Top Nifty gainers and losers at mid-day: HDFC Life, Asian Paints rise, Sun Pharma, Eicher fall

The benchmark Indian indices erased all the opening gains and slipped in the red around noon, tracking weakness in Asian markets. A drop in information technology (IT) stocks in the run-up to the US Federal Reserve’s policy decision later this week also weighed on Sensex and Nifty. At 12:10pm, the Sensex was down 202.89 points or 0.32 percent to 63,909.76, and the Nifty lost 54.40 points or 0.28 percent to 19,086.50. About 1,711 shares advanced, 1,352 declined, and 94 traded unchanged.

SBI Life Insurance Company Ltd: Shares of the insurance major gained 3.2 percent to Rs 1,369 on October 31, extending gains for the second day in a row. About 9 lakh shares changed hands, marginally lower than the one-week average of 10 lakh shares on the bourses.

HDFC Life Insurance Company Ltd: Shares of the company gained 1.5 percent to Rs 616 on October 31. In Q2, reported a net profit of Rs 376 crore in the September quarter of the financial year 2023-24, up by 15 percent from a year ago, as against the Street estimate of a net profit of Rs 370 crore, up 14.3 percent.

Asian Paints Ltd: Shares of the paint major rose just above 1.4 percent to Rs 3,008, extending gains for the second day in a row. In Q2, it reported a consolidated net profit of Rs 1,232.39 crore for the second quarter of the financial year 2023-24, up 53.31 percent from Rs 803.83 crore in the year-ago period. Sequentially the profit was down 21.74 percent.

Dr Reddy’s Laboratories Ltd: Shares of the pharma major rose 1.1 percent to Rs 5,409, snapping its seven-day losing streak on the bourses. In Q2, reported its highest-ever consolidated net profit at Rs 1,480 crore in the July-September quarter, up 33 percent year-on-year (YoY). The Hyderabad-based pharma firm reported a profit of Rs 1,112.80 crore in the year-ago period.

Bajaj Auto Ltd: Shares of the two- and three-wheeler major rose 0.4 percent to Rs 5,324 on October 31. In Q2, after the company reported a standalone net profit of Rs 1,836.14 crore for the quarter ended September 30, which is a year-on-year (YoY) increase of 20 percent from Rs 1,530 crore. The figure was higher than analysts’ estimates.

Sun Pharmaceuticals Ltd: Shares of the pharma major plunged 3.5 percent to Rs 1,075, becoming the top loser on the Nifty. The drop comes ahead of its results slated to be announced on October 31. It is expected that soft US sales could weigh on earnings for the company.

ONGC Ltd: Shares of the oil PSU fell almost 2 percent to Rs 185 on October 31, snapping its two-day gaining streak on the bourses. Volumes were low as 44 lakh shares changed hands against the 1-week average of 75 lakh shares.

LTIMindtree Ltd: Shares of the IT major declined 1.5 percent to Rs 5,072 on October 31, extending losses for the second day in a row. The Larsen and Toubro group company reported a decline in the September quarter net profit at Rs 1,162 crore. The company had a net profit of Rs 1,189 crore in the year-ago period.

Britannia Industries Ltd: The FMCG giant fell 0.6 percent to Rs 4,438 ahead of its Q2 results. The company is expected to report a flat revenue and volume growth in the July-to-September quarter. Analysts expect demand to be weak for Britannia Industries as late Diwali and competition from unorganised players will keep volume growth under check.

Eicher Motors Ltd: Shares of the Royal Enfield maker fell almost a percent to Rs 3,325, extending losses for the second trading session in a row on October 31. The company will declare Q2 results on November 10.