Nifty50: 18,082 ▼ 62 (-0.3%)
Sensex: 60,906 ▼ 215 (-0.3%)
Howdy, folks!
Although the markets are a great source of wealth creation, a smart investor is always watchful for hidden traps in the market. Just like this professional diver, who narrowly escaped a shark that came to bite her just as she was about to step into the water. Now that gives ‘escaping by the skin of one’s teeth’ a whole new meaning!
- Amid weak global cues, benchmark indices snapped their four-day winning streak to close lower.
- In all, 35 of the Nifty50 stocks closed in the red.
- Rupee fell 19 paise to close at 82.78 against the US dollar on Wednesday.
Among the Nifty sectoral indices, Media (+0.8%) and Metal (+0.6%) saw gains, while PSU Bank (-0.8%) and Realty (-0.8%) were the top losers.
| Top gainers | Today's change |
| Hindalco | 421 ▲ 6.6 (+1.5%) |
| Sun Pharma | 1,051 ▲ 15 (+1.4%) |
| ITC | 354 ▲ 4.5 (+1.2%) |
| Top losers | Today's change |
| Bharti Airtel | 810 ▼ 25 (-3.0%) |
| Apollo Hospitals | 4,380 ▼ 131 (-2.9%) |
| Maruti | 9,224 ▼ 230 (-2.4%) |
What’s trending
⭐ Airtel crosses 1 million 5G users
BHARTIARTL (NSE): 810 ▼ 25 (-3.0%)
Bharti Airtel has announced it has crossed 1 million unique 5G users on its network, less than 30 days after rolling out 5G services commercially. Airtel has launched 5G services in eight Indian cities including Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Varanasi, Nagpur and Siliguri.
⭐ Adani Ports’ posts stellar results
ADANIPORTS (NSE): 830 ▼ 11 (-1.4%)
Adani Ports and Special Economic Zone Ltd (APSEZ) reported a 65% year-on-year (YoY) rise in its consolidated profit at ₹1,737 crore. Consolidated revenue from operations increased by 32% YoY to ₹5,210 crore. The management said that H1 FY23 was a record half-year in the company’s history, with the highest-ever cargo volume, revenue and EBITDA.
⭐ LIC Housing profit jumps, but shares tumble
LICHSGFIN (NSE): 364 ▼ 35 (-8.9%)
Shares of LIC Housing were locked in the lower circuit despite the company reporting a rise of 23% YoY in its net profit at ₹305 crore. However, its net interest income fell marginally by 0.8% YoY to ₹1,163 crore. Meanwhile, the company's total loan portfolio grew by 10% YoY to ₹2,62,336 crore. Of this, individual home loans grew by 15% YoY from ₹1,88,348 crore.
⭐ Tejas Networks to invest under PLI scheme
TEJASNET (NSE): 684 ▲ 2.5 (+0.3%)
Tejas Networks, a Tata Group enterprise, will invest ₹750 crore under the Production Linked Incentive (PLI) scheme for manufacturing of telecom and networking products. Tejas Networks is one of the 42 companies selected for the design-led PLI scheme by the Department of Telecommunications (DoT). This means the company will receive an additional incentive of 1% over and above the existing PLI incentive of 4-7%.
In Focus
Festive season re-ignites economy
The festive season seems to have given a much needed boost to the Indian economy. High consumer spending helped revive the consumption in the first restriction-free festive season in two years. Want to know how your festive shopping spurs economic growth? Keep reading.
Robust GST collection
India’s goods and service tax (GST) collection reached ₹1.5 lakh crore in October 2022, a rise of 16.6% YoY. It is the second-highest monthly GST collection, after April 2022. As per market experts, high festive season demand coupled with the elevated inflation rate and strong compliance aided the rise in GST collection.
Fuel demand on the rise
Domestic sales of petrol and diesel grew by 4.8% and 9.7%, respectively, in October as compared to the previous month. A sharp uptick in diesel consumption points to a rise in industrial and trade activity. In addition, increased travel during the festive season pushed up demand.
PV dispatches in the fastlane
Sales of passenger vehicles (PV) saw significant growth in October. As per data released by the top 10 auto companies, cars dispatched jumped by 30.7% to 3.2 lakh units in October largely due to pent-up demand and increased availability of semiconductor chips.
Manufacturing PMI recovers
India’s Purchasing Managers’ Index (PMI) for the manufacturing sector recovered slightly in October to 55.3 from 55.1 in the previous month. Increased factory orders and production levels supported the manufacturing growth rate.
All the above data points had a positive impact on the Indian market as well. No wonder the benchmark Nifty50 index is up by 1.6% this week despite today’s fall. These data points show that the momentum is expected to continue. However, rising interest rates and high inflation could play a party spoiler.
IPO Corner
On the last day, the IPO of DCX Systems was subscribed around 70 times. Retail investors flocked to the public issue, with the retail portion being subscribed by nearly 62 times.
Good to know
What are sectoral indices?
A sectoral index consists of companies that belong to a particular industry or sector. Sector-specific indices help to check the overall trend and market sentiments toward that industry. The stocks listed on the Indian markets are divided into 15 major sectors. Nifty Bank and Nifty IT are some of the major sectoral indices of the NSE.
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