As per provisional closing data, the barometer index, the S&P BSE Sensex declined 143.41 points or 0.22% to 64,832.20. The Nifty 50 index lost 48.20 points or 0.25% to 19,395.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.06% while the S&P BSE Small-Cap index slipped 0.27%.

The market breadth was negative. On the BSE, 1,654 shares rose and 2,046 shares fell. A total of 127 shares were unchanged.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 99,18,74,701 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 15:39 IST on Thursday (9 November 2023). The issue was subscribed 47.92 times.

The issue opened for bidding on Tuesday (7 October 2023) and it will close on Thursday (9 November 2023). The price band of the IPO is fixed at Rs 268-282 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

Stocks in Spotlight:

Adani Ports and Special Economic Zone (APSEZ) declined 1.45%. On consolidated basis, APSEZ?s net profit rose marginally to Rs 1,761.63 crore in Q2 FY24 as against Rs 1,737.81 crore recorded in Q2 FY23. Revenue from operations jumped 27.55% year on year to Rs 6,646.41 crore in the quarter ended 30 September 2023.

Apollo Hospitals Enterprise gained 3.78% after the healthcare major's consolidated net profit grew 14.17% to Rs 232.9 crore in Q2 FY24 as compared to Rs 204 crore in Q2 FY23. However, revenue from operations stood at Rs 4,846.9 crore during the quarter, up 14.02% from Rs 4,251.1 crore recorded in the same period last fiscal.

Tata Power Company shed 2.73%. The company reported 9% rise in consolidated net profit to Rs 1,017 crore in Q2 FY24 as compared with Rs 935 crore in Q2 FY23. Revenue from operations increased 9% YoY to Rs 15,442 crore in Q2 FY24, largely driven by higher revenue from core businesses of Generation, Transmission & Distribution.

Pidilite Industries skid 0.61%. The company has reported 35% jump in standalone net profit to Rs 455 crore on a 2.4% rise in net sales to Rs 2,768 crore in Q2 FY24 as compared with Q2 FY23.

Bata India advanced 0.54% The footwear major?s consolidated net profit dropped 38% to Rs 33.99 crore in Q2 FY24 as against Rs 54.82 crore recorded in Q2 FY23. Revenue from operationS declined marginally to Rs 819.12 crore during the quarter as compared with Rs 829.76 crore reported in the same period a year ago.

United Spirits lost 0.45%. The company reported consolidated net profit of Rs 339.3 crore in Q2 FY24 as compared to net profit of Rs 547.7 crore in Q2 FY23. Total income dropped to Rs 6776.6 crore in Q2 FY24 from Rs 8290.3 crore in Q2 FY23.

Multi Commodity Exchange of India tumbled 5.55% after the company reported consolidated net loss of Rs 19.07 crore in Q2 FY24 as compared with net profit of Rs 63.28 crore posted in Q2 FY23. Revenue from operations stood at Rs 165.11 crore in the September 2023 quarter, registering a growth of 29.6% YoY.

Welspun Corp jumped 5.06% after the company reported consolidated net profit of Rs 384.7 crore in Q2 FY24 as against a net loss of Rs 56.6 crore posted in Q2 FY23. Revenue from operations surged 106.71% to Rs 4,059.45 crore in Q2 FY24 as against 1,963.81 crore recorded in Q2 FY23.

MTAR Technologies slumped 11.23%. The company has reported 17.1% fall in net profit to Rs 20.5 crore in Q2 FY24 from Rs 24.7 crore in Q2 FY23. Revenue from operations stood at Rs 166.8 crore in Q2 FY24 as against Rs 126.2 crore in Q2 FY23, 32.2% increase YoY.

Parvat Srinivas Reddy, managing director & promoter, MTAR Technologies, said: ?We revise our annual guidance for FY24 to a revenue of around Rs 670 crore ? Rs 700 crore as against previous guidance of around Rs 830 crore ? Rs 860 crore with an EBITDA of around 26% [(+/-) 100 basis points] as against previous guidance of around 28% [(+/-) 100 basis points] due to deferment of shipment plans against the confirmed orders from Clean Energy to the next fiscal year.?

Global Markets:

Markets in Europe and Asia advanced on Thursday after US equities hit their hottest winning streak in two years, as investors cling to hopes that interest rates have peaked. Meanwhile, China slid back into deflation. Government data showed October consumer prices shrank 0.2% year-on-year in China. Producer prices declined 2.6%.

In US, the S&P 500 and Nasdaq eked out small gains on Wednesday to extend their recent winning streaks as investors weighed Federal Reserve officials' recent comments for signals on the path of interest rates and focused on the direction of Treasury yields. The Dow's decline snapped a seven-session winning streak.

Fed Chair Jerome Powell will appear on a panel discussing monetary policy challenges later Thursday. Atlanta Fed President Raphael Bostic and his Richmond counterpart Tom Barkin are also slated to speak Thursday, as is Bank of England chief economist Huw Pill.

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