The domestic equity benchmarks ended near the day's low after a volatile session on Tuesday. The Nifty closed just below the 18,000 mark. Barring autos and IT, shares across sectors witnessed selling pressure with banks, healthcare and oil & gas stocks declining the most.
As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 396.34 points or 0.65% to 60,322.37. The Nifty 50 index lost 110.25 points or 0.61% to 17,999.20.
The broader market saw divergence. The S&P BSE Mid-Cap index shed 0.22% while the S&P BSE Small-Cap index rose 0.18%.
The market breadth was negative. On the BSE, 1585 shares rose and 1744 shares fell. A total of 145 shares were unchanged.
Economy:
India's merchandise exports in October 2021 were $35.65 billion, as compared to $24.92 Billion in October 2020, exhibiting a positive growth of 43.05%. Exports rose 5.5% on a month-on-month basis.
Imports in October 2021 were $55.37 billion, which is an increase of 62.51% in Dollar terms over the preceding year. Imports have fallen 1.8% sequentially.
India trade deficit fell marginally in October as exports rose and imports eased. Trade deficit stood at $19.73 billion, compared to $22.59 billion in September. In September, the monthly deficit was at an all-time high.
Primary Market:
The initial public offer (IPO) of Tarsons Products received bids for over 3.12 crore shares as against 1.08 crore shares on offer, according to stock exchange data at 15:27 IST on Tuesday (16 November 2021). The issue was subscribed 2.89 times.
The issue opened for bidding on 15 November 2021 and it will close on 17 November 2021. The price band of the IPO is fixed at Rs 635-662.
Buzzing Index:
The Nifty Auto index rose 2.30% to 11,956.45. The index had declined 0.16% to end at 11,687.65 yesterday.
Maruti Suzuki (up 7.29%), Mahindra & Mahindra (up 2.91%), Bharat Forge (up 2.82%), Tata Motors (up 2.46%), Hero MotoCorp (up 1.92%), Eicher Motors (up 0.99%) TVS Motor Company (up 0.52%) and Bajaj Auto (up 0.22%) advanced while Ashok Leyland (down 3.94%) declined.
Stocks in Spotlight:
SBI Cards and Payment Services shed 0.99% to Rs 1,075.00. The company has approved the allotment of 5,000 Fixed Rate, Unsecured, Rated, Taxable, Redeemable, Senior, Listed Non-Convertible Debentures (NCDs) of the face value of Rs. 10,00,000 each, at par, aggregating to Rs. 500 crores on private placement basis.
Macrotech Developers jumped 10.64% to Rs 1,420.05. The company has launched its qualified institutional placement on Monday. The floor price is set at Rs 1,184.70 per share.
Jindal Steel & Power shed 0.84% to Rs 385.05. The company's steel production rose by 7% (Y-o-Y) to 6.24 lakh tonnes in October 2021 compared to 5.85 lakh tonnes during the same period in the previous year. However, JSPL's steel sales fell 1% (Y-o-Y) to 5.93 lakh tonnes in October 2021 over October 2020.
Escorts lost 0.93% to Rs 1,625.20. The company said that its division Escorts Agri Machinery (EAM) shall be increasing the prices of its tractors effective 21st November 2021. The increase in prices would vary across models and variants. There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the continuing inflation.
Ruchi Soya Industries jumped 3.98% to Rs 1,018. The company posted a 29.6% increase in standalone net profit to Rs 164.27 crore on a 50.9% jump in net sales to Rs 5,995 crore in Q2 FY22 over Q2 FY21.
Global markets:
Most shares in Europe and Asia advanced on Tuesday. In the US, President Joe Biden and Chinese President Xi Jinping kicked off a virtual meeting on Tuesday with a positive tone and cordial remarks. The video call is the closest communication between the countries' two leaders since Biden took office in January.
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