Reliance jumped 11.6% as the index gained 1.68% and energy led
The rally was broad, with 38 stocks up and 12 down in the index. Midcaps and smallcaps rose too, while IT lagged.
FinMinutes Markets · built from exchange, depository and company data · every number checked against the day's facts
The day
The index closed 1.68% higher, and Reliance Industries defined the session with a gain of 11.6%. The next-best gainers were Tata Steel at 5.83%, JSW Steel at 5.13%, and Coal India and Shriram Finance at 4.88% each.
Infosys fell 2.03% and Wipro 0.96%, which kept IT as the weak spot. ICICI Bank, Dr. Reddy's and Kotak Mahindra Bank each slipped between 0.7% and 0.76%.
The money
Index against breadth
Breadth backed the index move. 38 stocks in the index rose and 12 fell, so the gain was not carried by a handful of names alone.
Beyond the large caps, Nifty Smallcap 250 rose 1.35% and Nifty Midcap 100 rose 1.19%. Nifty Bank gained a smaller 0.58%, and Nifty IT fell 0.5%.
Nifty 50: best
- Reliance Industries Ltd.+11.60%
- Tata Steel Ltd.+5.83%
- JSW Steel Ltd.+5.13%
- Coal India Ltd.+4.88%
- Shriram Finance Ltd.+4.88%
Nifty 50: worst
- Infosys Ltd.−2.03%
- Wipro Ltd.−0.96%
- ICICI Bank Ltd.−0.76%
- Dr. Reddy's Laboratories Ltd.−0.74%
- Kotak Mahindra Bank Ltd.−0.70%
Rotation
Money rotated towards energy and infrastructure. Oil & Gas led at 5.95%, followed by Energy at 3.92% and Infrastructure at 3.7%.
The weakest groups fell only modestly: IT at 0.5%, Midsmall Healthcare at 0.15% and Pvt Bank at 0.14%. The gap between the best and worst sectors was wide, but losses were shallow.
Results, read forensically
None of the results listed was clean on the checks. UPL and Escorts Kubota both showed profit with no operating cash behind it. UPL's profit fell 26.1% on revenue down 1.3%, while Escorts' profit fell 21.3% despite revenue up 16.2%.
DOMS and ITC both showed a sharp fall in operating margin. DOMS profit fell 37% on revenue up 17.6%, and ITC profit fell 18.5% on revenue up 43.9%. KEC International and Petronet LNG both carry an auditor's emphasis of matter in the limited review report, which should be read before the numbers. KEC's profit fell 81.5% on revenue down 10.2%, while Petronet's profit rose 51.3% on revenue down 34.6%.
| Company | Revenue y/y | Profit y/y | What the checks found |
|---|---|---|---|
| UPL Ltd. | −1.3% | −26.1% | serious question Profit with no operating cash behind it. Where did the cash go? |
| Escorts Kubota Ltd. | +16.2% | −21.3% | serious question Profit with no operating cash behind it. Where did the cash go? |
| DOMS Industries Ltd. | +17.6% | −37.0% | 2 to ask Operating margin fell sharply on the year. Pricing, input costs, or mix? |
| Kec International Ltd. | −10.2% | −81.5% | 2 to ask The auditor drew attention to a matter in the limited review report. Read it before the numbers. |
| ITC Ltd. | +43.9% | −18.5% | 1 to ask Operating margin fell sharply on the year. Pricing, input costs, or mix? |
| Petronet LNG Ltd. | −34.6% | +51.3% | 1 to ask The auditor drew attention to a matter in the limited review report. Read it before the numbers. |
This morning's brief, scored
This morning's brief named three conditions: FIIs turning net buyers in the cash market, more than half of the Nifty 500 closing higher, and India VIX closing lower than the day before. Each result is not known yet.
They will be marked as hit or missed once the data is in.
- Not knownFIIs turn net buyers in the cash market
- Not knownMore than half of the Nifty 500 closes higher
- Not knownIndia VIX closes lower than the day before
Queued for tomorrow
Tuesday, 3 November has 20 meetings queued, led by State Bank of India. AIA Engineering, Anthem Biosciences, Bajaj Holdings & Investment, Bata India, Bayer Cropscience and Chambal Fertilizers & Chemicals are also on the list.
Three IPOs list: BLS Polymers (band 142–150), SFC Environmental Technologies (band 313–330) and Wiscon Industries, an SME issue (band 194–204). It is a weekly expiry day.
- Weekly NIFTY expiry
- BLS Polymers IPO lists
- SFC Environmental Technologies IPO lists
- Wiscon Industries (SME) IPO lists
- 20 results board meetings: State Bank of India, AIA Engineering Ltd., Anthem Biosciences Ltd., Bajaj Holdings & Investment Ltd., Bata India Ltd., Bayer Cropscience Ltd., Chambal Fertilizers & Chemicals Ltd., Emcure Pharmaceuticals Ltd., Glaxosmithkline Pharmaceuticals Ltd., Graphite India Ltd., Gujarat Fluorochemicals Ltd., Jain Resource Recycling Ltd., Linde India Ltd., Mahanagar Gas Ltd., Minda Corporation Ltd. and more