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After starting the session on a firm note, Indian share markets slipped into the red for a moment, and then pulled back towards the close, to end marginally higher.

Benchmark indices remained somewhat immune to negative global cues and ended the day in green, aided by auto and oil & gas stocks. Stellar results from auto major Maruti added to the rally.

Nervousness persisted among investors about the steep hike in the interest rates on economic growth after ECB announced a 75 bps increase in the benchmark rate.

At the closing bell, the BSE Sensex stood higher by 203 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 50 points (up 0.3%).

Maruti Suzuki, Reliance, and Apollo Hospital were among the top gainers today.

Tech Mahindra, Tata Steel, and Sun Pharma, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,830, up by 28 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap dived lower by 0.4% and the BSE SmallCap index ended 0.6% lower.

Sectoral indices ended on a mixed note with stocks in the auto sector, energy sector, and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the metal sector, IT sector, and realty sector witnessed selling pressure.

Shares of Maruti Suzuki, Cummins India, and Coal India hit their 52-week high today.

Outside the home ground, Asian share markets ended on a weak note.

At the close in Tokyo, the Nikkei ended down by 0.9%, while the Hang Seng ended lower by 3.7%. The Shanghai Composite ended 2.3% lower.

US stock futures are trading on a negative note with Dow futures trading lower by 0.2%.

The rupee is trading at 82.5 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.6% at Rs 50,737 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.9% at Rs 58,278 per kg.

Speaking of stock markets, auto stocks have had a good rally over the last two years. However, the ride has not been smooth, and every auto stock has not been delivered equally.

Maruti and Eicher have been the star players for a long time. But the technical charts are showing signs of new winners and losers in the auto space.
 

Maruti Suzuki Reports Four-Fold Jump in Q2 Profits

Moving on to the news from the auto sector, Maruti Suzuki was among the top buzzing stocks.

Maruti Suzuki, India's largest automaker, reported a fourfold increase in consolidated profit for the September quarter, at Rs 20.6 bn. In the same quarter of the previous fiscal year, the company had a net profit of Rs 4.7 bn.

Higher commodity prices and fears about chip shortages had a negative influence on profitability in the prior year.

With both concerns alleviated, the bottom line was bolstered by good operating performance, sales volumes, and top-line growth, as well as higher other income.

Revenue for the quarter rose by 46% YoY to Rs 299.3 bn.

Maruti Suzuki's sales volume for the September quarter was Rs 285.4 bn, up from 192.9 bn in the same quarter a year ago.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by more than three times to Rs 27.7 bn, indicating a significant improvement in operational performance. During the reviewed quarter, the operating margin increased by 509 basis points to 9.3%.

Riding the century revolution of the electric vehicle (EV) megatrend, the company is planning to launch its first personal vehicle on the EV platform in 2025.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in two-wheeler EVs.

Electric 2-Wheeler Volumes in Lacs
 

Infibeam Avenue Hits Upper Circuit

In the news from the IT sector, the shares of Infibeam Avenues rallied 19% today.

The fintech firm hit the upper circuit after getting the nod from the RBI (Reserve Bank of India) for a payment aggregator license.

The RBI has granted in-principle authorization for Infibeam Avenues to function as a payment aggregator. This firm is India's first public platform and payments infrastructure company.

Commenting on it, Infibeam Avenues, in the exchange filing, said,

We are pleased to inform you that the Reserve Bank of India has granted in-principle authorization to operate as a payment aggregator under the Payment and Settlement Systems Act, 2007 to the company.

With the help of this clause, the fintech company will significantly increase its ability to penetrate a variety of niche markets for both current and upcoming offline digital transactions.

The business said that by doing this, it would be able to reach out to more markets and engage in digital transactions both online and offline.

Given the current market volatility, the company's shares are down 13% so far in 2022.
 

Fusion Microfinance Sets IPO Price Band

Moving on to the news from the IPO space, Fusion Micro Finance today fixed a price band of Rs 350-368 per share.

The initial public offer will open on Wednesday, 2 November 2022, and will conclude on 4 November 2022.

The IPO comprises a fresh issue of Rs 6 bn and an offer of sale of 13,695,466 equity shares by promoters.

The net proceeds from the fresh issue will be used to augment the capital base of the microfinance firm.

ICICI Securities, CLSA India, JM Financial, and IIFL Securities are the merchant bankers on the issue.

The company's shares are expected to list on stock exchanges on 15 November 2022. The finalization of the basis of the share allotment of the IPO is expected on Thursday, 10 November 2022.

The microfinance company provides financial services to underserved women across India to facilitate their access to greater economic opportunities.

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