Nifty above 18,150 mark, metal stocks shine

The frontline indices traded with minor gains in the mid-morning trade. The Nifty traded a tad above the 18,150 mark. PSU bank, metal and auto stocks advanced while pharma, healthcare and media shares were under pressure.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 40.25 points or 0.07% to 60,990.61. The Nifty 50 index gained 34.30 points or 0.19% to 18,151.45.

The broader market outperforms the headline indices. The S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was strong. On the BSE, 2,045 shares rose and 1,332 shares fell. A total of 196 shares were unchanged.

Auto sales up 48% YoY in Oct: FADA:

On YoY basis, total vehicle retail for the month of October 2022 saw a growth of 48%, the Federation of Automobile Dealers Associations (FADA) said its release today, 7 November 2022. All the categories closed in green. 2W, 3W, PV, Trac and CV were up by 51%, 66%, 41%, 17% and 25% respectively.

When compared with October 2019, a pre-covid month, total vehicle retails for the first time closed in green with an increase of 8%. Except 3W which saw a marginal dip of — 0.6%, all the other categories were in green with 2W, PV, Trac and CV growing by 6%, 18%, 47% and 13%.

During the 42 days festive period, total vehicle retails were up 28% YoY. All categories were in green with 2W, 3W, PC, Trac and CV growing by 26%, 66%, 28%, 33% & 28% respectively.

IPO Update:

The initial public offer (IPO) of Bikaji Foods International received bids for 4,48,72,500 shares as against 2,06,36,790 shares on offer, according to stock exchange data at 11:21 IST on Monday (7 November 2022). The issue was subscribed 2.17 times.

The issue opened for bidding on Thursday (3 November 2022) and it will close on Monday (7 November 2022). The price band of the IPO is fixed at Rs 285–300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

The initial public offer (IPO) of Global Health (Medanta) received bids for 3,41,46,244 shares as against 4,67,42,397 shares on offer, according to stock exchange data 11:21 IST on Monday (7 November 2022). The issue was subscribed 73%.

The issue opened for bidding on Thursday (3 November 2022) and it will close on Monday (7 November 2022). The price band of the IPO is fixed at Rs 319 to 336 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index rose 1.26% to 6,403.90. The index advanced 5.52% in two trading sessions.

Jindal Stainless (up 4.65%), Jindal Steel & Power (up 2.75%), Steel Authority of India (up 2.62%), Adani Enterprises (up 2.34%), Tata Steel (up 1.62%), Hindustan Copper (up 1.11%), National Aluminium Company (up 1.09%), Hindalco Industries (up 1.01%), JSW Steel (up 0.64%) and MOIL (up 0.48%) jumped.

On the other hand, Vedanta (down 5.95%), Welspun Corp (down 0.09%) and Ratnamani Metals & Tubes (down 0.08%) edged lower.

Results Impact:

Indian Overseas Bank (IOB) shed 0.46% after the bank’s net profit jumped 33.2% to Rs 501.34 crore on a 15% increase in total income to Rs 5,852.45 crore in Q2 FY23 over Q2 FY22.

ZF Commercial Vehicle Control Systems India declined 0.18%. The company reported a consolidated net profit of Rs 68.64 crore in Q2 FY23, up by 112.8% from Rs 32.25 crore in Q2 FY22. Net sales rose by 28.6% YoY to Rs 792.83 crore during the quarter.

Global Markets:

Asian stocks traded higher on Monday as investors digest the latest U.S. jobs report and look ahead to the midterm elections.

US stocks rose on Friday on hopes the Federal Reserve would scale back future interest rate hikes following the latest jobs report.

U.S. employers likely hired the fewest workers in nearly two years in October and increased wages at a moderate pace. The U.S. Labor Department’s closely watched non-farm payrolls report showed a rise in the unemployment rate to 3.7% last month from 3.5% in September. The survey of establishments showed nonfarm payrolls increased 261,000 last month, the smallest gain since December 2020. Data for September was revised higher to show 315,000 jobs added instead of 263,000 as previously reported.