Indian equity benchmark indices rebounded sharply on Thursday, breaking two days losing streak following a rally in global markets after US Federal Reserve maintained the status quo on interest rates. Investors cheered the US Fed decision amid escalating geopolitical uncertainties further worsened by the ongoing Israel Hamas conflict, higher inflation and persistent FII fund outflows.
The BSE Sensex gained 489.57 points or 0.77 per cent to settle at 64,080.90. The broader NSE Nifty jumped 144.10 points or 0.76 per cent to end at 19,133.25.
“Domestic equities cheered the US Fed’s decision to keep the interest rate unchanged. Nifty opened gap up and remained in positive territory throughout the session to close with gains of 144 points (+0.8%) at 19133 levels. Broad-based buying was seen, with all sectors ending in green. The US Fed maintained a pause on interest rates for the second consecutive time, fuelling expectations that the central bank is done with its interest rate hikes. This led to the US 10-Year bond yields to decline sharply by 27bps to close 1-month low at 4.70%,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Khemka said healthy Q2FY24 earnings and rise in GST collection also boosted the market sentiments. With the key event now behind, we now expect market to consolidate with a positive bias along with stock specific action. Globally investors would now await on the BOE interest rate decision and US Initial jobless claim data which will be release late Thursday.
Top Stocks To Watch On November 3:
The automobile major reported a net profit of Rs 3,764 crore, against a net loss of Rs 944.6 crore in the same quarter last year. Revenue from operations grew 32 per cent to Rs 1,05,128 crore from Rs 79,611 crore in the year-ago period. EBITDA for the reported quarter stood at Rs 13,767 crore, up from Rs 5,571 crore in the corresponding quarter. EBITDA margin rose to Rs 13.1 per cent.
Indian Energy Exchange
IEX on November 2 reported a 21.4 per cent YoY growth in consolidated net profit at Rs 86.5 per cent for the July-September quarter of FY24, compared to Rs 71.2 crore in year-ago period. The power trading platform’s revenue increased 14 per cent to Rs 108.5 crore from Rs 95.19 crore in the year-ago period. IEX reported a trading volume of 26.53 billion units (BU), an increase from 23.12 BU in Q2F23, marking a growth of 15 per cent YoY.
The flagship company of Adani Group recorded net profit of Rs 227.82 crore in second quarter of FY24, down 50.5 per cent from Rs 460.94 crore during the corresponding quarter of FY23. Revenue from operations came in at Rs 22,517.33 crore, down 41 per cent compared to Rs 38,175.23 crore in the year-ago period. The company’s EBITDA stood at Rs 2,430 crore, up 30 per cent YoY, on account of strong incubating businesses.
The mining major had divested its stake in Mt Lyell Copper Mine in Australia to New Century Resources. The development came after New Century Resources, a fully-owned subsidiary of Sibanye-Stillwater Group, exercised an option to acquire the mine on Wednesday.
The global pharma major announced that it has received tentative approval from the UDFDA for its Abbreviated New Drug Application for Selexipag for Injection, 1800 mcg/vial, Single-Dose Vial. The company said approval has been granted to market a generic equivalent of Uptravi of Injection, 1800 mcg/vial, of Actelion Pharmaceuticals US, Inc.