Share Market Today: Sensex, Nifty End Higher In Volatile Session; FPIs Turn Net Sellers
Follow the latest Market updates here.
KEY HIGHLIGHTS
Foreign Investors Net Sellers
Overseas investors snapped twelve days of net buying to turn net sellers on Tuesday. The longest buying streak of FPIs in 2022, lasted thirteen days from July 28 to Aug. 17.
As per data from the National Stock Exchange, foreign portfolio investors net sold equities worth Rs 221.32 crore.
While, domestic institutional investors stayed net sellers and sold equities worth Rs 549.28 crore.
Institutions have net bought Rs 7,210.86 crore worth of equities so far in November and net sold Rs 24,486.05 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Closes Lower
Yield on the 10-year bond fell 2 basis points to close at 7.26%
Source: Bloomberg
Rupee Appreciated Against The U.S. Dollar
The rupee reversed losses to appreciate as much as 0.28%, or 22 paise, to 81.03. It closed 0.19% higher at 81.10.
The local currency opened at 81.17, appreciating 0.11%, or 9 paise. It closed at 81.26 on Monday. Shortly thereafter, it depreciated by 0.23% to 81.44.
The rupee had hit a record low of 83.29 on Oct. 20.
Closing Bell
India's stock benchmarks closed higher, aided gains across sectors led by oil & gas, auto, telecommunication.
Sensex advanced about 0.40% to close at 61,872.99 . Nifty 50 rose by 0.49% to close at 18,419.75. Today 36 of Nifty 50 stocks rose while 14 declined.
Power Grid Corporation, ONGC, ICICI Bank, Bharti Airtel and Hero MotoCorp were the top gainers on Nifty 50. While, HDFC Life Insurance, Grasim Industries, Cipla, ITC and UPL were the top laggards.
The broader indices underperformed their larger peers with MidCap and SmallCap gaining 0.08% and 0.02% respectively. While LargeCap almost mirrored its large peers gaining 0.33%.
Fourteen out of the 20 sectoral measures complied by the BSE advanced, with oil & gas gaining the most.
The market breadth is skewed in the favour of bears. About 1,679 stocks rose, 1831 fell and 125 remained unchanged.
Trade Deficit Rose In October Amidst A Sharp Fall In Exports
Trade deficit rose to $26.91 billion in October compared to $25.7 billion in September.
Exports contracted by 16.6% to $29.8 billion y-o-y.
Imports rose by 5.7% to $56.7 billion y-o-y.
On a month-on month, exports contracted by 16% in October, while imports contracted by 7.3%.
Source: Ministry of Commerce & Industry
NMDC Shares Decline Post Q2
Shares of NMDC declined 4.37%, after company reported 62% fall in second-quarter net profit.
The total traded quantity is 1.2 times the 30-day average.
Of the 23 analysts tracking the company, twelve maintain a 'buy', five suggest a 'hold' and six suggest a 'sell'. The return potential of the stock implies a upside of 1.9%.
NMDC Q2 FY23 (Consolidated, YoY)
Revenue fell 51% at Rs 3,328 crore.
Ebitda fell 73% at Rs 851.2 crore.
Ebitda margin 25% versus 46%
Net profit fell 62% at Rs 885.6 crore.
Source: Bloomberg, Exchange Filings
Nykaa Drops Most In Nearly 8 Months
Shares of FSN E-Commerce Ventures Ltd., the owner of Nykaa, fell 9.1%, the most in nearly 8 months, days after it turned ex-bonus.
Nykaa's parent announced a bonus issue of 5 shares for every one held. The company has said bonus shares will be credited to demat accounts of investors within two months of the board approval or at the latest by Dec. 2.
The company had earlier set the effective date for its bonus issue as Nov. 3, but later revised it to Nov. 11, one day after its lock-in period for pre-IPO investors expired on Nov. 10.
As reported earlier, shares of Nykaa have started getting credited though they are yet to get trading permission.
The total traded quantity is 1.9 times the 30-day average.
Of the 18 analysts tracking the company, fifteen maintain a 'buy', three suggest a 'hold' and two suggest a 'sell'. The return potential of the stock implies a upside of 28.8%.
European Markets Open Mixed
Gujarat State Petronet Rises Most In 2 Months
Shares of Gujarat State Petronet rose 4.44%, the most in two-months. The rise comes despite company reporting 8% fall in net profit.
Gujarat State Petronet Q2 FY23 (Consolidated, QoQ)
Revenue fell 22% at Rs 4,443 crore Vs Rs 5,670 crore
Ebitda up 1% at Rs 983.40 crore Vs Rs 973.51 crore
Ebitda margin 22% Vs 17%
Net profit fell 8% at Rs 436.04 crore Vs Rs 473.12 crore
The total traded quantity is 4.1 times the 30-day average.
Of the 24 analysts tracking the company, twenty-two maintain a 'buy', one suggest a 'hold' and one suggest a 'sell'. The return potential of the stock implies a upside of 31%.
Source: Bloomberg, Exchange Filings
IRCTC Shares Decline Post Q2
Shares of IRCTC declined 2.35%, after company reported 8% fall in net profit at Rs. 226 crore
The total traded quantity is 2.1 times the 30-day average.
Of the 9 analysts tracking the company, three maintain a 'buy', one suggest a 'hold' and five suggest a 'sell'. The return potential of the stock implies a downside of 13.6%.
IRCTC Q2 FY23 (Consolidated, YoY)
Revenue fell 5% at Rs 806 crore.
Ebitda fell 5% at Rs 304.8 crore.
Ebitda margin flat at 38%
Net profit fell 8% at Rs 226 crore.
Source: Bloomberg, Exchange Filings
Bank Credit Expected To Grow By Approximately 15% YoY-Says CRISIL
Bank credit expected to grow by approximately 15% year on year in financial year 2023 and 2024.
Retail credit expected to grow the fastest by 17-19% YoY.
MSME credit expected to grow by 16-18% YoY.
Corporate credit may grow at a 2-year compound annual growth rate (CAGR) of 10-12% till March 2024.
Credit growth estimates factor in a GDP growth rate of 7% this fiscal year.
Source: CRISIL Statement
Midday Market Update
India's stock benchmarks declined, dragged metal, realty, Energy and Capital Goods.
Sensex was trading 0.18% lower at 61,516.07 around 12:03 p.m. Nifty 50 declined 0.16% at 18,298.60. 22 of Nifty 50 stocks rose while 24 declined.
ONGC,Hero MotoCorp, Ultratech Cement, Adani Ports and Titan Company were the top gainers on Nifty 50. While, Grasim Industries, ITC,HDFC Life Insurance and Tata Steel, Kotak Mahindra Bank were the top laggards.
The broader indices almost mirrored their larger peers with mid-cap index losing 0.13%, while small-cap outperformed its large peers by losing 0.05%.
Eleven out of the 19 sectoral measures complied by the BSE declined, with BSE Metal gaining the most over 1%
The market breadth is skewed in the favour of bears. About 1,566 stocks rose, 1,828 fell and 133 remained unchanged.
Kotak Investment Advisors Gets $500 Million Anchor Investment From ADIA For Its Real Estate Fund.
Kotak Investment Advisors has secured an anchor investment of $500 million from the Abu Dhabi Investment Authority for its 13th real estate fund.
The fund is a $1 billion platform targeting opportunistic real estate investments in India.
Source: Press release
SpiceJet Shares Decline Post Q2 Net Loss Widens On High Fuel Prices
Shares pf Spicejet declined 1.42%, after the consolidated net loss widened to Rs 833 crore in the quarter ended September from Rs 570.6 crore a year earlier
The total traded quantity is 1.8 times the 30-day average.
Of the 10 analysts tracking the company, two maintain a 'buy', four suggest a 'hold' and four suggest a 'sell'. The return potential of the stock implies a upside of 14.7%.
SpiceJet Q2 FY23 (Consolidated, YoY)
Revenues up 45% at Rs 1,954.5 crore.
Ebitda loss widens to Rs 555.3 crore versus Rs 301.3 crore
Net loss widens to Rs 833 crore from 570.6 crore
Source: Bloomberg, Exchange Filings
Inox Green Energy IPO Fully Subscribed On Day 3
Inox Green Energy IPO was fully subscribed as of 11 a.m. on day 3.
Bidding was led by retail investors (3.44 times).
The offer closes November 15.
Source: BSE
GMR Airports Shares Decline Post Q2
Shares of GMR Airports Infrastructure declined 4.92%, after the company reported second-quarter net loss at Rs 195 crore.
The total traded quantity is 4.5 times the 30-day average.
Of the 5 analysts tracking the company, two maintain a 'buy', three suggest a 'hold' and none suggest a 'sell'.
GMR Airports Infra Q2 FY23 (Consolidated, YoY)
Revenue up 10% at Rs 1,588 crore.
Ebitda up 10% at Rs 472.7 crore.
Ebitda margin flat at 30%
Net loss at Rs 195 crore versus Rs 112.9 crore
Source: Bloomberg, Exchange Filings
Indian Rupee Depreciates Against The U.S. Dollar, Paring Opening Gains
The Indian rupee depreciated after gaining in opening trade, mirroring Monday's trend.
The local currency opened at 81.17, appreciating 0.11%, or 9 paise. It closed at 81.26 on Monday.
Fusion MicroFinance debuts at 2% discount to IPO price.
Shares of Fusion MicroFinance listed at Rs 360.5 per share on the BSE, a discount of 2.03% to its IPO price of Rs 368.
On the NSE, the stock listed at Rs 359.50, a 2.3% discount.
Its IPO was subscribed 2.95 times.
Source: BSE, NSE
Apollo Tyres Gains Post Q2
Shares of Apollo Tyres Ltd. rose 4.22%, to their highest levels since April 2018 after its second-quarter profit beat analysts' estimates.
The Gurugram-based company's net profit rose 12% year-on-year to Rs 194.4 crore in the quarter ended September, according to its exchange filing. That compares with the Bloomberg consensus analysts' estimate of Rs 173 crore.
The total traded quantity is 9.5 times the 30-day average.
Of the 32 analysts tracking the company, twentyfour maintain a 'buy', one suggest a 'hold' and seven suggest a 'sell'. The return potential of the stock implies a downside of 0.7%.
Key Highlights Q2FY23 (Consolidated, YoY)
Revenue up 17% at Rs 5,956 crore, compared with Bloomberg estimate of Rs 6,027 crore.
Ebitda up 11% at Rs 712 crore.
Ebitda margin 12% versus 12.6%
Net profit up 12% at Rs 194.5 crore, compared with Bloomberg estimate of Rs 173 crore.
Source: Bloomberg, Exchange Filings
Aptech Ltd Rises After Entering Into MoU with Ministry of Education
Shares of Aptech Ltd rose 2.16%, after the company announced entering into a multi-year MoU with an autonomous education body under Ministry of Education.
Aptech will conduct computer-based tests for the territory of India as per the scope of services in accordance with the MOU.
The total traded quantity is 1.3 times the 30-day average.
Source: Bloomberg, Exchange Filings
ONGC Gains Even As Q2 Profit Dips
Shares of ONCG rose over 2% after Q2 results, the rise comes despite company reporting 30% decline in net profit at Rs 8,299.4.
The total traded quantity is 2.3 times the 30-day average.
Of the 27 analysts tracking the company, eighteen maintain a 'buy', six suggest a 'hold' and three suggest a 'sell'. The return potential of the stock implies a upside of 21.3%.
ONGC Q2 FY23 (Consolidated, QoQ)
Revenue fell 8% at Rs 1,68,656 crore.
Ebitda fell 27% at Rs 13,804.4 crore.
Ebitda margin 8% versus 10%
Net profit fell 30% to Rs 8,299.4 crore
Source: Bloomberg, Exchange Filings
Opening Bell
Indian stock benchmarks open flat on the back of broad-based gains amid positive Asia trade.
Sensex advanced about 0.01% to open at 61,630.05 . Nifty 50 rose by 0.20% to open at 18,365.25.
Coal India, ONGC, Britannia Industries, NTPC and Mahindra & Mahindra were the top gainers on Nifty 50. While, Grasim Industries, SBI Life Insurance, Cipla, HDFC Life Insurance and TCS were the top laggards.
The broader indices underperformed their larger peers with MidCap losing 0.09%, while SmallCap gaining 0.04%
Fourteen out of the 20 sectoral measures complied by the BSE advanced, with BSE Metal gaining the most.
The market breadth is skewed in the favour of bulls. About 1,525 stocks rose, 1228 fell and 115 remained unchanged.
10-Year Bond Yield Flat
Yield on the 10-year bond fell 1 basis point to 7.27% in early trade.
Source: Bloomberg
Rupee Appreciates Against U.S Dollar
Indian currency appreciated by 9 paise to 81.17 at the open against the greenback on Tuesday. It closed at 81.26 on Monday.
Source: Bloomberg
Godrej Properties Announced Sales of Rs 500 Crore In Pune Project Launch
Godrej Woodsville records sales of over 675 homes with an area of over 6.90 lakh square feet.
The company has achieved sales worth Rs 500 crore through the launch of its new project.
Source: Exchange Filings
Sobha Ltd Q2 FY23 (Consolidated, YoY)
Key Highlights (Consolidated, YoY)
Net profit down by 73.5% at Rs 15.9 crore vs Rs 60.2 crore.
Revenue from operations down by 14.43% at Rs 667.3 crore vs Rs 779.9 crore.
Ebitda down by 35% at Rs 115.5 crore vs Rs 179.5 crore.
Source: Exchange Filings
Global Cues
U.S. Dollar Index at 106.66
U.S. 10-year bond yield at 3.87% on Monday
Brent crude down 3% to $93.14 per barrel
Nymex crude at $85.25 per barrel
SGX Nifty up 0.15% to 18,405.5 as of 6:30 a.m.
Bitcoin rose 0.88% to $16,529.4.
Stocks To Watch
Larsen & Toubro/L&T Infotech/Mindtree: NCLT approved the merger of L&T Infotech and Mindtree with effect from Nov. 14 to form the merged entity LTIMindtree. L&T Infotech appointed Debashis Chatterjee as CEO and MD, and Vinit Teredesai as CFO.
Thomas Cook (India): The company signed a long-term agreement with KrisFlyer, the loyalty programme of Singapore Airlines, becoming the first forex partner on the platform.
Life Insurance Corporation of India: The insurer diluted its shareholding in Adani Ports and Special Economic Zone Ltd. to 9.35% from 11.37%.
Biocon: The board approved proposals to raise funds through issuance of non-convertible debentures worth $250 million (Rs 2,024.61 crore) and commercial papers worth $275 million (Rs 2,227.07 crore).
Adani Ports and Special Economic Zone: The company floated a joint venture, Mediterranean International Ports ADGD Ltd., with Israel-based Gadot Group to acquire Haifa Port Company, which operates the Haifa Port in the country.
Adani Enterprises/NDTV: Market regulator SEBI has given its final approval to the company’s open offer for 26% stake of NDTV.
Zomato: Rahul Ganjoo, head of new initiatives at the company, resigned from his post.
Stocks To Watch: NDTV, Biocon, Fusion MicroFinance, ONGC, Rajesh Exports, IRCTC, SpiceJet, NMDC
Earnings Post Market Hours
Biocon Q2 FY23 (Consolidated, YoY)
Revenue up 26% at Rs 2,320 crore, compared with Bloomberg estimate of Rs 2,305 crore
Ebitda up 6% to Rs 471 crore, compared with Bloomberg estimate of Rs 485 crore.
Ebitda margins at 20.3% versus 24.2% (Bloomberg estimate: 21%)
Net profit fell 66% to Rs 47 crore, compared with Bloomberg estimate of Rs 173 crore.
NMDC Q2 FY23 (Consolidated, YoY)
Revenue fell 51% at Rs 3,328 crore.
Ebitda fell 73% at Rs 851.2 crore.
Ebitda margin 25% versus 46%
Net profit fell 62% at Rs 885.6 crore.
Apollo Tyres Q2 FY23 (Consolidated, YoY)
Revenue up 17% at Rs 5,956 crore.
Ebitda up 11% at Rs 712 crore.
Ebitda margin 12% Vs 12.6%
Net profit up 12% at Rs 194.5 crore.
SpiceJet Q2 FY23 (Consolidated, YoY)
Revenues up 45% at Rs 1,954.5 crore.
Ebitda loss widens to Rs 555.3 crore versus Rs 301.3 crore
Net loss widens to Rs 833 crore from 570.6 crore
ONGC Q2 FY23 (Consolidated, QoQ)
Revenue fell 8% at Rs 1,68,656 crore.
Ebitda fell 27% at Rs 13,804.4 crore.
Ebitda margin 8% versus 10%
Net profit fell 30% to Rs 8,299.4 crore
GMR Airports Infra Q2 FY23 (Consolidated, YoY)
Revenue up 10% at Rs 1,588 crore.
Ebitda up 10% at Rs 472.7 crore.
Ebitda margin flat at 30%
Net loss at Rs 195 crore versus Rs 112.9 crore
Balkrishna Q2 FY23 (Consolidated, YoY)
Revenue up 23% at Rs 2,658 crore.
Ebitda fell 20% at Rs 426.3 crore.
Ebitda margin 16% versus 25%
Net profit fell 2% at Rs 382.3 crore.
Aarti Industries Q2 FY23 (Consolidated, YoY)
Revenue up 34% at Rs 1,685 crore.
Ebitda up 5% at Rs 267 crore.
Ebitda margin 16% versus 20%
Net profit fell 17% at Rs 124.5 crore.
IRCTC Q2 FY23 (Consolidated, QoQ)
Revenue fell 5% at Rs 806 crore.
Ebitda fell 5% at Rs 304.8 crore.
Ebitda margin flat at 38%
Net profit fell 8% at Rs 226 crore.
SGX Nifty Suggests Positive Start For India Stocks
Asian stocks opened slightly higher Tuesday amid fragile sentiment following a choppy session on Wall Street and ahead of a slew of Chinese economic data.
West Texas Intermediate crude benchmark fell 3.3% to $86.06 per barrel, while gold rose 0.2%. Bitcoin rose 1.2% to $16,600 as optimism returned to the volatile market on plans by Binance Holdings to form a recovery fund to mitigate headwinds from the FTX meltdown.
Back home, Indian benchmarks indices Sensex and Nifty closed lower on Monday, dragged by losses in FMCG, power, utilities and capital goods stocks.
Rupee wiped early gains against the U.S. dollar, to drop 0.54% against the greenback on Monday.
At 8:30 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- 0.30% to 18,433.