Stock Market Today: Sensex, Nifty Register Longest Losing Streak In Seven Months, FPIs Turn Net Sellers

Overseas investors turn net sellers of Indian equities on Thusday

Foreign portfolio investors off loaded stocks worth Rs 7,702.53 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors turned out to be net buyers and mopped up equities worth 6,558.45 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 106559 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The S&P BSE Sensex closed down 900 points, or 1.41%, at 63,148.15, while the NSE Nifty 50 was 265 points or 1.39% lower at 18,857.25.

The yield on the 10-year bond closed 3 bps higher at 7.37% on Thursday.

Source: Bloomberg

• The local currency weakened 4 paise to close at 83.23 against the U.S dollar on Thursday.

• It closed at 83.19 on Wednesday.

Source: Bloomberg

India's benchmark stock indices fell for the sixth day on Thursday following geopolitical uncertainties stemming from the Israel-Hamas war and resultant rise in crude prices, coupled with higher-for-longer U.S. rates. The headline indices logged the longest stretch of losses in over seven month since February-March 2023.

The S&P BSE Sensex closed down 900 points, or 1.41%, at 63,148.15, while the NSE Nifty 50 was 265 points or 1.39% lower at 18,857.25. Intraday, the S&P BSE Sensex fell 1.49% to 63,092.98 and NSE Nifty 50 slipped 1.49% to 18,837.85, the lowest levels since June 27.

"As long as the index is trading below 19,000, the weak sentiment is likely to continue till 18,800-18,725 levels. On the flip side, one relief rally is possible only after the dismissal of 19,000 and above the same, the index could move up till 19,100-19,150.”, said Shrikant Chouhan, the head of equity research (retail) at Kotak Securities Ltd.

Metal, Auto and financial services sectors dragged as all sectoral indices declined. Sensex has fallen 4.94% in the last six sessions and it was down 7% from it's life high scaled on Sept. 15. Nifty, on the other hand, slipped 4.82% in six days and was down 6.8% from its all-time high.

"The strongest headwind for the market is the stubbornly high U.S. bond yields. With the 10-year bond yield at near 5% FPIs are likely to be in the sell mode. Sectors like banking and I.T. which constitute the largest segments of the AUM of FPIs are likely to be under pressure. This will provide opportunities for long-term investors to buy quality stocks, particularly in banking, at attractive rates.".," according to Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services.

Broader markets recovered from day's low to pare some losses. Nifty Smallcap 250 recovered over 300 points and Nifty Midcap 150 recovered over 150 points after declining to the lowest levels in two months intraday since August 2023.

"The largecap is much better poised than the midcap and smallcap, but the larger flows we are seeing is going towards the broader market", Vaibhav Sanghavi, chief operating officer at ASK hedge Solutions told BQ Prime.

Nasdaq index futures fell about 1%, as investors punished companies reporting weaker-than-expected earnings. Meta Inc. sank 4% in U.S. pre-market trading and Google’s parent Alphabet Inc. lost 2.3%.

The bearish mood carried over to other markets, with European and Asian equities also recording steep losses. In Asia, the MSCI Asia Pacific Index was set for its lowest in almost a year, with benchmarks in South Korea and Japan sliding more than 2% each. Stocks in Hong Kong erased gains and mainland China edged up continuing from the previous session when fresh stimulus measures soothed sentiment.

HDFC Bank Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., Larsen & Toubro Ltd., and Mahindra & mahindra Ltd. were negatively adding to the change in the Nifty 50 Index.

Whereas, Axis Bank Ltd., ITC Ltd., HCL Technologies Ltd., IndusInd Bank Ltd. and Adani Ports & Special Economic Zone Ltd. were positively contributing to the change.

The broader market indices declined; the S&P BSE MidCap Index was down 1.06%, whereas S&P BSE SmallCap Index was 0.32% lower.

Nineteen the 20 sectors compiled by BSE declined, while S&P BSE Utilities and S&P BSE Power advanced. S&P BSE Auto, S&P BSE Metal, S&P BSE Oil and Gas fell the most.

The market breadth was skewed in the favour of the sellers. About 1,433 stocks rose, 2,226 declined, while 141 remained unchanged on the BSE.

Monthly futures and options expiry also aided to the fall on Thursday's session. "It's a simple 'wait and watch' moment. Given the current state, opening new positions is not advisable." said Shrey Jain, Founder and chief operation officer of SAS online.

• Revenue up 35.2% at Rs 5466 crore vs Rs 4044 crore

• Ebitda up 142.7% at Rs 804 crore vs Rs 331 crore

• Margin at 14.71% vs 8.19%

• Reported PAT at Rs 356 crore vs Rs 21 crore

• NII up 23% at Rs 5740.19 crore vs Rs 4683.97 crore YoY

• Net profit up 62% at Rs 1987.76 crore vs Rs 1225.22 crore

• Gross NPA 4.97% vs 5.47% QoQ

• Net NPA at 0.60% vs 0.70% QoQ

• Revenue up 7.39% at Rs 614.73 crore vs Rs 572.42 crore

• Ebitda up 2.38% at Rs 98.21 crore vs Rs 95.92 crore

• Margin at 15.97% vs 16.75%

• Recorded profit for the period down 29.05% at Rs 22.37 crore vs Rs 31.53 crore

• Revenue up 0.24% at Rs 8,478.57 crore vs Rs 8,457.57 crore

• Ebitda up 39.79% at Rs 1,716.23 crore vs Rs 1,227.7 crore

• Margin at 20.24% vs 14.51%

• Reported profit for the period up 53.31% at Rs 1,232.39 crore vs Rs 803.83 crore

• NII up 20% at Rs 9,922.92 crore vs Rs 8,270.68 crore YoY

• Net profit at Rs 1756.13 crore vs Rs 411.27 crore YoY

• Gross NPA 6.96% vs 7.73% QoQ

• Net NPA at 1.47% vs 1.98% QoQ

• To buy back 15.18% stake at Rs 850 per share.

• Buyback to happen via tender offer for an aggregate amount of Rs 125 crore.

• Buyback price is at a premium of 26.27% to the stock's previous close of Rs 673.15.

Source: Exchange filing

• Revenue up 0.45% at Rs 286.82 crore vs Rs 285.51 crore

• Ebit up 0.6% at Rs 125.52 crore vs Rs 124.76 crore

• Margin at 43.76% vs 43.69%

• Reported loss for the period at Rs 310.23 crore vs loss of Rs 301.18 crore

• Revenue up 8.85% at Rs 586.04 crore vs Rs 538.38 crore

• Ebitda up 73.31% at Rs 151.67 crore vs Rs 87.51 crore

• Margin at 25.88% vs 16.25%

• Reported profit for the period up 105.53% at Rs 100.26 crore vs Rs 48.78 crore

• NII up 20% YoY at Rs 8,903 crore vs Rs 7,434 crore

• Net profit up 43% YoY at Rs 3,606 crore vs Rs 2,525 crore

• Gross NPA 4.76% vs 5.15% QoQ

• Net NPA at 1.41% vs 1.57% QoQ

• Revenue down 13.08% at Rs 242.18 crore vs Rs 278.6 crore

• Ebitda up 13.93% at Rs 35.4 crore vs Rs 31.07 crore

• Margin at 14.61% vs 11.15%

• Reported profit for the period up 3.07% at Rs 18.12 crore vs Rs 17.58 crore

• Revenue up 4.86% at Rs 1,133.72 crore vs Rs 1,081.09 crore

• Ebitda up 6.21% at Rs 124.43 crore vs Rs 117.15 crore

• Margin at 10.97% vs 10.83%

• Reported profit for the period down 4.21% at Rs 52.3 crore vs Rs 54.6 crore

• Revenue up 21.36% at Rs 3,925.98 crore vs Rs 3,234.88 crore

• Ebitda up 54.84% at Rs 349.76 crore vs Rs 225.88 crore

• Margin at 8.9% vs 6.98%

• Reported profit for the period up 69.42% at Rs 173.88 crore vs Rs 102.63 crore

India's benchmark stock indices extended declines for the sixth day on Thursday following Asian cues and weak earnings from U.S majors like Meta Inc and Alphabet Inc.

There was a barrage of bad news in last few weeks. Geo political situation, higher for longer U.S. rates and higher energy prices have created an uncertainty in the investors mind, said Nilesh Shah, managing director at Kotak Mahindra AMC in a conversation with BQPrime.

Banks, realty, media and healthcare stocks dragged as all sectoral indices declined. Intraday, the S&P BSE Sensex fell 1.45% to 63,119.21 and NSE Nifty 50 slipped 1.43% to 18,849.15, the lowest levels since June 27.

"A breach of the 19,000 mark could potentially pave the way for a further downturn towards 18,800-18,650 levels in the near future," according to Ameya Ranadive, research analyst at Choice Broking.

Broader markets underperformed the larger peers as Nifty Smallcap 250 fell 3.04% and Nifty Midcap 150 declined 2.33%, to the lowest levels in two months since August 2023. The valuation excesses - particularly in mid and small caps are being corrected in this sell off, said Manish Chokhani, director at Enam Holdings.

Sensex has fallen 4.81% in the last six sessions and it has corrected by 6.9% from its record high scaled on Sept. 15. Similarly, Nifty has slipped by 4.74% in the previous six sessions and declined 6.7% from its all-time high on Sept. 15.

"I would say start being afraid only after a 10% fall from the top (which is a while away). Till then we should just be watchful of sudden opportunities," said Deepak Shenoy, founder at Capital Mind.

As of 1:07 p.m., the S&P BSE Sensex was down 787 points, or 1.23%, at 63,262.38, while the NSE Nifty 50 was 241 points or 1.26% lower at 18,880.5.

European stocks futures followed U.S. peers lower as equities slumped in Asia following a batch of poor corporate earnings which soured sentiment.

The Euro Stoxx 50 futures slid as soft earnings from Mercedes-Benz AG, Standard Chartered Plc and BNP Paribas SA added to earlier gloom out of the U.S. Contracts for the tech-heavy Nasdaq 100 index fell as much as 1.2% in Asian trading ahead of U.S. GDP data later in the day.

In Asia, the MSCI Asia Pacific Index was set for its lowest in almost a year, with benchmarks in South Korea and Japan sliding more than 2% each. Stocks in Hong Kong and mainland China erased gains from the previous session when fresh stimulus measures soothed sentiment.

HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., and Bajaj Finance Ltd. were negatively adding to the change in the Nifty 50 Index.

Whereas, Axis Bank Ltd., ITC Ltd., HCL Technologies Ltd., IndusInd Bank Ltd. and Hindustan Unilever Ltd. were positively contributing to the change.

The broader market indices underperformed the larger peers; the S&P BSE MidCap Index was down 1.61%, whereas S&P BSE SmallCap Index was 1.33% lower.

All the 20 sectors compiled by BSE declined. S&P BSE Realty, S&P BSE Auto, S&P BSE Realty and S&P BSE Healthcare fell the most.

The market breadth was skewed in the favour of the sellers. About 768 stocks rose, 2,796 declined, while 145 remained unchanged on the BSE.

• Revenue up 0.36% at Rs 275 crore vs Rs 274 crore

• Ebitda up 10.81% at Rs 41 crore vs Rs 37 crore

• Margin at 14.9% vs 13.5%

• Reported profit for the period up 9.37% at Rs 35 crore vs Rs 32 crore

• Maharashtra GST department commenced inspection at company’s registered, corporate offices on Oct. 25.

• Business operations to continue as usual, operations not impacted.

Source: Exchange Filing

• Midcap 100 down 2,850 points to 37,680

• Declined 3.9% during the month

• Smallcap 100 down 645 to 12,100

• Declined 5% during the month

Shares of Bombay Stock Exchange Ltd. fell 11.32% at Rs 1,586.15 apiece, the lowest level since Oct. 20, 2023. It pared losses to trade 4.76% lower at Rs 1,703.50 per share. This compares to a 1.32% decline in the NSE Nifty 50.

The stock has risen 218.4% on a year-to-date basis. It snapped five days of gains on Thursday after rising 20.85% in the last five sessions till Wednesday. The scrip has gained nearly 276% in the last six months. The total traded volume stood at 2.8 times its 30-day average. The relative strength index was at 82, implying that the stock maybe overbought.

Out of the six analysts tracking the company, four maintains a 'buy' rating, two recommends a 'hold,' while none suggest to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 0.9%.

• 42.4 lakh shares changed hands in a large trade

• 0.05% equity changed hands at Rs 102.60 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Market sell-off enters day six

• Biggest losing streak since Feb. 28, 2023

• Nifty 50 slipped below 18,900

• All NSE sectoral indices trading in red

• Nifty Media, and Nifty Realty leading the losses

• Axis Bank is the only Nifty gainer

• Broader markets underperform benchmark indices

Stocks In Focus

• BSE snaps five-day gaining streak, stock has gained 225.2% in the last six months

• Zomato down for 3rd consecutive session, stock down over 4% today

• Tech Mahindra and Jubilant Foods under pressure on earnings

Shares of Share India Securities Ltd. hit a record high after its net profit rose 77% in the July to September quarter of the fiscal 2024.

The company reported a consolidated net profit of Rs 79.53 crore on a year-over-year basis in the July to September quarter, according to an exchange filing. This compares to a net profit of Rs 44.92 crore in the same quarter of the previous financial year.

The board of directors approved the proposal for the amalgamation of Silverleaf Capital Services as a going concern with the company, as per its exchange filing.

Share India Securities Q2 FY24 (Standalone, YoY)

• Total Income is up 56.59% at Rs 277.55 crore vs. Rs 177.24 crore.

• Reported PAT is up 77.04% at Rs 79.53 crore vs. Rs 44.92 crore.

• Declared a second interim dividend of Rs 3 per share having face value of Rs 10 each.

The scrip rose as much as 4.36% to an all-time high of Rs 1,517.90 apiece. It pared gains to trade 3.68% higher at Rs 1,508.10 apiece, as of 10:48 a.m. This compares to a 1.17% decline in the NSE Nifty 50.

It has fallen 20.46% on a year-to-date basis. Total traded volume so far in the day stood at 7.2 times its 30-day average. The relative strength index was at 65. Bloomberg cover no analyst tracking the company.

Out of the 18 analysts tracking the company, 12 maintain a 'buy' rating, three recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.9%.

• 11.6 lakh shares changed hands in a large trade

• 0.4% equity changed hands at Rs 332.5 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• 12.8 lakh shares changed hands in a large trade

• 0.16% equity changed hands at Rs 141.70 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of Sona BLW Precision Forgings Ltd. rose over 5% after it reported a net profit in the July to September quarter of the fiscal 2024.

The company reported a consolidated net profit of Rs 124.06 crore on a year-over-year basis in the July to September quarter, according to an exchange filing. This compares to a net profit of Rs 92.55 crore in the same quarter of the previous financial year.

Additionally, the board of directors approved the incorporation of one or more special purpose vehicle, as per its exchange filing. The SPV will be funded partly by equity and partly by debt capital. The company will Invest Rs 7.50 crore for acquiring 26% in the form of the equity share capital of the SPV and remaining 74% of the equity share capital will be acquired by the Clean Max Enviro Energy Solutions Pvt.

The company also announced the appointment of Manisha Girotra as the additional and independent director with effect from Jan. 1, 2024 for a period of five years.

Sona BLW Precision Forgings Q2 FY24 (Consolidated, YoY)

• Revenue is up 20.6% at Rs 787.47 crore vs. Rs 652.91 crore.

• Ebitda up 36.43% at Rs 219.99 crore vs. Rs 161.24 crore.

• Ebitda margin at 27.93% vs. 24.69%

• Reported PAT is up 34.04% at Rs 124.06 crore vs. Rs 92.55 crore.

The scrip rose as much as 5.30% to Rs 539.95 apiece, the highest level since Oct. 20, 2023. It pared gains to trade 2.75% higher at Rs 526.85 apiece, as of 10:10 a.m. This compares to a 0.97% decline in the NSE Nifty 50.

It has fallen 25.72% on a year-to-date basis. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 35.8.

Out of the 18 analysts tracking the company, 12 maintain a 'buy' rating, three recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.9%.

• IRM Energy lists at Rs 477.25 apiece on the NSE, 5.50% discount to IPO price.

• IRM Energy lists at Rs 479 apiece on the BSE, 5.15% discount to IPO price.

Source: Exchanges

• BSE Smallcap declined 2.69% intraday to 35,343.25 points, the lowest level since Aug. 21, 2023.

• BSE Midcap fell 2.12% intraday to 30,263.51 points, the lowest level since Aug. 21, 2023.

(As of 9:47 a.m.)

Source: Bloomberg

• 10.1 lakh shares changed hands in a large trade

• 0.13% equity changed hands at Rs 325.85 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of Tech Mahindra Ltd. fell to a four-month low after its revenue growth faltered for a second straight quarter in July-September period, underscoring the slowdown threat faced by India's $245-billion IT services industry.

Revenue of the Pune-based outsourcer fell 2.25% over the previous three months to Rs 12,863.9 crore in the quarter ended Sept. 30, according to an exchange filing on Wednesday. That compares with the Rs 13,244.6-crore consensus estimate of analysts tracked by Bloomberg.

Tech Mahindra Q2 FY24 Key Highlights (QoQ)

• Revenue down 2.25% at Rs 12,863.9 crore. (Bloomberg estimate: Rs 13,244.6 crore)

• EBIT down 48.73% at Rs 457.1 crore. (Bloomberg estimate: Rs 1,005.3 crore)

• EBIT margin at 3.55% vs 6.77%. (Bloomberg estimate: 7.59%)

• Net profit down 28.18% at Rs 505.3 crore. (Bloomberg estimate:Rs 799.6 crore)

• Interim dividend of Rs 12/share

The company's dollar revenue fell 2.8% to $1,555 million.

Other Key Highlights

• Attrition rate drops to 11% on a trailing 12-month basis.

• Total headcount rises 2,307 to 150,604 employees.

• Net new deal wins at $640 million in September quarter.

The scrip fell as much as 3.85% to Rs 1,098.15 apiece, the lowest level since June 20, 2023. It pared losses to trade 2.87% lower at Rs 1,109.40 apiece, compared to a 0.8% decline in the benchmark NSE Nifty 50 as of 9:38 a.m.

It has risen 9.35% on a year-to-date basis. The total traded volume so far in the day stood at 6.7 times its 30-day average. The relative strength index was at 24, implying that the stock maybe oversold.

14 out of the 44 analysts tracking the company maintain a 'buy' rating, 12 recommend a 'hold' and 17 suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 3.2%.

The broader market indices underperformed the larger peers; the S&P BSE MidCap Index was down 1.29%, whereas S&P BSE SmallCap Index was 1.54% lower.

All the 20 sectors compiled by BSE declined. S&P BSE Realty, S&P BSE Metal, S&P BSE Services and S&P BSE Industrials fell the most.

The market breadth was skewed in the favour of the sellers. About 512 stocks rose, 1,857 declined, while 103 remained unchanged on the BSE.

India's benchmark stock indices opened lower on Thursday after declining for the fifth day on Wednesday. As market sell-off intensifies, analysts see an upside if the Nifty crosses the 19,500 level in today's session.

Technically, the next major support zone lies near 18,850 levels and 18,600 zone of the significant 200-day moving average where one can expect for some consolidation, said Vaishali Parekh, vice president-technical research, Prabhudas Lilladher Pvt.

"So, as of now, it’s a wait-and-watch scenario and for the overall bias to improve, would need a decisive move past the 19,500 zone to establish some conviction and anticipate for further rise," Parekh said.

At pre-open, the S&P BSE Sensex was down 274 points, or 0.43%, at 63,775.04, while the NSE Nifty 50 was 95 points or 0.50% lower at 19,027.25.

"To make a comeback, Nifty and Nifty Bank must cross 19,350 and 43,430, respectively, to hold a reversal for tomorrow's session," said Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox.

Asian stocks witnessed a mixed open as U.S. shares slumped following a batch of poor corporate earnings.

Australian, South Korean and Japanese shares fell while equity benchmarks in China and Hong Kong also declined despite Beijing unveiling more measures to stimulate the economy. The Golden Dragon index, a gauge of Chinese shares in the U.S., slumped over 2%.

Contracts for U.S. equities declined in Asian trading following Meta Inc.’s fall in after-market trading after reporting its earnings. The tech-heavy Nasdaq 100 index slid 2.5% on Wednesday, weighed by Google’s parent Alphabet Inc.’s disappointing cloud figures and Texas Instruments Inc.’s bearish forecasts.

• At pre-open, the S&P BSE Sensex was down 274 points, or 0.43%, at 63,775.04, while the NSE Nifty 50 was 95 points or 0.50% lower at 19,027.25.

Source: Bloomberg

• The yield on the 10-year bond opened 3 bps higher at 7.37% on Thursday.

• It closed at 7.34% on Wednesday.

Source: Bloomberg

• The local currency opened flat at 83.20 against the U.S dollar on Thursday.

Source: Bloomberg

• HC of Justice Business and Property Courts of England and Wales Commercial Courts orders to pay $2.19 billion to consortium of banks against a loan classified as NPA.

• Consortium consisted of the overseas branches of Indian banks led by ICICI Bank.

• GVK Group acquired stake in several Australian companies via associates which was partly financed by consortium.

• Company provided guarantee of 49% of overall loan amount of $1.13 billion.

• Loan was classified as Non-Performing in the FY16.

• Awaiting detailed judgment to decide further action.

Source: Exchange Filing

• 17 lakh shares changed hands in a pre-market large trade.

• 0.21% equity changed hands at Rs 459 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Approves issuance of 69 lakhs shares via preferential issue at Rs 1,085.54 apiece.

• Singapore Finance Minister's unit to own 4.92% stake post issue.

• Preferential issue for aggregate consideration up to Rs 749.02 crore.

Source: Exchange Filing

• To sell entire stake in Palava Induslogic 3 Private to NewCold India Holding B.V. for Rs 153.65 crore

• Expected date of completion of sale is January 8, 2024

• Alert: Palava Induslogic 3 Private is wholly-owned arm of the company

Source: Exchange Filing

• U.S. Dollar Index at 106.7

• U.S. 10-year bond yield at 4.96%

• Brent crude down 0.24% at $89.91 per barrel

• Nymex crude down 0.15% at $85.26 per barrel

• GIFT Nifty was down 71.5 points of 0.37% at 19,105.5 as of 8:10 a.m.

• Bitcoin was up 0.04% at $34,693.87

• Price band revised from 10% to 5%: KIOCL

• Ex/record date dividend: Ksolves India, TCI Express

• Ex/record date stock split: Jay Bharat Maruti

• Som Distilleries & Breweries: Promoter Deepak Arora bought 10,000 shares on Oct. 25.

• Aditya Birla Fashion & Retail: Cresta Fund bought 97.33 lakh shares (1.02%), and Griffin Growth Fund sold 97.33 lakh shares (1.02%) at Rs 212.5 apiece.

• Indiabulls Housing Finance: Capri Global Holdings sold 25.37 lakh shares (0.53%) at Rs 157.8 apiece.

• Swan Energy: Jainam Broking bought 15.24 lakh shares (0.57%) at Rs 301.94 apiece and sold 7.63 lakh shares (0.28%) at Rs 307.13 apiece. Tirupati Agencies and Malberry Infrastructure also sold 51.76 lakh shares (1.96%) and 20.73 lakh shares (0.78%), respectively, at Rs 300.19 apiece and Rs 300.08 apiece, respectively.

• IRM Energy: The shares will debut on the stock exchanges on Thursday at an issue price of Rs 505 apiece. The Rs 545.4-crore IPO was subscribed to 27.05 times on its final day. The bids were led by non-institutional investors (48.34 times), institutional investors (44.73 times), retail investors (9.29 times), and a portion reserved for employees (2.05 times).

• Blue Jet Healthcare: The IPO was subscribed to 0.69 times, or 69%, on its first day. The bids were led by non-institutional investors (1.37 times), retail investors (0.78 times, 78%), and institutional investors (0.01 times, 1%).

• Tech Mahindra: The board approved the merger of three of the company's wholly owned subsidiaries with itself. Perigord Premedia India, Perigord Data Solutions India, and Tech Mahindra Cerium will be incorporated under the rearrangement scheme.

• Share India Securities: The board approved the proposal for the amalgamation of Silverleaf Capital Services as a going concern with the company.

• SH Kelkar and Co.: The company has invested 4.99 million euros in its Europe subsidiary, Keva Europe BV. The investment was made by subscribing to 1.39 million equity shares at 3.59 euros per share.

• Samvardhana Motherson International: The company has initiated phased operational reconfiguration of a few of its European units. The operational reconfiguration entails a one-time cost of 25–30 million euros.

• Karnataka Bank: The bank has entered into a partnership agreement with Vakrangee for providing business correspondent banking services through Vakrangee Kendra outlets on a pan-India basis.

• Hero Motocorp: The company has made an investment of Rs 15 crore by way of a rights issue in its subsidiary company, HMC MM Auto. The company's shareholding in its unit has increased from 60% to 66.32%.

Asian Paints, Shriram Finance, Canara Bank, Colgate Palmolive India, Indian Bank, ACC, Coromandel International, Apar Industries, NLC India, Westlife Foodworld, Aavas Financiers, Aditya Birla Sun Life AMC, Jindal Saw, Medplus Health Services, Maharashtra Scooters, Laxmi Organic Industries, Railtel, Sterlite Technologies, Symphony, Prudent Corporate Advisory Services, Steel Strips Wheels, Voltamp Transformers, Paisalo Digital, Ugro Capital, Apcotex Industries, Venus Pipes & Tubes, Sadhana Nitrochem, Quick Heal Technologies, Kabra Extrusiontechnik, Punjab Chemicals & Crop Protection, DB Corp, Punjab National Bank, ISMT, Dixon Technologies, Agi Greenpac.

Tech Mahindra Q2 FY24 (Consolidated, QoQ)

• Revenue is down 2.25% at Rs 12,863.9 crore vs. Rs 13,159 crore.

• EBIT is down 48.73% at Rs 457.1 crore vs. Rs 891.4 crore.

• EBIT margin at 3.55% vs. 6.77%

• Reported PAT is down 28.18% at Rs 505.3 crore vs. Rs 703.6 crore.

 Jubilant FoodWorks Q2 FY24 (Standalone, YoY)

• Revenue is up 4.51% at Rs 1,344.83 crore vs. Rs 1,286.77 crore.

• Ebitda is down 10.18% at Rs 280.7 crore vs. Rs 312.49 crore.

• Ebitda margin at 20.87% vs. 24.28%

• Reported PAT is down 39.45% at Rs 72.15 crore vs. Rs 119.17 crore.

 Axis Bank Q2 FY24 (Standalone)

• Reported PAT is up 10% at Rs 5,863.6 crore vs. Rs 5,329.8 crore YoY.

• NII is up 19% at Rs 12,314.6 crore vs. Rs 10,360 crore YoY.

• Gross NPA at 1.73% vs. 1.96% QoQ

• Net NPA at 0.36% vs. 0.41% QoQ

 Sona BLW Precision Forgings Q2 FY24 (Consolidated, YoY)

• Revenue is up 20.6% at Rs 787.47 crore vs. Rs 652.91 crore.

• Ebitda up 36.43% at Rs 219.99 crore vs. Rs 161.24 crore.

• Ebitda margin at 27.93% vs. 24.69%

• Reported PAT is up 34.04% at Rs 124.06 crore vs. Rs 92.55 crore.

 Lakshmi Machine Works Q2 FY24 (Consolidated, YoY)

• Revenue is up 8.95% at Rs 1,320.42 crore vs. Rs 1,211.9 crore.

• Ebitda up 13.29% at Rs 135.96 crore vs. Rs 120.01 crore.

• Ebitda margin at 10.29% vs. 9.9%

• Reported PAT is up 10.36% at Rs 115.11 crore vs. Rs 104.3 crore.

 Sonata Software Q2 FY24 (Consolidated, QoQ)

• Revenue is up 27.84% at Rs 1,912.57 crore vs. Rs 1,495.98 crore.

• EBIT is up 16.28% at Rs 163.98 crore vs. Rs 141.01 crore.

• EBIT margin at 8.57% vs. 9.42%

• Reported PAT is up 10.16% at Rs 124.17 crore vs. Rs 112.71 crore.

 Chalet Hotels Q2 FY24 (Consolidated, YoY)

• Revenue is up 26.91% at Rs 314.54 crore vs. Rs 247.84 crore.

• Ebitda up 48.01% at Rs 125.95 crore vs. Rs 85.09 crore.

• Ebitda margin at 40.04% vs. 34.33%

• Reported PAT is up 2.3 times at Rs 36.44 crore vs. Rs 15.75 crore.

 Chennai Petroleum Corp. Q2 FY24 (Consolidated, YoY)

• Revenue is down 12.6% to Rs 16,544.64 crore vs. Rs 19,508.68 crore.

• Ebitda up 685.15% at Rs 1,804.44 crore vs. Rs 229.82 crore.

• Ebitda margin at 10.9% vs. 1.17%

• Reported PAT is up 70.6 times at Rs 1,195.41 crore vs. Rs 16.93 crore.

 Rallis India Q2 FY24 (YoY)

• Revenue is down 12.52% to Rs 832 crore vs. Rs 951 crore.

• Ebitda up 13.67% at Rs 133 crore vs. Rs 117 crore.

• Ebitda margin at 15.98% vs. 12.3%

• Reported PAT is up 13.88% at Rs 82 crore vs. Rs 72 crore.

 Bannari Amman Sugars Q2 FY24 (Consolidated, YoY)

• Revenue is up 17.65% at Rs 600.13 crore vs. Rs 510.06 crore.

• Ebitda up 35.43% at Rs 92.37 crore vs. Rs 68.2 crore.

• Ebitda margin at 15.39% vs. 13.37%

• Reported PAT is up 81.24% at Rs 48.81 crore vs. Rs 26.93 crore.

 Share India Securities Q2 FY24 (Standalone, YoY)

• Revenue is up 56.59% at Rs 277.55 crore vs. Rs 177.24 crore.

• Reported PAT is up 77.04% at Rs 79.53 crore vs. Rs 44.92 crore.

 Gulf Oil Lubricants India Q2 FY24 (Consolidated, YoY)

• Revenue is up 11.5% at Rs 802.3 crore vs. Rs 719.5 crore.

• Ebitda is up 25.23% at Rs 100.48 crore vs. Rs 80.23 crore.

•  Ebitda margin at 12.52% vs. 11.15%

•  Reported PAT up 40.86% at Rs 73.6 crore vs. Rs 52.25 crore.

 Indus Towers Q2 FY24 (Consolidated, YoY)

• Revenue is down 10.5% at Rs 7,132 crore vs. Rs 7,967 crore.

• Ebitda up 22.9% at Rs 3,456 crore vs. Rs 2,812 crore.

• Net profit is up 48.5% at Rs 1,295 crore vs. Rs 872 crore.

CMS Info Systems Q2 FY24 (Consolidated, YoY)

• Revenue is up 15.27% at Rs 543.73 crore vs. Rs 471.67 crore.

• Ebitda up 8.53% at Rs 145.64 crore vs. Rs 134.19 crore.

• Ebitda margin at 26.78% vs. 28.44%

• Reported PAT is up 16.32% at Rs 84.35 crore vs. Rs 72.51 crore.

Asian stocks witnessed a mixed open as U.S. shares slumped following a batch of poor corporate earnings.

Australian, South Korean and Japanese shares fell, while equity benchmarks in China and Hong Kong also declined, despite Beijing unveiling more measures to stimulate the economy. The Golden Dragon index, a gauge of Chinese shares in the U.S., slumped over 2%.

Contracts for U.S. equities declined in Asian trading following Meta Inc.’s fall in after-market trading after reporting its earnings. The tech-heavy Nasdaq 100 index slid 2.5% on Wednesday, weighed by Google’s parent Alphabet Inc.’s disappointing cloud figures and Texas Instruments Inc.’s bearish forecasts.

The yield on the 10-year U.S. bond was trading at 4.96%, and Bitcoin was above $34,000 level. Brent crude was trading above $90 a barrel, whereas WTI crude was above $85 mark.

At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 71.5 points of 0.37% to 19,105.5.

India's benchmark stock indices declined for the fifth day on Wednesday, after the Dussehra holiday, as uncertainty stemming from the Israel-Hamas conflict continues to weigh on markets.

Metals advanced, while media, IT, realty and healthcare shares were under pressure. Intraday, Nifty hit 19,074.15, the lowest level since June 30, whereas Sensex fell to 63,912.16, the lowest since June 28. Both indices ended the trading day at the lowest level since June 28.

The Indian rupee closed flat at 83.19 against the U.S. dollar on Wednesday.