Indian equity benchmark indices ended higher for the second consecutive session on 3 November on the back of positive global cues, steady macro-economic data and strong Q2 earnings.
The BSE Sensex ended 282.88 points or 0.44 per cent higher at 64,363.78. The NSE Nifty jumped 97.30 points or 0.51 per cent to close at at 19,230.60. During the week, the Sensex and Nifty gained nearly a per cent each, snapping a two-week losing streak.
"The Indian market is resurging amidst a drop in investors' anxiety as Nifty VIX contracts generously. The optimism is buoyed by firm global clues, steady macro-economic data and strong domestic corporate earnings. Clues that FED is unlikely to hike rates in the future and modest decline in oil prices are adding to the optimism,” said Vinod Nair, Head of Research at Geojit Financial Services.
“While the ongoing Q2 results explore healthy expansion in Indian operating margin, leading to a strong bounce in earnings growth. In the midst of the earnings season, large cap companies indicate a solid 40% growth in PAT on a YoY basis. And moderation in global inflation and steady domestic and external demand is lifting H2 corporate earnings outlook," Nair added.
Top Stocks To Watch On 6 November:
State Bank Of India
The country’s largest public sector bank reported a net profit of Rs 14,330 crore for the July-September quarter of FY24, marking an 8 per cent jump of Rs 13,265 crore in the year-ago period. The net interest income (NII) stood at Rs 39,500 crore, up by 12.3 per cent as compared to Rs 31,184 crore reported in the corresponding quarter. The bank’s gross NPA slipped to 2.55 per cent from 3.53 per cent in the year-ago period. Net NPA stood at 0.64 per cent, improving from 0.80 per cent.
The parent company of IndiGo reported a profit after tax (PAT) of Rs 188.9 crore in the July-September quarter, up from a loss of Rs 158.3 crore in the corresponding quarter of the previous fiscal. Revenue for the reported quarter jumped 19.6 per cent to Rs 14,943.9 crore from Rs 12,497 crore in the year-ago period. The EBITDA came in at Rs 2,446.4 crore, while EBITDA margins rose to Rs 16.4 per cent from 1.8 per cent in the previous year's quarter.
Vedanta reported a consolidated net loss of Rs 915 crore in the July-September quarter, compared to a net profit of Rs 2,690 crore in the corresponding period last year. The metals-to-mining conglomerate’s revenue from operations stood at Rs 38,546 crore, up 6.37 per cent from Rs 36,237 crore in the year-ago period. The business swung to net loss on the back of one-time exceptional item because of the adoption of a new tax rate.
Shipping Corporation of India
The shipping company has reported a consolidated profit of Rs 65.7 crore for the September quarter, falling 42.5 per cent compared to the year-ago period despite strong other income, impacted by a lower topline. Revenue from operations fell nearly 23 per cent to Rs 1,093.2 crore in the year-ago period.
The online food delivery platform reported a net profit of Rs 36 crore for the September quarter compared to Rs 2 crore in the previous quarter and a loss of Rs 251 crore in the year-ago period. The company’s revenue from operations jumped 71.46 per cent year-on-year to Rs 2,848 crore compared to Rs 1,661 crore in the year-ago period.