6.1% YoY to Rs 3,568.36 crore in the quarter ended 30 September 2023, led by volume growth of 10% and constant currency growth of 16% YoY.

LIC Housing Finance fell 1.91%. The company reported a net profit of Rs 1,188.05 crore in Q2 FY24, steeply higher than Rs 304.97 crore recorded in Q2 FY23. Total income stood at Rs 6,758.75 crore in the second quarter of FY24, registering a growth of 32.73% from Rs 5,092.02 crore posted in Q2 FY23.

Godrej Properties advanced 2.99% after the real estate developer?s consolidated net profit increased 21.54% to Rs 66.80 crore as against Rs 54.96 crore posted in Q2 FY23. Revenue from operations surged 107.77% to Rs 343 crore in Q2 FY24 from Rs 165.09 crore recorded in the corresponding quarter previous year.

Global Markets:

Markets in Europe and Asia advanced on Thursday, as investors took comfort from the U.S. Federal Reserve?s decision to leave its benchmark interest rates unchanged, while parsing inflation and trade data from across the region.

The Fed kept rates steady on Wednesday, as widely expected. While Chair Jerome Powell maintained the option of another hike, his comments suggested he was less than committed to the idea.

Risks were now more two sided and almost balanced, he said in his press conference, and expectations of inflation were in a good place.

Back in Europe, it?s the turn of the Bank of England to announce its latest monetary policy decision later in the session.

This central bank is widely expected to follow the European Central Bank and the Fed in keeping interest rates unchanged at their 15-year high this month, but it still has to battle an inflation rate that came in at 6.7% in September, more than three times its target.

US stocks advanced on Wednesday after the Federal Reserve kept interest rates unchanged for a second consecutive time ? leading investors to think the central bank would stay put for the rest of the year.

The Federal Reserve on Wednesday held rates steady at a range of 5.25%-5.5%. amid signs of economic growth, while labor market conditions and inflation remain above the central bank?s target. The decision also included an upgrade to the Fed?s general assessment of the economy.

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