Stock Market Today: Sensex, Nifty Fall Most In A Week As HDFC Bank, RIL, ICICI Bank Drag; FPIs Net Sellers

• The two-day beauty and lifestyle festival will be held on Nov. 4 and Nov. 5, 2023 in Mahalaxmi Racecourse.

Source: Press Release

• Completes capital raise of Rs 2,305 crore via QIP.

• Alert: QIP was launched on July 27.

• Alert: Proceeds to be used for buying commercial assets from Brookfield Asset Management’s private real estate funds.

Source: Exchange filing

• Approves raising up to Rs 2,000 crore via NCDs, bonds and other debt securities.

• Bonds to be issued on a private placement basis, in one or more tranches.

Source: Exchange filing

• Nifty 50 falls 1.50% intraday, most since March 20, 2023.

• Sensex falls 1.48% intraday, most since July 21, 2023.

• Nifty Bank slips 1.85% intraday, most since May 5, 2023.

• Nifty falls below 19,500 intraday, for the first time since July 14

• Sensex below 65,500 intraday, for the first time since July 13

• Nifty Bank falls below 44,800 intraday, for the first time since July 17

• HDFC Bank, RIL, and ICICI Bank drag both indices

• PSU banks and metals top sectoral losers on NSE

• S&P BSE Metal and S&P BSE Power top sectoral losers on BSE

• Market breadth skewed in the favour of sellers by 66.57%

Source: Bloomberg

• Revenue up 13.5% at Rs 705.63 crore vs Rs 621.63 crore

• Net profit up 3.9% at Rs 19.69 crore vs Rs 18.95 crore

• Ebitda up 15.3% at Rs 43.99 crore vs Rs 38.15 crore

• Margins at 6.23% vs 6.13%

Source: Exchange filing

The broader market indices declined; the S&P BSE MidCap Index was down 1.15%, whereas S&P BSE SmallCap Index was 0.65% lower.

All the 20 sectors compiled by BSE declined. S&P BSE Metal and S&P BSE Power fell the most.

The market breadth was skewed in the favour of the buyers. About 1,372 stocks rose, 2,086 declined, while 173 remained unchanged on the BSE.

• Commissions 1.2 mtpa brownfield cement capacity at Magdalla, Gujarat.

• Magdalla unit’s total capacity stands at 1.93 mtpa.

• Total grey cement manufacturing capacity in India stands at 132.45 mtpa.

Source: Exchange Filing

• Gets U.S. FDA approval for fluocinolone acetonide topical oil through U.S.-based wholly-owned subsidiary Novel Laboratories.

• Alert: Fluocinolone acetonide topical oil is used to treat skin conditions including psoriasis and eczema.

Source: Exchange filing

Shares of the company were trading 2.79% lower at Rs 573.95 apiece as of 10:39 a.m., compared to a 0.82% decline in the benchmark NSE Nifty 50. The stock declined as much as 3.45% intraday, the most since July 20.

The stock has declined nearly 6.94% year-to-date. The total traded volume so far in the day stood at 0.4 times its 30-day average. The relative strength index at 58.72.

The three analyst tracking the company maintain a 'buy' on the stock, according to Bloomberg. The average of 12-month price target given by analysts implies an upside of 6.1%.

The stock fell 0.52% to 496.4 apiece as of 10:03 a.m., as compared to 0.54% decline in the NSE Nifty 50. The scrip declined as much as 6.47% intraday, the most since Dec. 23, 2022. It has risen nearly 75.8% year-to-date.

Total traded volume stood at 7.7 times its 30-day average. The relative strength index at 68.4.

Eight analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data.

The average calculated from the 12-month price target given by analysts implies a potential upside of 1.3%.

Source: Bloomberg, Exchange filing

• Partners with TVS Motor Company to finance their three-wheeler internal combustion engine and electric vehicles.

Source: Exchange filing

The broader market indices opened mixed; the S&P BSE MidCap Index was down 0.35%, whereas S&P BSE SmallCap Index was 0.13% higher.

Seventeen out of the 19 sectors compiled by BSE declined while two sectors advanced. S&P BSE Metal fell the most, while S&P BSE Energy and S&P BSE Oil & Gas advanced.

The market breadth was skewed in the favour of the buyers. About 1,502 stocks rose, 956 declined, while 133 remained unchanged on the BSE.

Source: BSE

• Ipca acquired 33.4% equity shares of Unichem in large trade today.

• It had recently received approval to one-third of Unichem's overall shareholding for a cash consideration of Rs 1,034.06 crore.

• Ipca will make necessary open offer to public shareholders for 26% stake in Unichem as per SEBI regulations.

• Both companies are in the pharmaceutical business.

• Handled 34 MMT cargo at its ports from July to August.

• Container cargo volumes rose 23%, liquids and gas rose 27%.

• Clocked about 1.78 lakh TEU of rail volumes YTD, a growth of 20% year-on-year.

Source: Exchange filing

• At pre-open, the S&P BSE Sensex Index was down 404 points or 0.61% at 66,055.23 while the NSE Nifty 50 Index was 78 points or 0.40% lower at 19,655.40.

Source: Bloomberg

• Harley-Davidson X440 to now start from Rs 2,39,500 onwards (Ex-showroom, Delhi).

• Price hike of Rs 10,500 to apply to all the variants.

• Harley-Davidson X440 to be available at current price of Rs 2,29,000 till Aug. 3, 2023.

Source: Exchange Filing

• The yield on the 10-year bond opened flat at 7.17% on Wednesday.

Source: Bloomberg

• The local currency weakened 11 paise to open at Rs 82.37 against the U.S dollar on Wednesday.

• It closed at 82.26 on Tuesday.

Source: Bloomberg

• 2.35 crore shares worth 33.4% equity traded in a large trade.

• Buyers and sellers not known immediately.

Source: Exchange filing

• MOIL records a 71% year-on-year growth at 1.20 lakh tons in manganese ore production during July, 2023.

• Sales in July at 94,000 tons, up 69% YoY.

Source: Exchange filing

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