Top Nifty gainers and losers at mid-day: Adani Enterprises shine, Hero Moto sinks

Bulls took charge on Dalal Street as benchmark Indices Nifty and Sensex jumped nearly 1 percent on November 2 as markets cheered US Fed’s decision to keep interest rate steady. Risk-off sentiment in domestic equities eased as Fed Chair Jerome Powell hinted that the US central bank may now be finished with the most aggressive tightening cycle in four decades. At 12:18 pm, the Sensex was up 294.36 points or 0.46 percent at 63,885.69, and the Nifty was up 93.90 points or 0.49 percent at 19,083.10. About 2013 shares advanced, 1062 shares declined, and 117 shares were unchanged.

Adani Enterprises Ltd: Shares of the flagship Adani firm rose 2 percent to Rs 2,269 ahead of its Q2 results scheduled for November 2. The stock has ended its two-day losing streak on the bourses. Volumes were low as 7 lakh shares changed hands as against the 1-week average of 16 lakh shares.

Britannia Industries Ltd: Shares of the FMCG major rose 2.3 percent to Rs 4,498 on November 2. The surge comes after it reported a consolidated net profit of Rs 586.50 crore for the September quarter of FY24, registering a growth of 19.55 percent YoY. The company’s total revenue from operations increased 1.21 percent to Rs 4,432.88 crore from Rs 4,379.61 crore a year ago, the company said in a regulatory filing.

IndusInd Bank Ltd: Shares of the private lender rose nearly 2 percent to Rs 1,460, snapping its two-day losing streak on the bourses on November 2. In Q2, it reported a net profit of Rs 2202 crore for the July-September quarter of the current financial year, up 22 percent from the year-ago period, beating market estimates of Rs 2,128 crore.

Apollo Hospitals Enterprises Ltd: Shares of the healthcare major rose 1.6 percent to Rs 4,875 on November 2, trading in the green after two consecutive sessions of decline.

Sun Pharmaceuticals Ltd: Shares of the pahrma major rose 1.3 percent to Rs 1,131, extending gains for the second day in a row. The gains come after its industry-beating performance in the domestic market and stellar global speciality sales have impressed brokerages, prompting some of them to raise their target prices for the stock.

Hero MotoCorp Ltd: Shares of the two-wheeler major fell over a percent to Rs 3,050, despite the company reporting a 47 percent jump in net profit at Rs 1,054 crore for the quarter that ended September 30, 2023. The two-wheeler major had reported a profit of Rs 716 crore in the year-ago period.

Bajaj Auto Ltd: Shares of the automobile giant fell almost a percent to Rs 5,306 on November 2, ending its two-day gaining streak on the bourses. About 1 lakh shares changed hands against the 1-week average of 6 lakh shares.

Tata Steel Ltd: Shares of the steel major fell 0.2 percent to Rs 116, extending losses for the sixth day in a row. The drop comes a day after the company reported a net loss for Q2 FY24, which was far bigger than analyst estimates. The steel giant faced a dual setback with impairment charges, restructuring provisions against the UK business, and declining margins in the European market.

Maruti Suzuki India Ltd: Shares of the company declined a marginal 0.3 percent to Rs 10,204. It comes despite the company reporting its highest-ever monthly sales at 1,99,217 units in October, a 19 per cent year-on-year growth.

Cipla Ltd: Shares of the company fell 0.3 percent to Rs 1,197, ending its four-day gaining streak on the bourses. In Q2, it reported a 43.3 percent year-on-year rise in consolidated net profit at Rs 1,131 crore for the July-September quarter of the current financial year, beating estimates.