Share Market Highlights 31 October 2023: Sensex sheds 237 pts, Nifty closes below 19,100; SBI Life, Titan gain

The rupee settled flat at 83.26 (provisional) against the US dollar on Tuesday as weak domestic equity markets and sustained foreign fund outflows weighed on investor sentiments.

However, a decline in crude oil prices supported the local currency amid geopolitical tensions in the Middle East, forex traders said.

At the interbank foreign exchange, in a range-bound trade, the rupee opened at 83.26 and finally settled at the same level as the American currency. Read more.

Indian blue-chips fell on Tuesday to log their worst month in 2023 as elevated US interest rates triggered persistent sales by foreign investors, while a rise in oil prices due to the West Asia conflict also added to the selling pressure.

The benchmark NSE Nifty 50 fell 0.32 per cent to 19,079.60, while the S&P BSE Sensex settled 0.37 per cent lower at 63,874.93. They have lost nearly 3 per cent each in October. ​Read more.​

Here is the Sensex view.

The board of directors of Coffee producer CCL Products to meet on November 4 to consider and approve the financial statement for the second quarter ended September 30, 2023.

The company’s shares shed 3.84 pc, trading at Rs 594.35, on Tuesday.

The board of directors of Cigniti will meet on November 3 to consider the second quarter results. Shares of the testing solutions company gained 6.80 pc, to trade at Rs 1,021.15.

SoftTech Engineers Limited (Softtech) announced the forthcoming conversion of share warrants allotted to Florintree Technologies LLP, a non-promoter entity, into equity shares. This development follows the full payment for the allotted warrants. After the conversion, Florintree Technologies LLP will hold a 15.60 per cent stake in the company. Florintree had committed ₹25 crores for 20,00,000 Fully Convertible Warrants through preferential allotment on October 05, 2022.

Natural gas futures on NYMEX moved above $3-mark in early October. This has certainly turned the short-term outlook bullish on the chart. However, after facing resistance between $3.50 and $3.65, the price of natural gas started charting a sideways trend. This has been the case for the past three weeks.

Transport Corporation of India’s total revenue for the September quarter recorded a growth of 6.2% over the corresponding quarter last year while the profit recorded a growth of 16.7% during this period. Revenue from operations came in at ₹912 crore, and profit at ₹67 crore in the reporting quarter.

Crompton Greaves Consumer Electricals and Butterfly Gandhimathi Appliances will continue to operate as separate individual listed entities, a statement said. Both Crompton and Butterfly would continue to optimize various revenue and cost synergies by leveraging the distinctive strengths of each company within the kitchen appliances segment. While the merger will not proceed, there are currently no plans to reinitiate it and thereby Crompton and Butterfly will continue to operate independently, reinforcing their strong market positions and strategies. The company said that the initiative offers shareholders of both companies an opportunity to participate in long-term growth and value creation.

Som Distilleries and Breweries Ltd introduced a new strong beer legend in Karnataka. The company’s shares jumped 3.15% to ₹319.35 at 2:40 PM.

Anicut Capital, a leading asset management company in India managing alternative assets, has announced that it has received a significant commitment of over Rs. 30 crores from HDFC AMC’s Fund of Fund with possible additional allocation in the near future. The investment will be made from HDFC AMC’s Select AIF FOF-I which invests in Category I and II Venture Capital/Private equity-oriented AIFs. This fund seeks to invest in pedigree fund managers with complementary strategies across investment stages from early to growth to provide optimal risk-adjusted returns with effective diversification. The investment will be deployed through Anicut’s Equity Fund (Grand Anicut Fund 3), which was launched in June 2022.

NSE nifty was down by 0.24 per cent or 45.20 points to 19,095.70 in the afternoon, while the BSE Sensex was at 63,942, down by 0.27 per cent or 170 points at 1 pm on Tuesday.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Three key market indicators have emerged as significant signals. Firstly, the dollar index has seen a decrease of 0.40 per cent. Secondly, there has been a 3 per cent decline in crude prices. Lastly, there appears to be a limited instance of safe haven buying in gold.

Top gainers on the BSE include Ace, Cigniti, Repcohome, Pidilitind, Vesuvius with gains ranging from 7 per cent to 6 per cent. Top losers from BSE include Gokex, Rainbow, Supremeind, Inoxwind, Siemens with losses ranging from 5 per cent to 3 per cent.

Thomas Cook (India) Ltd’s shares rose 3.87 per cent after the company, SOTC Travel, and its group company, launched European Holidays 2024. Despite visa challenges, data from the company reveals that over 55 per cent of their customers are keen on travelling to Europe in the summer of 2024. The initiative offers ready-to-book group-escorted tours and customized holidays, commencing March 2024, to destinations across Europe and the UK. Early bookers will benefit from visa application assistance and a range of attractive early bird offers, including complimentary cruise experiences and cash discounts.

Bengaluru-based SGBS Unnati Foundation (SUF), a not-for-profit organization, becomes India’s first NGO to be listed on NSE and BSE’s Social Stock Exchange. Through this listing, Unnati Foundation seeks to raise 2 crores, a move that will directly impact the lives of 10,000 young individuals in their final year in government colleges. The impact primarily falls into three key areas: job creation, self-employment, and higher education, with an estimated 60% of the youth set to benefit significantly.

Silver futures on Tuesday fell Rs 355 to Rs 72,400 per kilogram as participants reduced their bets. On the Multi Commodity Exchange, silver contracts for December delivery declined by Rs 355 or 0.49 per cent to Rs 72,400 per kg in a business turnover of 17,466 lots. Globally, silver was trading 0.37 per cent lower at USD 23.31 per ounce in New York. (PTI)

CRISIL Ratings : The consumer durables sector will see revenue grow 8-10% this fiscal, supported by premiumisation and steady growth in urban demand. This will be on the back of a healthy volume-led, post-pandemic growth of about 18% last fiscal. Operating profitability will also improve this fiscal due to softening of raw material prices, reversing two years of contraction. Yet, it will remain below the pre-pandemic level, amid intense competition.

Kotak Alternate Asset Managers Limited today announced that its Kotak Iconic Fund has successfully raised Rs 1,000 crore. The open-ended fund has been conceptualised as an equity multi-advisor portfolio solution. The fund has maintained a flexible approach by adopting diversified active and passive strategies across market capitalisation and tactical allocations.

Amazon today announced a new 198 megawatt (MW) wind farm in Osmanabad, Maharashtra, bringing the company to 50 wind and solar projects across India and surpassing 1.1 gigawatts (GW) of renewable energy capacity. In addition to being the largest corporate buyer of renewable energy globally — a position that Amazon has held since 2020 — Amazon has also become the largest corporate buyer of renewable energy in India, according to data from Bloomberg New Energy Finance.

Between 2014 to 2022, the company’s wind and solar farms have helped generate an estimated US$349 million (INR 2,885 crore) in investment for India’s communities. They have also contributed approximately US$87 million (INR 719 crore) to the country’s total GDP, and supported more than 20,600 local full-time equivalent jobs in 2022 alone, according to a new economic model developed by Amazon.

Aluminium futures (November series) on the Multi Commodity Exchange (MCX) decisively closed above ₹205 on Monday, giving it a positive impetus. Read more

Gold demand in the September quarter was up 10 per cent at 210 tonne against 192 tonne in same period last year, largely driven by investment demand.

Jewellery demand was up 7 per cent at 156 tonne (146 tonne) and investments increased to 20 per cent to 54 tonne (45 tonne). Bars and coins demand jumped 20 per cent to 54 tonne (45 tonne).

Gold imports rose 20 per cent to 220 tonne (184 tonne) while recycling of gold jewellery was up 19 tonne (16 tonne).

Renowned emerging market investor Mark Mobius is betting on the benchmark Sensex to reach 100,000 in the next five years. That’s a 56 per cent upside from current levels.

Speaking at the Morningstar Investment Conference at Mumbai, Mobius listed out diversity, creativity and young demographics as some of the strengths for India, which is the second-largest country in Mobius’ portfolio. “The young are using technology in a big way. The future is exciting,” said Mobius, who recently toured the state of Rajasthan.

While India may be trading at a premium to other emerging markets, it was important to focus on return on capital and the market’s earning growth potential over a longer timeframe, he said.

The growth of passive mutual funds has picked up pace in India over the last few years. Mobius feels that having a mix of passive and active products would be ideal for investors. “ETFs have become huge. It’s effectively going along with the crowd, and there’s nothing wrong with that. But if you had invested in an ETF mimicking S&P 500 some years ago vis a vis investing actively, the latter would have outperformed,” said Mobius at .

Mobius said he loved the medium and small cap stocks as they are not that well researched and the right picks could give outsized returns.

“I love when the market goes down because it gives you an opportunity to buy cheap. A good opportunity was during the Covid. You don’t just buy value, you buy good stocks, focussing on return on capital and companies that do not have much competition,” said Mobius.

Besides financial metrics, Mobius says he evaluates the management, board of directors as well as environmental, social, governance and cultural factors before picking a company. “We will not invest in companies which are not working on ESG and C. If they are not willing to work to improve on these factors, we will not invest. We stay away from companies that are too dependent on government contracts. Diversity of the Board, even for manufacturing companies, is another aspect that we assess,” said Mobius.

The speed at which markets are changing is phenomenal, he said. “So much information is available free of charge. The speed of trading has increased remarkably. The variety of markets available for investing has increase from six to 70 over the past few decades,” said Mobius.

According to him, investors need to pay attention to what’s happening politically.

“China is going through a sea-change because of the new leadership. A lot of investors feel that the enterprise spirit has been dampened too much. We are focussing on assets that can easily move out of the country when faced with geopolitical risks.”

Jagsonpal Pharmaceuticals Ltd’s shares were up by 0.44 per cent after the company extended its Corporate Social Responsibility (CSR) initiative.

The company has entered into a memorandum of understanding (MoU) to construct four new sanitation facilities for women in Uttarakhand and Punjab, India.

At 12:45 pm, among the 3,617 stocks actively traded on the BSE, 1,906 moved higher, 1,573 moved lower, and 138 remained unchanged. Moreover, 210 stocks hit their upper circuit limit, with 161 hitting their lower circuit. Additionally, 136 stocks reached a 52-week high, while 24 touched a 52-week low.

At 12:30 pm, among the 2,354 stocks traded on the NSE, 1,260 showed gains, 1,003 suffered losses, and 91 remained unchanged. Additionally, 92 stocks reached their upper circuit limit, while 31 hit their lower circuit. Furthermore, 52 stocks reached a 52-week high, while 14 touched a 52-week low.

A crop survey for kharif 2023 season, commissioned by Indian Oilseeds and Produce Export Promotion Council (IOPEPC), has estimated the all-India coverage of groundnut at 43,91,400 hectares, and groundnut production at 68.57 lakh tonnes with average yield of 1,562 kg per hectare.

IOPEPC’s groundnut crop estimates are lower than the recently released first advance estimates of the Agriculture Ministry, which pegged it at 78.3 lakh tonnes, about 8.5 per cent lower than the previous year’s final estimates of 85.6 lakh tonnes.

The automotive sector is to register moderate growth over the near to medium term, says ICRA.

Aided by a preference for personal mobility and stable semiconductor supplies, the passenger vehicle industry reached all-time high volumes in FY2023, and the demand sentiments are expected to remain healthy in the segment (6-9% YoY growth in FY2024). The commercial vehicle industry saw robust growth in volumes in FY2023 (on a curtailed base); even as the growth is expected to remain at modest levels in FY2024 (2-4% YoY) on a healthy base, the overall industry volumes are expected to approach pre-pandemic highs. In contrast to these two segments, the two-wheeler industry has continued to struggle with industry volumes still below the pre-Covid peak levels, with the material rise in cost of ownership constraining demand. Even as the industry is expected to record a moderate growth in volumes in FY2024 (4-7% YoY), a sustained recovery in demand sentiments remains to be seen, amid concerns regarding the impact of uneven monsoon precipitation on rural demand.

On Tuesday, Indian stocks declined, mirroring the broader Asian market’s weakness and mainly driven by a dip in information technology shares, with anticipation building ahead of the U.S. Federal Reserve’s upcoming policy announcement.

By midday, the NSE Nifty 50 index was down 0.33%, closing at 19,077.35, while the S&P BSE Sensex dropped 0.38%, reaching 63,871.88.

The decline in Asian markets was partially influenced by the Bank of Japan’s adjustment of its bond yield control policy, signaling a step toward ending its stimulus program.

IT stocks, however, suffered a 0.56% loss in anticipation of the upcoming Fed policy announcement, slated for Wednesday. Although the Fed is expected to maintain interest rates, its statements about future rate trends and inflation control could affect both the overall equity market and IT companies, given their significant revenue reliance on the U.S.

Meanwhile, realty stocks outperformed, gaining over 1.13%, with Lodha rising 2.88%.

Mid- and small-cap indexes surpassed the benchmarks, increasing by 0.28% and 0.26%, respectively.

Brent crude futures recovered to $88 per barrel on Tuesday after a 3% drop in the previous session, influenced by concerns about supply disruptions due to the Middle East conflict. Higher oil prices pose challenges for commodity importers like India.

In October, foreign investors have divested shares worth Rs 22,850 crore, marking the highest level of selling since January.

Larsen & Toubro’s Hydrocarbon Business has been awarded a Letter of Intent for an onshore project in the Middle East, following a recent award for a Gas Compression plant.

The project encompasses engineering, procurement, and construction for a Gas Processing Plant, including various components like Inlet Separation Facilities, Booster Compression System, Amine Gas Recovery Unit, Dehydration Unit, Mercury Removal Unit, NGL Recovery Unit, and Sales Gas Compression System. These facilities will be integrated with existing Gas Processing Plants.

BajajCapital has appointed Kalpesh Dave as Deputy CEO, marking a significant moment in the company’s journey towards serving the Ultra HNI and HNI Segment and expanding globally.

“BajajCapital is steadfast in its commitment to providing clients with robust financial solutions. With a clear focus on wealth creation for our clients, we are excited to welcome Kalpesh Dave, a seasoned finance professional with over two decades of extensive experience in retail banking, investments, international and wealth management, and investment banking,” it said in a release.

India Motor Parts & Accessories Ltd (IMPAL), a TVS Group company engaged in the distribution of automobile parts and accessories, has reported a flat standalone profit after tax at ₹20.73 crore for the quarter ended September 30, 2023 (when compared with ₹20.17 crore in the year-ago quarter).

ESGrisk.ai revises its Rating Scale & Terminology

ESGrisk.ai, India’s first ESG Rating provider and a subsidiary of Acuité Ratings & Research Ltd, is in the process of revising its ESG Rating scale and terminology to ensure alignment with SEBI’s New Master Circular for ESG Rating Providers, dated July 12, 2023.

Ratings shall now be provided on a scale of ESG RISK (0-100) where ESG RISK 100/100 represents the maximum rating or score.

Bank Nifty opened at 43,356.85 today as against yesterday’s close of 43,039.15. But it has given up the gains and is currently hovering around yesterday’s closing level.

Kotak Mahindra Bank, up 0.5 per cent, is the top gainer whereas IDFC First Bank, down 0.7 per cent, is the top loser.

Gujarat Industries Power: Company Executes Power Purchase Agreement with Gujarat Urja Vikas Nigam Ltd for Procurement of 500 MW Power

Nifty 50 (19,100) opened on the front foot. It began today’s session at 19,232.95 versus yesterday’s close of 19,140.90. However, the index made a U-turn soon after opening with a gap-up and it is now hovering around 19,100, down 0.25 per cent.

Tejas Network Ltd’s shares were up by 1.19 per cent after the company garnered recognition for its technological advancements at two industry events. At the Network X event in Paris, Tejas Networks received acclaim for its “Leading PON-based Smart City” solutions. Additionally, the company’s TJ1600 optical and packet transmission product was honored as the “Best Indian IPR of the Year in Telecom” at the India Mobile Congress (IMC) in New Delhi.

CTE (Cambridge Technology Enterprises) surged 20 pc in early trade, trading at Rs 73.86. Touched the upper circuit as trade volumes are up by 2.25 times..

MMTC’s Singapore unit, MTPL Singapore, received an order to wind up from the Singapore High Court. The final order on the matter is still awaited.

Godrej Agrovet to announce a tie-up with Japanese firm Nissan Chemical Corporation to launch a pest control product for farmers. The company’s shares are trading at Rs 466.60, marginally declining by 0.15% over yesterday’s close.

India Motor Parts & Accessories Ltd (IMPAL), a TVS Group company engaged in the distribution of automobile parts and accessories, has reported a flat standalone profit after tax at ₹20.73 crore for the quarter ended September 30, 2023 (when compared with ₹20.17 crore in the year-ago quarter).

Equity benchmark indices climbed over 300 points in early trade on Tuesday but soon turned volatile as investors retreated to the sidelines amid unabated foreign fund outflows and escalating tensions in the Middle East.

Besides, investor sentiments were cautious ahead of the US Federal Reserve’s interest rate decision, traders said. The 30-share BSE Sensex climbed 339.67 points to 64,452.32 in early trade. The Nifty advanced 92.8 points to 19,233.70.

Later, both the benchmark indices quoted flat in a volatile trade. The 30-share BSE benchmark traded 44.50 points down at 64,068.15, and the Nifty quoted 7.85 points lower at 19,133.05.

The NBS Composite PMI Output Index in China fell to 50.7 in October 2023 from 52.0 in the prior month, pointing to the lowest print since December 2022, as factory activity unexpectedly shrank after growing in September while the service sector grew the least in 10 months. The latest figure highlighted uncertainty about economic recovery in the country amid calls for more policy support from Beijing.

The official NBS Non-Manufacturing PMI for China was down to 50.6 in October 2023 from 51.70 a month earlier. It was the tenth straight month of expansion in the service sector but the softest in the sequence, amid faster declines in new orders (46.7 vs 47.8 September), foreign sales (49.1 vs 49.4), and employment (46.5 vs 46.8).

Lower raw material costs, completion of projects won in the past, and brisk order inflows are expected to boost Larsen & Toubro’s net profit and revenue in the second quarter of FY24.

According to estimates, the engineering and construction company’s consolidated net profit is seen to rise around 23 per cent year-on-year at ₹2,737 crore and revenue is seen around 13 per cent higher at ₹48,446 crore. The earnings before interest, tax, depreciation, and amortisation is seen at just over ₹5,300 crore.

The rupee inched up 1 paisa against the US dollar in early trade on Tuesday, as the support from positive domestic equities was negated by elevated crude oil prices and a strong American currency overseas.

Forex traders said the dollar strengthened on safe-haven demand. However, a positive trend in domestic equities supported the rupee at lower levels.

“Buy on dips is the strategy that has worked well in this highly volatile market. In spite of multiple crises, risks and uncertainties the market has been bouncing back smartly as evidenced by the 290 point rally in Nifty in the last two days. Globally, stock markets have refused to discount the West Asian crisis aggravating into a global catastrophe impacting markets. Three signals from the market are significant: one, the dollar index is down 0.40 %; two, crude is down 3%; and three, safe haven buying in gold is limited. The takeaway from these market signals is that the market is climbing all walls of worries and a collapse triggered by geopolitical events is unlikely.

But investors have to be cautious since this is the time of war and unexpected events may happen. Even while remaining cautious investors can slowly accumulate high quality large caps where safety is high. Financials are fairly valued.”

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Crude oil futures traded higher on Tuesday morning after suffering more than 3 per cent loss on Monday. Meanwhile, both manufacturing and non-manufacturing PMI (purchasing managers index) showed a decline in China. At 9.15 am on Tuesday, January Brent oil futures were at $86.52, up by 0.20 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $82.53, up by 0.27 per cent. November crude oil futures were trading at ₹6881 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6880, up by 0.01 per cent; and December futures were trading at ₹6851 as against the previous close of ₹6839, up by 0.18 per cent.

Servotech Power Systems Ltd (SPSL) has posted over three-fold jump in its net profit at ₹3.12 crore during the quarter ended September 2023, aided by higher revenues.

It had clocked a net profit of ₹78 lakh during the July-September period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Monday.

The company’s revenue also more than doubled to ₹86.59 crore in the second quarter, from ₹40.24 crore in the same quarter a year ago.

Indian benchmark indices, the Sensex and Nifty, commenced trading on Tuesday with gains, mirroring Wall Street’s overnight surge, while Asian markets remained subdued in anticipation of the Bank of Japan’s policy decision. The 30-share BSE Sensex advanced by 252.86 points, reaching 64,365.51, while the NSE Nifty increased by 49.85 points, reaching 19,190.75.

Among the Sensex components, Tata Motors, Hindalco, BPCL, Cipla and Bajaj Auto registered gains, while UPL, Bharti Airtel, M&M, Britannia and Apollo Hospital experienced declines.

Wall Street equities saw over 1% gains overnight ahead of the U.S. Federal Reserve policy meeting and the release of U.S. monthly jobs data later in the week.

Both the Nifty 50 and Sensex have encountered a 2.5% decline this month due to elevated U.S. yields, continuous foreign selling, and concerns related to the Middle East conflict. On Monday, foreign investors sold shares worth Rs 1,762 crore, while domestic investors purchased shares amounting to Rs 1,328 crore. Nevertheless, the benchmark indices have shown a 1.5% increase in the last two sessions, supported by strong earnings from key constituents and short-covering activities.

According to Prashanth Tapse of Mehta Equities, there is a significant risk to our stock markets as investors brace for a potential threat with FIIs selling crossing Rs 30,131 crores in October. Additionally, Wednesday will be significant as the FOMC outcome will be revealed, with a 98% likelihood of rates remaining unchanged, potentially impacting the odds of a December rate hike, currently standing at 24%. Key catalysts going forward include Auto Sales data for October on November 1st and US non-farm payroll data on November 3.

Nifty options data suggests a trading range of 18,500-19,500, with maximum Call OI at 19,500 and 19,200 strike prices, making 19,500 a crucial resistance zone. Maximum Put open interest is at 19,000 and 18,800 levels, with Call writing at 19,300 and 20,000 strike prices and meaningful Put writing at 19,000 and 19,100 strike prices.

Som Distilleries & Breweries: Promoter Deepak Arora bought 10,500 shares on Oct. 30

Trading Tweaks Ex/Record Date Interim Dividend: Marico, GMM Pfaudler, Tide Water Oil (India), Petronet LNG, MMTC, and Siyaram Silk Mills

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Abans Holding: Scoutbit General Trading bought 3.5 lakh shares (0.69%) at Rs 300.58 a piece.

Keroram Industries: Pilot Consultancies bought 25 lakh shares (0.8%) at Rs 76.25 a piece.

Swan Energy: Graviton Research Capital bought 14.1 lakh shares (0.53%) at Rs 387.31 a piece.

Kesoram Industries: ICM Finance sold 25 lakh shares (0.8%) at Rs 76.25 a piece.

Cello World: The IPO was subscribed to 0.38 times, or 38%, on its first day. The bids were led by non-institutional investors (0.94 times, 94%), retail investors (0.35 times, 35%), and institutional investors (0.02 times, 2%), with a portion reserved for employees (0.42 times, 42%).

Honasa Consumer: The Mamaearth parent will launch its IPO on Tuesday to fetch over Rs 1,700 crore at the upper end of the price band. The IPO consists of a fresh issue of equity shares worth Rs 365 crore and an offer-for-sale component of 4.12 crore equity shares. The price brand for the offer has been fixed at Rs 308–324 per share. The company has raised Rs 765.2 crore from anchor investors.

DLF Q2 FY24 (Consolidated, YoY)

Revenue is up 3.5% at Rs 1,348 crore vs. Rs 1,302 crore.

Ebitda up 6% at Rs 462 crore vs. Rs 437 crore.

Margin at 34% vs. 33.5%

Reported profit is up 30% to Rs 622 crore vs. Rs 477 crore.

Marico Q2 (Consolidated, YoY)

Revenue is down 0.8% to Rs 2,476 crore vs. Rs 2,496 crore.

Ebitda up 14.8% at Rs 497 crore vs. Rs 433 crore.

Margin at 20.1% vs. 17.3%, up 272 bps

Reported profit was up 17.3% to Rs 360 crore vs. Rs 307 crore.

Rainbow Children’s Medicare Q2 FY24 (Consolidated, YoY)

Revenue is up 6.3% at Rs 333 crore vs. Rs 313 crore.

Ebitda rises 7% to Rs 118 crore vs. Rs 110 crore.

Margin at 35% vs. 35%

Net profit is up 2.7% at Rs 63 crore vs. Rs 62 crore.

Procter & Gamble Hygiene and Health Care Q2 FY24 (YoY)

Revenue is up 8.9% at Rs 1,138 crore vs. Rs 1,045 crore.

Ebitda up 33.1% at Rs 285 crore vs. Rs 214 crore.

Margin at 25% vs. 20.5%

Net profit is up 36.4% at Rs 211 crore vs. Rs 154 crore.

Filatex India Q2 FY24 (Consolidated, YoY)

Revenue is down 4.8% at Rs 1,108 crore vs. Rs 1,163 crore.

Ebitda up 16.4% at Rs 54 crore vs. Rs 46 crore.

Margin at 4.9% vs. 4%

Reported profit is down 8.2% to Rs 23 crore vs. Rs 25 crore.

Castrol India Q2 FY24 (Consolidated, YoY)

Revenue is up 5.5% at Rs 1,183 crore vs. Rs 1,121 crore.

Ebitda up 4.4% at Rs 269 crore vs. Rs 257 crore.

Margin at 22.7% vs. 22.9%

Net profit is up 3.9% at Rs 194 crore vs. Rs 187 crore.

TVS Motor Co. Q2 FY24 (Standalone, YoY)

Revenue is up 12.8% at Rs 8,145 crore vs. Rs 7,219 crore.

Ebitda up 22.2% at Rs 900 crore vs. Rs 737 crore.

Margin at 11% vs. 10.2%

Net profit is up 31.7% at Rs 537 crore vs. Rs 407 crore.

Sterling Tools Q2 FY24 (Consolidated, YoY)

Revenue is up 17.7% at Rs 210 crore vs. Rs 179 crore.

Ebitda up 1.4% at Rs 25 crore vs. Rs 25 crore.

Margin at 12.1% vs. 14%

Net profit is down 24.9% to Rs 12 crore vs. Rs 17 crore.

APL Apollo Tubes Q2 FY24 (Consolidated, YoY)

Revenue is up 16.7% at Rs 4,630 crore vs. Rs 3,969 crore.

Ebitda up 40.2% at Rs 325 crore vs. Rs 232 crore.

Margin at 7% vs. 5.8%

Reported profit was up 35.1% at Rs 203 crore vs. Rs 150 crore.

Blue Star Q2 FY24 (Consolidated, YoY)

Revenue is up 19.5% at Rs 1,890 crore vs. Rs 1,582 crore.

Ebitda up 43% at Rs 123 crore vs. Rs 86 crore.

Margin at 6.5% vs. 5.4%

Reported profit was up 66% to Rs 71 crore vs. Rs 43 crore.

Spandana Sphoorty Financial Q2 FY24 (Consolidated, YoY)

Total income is up 92% at Rs 138 crore vs. Rs 72 crore.

Reported profit was up 127% at Rs 125 crore vs. Rs 55 crore.

GMR Airports Infrastructure Q2 FY24 (Consolidated, YoY)

Revenue is up 30.3% at Rs 2,064 crore vs. Rs 1,584 crore.

Ebitda up 55.2% at Rs 727 crore vs. Rs 468 crore.

Margin at 35.2% vs. 29.6%

Net loss of Rs 190.4 crore vs. loss of Rs 196 crore

Managlore Chemicals and Fertilisers Q2 FY24 (Consolidated, YoY)

Revenue is up 397.69% at Rs 1,410.41 crore vs. Rs 283.39 crore.

Ebitda profit of Rs 141.47 crore vs. Ebitda loss of Rs 18.71 crore

Margin at 10.02%

Net profit of Rs 67.71 crore vs. net loss of Rs 32.19 crore

Fine Organic Industries Q2 FY24 (Consolidated, YoY)

Revenue is down 41.2% at Rs 540 crore vs. Rs 919 crore.

Ebitda down 48.4% at Rs 131 crore vs. Rs 254 crore.

Margin at 24.2% vs. 27.6%

Reported profit is down 49% to Rs 103 crore vs. Rs 203 crore.

Triveni Engineering and Industries Q2 FY24 (Consolidated, YoY)

Revenue is up 10% at Rs 1,409 crore vs. Rs 1,346 crore.

Ebitda up 38.7% at Rs 63 crore vs. Rs 45 crore.

Margin at 4.5% vs. 3.4%

Net profit is down 98% to Rs 29 crore vs. Rs 1,388 crore.

Note: The company reported a one-time gain of Rs 1,401 crore in Q2 FY23.

DCM Shriram Q2 FY24 (Consolidated, YoY)

Revenue is down 1.7% to Rs 2,708 crore vs. Rs 2,740 crore.

Ebitda down 57.8% at Rs 114 crore vs. Rs 270 crore.

Margin at 4.2% vs. 9.9%

Net profit is down 74.8% to Rs 32 crore vs. Rs 128 crore.

SIS Q2 FY24 (Consolidated, YoY)

Revenue is up 11.1% at Rs 3,073.6 crore vs. Rs 2,767.7 crore.

Ebitda up 23% at Rs 145 crore vs. Rs 110 crore.

Margin at 4.7% vs. 4%

Net profit is up 9.9% at Rs 75 crore vs. Rs 67 crore.

Siyaram Silk Mills Q2 FY24 (Consolidated, YoY)

Revenue is down 7.9% to Rs 586 crore vs. Rs 636 crore.

Ebitda down 26.5% at Rs 88 crore vs. Rs 119 crore.

Margin at 15% vs. 18.8%

Net profit is down 23.5% to Rs 61 crore vs. Rs 80 crore.

LG Balakrishnan and Brothers Q2 FY24 (YoY)

Revenue is up 5.2% at Rs 573 crore vs. Rs 545 crore.

Ebitda up 4.4% at Rs 102 crore vs. Rs 98 crore.

Margin at 17.9% vs. 18%

Reported profit was up 16.7% at Rs 76 crore vs. Rs 65 crore.

TVS Holdings Q2 FY24 (Consolidated, YoY)

Revenue is up 16.9% at Rs 10,473 crore vs. Rs 8,963 crore.

Ebitda up 18.1% at Rs 1,360 crore vs. Rs 1,152 crore.

Margin at 13% vs. 12.8%

Reported profit was up 16% to Rs 457 crore vs. Rs 394 crore.

Jyoti Resins and Adhesives Q2 FY24 (YoY)

Revenue is down 4.1% at Rs 63 crore vs. Rs 66 crore.

Ebitda up 60.3% at Rs 21 crore vs. Rs 13 crore.

Margin at 34% vs. 20.3%

Reported profit was up 83.7% at Rs 16 crore vs. Rs 9 crore.

Nelcast Q2 FY24 (Consolidated, YoY)

Revenue is up 9.1% at Rs 358 crore vs. Rs 329 crore.

Ebitda up 17.9% at Rs 32 crore vs. Rs 27 crore.

Margin at 8.9% vs. 8.2%

Reported profit was up 37% to Rs 17 crore vs. Rs 12 crore.

Jagran Prakashan Q2 FY24 (YoY)

Revenue is down 0.3% to Rs 391 crore vs. Rs 392 crore.

Ebitda down 21.4% at Rs 65 crore vs. Rs 82 crore.

Margin at 16.5% vs. 21%

Net profit is down 19.1% at Rs 45 crore vs. Rs 55 crore.

Vesuvius India Q2 FY24 (Standalone, YoY)

Revenue is up 16.7% at Rs 410 crore vs. Rs 351 crore.

Ebitda up 62.6% at Rs 79 crore vs. Rs 48 crore.

Margin at 19.2% vs. 13.8%

Net profit is up 67% at Rs 60 crore vs. Rs 36 crore.

DCX Systems Q2 FY24 (Consolidated, YoY)

Revenue is up 77.77% at Rs 309.12 crore vs. Rs 173.89 crore.

Ebitda up 82.39% at Rs 18.44 crore vs. Rs 10.11 crore.

Margin at 5.97% vs. 5.81%

Net profit is up 151.58% at Rs 19.85 crore vs. Rs 7.89 crore.

Gokaldas Exports Q2 FY24 (Consolidated, YoY)

Revenue is down 12.2% at Rs 500 crore vs. Rs 570 crore.

Ebitda down 27.9% at

Rs 47 crore vs. Rs 65 crore.

Margin at 9.4% vs. 11.5%

Net profit is down 48.2% to Rs 24 crore vs. Rs 46 crore.

Tata Motors: The carmaker said an arbitration panel has ruled in its favour to recover Rs 766 crore with interest from the West Bengal Industrial Development Corp. for the Singur-Nano project that the company was forced to scrap.

Marico: The board approved an interim dividend of Rs 3 per share.

Power Grid Corp: The company acquired Beawar Dausa Transmission via tariff-based competitive bidding for an aggregate value of nearly Rs 21.37 crore, subject to adjustment.

Gulf Oil Lubricants: The company acquired 51% of Tirec Transmission.

Filatex India: Board-approved expansion project for manufacturing recycling ships with a capacity of 20,000 TPA from polyester and textile waste. The project is to be executed by a company or subsidiary at an estimated cost of Rs 150 crore.

JK Cement: The company proposed to acquire shares of four companies under captive power plant mode through SPV.

Chemplast Sanmar: The custom-manufactured chemical division signed an LOI with a global agrochemical innovator to manufacture a new pipeline of active ingredients for five years. Commercial supplies are expected to start in CY2025.

Astral: Atul Sanghvi, president of Faucet and Sanitary Ware, resigned.

DCM Shriram: The company will set up a sugar plant in Loni, Uttar Pradesh, to increase capacity to 9,400 TCD from 7,300 TCD.

HFCL: The company launched a comprehensive suite of next-gen connectivity products and solutions at India Mobile Congress 2023.

Colgate Palmolive: The company received a transfer pricing order of Rs 170 crore from the Income Tax Authority for AY 2021–22. It will make an application before the Dispute Resolution Panel.

Prism Johnson: The company’s greenfield tile production plant in West Bengal, with a capacity of 6.3 MSM p.a., started commercial production. Total tile production capacity of H&R Johnson (India) Division up from 61 MSM p.a. to 67 MSM p.a.

Bajaj Hindusthan Sugar: The company has received Rs 1,361 crore in the respective escrow account maintained exclusively for cane price payments for each of its 14 sugar units from Uttar Pradesh Power Corporation. The amount is paid to the cane growers towards the cane payment arrears for the sugar season 2022–23.

PSP Projects: The company bagged work orders worth Rs 200.25 crore in Gujarat. The total order inflow for FY24 amounts to Rs 958.63 crore.

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IPCA LAB: COS MANUFACTURING FACILITY AT SEZ INDORE, PITHAMPUR RECEIVED ESTABLISHMENT INSPECTION REPORT || CO SAYS ESTABLISHMENT INSPECTION REPORT CLASSIFYING MANUFACTURING FACILITY AS VAI

Expected market to open on a positive note on account of the US market climbed up over 1%, biggest gain over 5-month and oil price fell to 1-month low at below $88/bbl. Mixed bag on US economy data, dropped in commodity price and ahead of US Fed policy outcome lifted US Dow Jones Index over 500 points. Moreover, The S&P 500 halted a slide that drove the gauge to oversold levels as led by US mid-cap and small cap counters.

Good news emerged on this Tuesday morning as oil prices rose by 3% in overnight trade, reaching $82.50 per barrel, driven by reports of a restrained ground invasion of Gaza by Israel. Against this backdrop, the global stock market is experiencing a rally. Despite a shaky start, Nifty bulls regrouped at lower levels, and the benchmark rebounded strongly, indicating a “lack of bearish conviction. The strategy for the day is to buy during any corrective declines. Our chart of the day is bullish on CANARA BANK, INDIAN HOTEL, PNB, and COAL INDIA in the case of intraday weakness with an inter-week perspective. However, there is a significant risk to our stock markets as investors brace for a potential threat with FIIs selling crossing Rs. 30,131 crores in October. Additionally, Wednesday will be significant as the FOMC outcome will be revealed, with a 98% likelihood of rates remaining unchanged, potentially impacting the odds of a December rate hike, currently standing at 24%. Key catalysts going forward include Auto Sales data for October on November 1st and US non-farm payroll data on November 3rd. Nifty options data suggests a trading range of 18,500-19,500, with maximum Call OI at 19,500 and 19,200 strike prices, making 19,500 a crucial resistance zone. Maximum Put open interest is at 19,000 and 18,800 levels, with Call writing at 19,300 and 20,000 strike prices and meaningful Put writing at 19,000 and 19,100 strike prices.”

The U.S. Treasury Department has announced it plans to borrow $776 billion in the final three months of this year.

Between January and March 2024, they anticipate borrowing $816 billion.

From July through September 2023, the Treasury borrowed an unprecedented $1.01 trillion, marking a historic high!

TVS Motor Company (TVSL) posted an in-line operating performance in 2QFY24, wherein it recorded the highest-ever EBITDA margin of 11% (+40bp QoQ; in line). It still has a further scope of margin improvement in the coming quarters, led by operating leverage and lower marketing expenses that was incurred in 2Q for new launches.

- However, we believe the strong earnings growth driven by a recovery in underlying segments and margin improvement is fairly captured in the current valuations of 35.7x/30.4x FY24E/FY25E EPS. We maintain our FY24E/FY25E EPS. Reiterate Neutral with a TP of ~INR1,500 (premised on ~22x Dec’25E EPS + INR168/sh for NBFC).

BPCL reported better-than-expected Q2FY24 earnings, led by higher marketing margins, inventory gains and other income. BPCL has registered robust SA PAT of Rs190.5bn in H1FY24 and ended Sep-23 with almost zero net debt. We believe BPCL is well placed in the current refining scenario with cheaper Russian crude sourcing, while marketing prospects are likely to be steady in the medium term, as we move past the election phase. As per mgmt., the next growth capex cycle would begin gradually with FY24/25/26E target of Rs100/200/300bn, besides new energy capex to meet net zero goal by 2040. The Rs180bn rights issue is awaiting regulatory approvals. We increase FY24/25E earnings by 36%/8% to reflect the current scenario. While macros are volatile, BPCL seems well-placed. Based on attractive valuation, we upgrade BPCL to BUY with a revised Sep-24E TP of Rs420/share (~20% upside).

Promoter IWEL likely to sell shares in co via block deal

Promoter entity likely to sell shares worth over Rs 500 crores

Deal likely at a discount of upto 5% to CMP

Last date to buy Oct 31

Cyient Limited\u0009Interim Dividend - Rs. - 12 \u0009\u0009\u0009

IRB InvIT Fund\u0009Income Distribution (InvIT)\u0009 \u0009

NESTLE INDIA LTD. Interim Dividend - Rs. 140

Our HOLD call on Marico stands, owing to Company’s inability to drive structural growth in the domestic business, but better margin prospects have been aiding double-digit earnings growth. Q2FY24 topline matches expectations, while improved margins resulted in a 3-4% beat on EBITDA/earnings estimates. Management commentary on volume growth trajectory remains unexciting where recovery aspiration is baked on a low base, retrieval in Rural and normalcy in trade. Given the management thrust on profitability and the struggling volume recovery, we cut FY24E topline by 3%. Company’s quest to drive volume growth in the business is likely to keep EBITDA margin at ~20% over FY25–26E. We prune FY25-26E earnings by 3-6% and maintain HOLD, with new Sep-24E TP of Rs560/sh, on 42x PER (in line with its last 5Y avg fwd PER).

Vodafone Idea’s (Vi’s) revenue was up 0.6% QoQ, marginally beating our estimate. EBITDA margin was up by 95bps QoQ, also higher than our estimate. Subscriber decline moderated despite the launch of 5G by competitors, while ARPU improved 2% QoQ. Discussions on funding from external investors press on, despite promoters’ readiness to contribute more equity (up to Rs20bn). Vi needs funding for capex (for the 5G launch) and arrest the slide in the number of subscribers. We raise FY24E/FY25E/FY26E revenue by 1.8%/3.5%/3.7%; we also increase our margin estimate, adjusting for the Q2 results. We have ‘No Rating’, amid concerns around continued market-share loss, delay in fund-raise and possibility of equity dilution. Clarity on the fund-raise and tariff hike is the key positive trigger.

APL Apollo Tubes: Healthy volume and Raipur plant ramp-up drive earnings

- APL Apollo Tubes (APAT) witnessed healthy volume growth of ~12% YoY to 675KMT. Further, improvement in gross profit/MT (up 18% YoY) and favorable operating leverage led to strong growth in EBITDA/MT (up 25% YoY).

- The value added product (VAP) mix sustained at ~55% in 2QFY24 underpinned by a gradual ramp up of the Raipur plant.

- We maintain our FY24/FY25 earnings estimates and value the stock at 33x Sep’25E EPS to arrive at our TP of INR1,930. Reiterate BUY.

Bharti Airtel is expected to report steady revenue growth led by mix improvement and a rise in average revenue per user (ARPU) because of tariff hikes in the first quarter.

Consolidated revenue for the July-September quarter is expected to rise by around 11 per cent year-on-year (YoY) to around Rs. 38,200 crore compared with Rs. 34,526 crore in the corresponding period last year.

Colgate Palmolive India gets Transfer Pricing Order from the Income Tax Authority for AY22; income Tax liability of Rs 170 crore

Honasa Consumer Limited, owners of famous Mamaearth outlets, launched its ₹1,701-crore Initial Public Offering (IPO) on Tuesday with a price band of ₹308-324. The minimum bids can be made for 46 equity shares and in multiples of 46 shares thereafter.

The offering comprises a fresh issue of equity shares amounting to ₹365 crore, alongside an Offer for Sale (OFS) of up to 4.125 crore equity shares by various stakeholders, including promoters, founders, and investors. Co-founders and promoters -- Varun Alagh and Ghazal Alagh -- and investors such as Fireside Ventures Fund, Sofina, Stellaris, Kunal Bahl, Rohit Kumar Bansal, Rishabh Harsh Mariwala, the son of Harsh Mariwala (Founder and Chairman of Marico), and Bollywood actor Shilpa Shetty Kundra are selling shares in the OFS.

Crompton Greaves-Butterfly Gandhimathi merger rejected by public shareholders of Gandhimathi. Hence merger stand cancelled

This is even after 6 per cent arbitrage for Gandhimathi Shareholders

PSP Projects won orders worth 200 crore. Total Order intake is around Rs 965 crore for FY24. Also selected as L1 bidder for Building of Gujarat Biotechnology Research Centre

Buzzing Stocks: L&T, Airtel, Adani Total, IOC, Aether, Amara Raja Batteries, Tata Motors, BHEL, Bajaj Hindusthan, PowerGrid, PFC, Chemplast Sanmar, KIMS, Indiabulls Real Estate, GAIL, Gillette, Jindal Steel, Praj Ind, Star Health, Vedant Fashions, Bondada, DCB Bank, Max Financial, RITES, RPower

Adani Total Gas, ADF Foods, Aether Industries, Ajanta Pharma, Amara Raja Batteries, Archean Chemical Ind, Arvind, Birlasoft, Bharti Airtel, Bondada, Capri Global Capital, CARE Rating, CE Info Systems, DCB Bank, Dhampur Sugars, Dolphin Offshore, Five-Star Business Fin, GAIL (India), Geojit Financial, Go Colors, Gillette India, IOC, Indiabulls Real Estate, Jindal Steel & Power, Jet Infra, Kaya, Keynes Technologies, KEI Industries, Kokuyo Camlin, Larsen & Toubro, Mangalore Ref & Petrochem, Max Financial Serv, Mankind Pharma, Motherson Sumi Wiring, Navin Fluorine, NIIT, Nuvoco Vistas Corp Ltd, PNC Infratech, Praj Industries, RITES, Reliance Power, Shemaroo, Star Health & Allied Insurance, Tata Consumer Products, Vardhman Textiles, Vedant Fashions, V-Guard Industries, VIP Industries Ltd

07:00 CHINA Manufacturing PMI (Expected: 50.2 vs 50.2)

TENT JAPAN BOJ Policy Rate (Expected: -0.10% vs -0.10%)

15:30 EURO CPI Flash Estimate y/y (Expected: 3.1% vs 4.3%)

17:30 INDIA Infrastructure Output y/y (Expected: 5.1% vs 12.1%)

18:00 U.S. Employment Cost Index q/q (Expected: 1.0% vs 1.0%)

19:30 U.S. CB Consumer Confidence (Expected: 100.1 vs 103.0)

Pfizer Inc. (Pre market) (Sector- Healthcare)

Caterpillar Inc. (Pre market) (Sector- Capital Goods)

BP plc (Pre market) (Sector- Energy)

Anheuser Busch Inbev (Pre market) (Sector- FMCG)

Eaton Corporation plc. (Pre market) (Sector- Capital Goods)

Marathon Petroleum Corporation (Pre market) (Sector- Energy)

Stellantis N.V (Pre market) (Sector- Auto Ancillary)

Ecolab Inc. (Pre market) (Sector- Chemical)

Ambev S.A (Pre market) (Sector- FMCG)

MSCI Inc. (Pre market) (Sector- Financial))

MPLX LP (Pre market) (Sector- Energy)

Sysco Corporation (Pre market) (Sector- FMCG)

AMETEK Inc. (Pre market) (Sector- Capital Goods)

Ares Management Corporation (Pre market) (Sector- Financial)

Public Service Enterprise Group Inc. (Pre market) (Sector- Utilities)

GE Healthcare Technologies Inc. (Pre market) (Sector- Healthcare)

Global Payments Inc. (Pre market) (Sector- Financial)

Argenx SE (Pre market) (Sector- Healthcare)

WEC Energy Group, Inc. (Pre market) (Sector- Utilities)

Xylem Inc. (Pre market) (Sector-Capital Goods)

Sirius XM Holdings Inc. (Pre market) (Sector- Media)

Cameco Corporation (Pre market) (Sector- Energy)

Franklin Resources Inc. (Pre market) (Sector- Financial)

Neurocrine Biosciences Inc. (Pre market) (Sector- Healthcare)

Zebra Technologies Corp. (Pre market) (Sector- Technology)

Bio-Techne Corp (Pre market) (Sector- Healthcare)

Match Group Inc. (Post market) (Sector- Technology)

Chesapeake Energy Corp. (Post market) (Sector- Energy)

Amcor plc. (Post market) (Sector- Packaging)

First Solar Inc. (Post market) (Sector- Energy)

Paycom Software Inc. (Post market) (Sector- Technology)

Telefonica Brasil S.A (Post market) (Sector- Technology)

Yum China holdings Inc. (Post market) (Sector- Consumer Food)

Equity residential (Post market) (Sector- Real estate)

ONEOK, Inc. (Post market) (Sector- Energy)

Advanced Micro Devices. (Post market) (Sector- Healthcare)

30th Oct 2023: Prov figs: Rs.crs

FIIs: - 1,761.86(6,653.70- 8,415.56)

DIIs: + 1,328.47(7,523.60- 6,195.13)

Adani Group is investing ₹4 lakh crore - both ongoing and in new projects - in the next 6 years at Mundra in Gujarat’s Kutcch region. The investment is expansion of the port, including construction of a new berth to handle copper ore; and a copper smelter plant, a green hydrogen project and renewable energy, said a senior company official. Power is only sector in which no major expansion is happening, he added.

Mindspace Business Parks REIT reported a 17.7 per cent rise in its net operating income (NOI) in Q2 at ₹491 crore, while revenue rose over a fifth to ₹600 crore.

The REIT, sponsored by K Raheja Corp, reported gross leasing of 8 lakh square feet in Q2, and a re-leasing spread of 9.7 per cent on bulk of the area re-let. In-place monthly rent rose 6.4 per cent to ₹67 per square feet.

The highlight of the quarter was the acquisition of 2.4 lsf of leasable area in Chennai for ₹182 crore. With this acquisition, the REIT’s total leasable portfolio is now at 32.3 million square feet of which 26.1 msf is completed. It has an active construction pipeline of 2.9 msf.

The outlook is bullish for Mangalore Refinery & Petrochemicals (MRPL). The stock has risen well over the last two trading sessions from around the key ₹95-92 support zone. A trendline support is also present in this ₹95-92 region. That makes the recent rise a significant one and also keeps intact the uptrend that has been in place since April this year.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

A 50:50 equity-debt portfolio generates meaningful wealth creation, says a study by Motilal Oswal Private Wealth.

According to its comprehensive analysis of risk-reward from various portfolio combination for the period between 1990 and 2023 (till September 23), the equal weight debt/equity portfolio has generated 12 per cent return.

Since equities offer the highest long-term compounding return, as expected, the 75:25 equity-debt combination has the highest CAGR at 12.9 per cent. However, the underlying volatility is also the highest across all portfolio combinations, it said.

Tata Motors claimed compensation from the West Bengal Industrial Development Corporation in lieu of losses accrued due to scrapping of Nano manufacturing facility at Singur

Oil prices rose in early Asian trade on Tuesday ahead of global central bank meetings and as tensions in the Middle East remained high.

Brent crude futures rose 46 cents, or 0.53%, to $87.91 a barrel by 0001 GMT while U.S. West Texas Intermediate crude climbed 33 cents, or 0.4%, to $83.64 a barrel.

Oil fell more than 3% on Monday as Israel’s attacks on Gaza escalated although fears eased that the Israel-Hamas war would disrupt supply from the region.

Israeli troops and tanks attacked Gaza’s main northern city from the east and west on Monday, three days after it began ground operations in the Palestinian enclave.

Traders were also keeping a close eye on global monetary policy, with rate-setting meetings of major central banks scheduled for this week. - Reuters

Wall Street rallied on Monday, kicking off what promises to be a hectic week that includes a heavy earnings docket, economic data and the Federal Reserve’s two-day monetary policy meeting.

All three major U.S. stock indexes closed up more than 1%, bouncing back from the previous week’s sell-off. Interest rate sensitive megacap stocks, led by Microsoft Corp, Amazon.com, and Apple Inc provided the most upside muscle.

The Dow Jones Industrial Average rose 511.37 points, or 1.58%, to 32,928.96, the S&P 500 gained 49.45 points, or 1.20%, to 4,166.82 and the Nasdaq Composite added 146.47 points, or 1.16%, to 12,789.48. - Reuters

On Tuesday, Tokyo’s stock index, the Nikkei 225, commenced the trading day with a modest decrease, reflecting a sense of caution following reports suggesting that the Bank of Japan might make adjustments to its ultra-accommodative monetary policy later in the day.

In the initial hours of trading, the Nikkei index was slightly down by 0.13 per cent, equivalent to a decline of 41.23 points, reaching 30,655.73. In contrast, the broader Topix index exhibited a modest increase of 0.43 per cent, adding 9.53 points, and reaching 2,240.77.

Meanwhile, South Korea’s KOSPI experienced a marginal decline of 0.43 per cent, translating to a loss of 10.03 points, with a trading level of 2,300.52. Conversely, Australia’s S&P/ASX200 index posted a gain of 0.52 per cent, amounting to 35.20 points, and reaching a level of 6,808.10.

In a previous market session, the Dow Jones Industrial Average advanced significantly by 511.37 points, representing a 1.58 per cent increase, reaching a level of 32,928.96. The S&P 500 also recorded notable growth, with a gain of 49.45 points or 1.20 per cent, closing at 4,166.82. Similarly, the Nasdaq Composite index exhibited a rise of 146.47 points, equivalent to a 1.16 percent increase, concluding at 12,789.48.

Several foreign funds, including those based in Mauritius, have reduced their holding in the Adani Group companies for the quarter ended September (Q2).

Elara India Opportunities Fund’s holding in flagship Adani Enterprises has dropped below 1 per cent in Q2 from 1.35 per cent in the June quarter, data from primeinfobase.com shows. The fund’s holding in Adani Energy Solutions has reduced to 1.97 per cent from 3.61 per cent in the same period.