Indices trade sideways, metal stocks shine

The benchmark indices traded near the flat line in the early afternoon trade. The Nifty traded a tad above the 18,050 level. Metal, PSU bank and media stocks were in demand while IT, pharma and consumer durable shares declined.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 46.97 points or 0.08% to 60,789.44. The Nifty 50 index rose 10.30 points or 0.06% to 18,063.

In the broader market, the S&P BSE Mid-Cap index shed 0.02% while the S&P BSE Small-Cap index gained 0.41%.

The market breadth was positive. On the BSE, 1,933 shares rose and 1,361 shares fell. A total of 186 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.08% to 16.12. The Nifty 24 November 2022 futures were trading at 18,132.95, at a premium of 69.95 points as compared with the spot at 18,063.

The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 21.6 lakh contracts at the 18,000 strike price. Maximum Put OI of 33.4 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Metal index advanced 2.05% to 6,193.40. The index shed 0.11% in the past trading session.

Welspun Corp (up 5.22%), Vedanta (up 5.22%), MOIL (up 2.53%), Adani Enterprises (up 2.16%), Hindalco Industries (up 1.99%), Steel Authority of India (up 1.85%), JSW Steel (up 1.82%), National Aluminium Company (up 1.55%), Hindustan Copper (up 1.48%) and Hindustan Zinc (up 1.36%) jumped.

IPO Updates:

The initial public offer (IPO) of Bikaji Foods International received bids for 2,03,14,900 shares as against 2,06,36,790 shares on offer, according to stock exchange data at 12:27 IST on Friday (4 November 2022). The issue was subscribed 98%.

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 .

Stocks in Spotlight:

Ajanta pharma tumbled 6.80% after the pharmaceutical company's consolidated net profit dropped 20.1% to Rs 156.60 crore in Q2 FY23 as against Rs 195.94 crore in Q2 FY22. Revenue from operations stood at Rs 938.10 crore in quarter ended 30 September 2022, registering a growth of 6% from Rs 884.80 crore posted in the corresponding quarter previous year. The company's revenue from Domestic business was at Rs 314 crore (up 27% YoY) and revenue from Exports stood at Rs 615 crore (up 1% YoY) during the quarter.

Amara Raja Batteries jumped 8.50% after the company reported 39% rise in consolidated net profit to Rs 201.22 crore in Q2 FY23 from Rs 144.32 crore in Q2 FY22. Revenue from operations rose by 19% YoY to Rs 2,700.47 crore during the quarter.

JMC Projects (India) advanced 3.60% after the company announced that it has secured new orders of Rs 2,277 crore in the domestic market. The company has bagged water projects worth Rs 1,497 crore and buildings & factories (B&F) projects worth Rs 780 crore.

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