The key equity benchmarks ended near the day's high, with decent gais, after a volatile session on Tuesday. The Nifty managed to close above the 18,400 mark after hitting the day's low at 18,282. Auto, bank and financial services stocks were in demand while realty, FMCG and IT shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, gained 248.84 points or 0.40% to 61,872.99. The Nifty 50 index added 74.25 points or 0.41% to 18,403.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.08% while the S&P BSE Small-Cap index rose 0.01%.

The market breadth was negative. On the BSE, 1,667 shares rose, and 1,843 shares fell. A total of 125 shares were unchanged.

Economy:

India's retail inflation, which is measured by the Consumer Price Index (CPI), fell to a three-month low of 6.77% in October, down from 7.41% in September. The overall food inflation, which accounts for nearly half the CPI basket, came in at 7.01% in October as against 8.60% in the preceding month.

Primary Market:

The initial public offer (IPO) of Keystone Realtors received bids for 21.15 lakh shares as against 86.47 lakh shares on offer, according to stock exchange data 15:36 IST on Tuesday (15 November 2022). The issue was subscribed 0.24 times.

The issue opened for bidding on Monday (14 November 2022) and it will close on Wednesday (16 November 2022). The price band of the IPO is fixed at Rs 514-541per share. An investor can bid for a minimum of 27 equity shares and in multiples thereof. The issue comprises of a fresh issue of up to Rs 560 crore and an offer for sale of up to Rs 75 crore.

The IPO of Inox Green Energy Services received bids for 10.16 crore shares as against 6.67 crore shares on offer, according to stock exchange data at 15:36 IST on Tuesday (15 November 2022). The issue was subscribed 1.52 times.

The issue opened for bidding on Friday (11 November 2022) and it will close on Tuesday (15 November 2022). The price band of the IPO is fixed at Rs 61 to 65 per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof. The issue comprises of a fresh issue of up to Rs 530 crore and an offer for sale of up to 55.84 lakh equity shares.

Stocks in Spotlight:

Larsen & Toubro Infotech (LTI) shed 0.53% and Mindtree fell 1.46%. LTI and Mindtree announced that both Mumbai and Bengaluru Benches of National Company Law Tribunal (NCLT) have approved, via two separate orders, the scheme of amalgamation and arrangement between the two companies and their respective shareholders and creditors.

The two companies had announced their intent to merge in May 2022. As part of the merger, all shareholders of Mindtree will be issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree. The Record Date to determine the eligible shareholders of Mindtree for issue of equity shares of LTI pursuant to the scheme is fixed as 24 November 2022.

Oil and Natural Gas Corporation (ONGC) rose 2.26%. The PSU company's standalone net profit dropped 30.09% to Rs 12,825.99 crore in Q2 FY23 as against Rs 18,347.73 crore in Q2 FY22. Revenue from operations surged 57.53% to Rs 38,320.76 crore in quarter ended 30 September 2022 from Rs 24,353.61 crore recorded in the corresponding quarter previous year.

Indian Railway Catering and Tourism Corporation (IRCTC) fell 2.43%. IRCTC's consolidated net profit jumped 42.54% to Rs 226.03 crore on 98.99% surge in revenue from operations to Rs 805.80 crore in Q2 FY23 over Q2 FY22.

Apollo Tyres rallied 4.18%. The tyre maker's consolidated net profit rose 11.87% to Rs 194.45 crore on 17.31% increase in revenue from operations to Rs 5,956.05 crore in Q2 FY23 over Q2 FY22.

Abbott India declined 1.74%. The company's net profit surged 38.05% to Rs 265.52 crore in Q2 FY23 as against Rs 192.33 crore posted in Q2 FY22. Revenue from operations stood at Rs 1,379.48 crore for the quarter ended 30 September 2022, registering a growth of 12.88% from Rs 1,222.06 crore recorded in same period last year.

Marksans Pharma advanced 4.21%. The pharma company's consolidated net profit rose 29.9% to Rs 60.12 crore on a 25.3% increase in revenue from operations to Rs 452.56 crore in Q2 FY23 over Q2 FY22.

NMDC fell 3.84%. The company reported 62% fall in consolidated net profit to Rs 889 crore in Q2 FY23 as against a net profit of Rs 2342 crore in Q2 FY22. Total income fell 45% to Rs 3754 crore in Q2 FY23 from Rs 6882 crore posted in Q2 FY22.

Shriram Properties rose 1.44%. On a consolidated basis, the company's net profit stood at Rs 19.5 crore in Q2 FY23 as against net loss of Rs 23.2 crore in Q2 FY22. Revenue from operations surged 240.13% to Rs 258.5 crore in Q2 FY23 over Q2 FY22, supported by increased handover momentum in completed projects and receipt of OC in certain key projects.

Greaves Cotton jumped 3.19%. The company reported consolidated net profit of Rs 28.88 crore in Q2 FY23 as against net loss of Rs 23.39 crore in Q2 FY22. Revenue from operations climbed 87.09% to Rs 698.81 crore in Q2 FY23 compared with Rs 373.51 crore in Q2 FY22.

Globus Spirits slumped 8.61%. The company's net profit declined 57.9% to Rs 22.1 crore on 25.7% jump in net revenue from operations to Rs 480.3 crore in Q2 FY23 over Q2 FY22.

GMR Airports Infrastructure declined 3.89%. The company reported a net loss from continuing operations of Rs 195.02 crore in Q2 FY23 as against a net loss of Rs 501.70 crore in Q2 FY22. Revenue from operations jumped 53.63% year on year (YoY) to Rs 1,588.4 crore in the quarter ended 30 September 2022.

Sobha rose 2.96%. The company's consolidated net profit declined 69.6% to Rs 19.2 crore on a 14.4% fall in revenue from operation to Rs 667.3 crore in Q2 FY23 over Q2 FY22.

Global Markets:

European markets mostly advanced while Asian stocks ended higher on Tuesday as investors weighed on China's economic outlook and the Federal Reserve's interest-rate path.

China's industrial production grew 5% in the month of October compared with a year ago, slowing from an increase of 6.3% seen in September. Separately, retail sales in China fell 0.5% in October from a year ago, missing expectations.

The Reserve Bank of Australia hinted at further and possibly larger interest hikes ahead in its efforts to tame inflationary pressures, according to the minutes released from its latest meeting.

“The Board agreed on the importance of returning inflation to target and expects to increase interest rates further over the period ahead,” it reportedly said in the release.

Japan's economy unexpectedly contracted in the third quarter from a year ago, official preliminary estimates showed. Gross domestic product shrank 1.2% in the July-to-September quarter compared with the same period last year.

Meanwhile, U.S. President Joe Biden said there “need not be a new Cold War” between the U.S. and China, following a three-hour summit meeting with Chinese President Xi Jinping in Indonesia.

Biden also said, “I don't think there's any imminent attempt by China to invade Taiwan,” despite escalating rhetoric and aggressive military moves by the People's Republic of China in the Taiwan Straits.

Biden and his Chinese counterpart held the much-anticipated meeting on the sidelines of the G-20 summit of economically developed nations in Bali.

US stocks fell on Monday, losing steam after a blistering rally last week as investors digested messaging from Federal Reserve officials on the path of monetary policy.

Investors waiting on earnings reports from prominent retailers this week including Walmart and Target.

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