Market Commentary - Quick Review
The key equity indices ended with limited gains on Friday after market oscillating between gains and losses. The Nifty closed above the 21,750 mark. Banking stocks were in demand. On the other hand, oil & gas metal and IT stocks corrected.
As per provisional closing data, the S&P BSE Sensex advanced 167.06 points or 0.23% to 71,595.49. The Nifty 50 index rose 64.55 points or 0.30% to 21,782.50.
In the broader market, the S&P BSE Mid-Cap index shed 0.82% and the S&P BSE Small-Cap index declined 1.36%.
The market breadth was weak. On the BSE, 1,329 shares rose and 2,509 shares fell. A total of 94 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, shed 2.40% to 15.45.
IPO Update:
The initial public offer (IPO) of Entero Healthcare Solutions received bids for 5,53,399 shares as against 71,50,100 shares on offer, according to stock exchange data at 15:30 IST on Friday (9 February 2024). The issue was subscribed 0.08 times.
The issue opened for bidding on Friday (9 February 2024) and it will close on Tuesday (13 February 2024). The price band of the IPO is fixed at Rs 1,195-1,258 per share. An investor can bid for a minimum of 10 equity shares and in multiples thereof.
The initial public offer (IPO) of Capital Small Finance Bank received bids for 3,17,48,128 shares as against 81,47,373 shares on offer, according to stock exchange data at 15:30 IST on Friday (9 February 2024). The issue was subscribed 3.90 times.
The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 445-468 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.
The IPO of Jana Small Finance Bank received bids for 17,51,06,916 shares as against 1,01,16,284 shares on offer, according to stock exchange data at 15:30 IST on Friday (9 February 2024). The issue was subscribed 17.31 times.
The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 393-414 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.
The IPO of Rashi Peripherals received bids for 78,40,71,072 shares as against 1,42,37,289 shares on offer, according to stock exchange data at 15:30 IST on Friday (9 February 2024). The issue was subscribed 55.07 times.
The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 295-311 per share. An investor can bid for a minimum of 48 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Bank gained 1.50% to 45,688.10. The index declined 1.76% in the past trading sessions.
Bank of Baroda (up 3.99%), State Bank of India (up 3.74%), ICICI Bank (up 2.09%), Axis Bank (up 1.47%) and AU Small Finance Bank (up 1.44%, Bandhan Bank (up 0.89%), Kotak Mahindra Bank (up 0.75%), IndusInd Bank (up 0.62%), Federal Bank (up 0.51%) and IDFC First Bank (up 0.25%) advanced.
Stocks in Spotlight:
Biocon declined 3.60%. The company reported consolidated net profit of Rs 660 crore in Q3 FY24 as against net loss of Rs 42 crore recorded in Q3 FY23. Revenue from operations increased by 34% to Rs 4519 crore in Q3 FY24 from Rs 3020 crore in Q3 FY 23.
Patanjali Foods slipped 4.07% after the FMCG company?s standalone net profit fell 19.56% to Rs 216.54 crore in Q3 FY24 as compared with Rs 269.19 crore posted in Q3 FY23. Revenue from operations declined marginally to Rs 7,910.70 crore in the third quarter of FY24 as against 7,926.64 crore posted in Q3 FY23.
AstraZeneca Pharma India dropped 12.77% after the company's consolidated net profit tumbled 46.08% to Rs 15.80 crore in Q3 FY24 as compared with Rs 29.30 crore in Q3 FY23. Revenue from operations jumped 22.41% to Rs 305.78 crore during the quarter as compared with Rs 249.81 crore posted in corresponding quarter last year..
Zydus Lifesciences rose 0.44%. The company reported 26.76% jump in consolidated net profit to Rs 789.6 crore in Q3 FY24 as compared with Rs 622.9 crore in Q3 FY23. Revenue from operations increased 5.83% to Rs 4,505.2 crore during the quarter as compared with Rs 4,257.1 crore posted in corresponding quarter last year.
Orchid Pharma zoomed 14.29% after the company reported consolidated profit of Rs 29.43 crore in Q3 FY24, steeply higher than Rs 7.59 crore in Q3 FY23. Revenue from operations increased 38.08% YoY to Rs 220.59 crore in Q3 FY24 from Rs 159.76 crore reported in Q3 FY23.
LIC declined 2.01%.The company's standalone net profit surged 49.1% to Rs 9,444.41 crore in Q3 FY24 as against Rs 6,334.19 crore recorded in Q3 FY23. Total premium income stood at Rs 1,17,016.92 crore in Q3 FY24, up 4.67% from Rs 1,11,787.60 crore posted in Q3 FY23.
Grasim Industries jumped 5.75% after the Aditya Birla Group company?s consolidated net profit declined 39.8% to Rs 1,514.44 crore in Q3 FY24 as against Rs 2,515.78 crore Q3 FY23. However, revenue from operations rose 11.62% year on year (YoY) to Rs 31,965.48 crore in the quarter ended 31 December 2023.
Global Markets:
European market advanced while Asian stocks traded mostly higher on Wednesday as investors anticipating rate cuts by the European Central Bank (ECB).
German consumer price index (CPI) reduced to 3.1% in January 2024 year over year from 3.8% in December 2023.
Japan?s Nikkei hit fresh 34-year highs on Friday, while most Asia-Pacific markets were either fully or partially closed for Lunar New Year holidays. China, South Korea and Taiwan?s markets were shut, while Singapore and Hong Kong saw a half day of trading.
U.S. stocks ticked higher Thursday to set more records as further evidence piled up to show the job market remains remarkably solid. During the day, the S&P 500 briefly topped the 5,000 level for the first time.
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