The benchmark indices extended minor losses during morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, skid 217.32 points or 0.37% at 58,248.57. The Nifty 50 index lost 37.10 points or 0.21% at 17,379.45.
The broader market recovered. The S&P BSE Mid-Cap index rose 0.95% while the S&P BSE Small-Cap index gained 0.94%.
The market breadth was strong. On the BSE, 2,038 shares rose and 939 shares fell. A total of 142 shares were unchanged.
The risk-off mood was triggered amid fresh COVID-19 cases in Europe and lockdowns in countries like Austria. The dollar index climbing over 96 mark also spooked investors. Repeal of farms laws by the government, falling of Reliance-Aramco deal and the weak listing of Paytm also dented investors sentiment. However, the decline in crude oil prices is a positive for India.
Economy:
SBI Research has upgraded India's GDP growth projection for financial year 2022 to the range of 9.3%-9.6% from its earlier estimates of 8.5%-9%. The revised GDP estimate of SBI Research is in-line with RBI's projection of 9.5% GDP growth for the current fiscal year.
The projection comes as the country recorded only 11% increase in COVID-19 cases during the July-September quarter of 2021, second-lowest among the top 15 most affected countries
Mentioning reasons behind its revised estimates, SBI Research said that India remained unscathed in Quarter 3 from the global situation, which is marred by supply disruptions, stubborn inflation and surges of infections during Q3 2021.
New Listing:
Shares of Latent View Analytics were currently trading at Rs 489.60 at 10:31 IST on BSE, at a premium of 148.53% as compared to the issue price of Rs 197.
The scrip was listed at Rs 530, a premium of 169.03% to the issue price. So far, the scrip has hit a high of 548.75 and a low of 462 in the trading session. Over 12.08 lakh shares of the company changed hands in the counter on the BSE.
The initial public offer (IPO) of Latent View Analytics received bids for 5,72,18,82,528 shares as against 1,75,25,703 shares on offer. The issue was subscribed 326.49 times.
Buzzing Index:
The Nifty IT index declined 1.04% to 35,111. The index lost 4.22% in the past two trading sessions.
Infosys (down 2.44%), Coforge (down 1.31%), Tata Consultancy Services (TCS) (down 1.12%), L&T Technology Services (LTTS) (down 1.06%) and Larsen & Toubro Infotech (LTI) (down 0.76%) were the top losers in the IT segment.
Stocks in Spotlight:
Union Bank of India jumped 5.47% after the bank said that it has allotted unsecured, subordinated, non-convertible, taxable, perpetual, fully paid-up Basel-III compliant additional tier- 1 (AT-1) bonds aggregating to Rs 2,000 crore.
Kirloskar Ferrous Industries rallied 3.73% after the company said its board will consider fund raising options on 25 November 2021.
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