NIFTY50 and Sensex close flat amid volatility; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 7 November 2023. We’ll be back with our live coverage at 8:00 am on Wednesday.

NIFTY Midcap100 index closed 0.2% higher at 40,049. Meanwhile, NIFTY Smallcap100 index is up 0.7% to close at 13,242.

The NIFTY Financial Services Index was up 0.1% today. Axis Bank (+1.0%), SBI (+1.0%) and ICICI Bank (+0.3%) were the major contributors for the index.

BANKNIFTY ended 0.2% higher, supported by gains in SBI (+1.0%), Axis Bank (+1.0%) and IndusInd Bank (+1.1%).

NIFTY50 (-0.03%) and Sensex (-0.03%) moved sharply today and closed on a flat note. Weakness in index heavyweight such as Reliance Industries and HDFC Bank was a drag on the markets. Meanwhile, the broader markets closed in the green, outperforming the benchmark indices.

Shares of wind turbine maker surged more than 3% today to hit a new 52 week high of ₹37.4 per share. The stock has gained over 250% so far in 2023.

Vascon Engineers reported subdued earnings as its Q2 net profit declined 8.8% YoY to ₹20.6 crore. Meanwhile, its revenues remained flat at ₹217.1 crore. After the result announcement, shares of the company declined more than 7% today.

Shares of Alkem Laboratories are up 5% after the company’s net profit rose 87.6% year-on-year to ₹620 crore in the September quarter. The robust profitability was supported by the easing of raw material costs, lower intensity of price erosion in the US market and increased operating leverage.

Meanwhile, the revenue also increased 11% to ₹3,440 crore. Alkem Lab’s stock has risen 33% this year.

Shares of the bulk drug manufacturer surged more than 15% today as its Q2 net profit doubled to ₹89.2 crore, compared to ₹38 crore in a year-ago period. Its revenue from operations stood at ₹417.7 crore, up 42.2% YoY.

The board of the shipbuilding company has approved a 1:2 stock split, which means one equity share will be split into two shares. The company also reported a 61% YoY rise in its Q2 net profit to ₹181 crore. Meanwhile, its revenue from operations rose 48% YoY to ₹1,011 crore.