Indian equity indices ended with decent gains on Friday. The Nifty closed above the 19,200 level. All the sectoral indices on the NSE ended in green with realty, media and consumer durables stocks recording big gains.

As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 282.88 points or 0.44% to 64,363.78. The Nifty 50 index added 97.35 points or 0.51% to 19,230.60.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.71% while the S&P BSE Small-Cap index gained 94%.

The market breadth was strong. On the BSE, 2,295 shares rose and 1,394 shares fell. A total of 129 shares were unchanged.

Economy:

The S&P Global India services Purchasing Managers' Index (PMI) declined to 58.4 in October as compared to 61 in September, signaling the slowest rate of expansion since March. Still, the headline figure remained well above the 50-mark separating growth from contraction for the 27th straight month.

Anecdotal evidence indicated that growth was underpinned by the securing of new work, favourable demand trends and positive market conditions. Competitive pressures and inflationary forces restricted the increase, according to surveyed firms.

Meanwhile, the S&P Global India Composite PMI Output Index fell from 61 in September to 58.4 in October, indicating the weakest rate of expansion since March.

IPO Update:

The initial public offer (IPO) of ESAF Small Finance Bank received bids for 6,76,27,000 shares as against 5,77,28,408 shares on offer, according to stock exchange data at 15:33 IST on Friday (3 November 2023). The issue was subscribed 1.17 times.

The issue opened for bidding on Friday (3 October 2023) and it will close on Tuesday (7 November 2023). The price band of the IPO is fixed at Rs 57-60 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

Stocks in Spotlight:

Tata Motors advanced 1.73% after the auto major reported a consolidated net profit of Rs 3,764 crore in Q2 FY24 as against a net loss of Rs 944.61 crore recorded in Q2 FY23. Total revenue from operations stood at Rs 1,05,128.24 crore in the quarter ended 30 September 2023, rising 32.05% YoY. Tata Motors said that it continued strong performance in Q2 FY24 as all auto verticals continued their profitable growth trajectory.

Titan Company advanced 2.22% after the Tata Group company's standalone net profit increased 9.68% to Rs 940 crore in Q2 FY24 as against Rs 857 crore reported in Q2 FY23. Revenue from operations jumped 21.75% year on year to Rs 9,903 crore in the quarter ended 30 September 2023. During the quarter, the company's income from jewellery business surged 19% YoY to Rs 8,575 crore.

Adani Ports and Special Economic Zone (APSEZ) gained 2.75% after the company recorded its highest ever monthly cargo volume of 37 million metric tons (MMT) in October 2023, implying a YoY growth of 48%.

MRF fell 2.35%. The tyre maker reported a consolidated net profit of Rs 586.66 crore in Q2 FY24, steeply higher than Rs 129.86 crore posted in Q2 FY23. Revenue from operations grew by 6.71% year on year to Rs 6,217.10 crore in the quarter ended 30 September 2023.

JK Lakshmi Cement jumped 10.85% after the company reported 41% rise in standalone net profit to Rs 83.03 crore in Q3 FY24 from Rs 58.95 crore in Q2 FY23. Net sales rose by 12% year over year to Rs 1,452.62 crore in the second quarter.

Escorts Kubota added 0.49%. The tractor maker's standalone net profit zoomed to Rs 235 crore in Q2 FY24 as compared with Rs 87.66 crore posted in Q2 FY23. Revenue from operations rose 8.64% YoY to Rs 2,046.18 crore in the quarter ended 30 September 2023.

Container Corporation of India's (CONCOR) rallied 5.50% after the company's consolidated net profit jumped 21.1% to Rs 367.36 crore in Q2 FY24 from Rs 303.47 crore in Q2 FY23. Revenue from operations grew 10.5% year on year (YoY) to Rs 2,194.87 crore during the period under review.

Ratnamani Metals & Tubes advanced 3.61% after the company?s consolidated net profit jumped 65.9% to Rs 163.89 crore in Q2 FY24 as compared with Rs 98.78% crore in Q2 FY23. Revenue from operations stood at Rs 1,131.20 crore in the September 2023 quarter, registering a growth of 25.71% year on year (YoY).

UCO Bank shed 0.90% after the bank?s standalone net profit declined 79.25% to Rs 401.67 crore on 18.14% increase in total income to Rs 5,865.61 crore in Q2 FY24 over Q2 FY23.

Tilaknagar Industries zoomed 13.46% after the firm?s consolidated net profit stood at Rs 37.04 crore in Q2 FY24, steeply higher than Rs 13.88 crore recorded in Q2 FY23. Revenue from operations grew by 29.1% year on year (YoY) to Rs 354.39 crore in the quarter ended 30 September 2023.

Global Markets:

Markets in Europe and Asia advanced across the board on Friday.

The Caixin China General Services Purchasing Managers' Index (PMI) edged up slightly to 50.4 in October from 50.2 in September. The muted expansion was primarily attributed to subdued domestic demand, although foreign demand for Chinese services improved, particularly from overseas visitors.

Japan markets were shut for a public holiday.

US stocks rose on Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023.

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