As per provisional closing data, the barometer index, the S&P BSE Sensex declined 325.58 points or 0.50% to 64,933.87. The Nifty 50 index lost 82 points or 0.42% to 19,443.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.10% while the S&P BSE Small-Cap index shed 0.01%.

The market breadth was negative. On the BSE, 1,744 shares rose and 2,082 shares fell. A total of 149 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.41% to 11.19.

The exchanges will remain closed on Tuesday, 14 November 2023, on the occasion of Diwali Balipratipada.

New Listing:

Shares of Protean eGov Technologies were closed at Rs 882.55 at 15:25 IST on the BSE, representing a premium of 2.78% as compared with the issue price of Rs 792.

The scrip was listed at Rs 792, matching the initial public offer (IPO) price. The stock has hit a high of 823 and a low of 775. On the BSE, over 20.98 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU bank index rallied 2.64% to 5,177.85. The index surged 3.31% in three consecutive trading sessions.

Union Bank of India (up 7.13%), Indian Bank (up 6.39%), Bank of Maharashtra (up 6.34%), UCO Bank (up 5.6%) and Central Bank of India (up 5.52%) were the top gainers.

Among the other gainers were Punjab & Sind Bank (up 5.2%), Indian Overseas Bank (up 4.68%), Canara Bank (up 4.16%), Punjab National Bank (up 3.6%) and Bank of India (up 3.12%).

Stocks in Spotlight:

Glenmark Pharmaceuticals dropped 4.97%. The company has posted a net loss of Rs 61.6 crore in Q2 FY24 as compared with a net profit of Rs 278.6 crore in Q2 FY23. Revenue rose by 6.3% YoY to Rs 3,207.4 crore during the period under review.

Fortis Healthcare rallied 2.19%. The company reported 15% decline in consolidated net profit to Rs 173.72 crore in Q2 FY24 as compared with Rs 204.37 crore in Q2 FY23. The company?s revenue from operations jumped 10.13% year on year (YoY) to Rs 1,769.95 crore in Q2 FY24.

Biocon slipped 3.07%. The global biopharmaceuticals company has reported a net profit of Rs 126 crore for Q2 FY24 as against a PAT of Rs 47 crore in Q2 FY23. Consolidated revenues for the second quarter grew by 52% year-on-year (YoY) to Rs 3,620 crore.

Hindustan Copper surged 7.34% after the company?s consolidated net profit zoomed to Rs 60.70 crore in Q2 FY24 as against Rs 25.87 crore posted in Q2 FY23. Revenue from operations stood at Rs 381.40 crore in the quarter ended 30 September 2023, registering a growth of 79.78% YoY.

TVS Electronics fell 1.14% after the company reported 60% drop in net profit to Rs 1.12 crore on a 1% decline in revenue from operations to Rs 92.19 crore in Q2 FY24 over Q2 FY23.

Galaxy Surfactants shed 1.08% after the company?s consolidated net profit declined 7.69% to Rs 77.42 crore on 20.49% decrease in revenue from operations to Rs 983.12 crore in Q2 FY24 over Q2 FY23.

Global Markets:

European markets advanced while Asian stocks ended mixed on Monday, as investors look to more economic data ahead of high-stakes talks between the U.S. and China. U.S. President Joe Biden and China?s President Xi Jinping are set this week for their first in-person meeting in about a year.

Japan?s wholesale inflation slowed sharply last month, in a sign that cost pressures were gradually cooling, according to data released by the Bank of Japan. The central bank?s corporate goods price index rose 0.8% in October from a year earlier.

Ratings agency Moody?s Investors Service on Friday downgraded its ratings outlook on the U.S. government to negative from stable, pointing to rising risks to the nation?s fiscal strength.

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