The domestic equity barometers ended with modest losses on Wednesday. The Nifty closed below the 17,900 mark after hitting the day's high of 18,022.65 in morning trade. After hovering near the flat line for most part of the day, the benchmarks tumbled in the last hour of the session. Realty, pharma and oil & gas stocks tumbled while auto and healthcare stocks bucked the trend.
The barometer index, the S&P BSE Sensex, lost 314.04 points or 0.52% to 60,008.33. The Nifty 50 index fell 100.55 points or 0.56% to 17,898.65.
Axis Bank (down 1.95%), Reliance Industries (down 1.91%), HDFC Bank (down 1.09%) and HDFC (down 0.95%) were major drags.
In the broader market, the BSE Mid-Cap index fell 0.21% and the BSE Small-Cap index rose 0.05%.
The market breadth was negative. On the BSE, 1,496 shares rose and 1,852 shares fell. A total of 116 shares were unchanged.
The NSE's VIX index, a gauge of market's expectation of volatility over the near term, fell 1.41% to 14.98.
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Numbers to Watch:
The yield on 10-year benchmark federal paper fell to 6.362% as compared with 6.364% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.2850, compared with its close of 74.37 during the previous trading session.
MCX Gold futures for 3 December 2021 settlement rose 0.15% to Rs 49,110.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.01% to 95.91.
In the commodities market, Brent crude for January 2022 settlement fell 84 cents at $81.59 a barrel. The contract rose 38 cents, or 0.46% to settle at $82.43 a barrel in the previous trading session.
Foreign Markets:
Most European shares advanced while Asian stocks ended mixed on Wednesday. The UK's Consumer Prices Index rose by 4.2% in the 12 months to October 2021, up from 3.1% in September.
Japan's exports snapped seven months of double-digit growth and hit an eight-month low in October due to slowing car shipments, as global supply constraints hit the country's major manufacturers. Exports rose 9.4% year-on-year in October, Ministry of Finance data showed on Wednesday. It followed 13% growth in the prior month and was the weakest expansion since a decline in February. Car shipments fell 36.7%.
US stocks gained on Tuesday after a strong October retail sales report and better-than-expected third-quarter results from Home Depot and Walmart signaled the U.S. consumer is still ramping up spending even in the face of rising prices.
The latest retail sales figures for October showed consumers were increasing their spending, with sales jumping 1.7%. That compares to a 0.8% increase in the prior month. The report showed broad strength in a number of categories from autos to sporting goods. Online sales were up 10.2% from a year ago. The gains came even as consumer prices surged 6.2% year-over-year last month, inflation not seen since the 1990s.
Buzzing Segment:
The Nifty Pharma index fell 1.28% to 13,621.90. The index has fallen 2.52% in two sessions.
Glenmark Pharmaceuticals (down 3.39%), Strides Pharma Science (down 3.2%), Aurobindo Pharma (down 2.95%), Pfizer (down 2.56%), Ipca Laboratories (down 2.53%), Lupin (down 2.42%), Alkem Laboratories (down 2.26%), Cadila Healthcare (down 1.91%), Divis Laboratories (down 1.83%), Dr. Reddy's Laboratories (down 1.2%), Laurus Labs (down 1.16%), Sun Pharmaceutical Industries (down 1.15%), Natco Pharma (down 1.15%), Abbott India (down 1.06%), Gland Pharma (down 0.5%) and Alembic Pharmaceuticals (down 0.01%) declined.
Drug major Cipla fell 2.09%. The drug major announced the launch of Spirofy, India's first pneumotach based portable, wireless Spirometer. The device is India's first pneumotach based portable wireless Spirometer for diagnosis of chronic obstructive pulmonary disorder (COPD) and asthma.
Stocks in Spotlight:
Biocon added 2.03%. The company's subsidiary, Biocon Biologics, and Viatris Inc. announced the U.S. launch of interchangeable biosimilars SEMGLEE (insulin glargine-yfgn) injection, a branded product, and Insulin Glargine (insulin glargine-yfgn) injection, an unbranded product.
Ugro Capital surged 9.46% at Rs 196.10 after State Bank of India inducted the company as the first co-lending partner for its Sanjeevani program to finance micro, small and medium enterprises (MSME). Through this collaboration, SBI and Ugro Capital aim to disburse upto Rs 500 crore by March 2022. The arrangement will extend credit products under Ugro's Sanjeevani program, offering loans upto Rs 3 crore, at competitive rate of interest.
Home First Finance Company India jumped 8.03%. The company said that a meeting of committee of directors of the company is scheduled to be held on 22 November 2021, to consider and approve the issuance of secured, rated, listed, redeemable, taxable, non-convertible debentures on private placement basis, in one or more tranches up to Rs 99 crore.
Tourism Finance Corporation of India rose 1.50%. The company said that a meeting of the resource committee of the directors of the company will be held on 22 November 2021, to consider the issuance of non-convertible debentures to be issued on private placement basis.
Grindwell Norton added 1.07%. The company has made an investment of Rs 15 lakh in Cleanwin Energy Three LLP towards power purchase.
TV Today Network rose 0.62% to Rs 405. As per the bulk deal data on the BSE, Abakkus Asset Manager bought 8 lakh shares (1.34% equity) at Rs 345 per share on Tuesday, 16 November 2021. On the same day, Steinberg India Emerging Opportunities Fund sold 8 lakh shares (1.34% equity) at Rs 345 per share.
L&T Technology Services (LTTS) jumped 5.72%. The company was selected as an engineering partner by Mavenir and NVIDIA, to accelerate adoption of the industry's first converged AI-on-5G.
Spicejet rose 0.26%. The company has entered into a settlement agreement with Boeing wherein Boeing has agreed to provide certain accommodations and settle the outstanding claims related to the grounding of 737 MAX aircraft and its return to service. This settlement agreement would pave the way for the induction of efficient and younger MAX aircraft into Spicejet's fleet and ensure the resumption of new aircraft deliveries from an order of 155 MAX aircraft.
Primary Market:
The initial public offer (IPO) of Tarsons Products received bids for over 84.01 crore shares as against 1.08 crore shares on offer, according to stock exchange data at 16:51 IST on Wednesday (17 November 2021). The issue was subscribed 77.48 times. The issue opened for bidding on 15 November 2021 and it will close today, 17 November 2021. The price band of the IPO is fixed at Rs 635-662.
The IPO of Go Fashion (India) received bids for over 1.97 crore shares as against 1.53 crore shares on offer, according to stock exchange data at 16:51 IST on Wednesday (17 November 2021). The issue was subscribed 2.45 times. The issue opened for bidding on 17 November 2021 and it will close on 22 November 2021. The price band of the IPO is fixed at Rs 655-690.
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