Market Commentary - Mid-Session
Nifty slides below 24,150; PSU bank shares decline As on : 08-Nov-24  11:32

The frontline indices traded with limited losses in mid-morning trade. The Nifty slipped below the 24,150 mark. PSU bank shares extended losses for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex declined 108.15 points or 0.14% to 79,430.72. The Nifty 50 index lost 52.55 points or 0.22% to 24,146.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.76% and the S&P BSE Small-Cap index declined 0.91%.

The market breadth was negative. On the BSE, 1,543 shares rose and 2,209 shares fell. A total of 129 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Niva Bupa Health Insurance Company received bids for 12,18,29,800 shares as against 17,28,57,143 shares on offer, according to stock exchange data at 11:15 IST on Friday (08 November 2024). The issue was subscribed 0.70 times.

The issue opened for bidding on Thursday (07 November 2024) and it will close on Monday (11 November 2024). The price band of the IPO is fixed between Rs 70 to Rs 74 per share. An investor can bid for a minimum of 200 equity shares and in multiples thereof.

The initial public offer (IPO) of ACME Solar Holdings received bids for 4,48,92,699 shares as against 5,82,03,223 shares on offer, according to stock exchange data at 11:15 IST on Friday (08 November 2024). The issue was subscribed 0.77 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 275 to Rs 289 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

The initial public offer (IPO) of Swiggy received bids for 8,01,27,180 shares as against 16,01,09,703 shares on offer, according to stock exchange data at 11:15 IST on Friday (08 November 2024). The issue was subscribed 0.50 times.

The issue opened for bidding on Wednesday (06 November 2024) and it will close on Friday (08 November 2024). The price band of the IPO is fixed between Rs 371 to Rs 390 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index slipped 1.55% to 6,873.25. The index fell 1.56% in two consecutive trading sessions.

Indian Bank (down 2.19%), Punjab & Sind Bank (down 2.17%), Bank of Baroda (down 2.11%), Union Bank of India (down 1.85%), Indian Overseas Bank (down 1.7%), UCO Bank (down 1.63%), Central Bank of India (down 1.54%), Punjab National Bank (down 1.51%), Bank of India (down 1.38%) and State Bank of India (down 1.08%) declined.

Stocks in Spotlight:

Gujarat State Petronet (GSPL) declined 2.27% after the company's net profit slipped 26.83% to Rs 389.29 crore on 51.27% fall in revenue from operations to Rs 257.96 crore in Q2 FY25 over Q2 FY24.

NHPC slipped 2.61% after the company reported 41.19% decline in consolidated net profit to Rs 908.97 crore in Q2 FY25 from Rs 1,545.85 crore recorded in Q2 FY24. However, revenue from operations rose 4.11% year on year (YoY) to Rs 3,051.93 crore in the quarter ended 30 September 2024.

G R Infraprojects lost 1.24% after the company's consolidated net profit shed 11% to Rs 193.28 crore on 25.94% fall in revenue from operations to Rs 1,394.33 crore in Q2 FY25 over Q2 FY24.

Global Markets:

Asian stocks traded mixed on Friday despite stocks, bonds, and commodities rallied in the US following a Federal Reserve interest rate cut by 25 basis points to a range of 4.5% to 4.75% on Thursday, a move that was widely anticipated.

Fed Chair Jerome Powell stated that the recent presidential election outcome would have no immediate impact on monetary policy. He emphasized that the Fed will continue to rely on a data-driven approach for future decisions, noting that inflation is cooling as expected, while economic growth remains strong.

In Europe, the Bank of England cut interest rates on Thursday for only the second time since 2020 and said future reductions were likely to be gradual, seeing higher inflation and growth after the new government's first budget. The Monetary Policy Committee voted 8-1 to cut interest rates to 4.75% from 5%.

Investors are now focused on China, where a legislative meeting is concluding and may result in new stimulus measures. While Trump's victory has introduced tariff concerns for China and other developing economies, optimism remains high that Chinese authorities will announce measures to counter potential trade impacts from the US.

In the US, stock indices mostly gained on Thursday, extending the recent rally spurred by Trump's victory. The S&P 500 rose 0.74% to a record 5,973.10 points, and the NASDAQ Composite climbed 1.51% to reach a record 19,269.36 points. The Dow Jones Industrial Average remained flat at 43,729.34 points but stayed close to a record high.

Trump's victory, coupled with a Republican majority in Congress, suggests fewer obstacles for the 47th President in enacting significant policy reforms. He is expected to pursue a looser fiscal policy, while his protectionist trade and immigration stances are anticipated to strengthen the dollar.

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