Today’s Stock Market Round-Up

Sun Pharma, BPCL, NTPC, Dr Reddy’s Labs and IndusInd Bank were the top gainers while Tata Steel, HDFC Bank, State Bank of India, ICICI Bank and ONGC were the most active stocks on NSE in terms of volumes.

The Indian stock market closed flat on November 7, 2023 amid volatility. At close, Sensex was down 16 points at 64942 level while Nifty shed 5 points and ended the session at 19,406 level.

Among sectors, healthcare and oil & gas up 1 percent each, while realty down 1 percent. BSE Midcap and Smallcap indices up 0.4 percent each

Hero MotoCorp, Coal India, Bajaj Finance, Reliance Industries and Adani Ports were among major losers on the Nifty, while the gainers included Sun Pharma, BPCL, NTPC, Axis Bank and IndusInd Bank.

Top Stock Losers

Hero MotoCorp (Down 1.04%), Bajaj Finance (Down 0.83%), JSW Steel (Down 0.77%), Divis Labs (Down 0.72%), Reliance Industries (Down 0.68%)

Top Stock Gainers

Sun Pharma (Up 2%), BPCL (Up 1.69%), NTPC (Up 1.57%), Dr Reddy’s Labs (Up 1.38%), IndusInd Bank (1.1%)

Volume Shockers

Tata Steel (2,58,16,190 shares), HDFC Bank (2,09,76,399 shares), State Bank of India (1,79,23,009 shares), ICICI Bank (1,57,04,920 shares), ONGC (1,39,21,876 shares)

Stocks On Radar

Honasa Consumer Makes Muted Debut

Mamaearth’s parent, Honasa Consumer made a tepid debut on the bourses on November 7 with the shares listing at Rs 330 on the NSE and Rs 324 on the BSE, against the issue price of Rs 324.

The company reported a net loss of Rs 150.9 crore during the year ended March 2023, impacted by the impairment loss on goodwill and other intangible assets, against a profit of Rs 14.4 crore in the previous year.

Nykaa Stock Rises After Jump In September Quarter Profit

Nykaa’s Q2 FY24 net profit jumped 50 percent YoY to Rs 7.8 crore in Q2FY24 from Rs 5.2 crore in Q2FY23, led largely by its beauty and personal care business, which witnessed a strong demand during the quarter, despite missing estimates. The firm also reported a 22 percent increase in revenue from operations which stood at Rs 1,507 crore in the quarter, up from Rs 1,230.8 crore in the same period last year. 

Bajaj Finance Among Top Nifty50 Losers

The NBFC informed the stock exchanges that it has launched a Qualified Institutional Placement (QIP) and set the floor price for the issue to raise funds. In an exchange filing, Bajaj Finance said that the floor price for the QIP has been set at Rs 7,533.81 per share. The company also said that it may offer a discount of up to 5 percent on the floor price.

ESAF Small Finance Bank IPO

ESAF Small Finance Bank IPO’s demand remained strong on November 7, the final day of bidding, as the offer as of 3:54 PM was subscribed 72.77 times with bids at 4.2 crore equity shares against issue size of 5.77 crore shares.

Qualified institutional buyers were at the forefront of supporting the issue, buying 173.52 times the allotted quota, while the parts set aside for high net worth individuals was subscribed 84.07 times and retail investors was subscribed 16.32 times.

Employees, who have a reservation of Rs 12.5 crore worth of shares in the IPO, have bid 4.23 times that reserved portion. They will get these shares at a discount of Rs 5 per share to the final issue price. The price band for the offer, which opens on November 3, is Rs 57-60 per share.

Asian Markets 

Asian markets ended the session on November 7 on a weak note with Kospi shedding over 2 percent followed by Nikkei and Hang Seng which were down over a percent each.

Oil Prices At 2.5 Months Lows

Oil prices hit fresh 2-1/2-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts. Brent crude futures were down $1.65, or 1.94 per cent, to $83.53 a barrel as of 0920 GMT while US West Texas Intermediate crude was at $79.21 a barrel, down $1.61, or 1.99 per cent. Both hit their lowest levels since late August.

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